Saturday 17 October 2026 Export NTRA’s income statement to Excel — free account

Natera, Inc.

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%

Follow NTRA

Alert me

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

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

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

Debt/Equity 0.04

P/E ratio 0.00

Fwd P/E (130.00)

P/S ratio 20.75

P/B ratio 30.83

Past 5Y EPS Growth —

This Y EPS Growth 5.42%

Next Y EPS Growth 80.55%

Next Y revenue growth 26.19%

Next 5Y EPS Growth 46.31%

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

Valuation vs history

EV/Sales, ten years

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
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

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.