NTRA Natera, Inc. - Common Stock

NASDAQ · Biotechnology · View on SEC EDGAR ↗

$200.93

Price · May 20, 2026

Fundamentals as of May 8, 2026

NTRA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$200.93

Market Cap

$32.00B

P/E (TTM)

-150.7

EPS (TTM)

$-1.52

Revenue (TTM)

$2.31B

Div Yield

—

ROE

-14.1%

Debt/Equity

0.0

52W Range

$132 – $256

NTRA Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $2.31B

2016-12-31 → 2025-12-31

EPS $-1.52

2016-12-31 → 2025-12-31

Free Cash Flow $109M

2016-12-31 → 2025-12-31

Margins -9.0%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

NTRA

Peer Median

P/E (TTM)

-150.7

18.2

P/S (TTM)

13.9

8.3

P/B

18.7

6.1

Price / FCF

293.3

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

NTRA

Peer Median

Operating Margin

-13.4%

—

Net Profit Margin

-9.0%

8.7%

ROA

-10.3%

3.3%

ROE

-14.1%

12.3%

ROIC

-13.4%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

NTRA

Peer Median

Debt / Equity

0.0

8.7

Current Ratio

3.4

3.6

Quick Ratio

0.7

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

NTRA

Peer Median

Revenue YoY

35.9%

—

Revenue CAGR 3Y

41.1%

—

Revenue CAGR 5Y

42.6%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

NTRA

Peer Median

EPS (Diluted)

$-1.52

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

NTRA

Peer Median

NTRA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 28 analysts

Strong Buy 11 39.3%
Buy 14 50.0%
Hold 3 10.7%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

18 analysts · 2026-05-18

Median $267.50

Now $200.93

Low $193.00

High $300.00

Median target $267.50 +33.1%

Mean target $260.89 +29.8%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.12%

Period	EPS Actual	EPS Est	Surprise
March 31, 2026	$-0.60	$-0.55	-0.05%
Dec. 31, 2025	$0.36	$-0.52	0.88%
Sept. 30, 2025	$-0.64	$-0.38	-0.26%
June 30, 2025	$-0.74	$-0.63	-0.11%
March 31, 2025	$-0.50	$-0.65	0.15%

Peer Comparison Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
NTRA	$32.00B	-150.7	35.9%	-9.0%	-14.1%	—
VRTX	$115.15B	29.6	8.9%	32.9%	22.1%	—
REGN	$106.21B	18.6	0.99%	31.4%	14.7%	—
ALNY	$52.64B	170.7	65.2%	8.5%	60.4%	—
RVMD	—	—	—	—	—	—
BIIB	$25.84B	20.0	2.2%	13.1%	7.2%	—
UTHR	$21.27B	17.5	10.6%	41.9%	18.7%	87.9%
INSM	$37.29B	-27.1	66.7%	-210.5%	-128.4%	—
INCY	$19.60B	15.4	21.2%	25.0%	27.6%	—
MRNA	$11.62B	-4.1	-39.9%	-145.2%	-31.3%	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16

Annual Income Statement data for NTRA
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$2.31B	$1.70B	$1.08B	$820M	$625M	$391M	$302M	$258M	$210M	$213M	$190M	$159M
Cost of Revenue	·	·	·	·	·	·	·	$158M	$136M	$134M	$113M	$78M
R&D Expense	$624M	$404M	$321M	$316M	$264M	$100M	$51M	$51M	$50M	$42M	$28M	$17M
SG&A Expense	$1.18B	$841M	$618M	$589M	$511M	$304M	$206M	$155M	$155M	$136M	$110M	$63M
Operating Expenses	$2.62B	$1.92B	$1.53B	$1.36B	$1.09B	$607M	$419M	$372M	$345M	$314M	$250M	$159M
Operating Income	$-310M	$-222M	$-446M	$-541M	$-468M	$-216M	$-116M	$-115M	$-135M	$-101M	$-60M	$665.0K
Interest Expense	$4M	$11M	$13M	$9M	$8M	$15M	$11M	$10M	$4M	$533.0K	$4M	$4M
Other Non-op	·	·	·	·	·	·	·	·	·	·	$-8M	$-2M
Pretax Income	$-268M	$-190M	$-435M	$-547M	$-471M	$-230M	$-123M	$-128M	$-137M	$-100M	$-70M	$-5M
Income Tax	$-60M	$695.0K	$271.0K	$978.0K	$618.0K	$98.0K	$2M	$321.0K	$454.0K	$142.0K	·	$15.0K
Net Income	$-208M	$-190M	$-435M	$-548M	$-472M	$-230M	$-125M	$-128M	$-138M	$-100M	$-70M	$-5M
EPS (Basic)	$-1.52	$-1.53	$-3.78	$-5.57	$-5.21	$-2.84	$-1.79	$-2.22	$-2.58	$-1.95	$-2.68	·
EPS (Diluted)	$-1.52	$-1.53	$-3.78	$-5.57	$-5.21	$-2.84	$-1.79	$-2.22	$-2.59	$-1.95	$-2.68	·
Shares (Basic)	136,721,000	124,718,000	114,997,000	98,408,000	90,558,000	81,011,000	69,555,000	57,848,000	53,312,000	51,576,000	26,204,000	·
Shares (Diluted)	136,721,000	124,718,000	114,997,000	98,408,000	90,558,000	81,011,000	69,555,000	57,848,000	53,604,000	51,576,000	26,204,000	·
EBITDA	$-268M	$-191M	$-422M	$-524M	$-457M	$-208M	$-109M	$-107M	$-127M	$-90M	$-54M	·

Balance Sheet 28

Annual Balance Sheet data for NTRA
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	·	·	·	$466M	$84M	$49M	$62M	$46M	$13M	$15M	$29M	$87M
Short-term Investments	·	$23M	$237M	$432M	$830M	$689M	$379M	$107M	$106M	$131M	$202M	·
Receivables	$297M	$314M	$278M	$244M	$122M	$79M	$53M	$62M	$44M	$13M	$6M	$6M
Inventory	$68M	$45M	$41M	$35M	$27M	$20M	$12M	$14M	$9M	$6M	$8M	$12M
Prepaid Expense	$56M	$49M	$61M	$34M	$30M	$27M	$16M	$6M	$9M	$7M	$5M	$1M
Current Assets	$1.50B	$1.38B	$1.26B	$1.21B	$1.09B	$863M	$523M	$241M	$181M	$174M	$251M	$106M
PP&E (Net)	$241M	$162M	$111M	$92M	$66M	$33M	$23M	$24M	$30M	$32M	$13M	$15M
PP&E (Gross)	$352M	$240M	$168M	$128M	$85M	$83M	$65M	$59M	$57M	$52M	$26M	$24M
Accum. Depreciation	$111M	$78M	$56M	$36M	$19M	$50M	$42M	$34M	$27M	$19M	$14M	$10M
Goodwill	$141M	·	·	·	·	·	·	·	·	·	·	·
Intangibles	$374M	$11M	·	·	·	·	·	·	·	·	·	·
Other Non-current Assets	$37M	$26M	$15M	$18M	$19M	$15M	$12M	$3M	$4M	$4M	$1M	$2M
Total Assets	$2.40B	$1.66B	$1.44B	$1.39B	$1.24B	$932M	$583M	$268M	$215M	$211M	$265M	$124M
Accounts Payable	$33M	$35M	$15M	$31M	$27M	$8M	$9M	$15M	$9M	$11M	$7M	$9M
Accrued Liabilities	·	·	·	·	·	$60M	$49M	$32M	$33M	$20M	$19M	$10M
Short-term Debt	$80M	$80M	$80M	$80M	$50M	$50M	$50M	$50M	$50M	$50M	$42M	·
Current Liabilities	$441M	$344M	$307M	$310M	$219M	$199M	$180M	$114M	$106M	$96M	$80M	$30M
Capital Leases	$118M	$97M	$67M	$77M	$61M	$21M	$26M	·	·	·	·	·
Other Non-current Liabilities	$12M	$8M	·	·	$1M	$320.0K	$310.0K	·	$1M	·	·	·
Total Liabilities	$686M	$465M	$676M	$689M	$583M	$446M	$304M	$236M	$189M	$104M	$80M	$54M
Long-term Debt	·	·	$283M	$282M	$280M	·	·	·	·	·	·	·
Total Debt	$80M	$80M	$80M	$80M	$50M	$50M	$50M	$50M	$50M	$50M	$42M	·
Common Stock	$14.0K	$12.0K	$11.0K	$11.0K	$10.0K	$9.0K	$8.0K	$7.0K	$6.0K	$5.0K	$5.0K	$1.0K
Retained Earnings	$-2.78B	$-2.57B	$-2.38B	$-1.94B	$-1.39B	$-929M	$-699M	$-575M	$-446M	$-346M	$-250M	$-180M
AOCI	$-258.0K	$-344.0K	$-3M	$-16M	$-2M	$4M	$919.0K	$-552.0K	$-766.0K	$-725.0K	$-1M	·
Stockholders' Equity	$1.71B	$1.20B	$765M	$706M	$653M	$486M	$279M	$32M	$25M	$144M	$226M	$-171M
Liabilities + Equity	$2.40B	$1.66B	$1.44B	$1.39B	$1.24B	$932M	$583M	$268M	$215M	$211M	$265M	$124M
Shares Outstanding	139,693,000	132,646,000	119,581,000	111,255,000	95,140,000	86,223,000	78,005,000	62,083,000	54,040,000	52,665,000	50,346,000	6,879,000

Cash Flow 15

Annual Cash Flow data for NTRA
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$42M	$31M	$24M	$17M	$11M	$9M	$8M	$8M	$7M	$6M	$6M	$5M
Stock-based Comp	$354M	$274M	$192M	$152M	$115M	$50M	$29M	$14M	$11M	$11M	$7M	$5M
Amort. of Intangibles	$4M	$1M	$0	·	·	·	$1M	$1M	$1M	$600.0K	$200.0K	$0
Restructuring	·	·	·	·	$400.0K	$400.0K	·	·	·	·	·	·
Other Non-cash	$27M	$21M	$-28M	$-53M	$10M	$-12M	$25M	$36M	$21M	$5M	$20M	·
Operating Cash Flow	$215M	$136M	$-247M	$-432M	$-335M	$-183M	$-63M	$-71M	$-98M	$-74M	$-38M	$10M
CapEx	$106M	$66M	$39M	$48M	$41M	$20M	$5M	$4M	$10M	$23M	$8M	$10M
Investing Cash Flow	$-132M	$138M	$168M	$330M	$-205M	$-331M	$-266M	$-5M	$14M	$47M	$-211M	·
Debt Issued	·	·	·	·	·	·	·	·	$75M	·	·	·
Net Debt Issued	·	·	·	·	·	·	·	·	$75M	·	·	·
Financing Cash Flow	$47M	$30M	$254M	$483M	$576M	$501M	$341M	$114M	$80M	$13M	$190M	·
Net Change in Cash	·	·	·	·	·	·	·	·	$-3M	$-14M	$-58M	·
Taxes Paid	$499.0K	$1M	$295.0K	$549.0K	$283.0K	$67.0K	$2M	$332.0K	$177.0K	·	·	·
Free Cash Flow	$109M	$69M	$-286M	$-479M	$-376M	$-202M	$-68M	$-74M	$-107M	$-97M	$-46M	·
Levered FCF	$106M	$59M	$-299M	$-489M	$-385M	$-217M	$-79M	$-85M	$-111M	$-98M	·	·

Profitability 7

Annual Profitability data for NTRA
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	-13.4%	-13.1%	-41.2%	-66.0%	-74.9%	-55.3%	-38.5%	-44.5%	-63.5%	-44.5%	-31.4%	·
Net Margin	-9.0%	-11.2%	-40.2%	-66.8%	-75.4%	-58.8%	-41.3%	-49.7%	-64.6%	-44.1%	-36.9%	·
Pretax Margin	-11.6%	-11.2%	-40.1%	-66.7%	-75.3%	-58.7%	-40.6%	-49.6%	-64.4%	-44.0%	·	·
EBITDA Margin	-11.6%	-11.3%	-39.0%	-63.9%	-73.0%	-53.1%	-35.9%	-41.6%	-60.2%	-41.6%	-28.5%	·
ROA	-10.3%	-12.3%	-30.7%	-41.6%	-43.5%	-30.3%	-29.3%	-53.1%	-70.0%	-40.2%	-36.1%	·
ROE	-14.1%	-18.4%	-56.1%	-102.6%	-66.8%	-45.0%	-68.7%	-288.9%	-204.7%	-57.5%	-1046.5%	·
ROIC	-13.4%	-17.5%	-52.8%	-69.0%	-66.6%	-40.4%	-35.9%	-139.6%	-338.4%	-61.9%	·	·

Liquidity & Solvency 4

Annual Liquidity & Solvency data for NTRA
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	3.4	4.0	4.1	3.9	5.0	4.3	2.9	2.1	1.4	1.8	3.1	·
Quick Ratio	0.7	1.0	1.7	3.7	4.7	4.1	2.7	1.9	1.2	1.7	2.9	·
Debt / Equity	0.0	0.1	0.1	0.1	0.1	0.1	0.2	1.6	-4.8	0.5	0.2	·
Interest Coverage	-76.2	-20.8	-35.3	-58.1	-56.4	-14.3	-10.9	-10.9	-31.8	-181.0	-17.1	·

Efficiency 3

Annual Efficiency data for NTRA
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	1.1	1.1	0.8	0.6	0.6	0.5	0.7	1.1	1.1	0.9	1.0	·
Inventory Turnover	·	·	·	·	·	·	·	14.0	17.6	18.7	11.5	·
Receivables Turnover	7.6	5.7	4.1	4.5	6.2	5.9	5.2	4.8	19.5	22.5	32.3	·

Per Share 5

Annual Per Share data for NTRA
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$12.26	$9.01	$6.40	$6.34	$6.87	$5.64	$3.57	$0.52	$-0.19	$2.02	$3.67	·
Revenue / Share	$16.87	$13.61	$9.41	$8.33	$6.91	·	$4.35	$4.45	$3.94	·	·	·
Cash Flow / Share	$1.57	$1.09	$-2.15	$-4.38	$-3.70	·	$-0.91	$-1.22	$-1.81	·	·	·
Cash / Share	·	·	·	$4.19	$0.89	$0.56	$0.79	$0.75	$0.23	$0.29	$0.57	·
EPS (TTM)	$-1.52	$-1.53	$-3.78	$-5.57	$-5.21	$-2.84	$-1.79	$-2.22	$-2.59	$-1.95	$-2.68	·

Growth Rates 3

Annual Growth Rates data for NTRA
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	35.9%	56.8%	32.0%	31.1%	60.0%	·	·	·	·	·	·	·
Revenue CAGR 3Y	41.1%	39.5%	40.4%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	42.6%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 14

Annual Valuation (TTM) data for NTRA
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$2.31B	$1.70B	$1.08B	$820M	$625M	$391M	$302M	$258M	$210M	$213M	$190M	·
Net Income TTM	$-208M	$-190M	$-435M	$-548M	$-472M	$-230M	$-125M	$-128M	$-138M	$-100M	$-70M	·
Market Cap	$32.00B	$21.00B	$7.49B	$4.47B	$8.89B	$8.58B	$2.63B	$867M	$486M	$617M	$544M	·
Enterprise Value	·	·	·	$3.65B	$8.02B	$7.89B	$2.24B	$763M	$417M	$520M	$355M	·
P/E	-150.7	-103.5	-16.6	-7.2	-17.9	-35.0	-18.8	-6.3	-3.5	-6.0	-4.0	·
P/S	13.9	12.4	6.9	5.4	14.2	21.9	8.7	3.4	2.3	2.9	2.9	·
P/B	18.7	17.6	9.8	6.3	13.6	17.6	9.4	26.9	-46.8	5.8	2.9	·
P / Tangible Book	26.7	17.7	9.8	6.3	13.6	17.6	·	·	·	·	·	·
P / Cash Flow	148.6	154.8	-30.3	-10.4	-26.5	-47.0	-41.4	-12.3	-5.0	-8.3	-14.4	·
P / FCF	293.3	303.3	-26.2	-9.3	-23.6	-42.5	-38.4	-11.6	-4.6	-6.4	-11.9	·
EV / EBITDA	·	·	·	-7.0	-17.6	-38.0	-20.6	-7.1	-3.3	-5.8	-6.5	·
EV / FCF	·	·	·	-7.6	-21.3	-39.1	-32.7	-10.2	-3.9	-5.4	-7.8	·
EV / Revenue	·	·	·	4.5	12.8	20.2	7.4	3.0	2.0	2.4	1.9	·
Earnings Yield	-0.66%	-0.97%	-6.0%	-13.9%	-5.6%	-2.9%	-5.3%	-15.9%	-28.8%	-16.7%	-24.8%	·

Income Statement 15

Quarterly Income Statement data for NTRA
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue	$697M	$666M	$592M	$547M	$502M	$476M	$440M	$413M	$368M	$311M	$268M	$261M	$242M	$217M	$211M	$198M
R&D Expense	$211M	$175M	$173M	$146M	$129M	$129M	$97M	$89M	$89M	$83M	$77M	$78M	$82M	$88M	$66M	$83M
SG&A Expense	$328M	$291M	$309M	$311M	$267M	$235M	$214M	$198M	$194M	$161M	$155M	$153M	$150M	$144M	$148M	$149M
Operating Expenses	$790M	$688M	$690M	$657M	$581M	$541M	$479M	$457M	$442M	$396M	$379M	$374M	$380M	$359M	$330M	$341M
Operating Income	$-94M	$-23M	$-98M	$-110M	$-79M	$-65M	$-39M	$-44M	$-74M	$-85M	$-111M	$-112M	$-138M	$-142M	$-119M	$-143M
Interest Expense	·	$990.0K	$1M	$1M	$1M	$1M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	$2M	$2M
Other Non-op	$10M	·	·	·	$13M	·	·	·	·	·	·	·	·	·	·	·
Pretax Income	$-85M	$-13M	$-87M	$-101M	$-67M	$-55M	$-31M	$-37M	$-67M	$-78M	$-109M	$-111M	$-137M	$-142M	$-121M	$-145M
Income Tax	$283.0K	$-61M	$207.0K	$275.0K	$173.0K	$-1M	$730.0K	$892.0K	$428.0K	$191.0K	$202.0K	$-282.0K	$160.0K	$421.0K	$185.0K	$193.0K
Net Income	$-85M	$47M	$-88M	$-101M	$-67M	$-54M	$-32M	$-37M	$-68M	$-78M	$-109M	$-111M	$-137M	$-143M	$-121M	$-145M
EPS (Basic)	$-0.60	$0.36	$-0.64	$-0.74	$-0.50	$-0.41	$-0.26	$-0.30	$-0.56	$-0.63	$-0.95	$-0.97	$-1.23	$-1.37	$-1.25	$-1.50
EPS (Diluted)	$-0.60	$0.36	$-0.64	$-0.74	$-0.50	$-0.41	$-0.26	$-0.30	$-0.56	$-0.63	$-0.95	$-0.97	$-1.23	$-1.37	$-1.25	$-1.50
Shares (Basic)	141,502,000	-271,604,000	137,187,000	136,388,000	134,750,000	-242,724,000	123,775,000	122,853,000	120,814,000	-225,631,000	115,171,000	113,690,000	111,767,000	-190,801,000	97,052,000	96,579,000
Shares (Diluted)	141,502,000	-271,604,000	137,187,000	136,388,000	134,750,000	-242,724,000	123,775,000	122,853,000	120,814,000	-225,631,000	115,171,000	113,690,000	111,767,000	-190,801,000	97,052,000	96,579,000
EBITDA	$-79M	·	$-98M	$-110M	$-70M	·	$-39M	$-44M	$-67M	·	$-111M	$-112M	$-133M	·	$-119M	$-143M

Balance Sheet 26

Quarterly Balance Sheet data for NTRA
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Cash & Equivalents	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$57M	$91M
Short-term Investments	·	·	$1M	$16M	$18M	$23M	$29M	$90M	$69M	·	$268M	$355M	$409M	·	$464M	$547M
Receivables	$418M	$297M	$286M	$309M	$318M	$314M	$307M	$336M	$289M	·	$255M	$260M	$247M	·	$236M	$208M
Inventory	$71M	$68M	$65M	$54M	$50M	$45M	$49M	$41M	$43M	·	$42M	$43M	$41M	·	$40M	$30M
Prepaid Expense	$76M	$56M	$54M	$52M	$56M	$49M	$45M	$38M	$47M	·	$33M	$27M	$30M	·	$32M	$24M
Current Assets	$1.65B	$1.50B	$1.45B	$1.43B	$1.42B	$1.38B	$1.32B	$1.30B	$1.26B	·	$1.27B	$1.07B	$1.13B	·	$830M	$902M
PP&E (Net)	$269M	$241M	$206M	$189M	$180M	$162M	$142M	$133M	$126M	·	$105M	$103M	$101M	·	$87M	$82M
PP&E (Gross)	$390M	$352M	$307M	$281M	$267M	$240M	$213M	$198M	$185M	·	$155M	$148M	$141M	·	$119M	$108M
Accum. Depreciation	$120M	$111M	$101M	$92M	$87M	$78M	$71M	$64M	$59M	·	$51M	$45M	$41M	·	$31M	$27M
Goodwill	$141M	$141M	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Intangibles	$367M	$374M	·	·	·	$11M	·	·	·	·	·	·	·	·	·	·
Other Non-current Assets	$51M	$37M	$71M	$41M	$41M	$26M	$38M	$29M	$26M	·	$16M	$18M	$19M	·	$18M	$22M
Total Assets	$2.61B	$2.40B	$1.82B	$1.76B	$1.73B	$1.66B	$1.59B	$1.52B	$1.47B	·	$1.45B	$1.25B	$1.32B	·	$1.01B	$1.07B
Accounts Payable	$62M	$33M	$46M	$37M	$39M	$35M	$28M	$33M	$26M	·	$21M	$21M	$36M	·	$34M	$28M
Short-term Debt	$80M	$80M	$80M	$80M	$80M	$80M	$80M	$80M	$80M	·	$80M	$80M	$80M	·	$50M	$50M
Current Liabilities	$558M	$441M	$442M	$385M	$366M	$344M	$301M	$315M	$306M	·	$290M	$277M	$291M	·	$267M	$252M
Capital Leases	$145M	$118M	$104M	$103M	$103M	$97M	$99M	$61M	$64M	·	$68M	$71M	$74M	·	$78M	$65M
Other Non-current Liabilities	$16M	$12M	·	·	·	$8M	·	·	·	·	·	·	·	·	·	$4M
Total Liabilities	$840M	$686M	$569M	$511M	$493M	$465M	$712M	$680M	$674M	·	$662M	$652M	$668M	·	$647M	$622M
Total Debt	$80M	·	$80M	$80M	$80M	·	$80M	$80M	$80M	·	$80M	$80M	$80M	·	$50M	$50M
Common Stock	$14.0K	$14.0K	$14.0K	$14.0K	$14.0K	$12.0K	$12.0K	$12.0K	$12.0K	·	$11.0K	$11.0K	$11.0K	·	$10.0K	$10.0K
Retained Earnings	$-2.86B	$-2.78B	$-2.82B	$-2.74B	$-2.63B	$-2.57B	$-2.51B	$-2.48B	$-2.45B	·	$-2.30B	$-2.19B	$-2.08B	·	$-1.80B	$-1.68B
AOCI	$-202.0K	$-258.0K	$-187.0K	$-287.0K	$-197.0K	$-344.0K	$-765.0K	$-1M	$-2M	$-3M	$-5M	$-9M	$-12M	$-16M	$-20M	$-16M
Stockholders' Equity	$1.77B	$1.71B	$1.25B	$1.25B	$1.24B	$1.20B	$879M	$837M	$794M	$765M	$785M	$596M	$651M	$706M	$362M	$445M
Liabilities + Equity	$2.61B	$2.40B	$1.82B	$1.76B	$1.73B	$1.66B	$1.59B	$1.52B	$1.47B	·	$1.45B	$1.25B	$1.32B	·	$1.01B	$1.07B
Shares Outstanding	142,734,000	139,693,000	137,533,000	136,757,000	135,932,000	132,646,000	124,137,000	123,365,000	122,234,000	·	118,990,000	114,051,000	113,359,000	·	97,300,000	96,903,000

Cash Flow 11

Quarterly Cash Flow data for NTRA
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
D&A	$15M	$12M	$10M	$10M	$9M	$8M	$8M	$8M	$7M	$7M	$7M	$5M	$5M	$4M	$5M	$5M
Stock-based Comp	$95M	$93M	$91M	$93M	$78M	$72M	$71M	$67M	$64M	$49M	$57M	$44M	$40M	$36M	$40M	$41M
Amort. of Intangibles	$7M	·	·	·	$300.0K	·	·	·	·	·	·	·	·	·	·	·
Other Non-cash	$16M	·	·	·	$24M	·	·	·	$23M	·	·	·	$10M	·	·	·
Operating Cash Flow	$40M	$74M	$59M	$38M	$44M	$53M	$52M	$4M	$27M	$-58M	$-30M	$-79M	$-81M	$-81M	$-102M	$-111M
CapEx	$22M	$36M	$22M	$26M	$22M	$18M	$16M	$12M	$20M	$10M	$9M	$9M	$11M	$12M	$12M	$8M
Investing Cash Flow	$-32M	$-72M	$-20M	$-24M	$-17M	$-11M	$43M	$-32M	$138M	$24M	$82M	$47M	$16M	$22M	$67M	$35M
Financing Cash Flow	$4M	$32M	$2M	$13M	$544.0K	$11M	$2M	$11M	$6M	$7M	$236M	$9M	$2M	$468M	$1M	$9M
Net Change in Cash	$12M	·	·	·	$28M	·	·	·	·	·	·	·	·	·	·	·
Free Cash Flow	$18M	·	·	·	$23M	·	·	·	$7M	·	·	·	$-92M	·	·	·
Levered FCF	·	·	·	·	$22M	·	·	·	$4M	·	·	·	$-96M	·	·	·

Profitability 7

Quarterly Profitability data for NTRA
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Operating Margin	-13.4%	·	-16.5%	-20.2%	-15.8%	·	-8.9%	-10.6%	-20.2%	·	-41.4%	-43.0%	-57.2%	·	-56.5%	-72.2%
Net Margin	-12.2%	·	-14.8%	-18.5%	-13.3%	·	-7.2%	-9.1%	-18.4%	·	-40.6%	-42.4%	-56.6%	·	-57.7%	-73.2%
Pretax Margin	-12.2%	·	-14.8%	-18.4%	-13.3%	·	-7.0%	-8.8%	-18.3%	·	-40.6%	-42.5%	-56.6%	·	-57.6%	-73.1%
EBITDA Margin	-11.3%	·	-16.5%	-20.2%	-13.9%	·	-8.9%	-10.6%	-18.3%	·	-41.4%	-43.0%	-55.1%	·	-56.5%	-72.2%
ROA	-3.9%	·	-5.1%	-6.2%	-4.2%	·	-2.1%	-2.7%	-4.9%	·	-8.9%	-9.6%	-11.1%	·	-10.5%	-15.1%
ROE	-5.7%	·	-8.2%	-9.7%	-6.6%	·	-3.8%	-5.2%	-9.4%	·	-19.0%	-21.3%	-23.0%	·	-21.7%	-39.0%
ROIC	-5.1%	·	-7.3%	-8.3%	-6.0%	·	-4.2%	-4.9%	-8.6%	·	-12.8%	-16.6%	-18.9%	·	-29.0%	-29.0%

Liquidity & Solvency 4

Quarterly Liquidity & Solvency data for NTRA
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Current Ratio	3.0	·	3.3	3.7	3.9	·	4.4	4.1	4.1	·	4.4	3.8	3.9	·	3.1	3.6
Quick Ratio	0.7	·	0.7	0.8	0.9	·	1.1	1.4	1.2	·	1.8	2.2	2.3	·	2.8	3.4
Debt / Equity	0.0	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1
Interest Coverage	·	·	-93.4	-107.3	-78.8	·	-12.5	-14.0	-23.8	·	-34.1	-35.4	-45.2	·	-51.1	-66.6

Efficiency 2

Quarterly Efficiency data for NTRA
Metric	Trend	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Asset Turnover		0.3	·	0.3	0.3	0.3	·	0.3	0.3	0.3	·	0.2	0.2	0.2	·	0.2	0.2
Receivables Turnover		1.9	·	2.0	1.7	1.7	·	1.6	1.4	1.4	·	1.1	1.1	1.2	·	1.2	1.3

Per Share 5

Quarterly Per Share data for NTRA
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Book Value / Share	$12.43	·	$9.10	$9.11	$9.12	·	$7.08	$6.78	$6.50	·	$6.59	$5.23	$5.74	·	$3.72	$4.59
Revenue / Share	$4.92	·	$4.32	$4.01	$3.72	·	$3.55	$3.36	$3.04	·	$2.33	$2.30	$2.16	·	$2.17	$2.05
Cash Flow / Share	$0.28	·	·	·	$0.33	·	·	·	$0.22	·	·	·	$-0.72	·	·	·
Cash / Share	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$0.59	$0.94
EPS (TTM)	$-2.48	·	$-2.14	$-1.80	$-1.62	·	$-2.07	$-2.78	$-3.71	·	$-4.40	$-4.95	$-5.43	·	$-5.83	$-5.90

Valuation (TTM) 13

Quarterly Valuation (TTM) data for NTRA
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue TTM	$2.34B	·	$2.08B	$1.90B	$1.72B	·	$1.49B	$1.31B	$1.14B	·	$982M	$912M	$845M	·	$761M	$692M
Net Income TTM	$-341M	·	$-287M	$-237M	$-204M	·	$-246M	$-325M	$-424M	·	$-478M	$-514M	$-542M	·	$-556M	$-551M
Market Cap	$28.55B	·	$22.14B	$23.10B	$19.22B	·	$15.76B	$13.36B	$11.18B	·	$5.27B	$5.55B	$6.29B	·	$4.26B	$3.43B
Enterprise Value	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$3.79B	$2.85B
P/E	-80.6	·	-75.2	-93.9	-87.3	·	-61.3	-39.0	-24.7	·	-10.1	-9.8	-10.2	·	-7.5	-6.0
P/S	12.2	·	10.6	12.2	11.2	·	10.6	10.2	9.8	·	5.4	6.1	7.5	·	5.6	5.0
P/B	16.1	·	17.7	18.5	15.5	·	17.9	16.0	14.1	·	6.7	9.3	9.7	·	11.8	7.7
P / Tangible Book	22.6	·	17.7	18.5	15.5	·	17.9	16.0	14.1	·	6.7	9.3	9.7	·	11.8	7.7
P / Cash Flow	710.6	·	·	·	432.4	·	·	·	414.0	·	·	·	-77.8	·	·	·
P / FCF	1582.9	·	·	·	849.1	·	·	·	1672.1	·	·	·	-68.0	·	·	·
EV / EBITDA	·	·	·	·	·	·	·	·	·	·	·	·	·	·	-31.9	-19.9
EV / Revenue	·	·	·	·	·	·	·	·	·	·	·	·	·	·	5.0	4.1
Earnings Yield	-1.2%	·	-1.3%	-1.1%	-1.1%	·	-1.6%	-2.6%	-4.1%	·	-9.9%	-10.2%	-9.8%	·	-13.3%	-16.7%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$2.31B	$1.70B	$1.08B	$820M	$625M
Operating Margin %	-13.4%	-13.1%	-41.2%	-66.0%	-74.9%
Net Income	$-208M	$-190M	$-435M	$-548M	$-472M
Diluted EPS	$-1.52	$-1.53	$-3.78	$-5.57	$-5.21

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	0.0	0.1	0.1	0.1	0.1
Current Ratio	3.4	4.0	4.1	3.9	5.0
Quick Ratio	0.7	1.0	1.7	3.7	4.7

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$109M	$69M	$-286M	$-479M	$-376M

Latest News Recent headlines mentioning this company

Natera Inc. (NTRA): Billionaire Tom Steyer’s Stock Pick with Huge Upside Potential Yahoo Finance · 2 weeks, 2 days ago
Stanley Druckenmiller Made 1 Huge Bet That Still Looks Attractive Today and Cut 2 Top Positions Yahoo Finance · 1 month ago
Natera Inc. (NTRA): Upside Potential Pulls Billionaire Stan Druckenmiller Yahoo Finance · 1 month, 1 week ago

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Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

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Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

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