BillionToOne, Inc. (BLLN) vs CareDx, Inc. (CDNA)

BillionToOne, Inc. and CareDx, Inc. are both Diagnostics & Research companies. BillionToOne, Inc. is the larger, with a market value of $4.9B against $3.5B — 1.4× the size. CareDx, Inc. trades at the lower P/E: 29.7× against 95.0×. CareDx, Inc. has the higher net margin (24.2% vs 8.35%) and the higher return on invested capital (130.1% vs 34.1%). Across the 19 metrics below, CareDx, Inc. leads on 15 and BillionToOne, Inc. on 4.

Valuation

Metric BLLN CDNA Diagnostics & Research median
P/E 94.98 29.68 35.56
P/S 11.45 7.17 4.37
P/B 8.48 7.72 3.06
Price to free cash flow 137.17 39.51 35.76
EV/EBITDA 73.61 22.40 24.35
EV/Sales 10.30 6.36 5.51
Earnings yield 1.05% 3.37% (1.89%)
Free cash flow yield 0.73% 2.53% (0.15%)

Profitability

Metric BLLN CDNA Diagnostics & Research median
Gross margin 71.27% 70.58% 50.89%
Operating margin 10.90% 23.61% (8.57%)
Net margin 8.35% 24.23% (6.37%)
Free cash flow margin 8.35% 18.49% 0.00%
Return on equity 23.27% 29.49% (2.92%)
Return on assets 9.09% 22.72% (6.71%)
Return on invested capital 34.10% 130.06% 0.00%

Growth

Metric BLLN CDNA Diagnostics & Research median
Revenue growth (TTM) — 34.41% 7.69%
EPS growth (last fiscal year) 103.40% (143.01%) 25.92%
Revenue growth, 5-year CAGR — 14.59% 7.40%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BLLN CDNA Diagnostics & Research median
Debt to equity 0.17 0.00 0.11
Current ratio 11.69 4.58 2.02
Net debt to EBITDA (15.70) 19.49 0.70

Dividend

Metric BLLN CDNA Diagnostics & Research median
Dividend yield — — 0.66%
Payout ratio — — 0.20

Size

Metric BLLN CDNA Diagnostics & Research median
Market cap 4.85b 3.45b 2.16b

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