BillionToOne, Inc. (BLLN) vs NeoGenomics, Inc. (NEO)

BillionToOne, Inc. and NeoGenomics, Inc. are both Diagnostics & Research companies. BillionToOne, Inc. is the larger, with a market value of $5.3B against $2.1B — 2.5× the size. NeoGenomics, Inc. has negative trailing earnings, so its P/E is not meaningful; BillionToOne, Inc. trades at 88.7×. BillionToOne, Inc. grew revenue faster over the last twelve months: 76.5% against 11.1%. BillionToOne, Inc. has the higher net margin (11.2% vs −4.10%) and the higher return on invested capital (0.00% vs −2.97%). Across the 18 metrics below, BillionToOne, Inc. leads on 15 and NeoGenomics, Inc. on 3.

Valuation

Metric BLLN NEO Diagnostics & Research median
P/E 88.69 n/m 34.52
P/S 12.11 2.70 4.24
P/B 9.86 2.66 3.42
Price to free cash flow 156.11 n/m 33.51
EV/EBITDA 86.69 146.75 23.44
EV/Sales 11.03 3.26 5.18
Earnings yield 1.13% (1.50%) (1.50%)
Free cash flow yield 0.64% (1.25%) 0.00%

Profitability

Metric BLLN NEO Diagnostics & Research median
Gross margin 71.41% 44.77% 48.32%
Operating margin 10.23% (6.27%) (5.68%)
Net margin 11.23% (4.10%) (4.10%)
Free cash flow margin 7.76% (3.37%) 0.00%
Return on equity 0.00% (3.94%) 0.00%
Return on assets 9.02% (2.35%) (6.05%)
Return on invested capital 0.00% (2.97%) 0.00%

Growth

Metric BLLN NEO Diagnostics & Research median
Revenue growth (TTM) 76.53% 11.08% 8.99%
EPS growth (last fiscal year) 103.40% (35.48%) 20.36%
Revenue growth, 5-year CAGR — 10.35% 7.30%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BLLN NEO Diagnostics & Research median
Debt to equity 0.00 0.47 0.01
Current ratio 11.25 3.53 2.27
Net debt to EBITDA (15.70) (3.96) 0.68

Dividend

Metric BLLN NEO Diagnostics & Research median
Dividend yield — — 0.67%
Payout ratio — — 0.20

Size

Metric BLLN NEO Diagnostics & Research median
Market cap 5.30b 2.13b 2.22b

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