Natera, Inc.

NTRA Healthcare Diagnostics & Research

Natera, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 35.9% from fiscal 2024. In the quarter to June 2026, revenue grew 37.7%, EPS grew 36.5%, free cash flow fell 174.0% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.

391.98 12.81 −3.16%
Market cap
$58.4B
P/E
0.0×
Fwd P/E
−130×
Dividend yield
—
F-score
6/9
Altman Z
26.84
Beneish M
−2.17
Dividend safety
n/a

Insider Decisions trades per month

Total sells 372.88
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 10 7 15 6 13 9 10 10 13 11 6 2
Insider Ownership 5.86%

Capital & Financial Ratios $m

Market Cap 58,350.00
Revenue 2,707.08
Net Income (192.35)
Free Cash Flow 84.20
Net Debt (1,011.21)
Current Ratio 3.00 (at or above 1.5: strong)
Debt/Equity 0.04 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (130.00) (negative: loss-making)
P/S ratio 20.75 (above 10: high)
P/B ratio 30.83 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 5.42%
Next Y EPS Growth 80.55% (at or above 15%: strong)
Next Y revenue growth 26.19% (at or above 10%: strong)
Next 5Y EPS Growth 46.31% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 95.80%
10-year low 10-year high
P/B against its own 10 years 93.04%
10-year low 10-year high
EV/Sales against its own 10 years 96.76%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 879 968 1,076 1,092
Receivables 278 314 297 422
Inventory 41 45 68 80
Other — — — —
1,259 1,376 1,497 1,659
2023 2024 2025 Q'26
Payables 15 35 33 75
ST’ Debt 80 80 80 80
Other — — — —
307 344 441 553

Compound Annual Growth %

10y 5y 3y
Sales 28.33% 42.61% 41.14%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 24.94% 28.63% 34.38%

Revenue $m

Mar Jun Sep Dec Year
’26 697 753 — — —
’25 502 547 592 666 2,306
’24 368 413 440 476 1,697
’23 242 261 268 311 1,083
’22 194 198 211 217 820
’21 152 142 158 173 625
’20 94 86 98 112 391
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 40 55 — — —
’25 44 38 59 74 215
’24 27 4 52 53 136
’23 (81) (79) (30) (58) (247)
’22 (137) (111) (102) (81) (432)
’21 (75) (71) (91) (99) (335)
’20 (35) (41) (33) (73) (183)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 18 (9) — — —
’25 23 12 37 38 76
’24 7 (8) 35 35 59
’23 (92) (87) (39) (68) (286)
’22 (153) (119) (114) (93) (479)
’21 (85) (79) (104) (108) (376)
’20 (43) (43) (35) (81) (202)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.60) (0.47) — — —
’25 (0.50) (0.74) (0.64) 0.35 (1.52)
’24 (0.56) (0.30) (0.26) (0.41) (1.53)
’23 (1.23) (0.97) (0.95) (0.64) (3.78)
’22 (1.45) (1.50) (1.25) (1.37) (5.57)
’21 (0.74) (1.32) (1.63) (1.48) (5.21)
’20 (0.45) (0.75) (0.72) (0.89) (2.84)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 6.52 7.35 8.60 11.08 16.87 82.63 26.10 35.02 58.53 125.38

Analyst estimates 2026–2028

Powerpack
High 13.80 14.76 29.62 40.92 112.93 129.09 92.07 63.94 175.63 246.90
People
People Employees 852 893 975 1,039 1,815 2,670 3,018 3,293 4,434 6,140
Revenue/emp, $m 0.25 0.23 0.26 0.29 0.22 0.23 0.27 0.33 0.38 0.38
Income, $m
Income, $m Revenue 213 210 258 302 391 625 820 1,083 1,697 2,306
Gross margin, % 36.20 33.41 35.55 41.96 47.92 49.09 44.37 45.52 60.30 64.75
EBT (100) (137) (128) (123) (230) (471) (547) (435) (190) (268)
EBT margin, % (47.14) (65.44) (49.61) (40.63) (58.73) (75.32) (66.67) (40.14) (11.18) (11.63)
Net income (100) (138) (128) (125) (230) (472) (548) (435) (190) (208)
Depreciation 8 8 8 9 15 20 23 26 31 44
Per share, $
Per share, $ Revenue 4.12 3.93 4.45 4.35 4.83 6.91 8.33 9.41 13.61 16.87
Earnings (1.86) (2.56) (2.22) (1.79) (2.84) (5.21) (5.57) (3.78) (1.53) (1.52)
Cash flow (1.44) (1.83) (1.22) (0.91) (2.25) (3.70) (4.38) (2.15) 1.09 1.57
Capex (0.45) (0.19) (0.07) (0.07) (0.24) (0.45) (0.48) (0.34) (0.62) (1.02)
Free cash flow (1.88) (2.02) (1.29) (0.98) (2.49) (4.15) (4.87) (2.49) 0.47 0.56
Book value 2.06 0.48 0.56 4.01 6.00 7.21 7.17 6.66 9.59 12.52
Shares, m 52 53 58 70 81 91 98 115 125 137
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S 2.89 2.41 3.13 7.75 20.62 13.52 4.62 6.58 11.63 13.58
P/B 5.76 19.86 25.11 8.41 16.58 12.95 5.37 9.30 16.52 18.29
EV/Sales 2.53 2.43 3.00 6.70 19.38 12.59 3.96 6.10 11.28 13.27
EV/FCF (5.52) (4.73) (10.38) (29.62) (37.49) (20.92) (6.78) (23.08) 276.45 280.55
Cash, $m
Cash, $m Operating cash flow (74) (98) (71) (63) (183) (335) (432) (247) 136 215
Capex (23) (10) (4) (5) (20) (41) (48) (39) (77) (139)
Free cash flow (97) (108) (74) (68) (202) (376) (479) (286) 59 76
Balance, $m
Balance, $m Working capital 78 75 127 343 664 874 901 951 1,032 1,056
Total debt 50 123 124 124 253 330 362 363 80 80
Net debt (98) 4 (35) (317) (485) (584) (536) (516) (888) (996)
Shareholders’ equity 106 25 32 279 486 653 706 765 1,195 1,712
Returns, %
Returns, % ROA (42.16) (64.72) (53.09) (29.34) (30.33) (43.50) (41.64) (30.66) (12.28) (10.26)
ROIC (710.26) (285.12) 0.00 0.00 (10,224.90) (422.60) (199.67) (111.70) (45.18) (27.03)
ROE (68.90) (208.70) (445.14) (80.31) (60.07) (82.79) (80.62) (59.11) (19.42) (14.32)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Natera, 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
NTRA Natera, Inc. $58.4B — (loss-making) — (loss-making) +37.71% (above 0%: growing) n/m −173.96% (below 0%: shrinking) 64.46% (10.07%)
A Agilent Technologies, Inc. $49.5B 34.0× 26.3× +8.06% (above 0%: growing) +8.47% (above 0%: growing) +69.50% (above 0%: growing) 55.48% 23.64% Compare
IQV IQVIA Holdings Inc. $44.6B 32.8× 22.3× +8.74% (above 0%: growing) −0.65% (below 0%: shrinking) +23.29% (above 0%: growing) 32.85% 11.58% Compare
WAT Waters Corporation $43.6B 109× 44.3× +113.36% (above 0%: growing) n/m +750.00% (above 0%: growing) 44.62% (5.23%) Compare
IDXX IDEXX Laboratories, Inc. $43.1B 39.1× 38.3× +9.66% (above 0%: growing) +17.21% (above 0%: growing) +111.44% (above 0%: growing) 64.04% 34.98% Compare
ILMN Illumina, Inc. $40.5B 48.4× 34.7× +9.44% (above 0%: growing) −8.05% (below 0%: shrinking) −18.27% (below 0%: shrinking) 66.44% 21.14% Compare
MTD Mettler-Toledo International, Inc. $32.8B 36.4× 25.5× +4.48% (above 0%: growing) +18.30% (above 0%: growing) +33.01% (above 0%: growing) 63.29% 30.61% Compare
DGX Quest Diagnostics Incorporated $26.4B 24.6× 20.8× +10.21% (above 0%: growing) +14.74% (above 0%: growing) +5.28% (above 0%: growing) 33.75% 15.08% Compare
LH Labcorp Holdings Inc. $26.4B 26.2× 19.0× +5.78% (above 0%: growing) +28.42% (above 0%: growing) −42.01% (below 0%: shrinking) 29.80% 12.10% Compare
Median of peers $41.8B 35.2× 25.9× +9.09% +14.74% +28.15% 50.05% 18.11%

All 52 Diagnostics & Research stocks →

Natera, Inc. (NTRA) key facts

  • Concern: Natera, Inc. reported a net loss of $208.2 million, or a loss of $1.52 per share, for fiscal 2025.
  • Strength: Natera, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 35.9% from fiscal 2024.
  • Natera, Inc. (NTRA) is a Diagnostics & Research company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, NTRA traded at $391.98, a market capitalization of $58.4 billion.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 20.7× sales.
  • Return on equity was −14.3% and debt-to-equity 0.04.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 26.84 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Natera, Inc. (NTRA) Latest News

9 Sep

stockrow.com/NTRA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com