BillionToOne, Inc. (BLLN) vs GeneDx Holdings Corp. (WGS)

BillionToOne, Inc. and GeneDx Holdings Corp. are both Diagnostics & Research companies. BillionToOne, Inc. is the larger, with a market value of $4.9B against $2.1B — 2.3× the size. GeneDx Holdings Corp. has negative trailing earnings, so its P/E is not meaningful; BillionToOne, Inc. trades at 95.0×. BillionToOne, Inc. has the higher net margin (8.35% vs −23.4%) and the higher return on invested capital (34.1% vs −27.7%). Across the 16 metrics below, BillionToOne, Inc. leads on 13 and GeneDx Holdings Corp. on 3.

Valuation

Metric BLLN WGS Diagnostics & Research median
P/E 94.98 n/m 35.56
P/S 11.45 4.16 4.37
P/B 8.48 7.74 3.06
Price to free cash flow 137.17 n/m 35.76
EV/EBITDA 73.61 n/m 24.35
EV/Sales 10.30 4.08 5.51
Earnings yield 1.05% (5.72%) (1.89%)
Free cash flow yield 0.73% (4.01%) (0.15%)

Profitability

Metric BLLN WGS Diagnostics & Research median
Gross margin 71.27% 69.37% 50.89%
Operating margin 10.90% (20.34%) (8.57%)
Net margin 8.35% (23.40%) (6.37%)
Free cash flow margin 8.35% (16.68%) 0.00%
Return on equity 23.27% (40.80%) (2.92%)
Return on assets 9.09% (22.50%) (6.71%)
Return on invested capital 34.10% (27.70%) 0.00%

Growth

Metric BLLN WGS Diagnostics & Research median
Revenue growth (TTM) — 25.42% 7.69%
EPS growth (last fiscal year) 103.40% 62.37% 25.92%
Revenue growth, 5-year CAGR — 18.98% 7.40%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BLLN WGS Diagnostics & Research median
Debt to equity 0.17 0.40 0.11
Current ratio 11.69 3.30 2.02
Net debt to EBITDA (15.70) (10.13) 0.70

Dividend

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

Size

Metric BLLN WGS Diagnostics & Research median
Market cap 4.85b 2.09b 2.16b

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