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Friday 6 November 2026
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BillionToOne, Inc.
BLLN Healthcare Diagnostics & Research
BillionToOne, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $305.1 million, up 100.0% from fiscal 2024.
- Revenue
- +47.2%
- EPS
- +164.3%
- Free cash flow
- +9.25%
- Total debt
- +60.6%
Quarter to September 2026, against a year earlier
111.96
1.93
−1.69%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 72 | 153 | 305 | 437 | +106.2% | 455 | 574 | 725 | +33.4% | |
| Gross margin, % | — | — | — | — | — | — | — | 24.13 | 53.03 | 68.32 | 71.41 | +44.2 pt | ||||||
| EBT | — | — | — | — | — | — | — | (83) | (42) | 8 | 50 | n/m | ||||||
| EBT margin, % | — | — | — | — | — | — | — | (115.26) | (27.23) | 2.54 | 11.38 | +117.8 pt | ||||||
| Net income | — | — | — | — | — | — | — | (83) | (42) | 7 | 49 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 7.33 | 15.14 | 19.22 | 9.24 | +61.9% | |||||
| Earnings | — | — | — | — | — | — | — | (8.45) | (4.12) | 0.18 | 1.26 | n/m | ||||||
| Cash flow | — | — | — | — | — | — | — | (5.49) | (4.10) | 1.55 | 1.01 | n/m | ||||||
| Capex | — | — | — | — | — | — | — | (0.63) | (0.54) | (0.56) | (0.30) | (5.9%) | ||||||
| Free cash flow | — | — | — | — | — | — | — | (6.12) | (4.64) | 0.99 | 0.72 | n/m | ||||||
| Book value | — | — | — | — | — | — | — | 0.00 | (24.97) | 30.24 | 0.00 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | — | 10 | 10 | 16 | 39 | +27.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 0.00 | 0.00 | 1,320.00 | 88.69 | 440.0 | |||||
| P/S | — | — | — | — | — | — | — | 4.59 | 4.59 | 4.26 | 12.11 | 4.5 | ||||||
| P/B | — | — | — | — | — | — | — | 0.00 | 0.00 | 2.71 | 9.86 | 0.9 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 4.03 | 4.03 | 2.82 | 11.03 | 3.6 | ||||||
| EV/FCF | — | — | — | — | — | — | — | (246.78) | (246.78) | 54.78 | 142.18 | (146.3) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | (54) | (41) | 25 | 48 | n/m | |||||
| Capex | — | — | — | — | — | — | — | (6) | (5) | (9) | (14) | +19.9% | ||||||
| Free cash flow | — | — | — | — | — | — | — | (60) | (47) | 16 | 34 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | — | 199 | 513 | 621 | +157.0% | |||||
| Net debt | — | — | — | — | — | — | — | — | (139) | (438) | (472) | +215.1% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | — | (252) | 480 | 537 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | (27.52) | 0.62 | 9.02 | +0.6 pt | |||||
| ROIC | — | — | — | — | — | — | — | 0.00 | 0.00 | 24.01 | 0.00 | +24.0 pt | ||||||
| ROE | — | — | — | — | — | — | — | 0.00 | 0.00 | 2.56 | 0.00 | +2.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 620 | 713 | — | +15.0% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.00 | 0.25 | 0.43 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026
BillionToOne, Inc. vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| QGEN QIAGEN N.V. | $10.5B | 26.1× | 26.0× | +0.28% (above 0%: growing) | +7.94% (above 0%: growing) | +30.45% (above 0%: growing) | 63.62% | 24.75% | Compare |
| RDNT RadNet, Inc. | $6.1B | — (loss-making) | 1,050× | +24.99% (above 0%: growing) | −47.37% (below 0%: shrinking) | −43.22% (below 0%: shrinking) | 14.14% | 6.34% | Compare |
| GRAL GRAIL, Inc. | $5.3B | — (loss-making) | — (loss-making) | +3.71% (above 0%: growing) | n/m | −24.90% (below 0%: shrinking) | 0.00% | (385.29%) | Compare |
| BLLN BillionToOne, Inc. | $5.3B | 88.7× | 146× | +47.24% (above 0%: growing) | +164.29% (above 0%: growing) | +9.25% (above 0%: growing) | 70.86% | 8.96% | |
| SHC Sotera Health Company | $4.5B | 26.3× | 26.4× | +4.36% (above 0%: growing) | +20.12% (above 0%: growing) | +64.98% (above 0%: growing) | 55.65% | 34.98% | Compare |
| ADPT Adaptive Biotechnologies Corporation | $4.3B | — (loss-making) | — (loss-making) | −10.72% (below 0%: shrinking) | −66.67% (below 0%: shrinking) | +201.86% (above 0%: growing) | 76.24% | (0.54%) | Compare |
| CDNA CareDx, Inc. | $4.0B | 30.9× | 36.2× | +39.29% (above 0%: growing) | +1,133.33% (above 0%: growing) | −68.62% (below 0%: shrinking) | 71.09% | 5.82% | Compare |
| NEO NeoGenomics, Inc. | $2.1B | — (loss-making) | — (loss-making) | +11.43% (above 0%: growing) | n/m | −3,724.21% (below 0%: shrinking) | 46.16% | (3.79%) | Compare |
| VCYT Veracyte, Inc. | $1.9B | 15.2× | 45.2× | +15.08% (above 0%: growing) | +62.50% (above 0%: growing) | −9.63% (below 0%: shrinking) | 70.58% | 10.92% | Compare |
| Median of peers | $4.4B | 26.2× | 36.2× | +7.89% | +14.03% | −17.26% | 59.63% | 6.08% |
Pay and ownership Proxy statement filed 21 April 2026
Ownership
Directors and executive officers, together
77.70% of the votes
David Tsao
32.20% of the votes
Oguzhan Atay
31.10% of the votes
Entities affiliated with Hummingbird Ventures
7.20% of the votes
Firat Ileri
7.20% of the votes
Entities affiliated with Neotribe Ventures
4.00% of the votes
Krishna Swaroop Kolluri
4.00% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
BillionToOne, Inc. (BLLN) Latest News
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8 May
BLLN metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Shares outstanding
- Book value per share