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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.

Revenue
+34.1%
EPS
+34.4%
Free cash flow
−85.8%
Total debt
−0.06%

Quarter to September 2026, against a year earlier

309.70 54.06 −14.86%
Market cap
$52.4B
P/E
0.0×
Fwd P/E
−289×
Dividend yield
—
F-score
6/9
Altman Z
26.84
Beneish M
−2.17
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 338.67
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 5 15 6 13 9 10 10 13 11 6 13 7
Insider Ownership 6.38%

Capital & Financial Ratios $m

Size
Market Cap 52,430.00
Revenue ttm 2,908.88
Net income ttm (164.71)
Free cash flow ttm 52.47
Net debt Q 80.30
Valuation
P/E 0.00
Forward P/E (289.00) (negative: loss-making)
Price / sales 18.12 (above 10: high)
Forward P/S Powerpack
Price / FCF 1,004.35
Price / book 28.19 (above 6: high)
Financial health
Current ratio Q 2.81 (at or above 1.5: strong)
Debt / equity Q 0.04 (at or below 0.5: strong)
Interest coverage Q (85.16)
Growth
Revenue growth Q +34.08% (above 0%: growing)
Operating income growth Q +29.98% (above 0%: growing)
EPS, this year +4.32%
EPS, next year A +74.61% (at or above 15%: strong)
Revenue, next year A +26.19% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +46.31% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 17.9×, against a ten-year median of 6.7×; over the ten years it ranged from 0.0× in 2016 to 22.8× in 2021.
P/S against its own 10 years 90.21%
10-year low 10-year high
P/B against its own 10 years 90.58%
10-year low 10-year high
EV/Sales against its own 10 years 91.75%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 879 968 1,076 —
Receivables 278 314 297 471
Inventory 41 45 68 92
Other — — — —
1,259 1,376 1,497 1,723
2023 2024 2025 Q'26
Payables 15 35 33 120
ST’ Debt 80 80 80 80
Other — — — —
307 344 441 613

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%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.47 Actual −0.47

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.39 −0.64 Miss by 0.25
Q4 FY25 −0.46 0.35 Beat by 0.81
Q1 FY26 −0.53 −0.56 Miss by 0.03
Q2 FY26 −0.47 −0.47 Met by 0.00
Q3 FY26 −0.17 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.60) (0.47) (0.42) — —
’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.

Revenue $m

Mar Jun Sep Dec Year
’26 697 753 794 — —
’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 44 — —
’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) 5 — —
’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.

Valuation

The price implies free cash flow after share-based pay growing 37.4% a year for ten years.

Implied
37.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten 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 213 210 258 302 391 625 820 1,083 1,697 2,306 2,909 +30.3% 2,910 3,518 4,279 +22.9%
Gross margin, % 36.20 33.41 35.55 41.96 47.92 49.09 44.37 45.52 60.30 64.75 0.00 +28.5 pt
EBT (100) (137) (128) (123) (230) (471) (547) (435) (190) (268) (225) +11.6%
EBT margin, % (47.14) (65.44) (49.61) (40.63) (58.73) (75.32) (66.67) (40.14) (11.18) (11.63) (7.73) +35.5 pt
Net income (100) (138) (128) (125) (230) (472) (548) (435) (190) (208) (165) +8.4%
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 20.19 +17.0%
Earnings (1.86) (2.56) (2.22) (1.79) (2.84) (5.21) (5.57) (3.78) (1.53) (1.52) (1.14) (2.2%)
Cash flow (1.44) (1.83) (1.22) (0.91) (2.25) (3.70) (4.38) (2.15) 1.09 1.57 1.48 n/m
Capex (0.45) (0.19) (0.07) (0.07) (0.24) (0.45) (0.48) (0.34) (0.62) (1.02) (1.11) +9.5%
Free cash flow (1.88) (2.02) (1.29) (0.98) (2.49) (4.15) (4.87) (2.49) 0.47 0.56 0.36 n/m
Book value 2.06 0.48 0.56 4.01 6.00 7.21 7.17 6.66 9.59 12.52 12.98 +22.2%
Shares, m 52 53 58 70 81 91 98 115 125 137 141 +11.4%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 2.89 2.41 3.13 7.75 20.62 13.52 4.62 6.58 11.63 13.58 18.12 8.7
P/B 5.76 19.86 25.11 8.41 16.58 12.95 5.37 9.30 16.52 18.29 28.19 13.8
EV/Sales 2.53 2.43 3.00 6.70 19.38 12.59 3.96 6.10 11.28 13.27 17.87 8.1
EV/FCF (5.52) (4.73) (10.38) (29.62) (37.49) (20.92) (6.78) (23.08) 276.45 280.55 990.54 41.8
Cash, $m
Cash, $m Operating cash flow (74) (98) (71) (63) (183) (335) (432) (247) 136 215 213 n/m
Capex (23) (10) (4) (5) (20) (41) (48) (39) (77) (139) (160) +22.1%
Free cash flow (97) (108) (74) (68) (202) (376) (479) (286) 59 76 52 n/m
Balance, $m
Balance, $m Working capital 78 75 127 343 664 874 901 951 1,032 1,056 1,110 +33.6%
Net debt (98) 4 (35) (317) (485) (584) (536) (516) (888) (996) 80 +29.4%
Shareholders’ equity 106 25 32 279 486 653 706 765 1,195 1,712 1,870 +36.2%
Returns, %
Returns, % ROA (42.16) (64.72) (53.09) (29.34) (30.33) (43.50) (41.64) (30.66) (12.28) (10.26) (7.21) +31.9 pt
ROIC (710.26) (285.12) 0.00 0.00 (10,224.90) (422.60) (199.67) (111.70) (45.18) (27.03) (8.35) +683.2 pt
ROE (68.90) (208.70) (445.14) (80.31) (60.07) (82.79) (80.62) (59.11) (19.42) (14.32) (10.55) +54.6 pt
People
People Employees 852 893 975 1,039 1,815 2,670 3,018 3,293 4,434 6,140 — +24.5%
Revenue/emp, $m 0.25 0.23 0.26 0.29 0.22 0.23 0.27 0.33 0.38 0.38 — +4.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Natera is a diagnostics company that sells genetic tests for cancer, women’s health and organ health. Founded in 2004, it is headquartered in Austin, Texas. Solomon Moshkevich is its chief executive officer.

The company’s technology measures genetic material, including fragments of DNA circulating in blood, and uses computer algorithms to interpret the results. Physicians use its tests to inform decisions about cancer treatment, pregnancy and transplant care. Natera also offers tests to researchers and pharmaceutical companies.

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
IDXX IDEXX Laboratories, Inc. $52.8B 44.8× 37.3× +9.86% (above 0%: growing) +17.30% (above 0%: growing) +17.58% (above 0%: growing) 62.94% 33.14% Compare
NTRA Natera, Inc. $52.4B — (loss-making) — (loss-making) +34.08% (above 0%: growing) n/m −85.80% (below 0%: shrinking) 0.00% (8.60%)
A Agilent Technologies, Inc. $48.4B 33.8× 34.1× +8.06% (above 0%: growing) +8.47% (above 0%: growing) +69.50% (above 0%: growing) 55.48% 23.64% Compare
WAT Waters Corporation $44.5B 194× 81.0× +120.91% (above 0%: growing) −67.02% (below 0%: shrinking) −66.71% (below 0%: shrinking) 50.25% 7.24% Compare
IQV IQVIA Holdings Inc. $43.7B 31.8× 34.8× +8.00% (above 0%: growing) +10.16% (above 0%: growing) −21.25% (below 0%: shrinking) 33.83% 12.92% Compare
MTD Mettler-Toledo International, Inc. $33.6B 37.6× 36.1× +4.48% (above 0%: growing) +18.30% (above 0%: growing) +33.01% (above 0%: growing) 63.29% 30.61% Compare
ILMN Illumina, Inc. $31.5B 35.6× 46.4× +4.15% (above 0%: growing) +48.98% (above 0%: growing) +49.80% (above 0%: growing) 73.52% 27.02% Compare
LH Labcorp Holdings Inc. $29.5B 29.5× 26.7× +6.92% (above 0%: growing) +3.18% (above 0%: growing) +44.73% (above 0%: growing) 29.08% 10.55% Compare
DGX Quest Diagnostics Incorporated $28.0B 25.0× 24.4× +9.98% (above 0%: growing) +29.36% (above 0%: growing) +6.21% (above 0%: growing) 33.65% 15.47% Compare
Median of peers $38.6B 34.7× 35.5× +8.03% +13.73% +25.30% 52.87% 19.56%

All 49 Diagnostics & Research stocks →

From the latest earnings call

Updated

  • CEO Solomon Moshkevich said clinical MRD volumes grew as Natera added accounts and patients, with repeat testing also contributing to the increase.
  • CFO Michael Brophy said Natera accelerated investment in its pharmaceutical offerings and operations to meet demand, raising its expense outlook for the year.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Roth Capital Oct 23, 2026 Initiated Buy 475.00
Barclays Oct 20, 2026 Reiterated Outperform —
JPMorgan Oct 20, 2026 Target raised — 360.00 → 460.00
Canaccord Oct 20, 2026 Target raised — 375.00 → 500.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 94.83%
Held by the ten largest 48.81%
Holder Shares Stake Change
Vanguard 13.34m 9.29% +444.07k
JPMorgan Chase 12.87m 8.96% −521.32k
BlackRock 10.91m 7.60% +237.27k
T. Rowe Price 10.15m 7.06% −3.17m
Fidelity (FMR) 5.45m 3.80% +2.90m
Wellington Management 4.04m 2.81% −727.85k
Franklin Templeton 3.74m 2.61% +365.58k
State Street 3.66m 2.55% +238.15k
Duquesne Family Office LLC 3.19m 2.22% +122.70k
Geode Capital Management 2.75m 1.91% −25.91k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.96m 60.79m 230.19
2024 13.03m 95.39m 159.06
2023 12.73m 32.77m 62.94
2022 8.25m (10.48m) 40.36
2021 23.34m 17.84m 93.84

Ownership

Directors and executive officers, together 5.05%
J.P. Morgan Chase & Co. 9.01%
T. Rowe Price Associates, Inc. 7.64%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. 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

Natera, Inc. (NTRA) Latest News

6 Nov

Impact 4 · · MarketBeat transcript
Impact 4 · · GuruFocus.com
Impact 3 · · TIKR

5 Nov

Impact 3 · · Associated Press
Impact 3 · · StockStory
Impact 3 · · Business Wire

3 Nov

Impact 3 · · Business Wire

28 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

27 Oct

Impact 4 · · Business Wire
Impact 4 · · Insider Monkey

26 Oct

Impact 4 · · Business Wire

25 Oct

Impact 3 · · The Motley Fool

23 Oct

Impact 4 · · The Fly

21 Oct

Impact 4 · · Trefis
Impact 4 · · Zacks

20 Oct

Impact 4 · · Insider Monkey
Impact 3 · · Trefis

19 Oct

Impact 3 · · StockStory

18 Oct

Impact 4 · · Business Wire

15 Oct

Impact 4 · · Zacks
Impact 3 · · Business Wire
Impact 3 · · GlobeNewswire

14 Oct

Impact 3 · · GlobeNewswire

13 Oct

Impact 3 · · Business Wire

10 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

NTRA metrics, ten years each

stockrow.com/NTRA · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com