NTRA · Natera, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $696.64M | - | $592.18M | $546.60M | $501.83M | - | $439.76M | $413.35M | $367.74M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $210.70M | - | $173.41M | $146.43M | $129.08M | - | $96.93M | $89.11M | $88.64M | - |
| SG&A | $327.94M | - | $308.55M | $310.55M | $266.86M | - | $214.15M | $197.97M | $194.28M | - |
| Total Operating Expenses | $790.16M | - | $689.76M | $656.97M | $581.01M | - | $479.10M | $457.25M | $442.06M | - |
| D&A | $14.52M | - | - | - | $9.24M | - | - | - | $7.06M | - |
| Operating Income | ($93.52M) | - | ($97.58M) | ($110.37M) | ($79.18M) | - | ($39.34M) | ($43.90M) | ($74.31M) | - |
| Interest Expense | $1.00M | - | $1.04M | $1.03M | $1.00M | - | $3.14M | $3.13M | $3.12M | - |
| Income Tax | $283.0K | - | $207.0K | $275.0K | $173.0K | - | $730.0K | $892.0K | $428.0K | - |
| Net Income | ($85.09M) | - | ($87.54M) | ($100.94M) | ($66.94M) | - | ($31.59M) | ($37.46M) | ($67.60M) | - |
| EPS - Basic | ($0.60) | - | ($0.64) | ($0.74) | ($0.50) | - | ($0.26) | ($0.30) | ($0.56) | - |
| EPS - Diluted | ($0.60) | - | ($0.64) | ($0.74) | ($0.50) | - | ($0.26) | ($0.30) | ($0.56) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.09B | $1.08B | $1.04B | $1.00B | $973.77M | $945.59M | $892.84M | $796.80M | $813.82M | $642.10M |
| Accounts Receivable | $417.60M | $296.53M | $286.38M | $309.22M | $318.23M | $314.17M | $306.88M | $335.94M | $288.75M | $278.29M |
| Inventory | $70.72M | $68.44M | $64.64M | $54.27M | $50.37M | $44.74M | $48.72M | $40.98M | $43.02M | $40.76M |
| Accounts Payable | $62.40M | $33.16M | $46.50M | $36.88M | $39.24M | $34.92M | $27.83M | $33.10M | $26.04M | $15.00M |
| Current Assets | $1.65B | $1.50B | $1.45B | $1.43B | $1.42B | $1.38B | $1.32B | $1.30B | $1.26B | $1.26B |
| Total Assets | $2.61B | $2.40B | $1.82B | $1.76B | $1.73B | $1.66B | $1.59B | $1.52B | $1.47B | $1.44B |
| Current Liabilities | $558.26M | $441.23M | $442.02M | $384.84M | $365.68M | $344.05M | $301.42M | $314.57M | $305.95M | $307.27M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | $282.94M |
| Total Liabilities | $840.38M | $685.93M | $569.29M | $510.88M | $492.69M | $465.31M | $712.42M | $680.47M | $674.09M | $676.37M |
| Stockholders' Equity | $1.77B | $1.71B | $1.25B | $1.25B | $1.24B | $1.20B | $878.52M | $836.52M | $794.11M | $765.33M |
| Retained Earnings | ($2.86B) | ($2.78B) | ($2.82B) | ($2.74B) | ($2.63B) | ($2.57B) | ($2.51B) | ($2.48B) | ($2.45B) | ($2.38B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $40.17M | - | - | - | $44.45M | - | - | - | $27.00M | - |
| Investing Cash Flow | ($32.14M) | - | - | - | ($16.82M) | - | - | - | $138.25M | - |
| Financing Cash Flow | $3.76M | - | - | - | $544.0K | - | - | - | $6.47M | - |
| CapEx | $22.14M | - | - | - | $21.82M | - | - | - | $20.32M | - |
| Free Cash Flow | $18.03M | - | - | - | $22.64M | - | - | - | $6.69M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -13.4% | - | -16.5% | -20.2% | -15.8% | - | -8.9% | -10.6% | -20.2% | - |
| EBITDA margin | -11.3% | - | - | - | -13.9% | - | - | - | -18.3% | - |
| Net margin | -12.2% | - | -14.8% | -18.5% | -13.3% | - | -7.2% | -9.1% | -18.4% | - |
| Free cash flow margin | 2.6% | - | - | - | 4.5% | - | - | - | 1.8% | - |
| FCF / Net income | -0.21 | - | - | - | -0.34 | - | - | - | -0.10 | - |
| R&D / Revenue | 30.2% | - | 29.3% | 26.8% | 25.7% | - | 22.0% | 21.6% | 24.1% | - |
| SG&A / Revenue | 47.1% | - | 52.1% | 56.8% | 53.2% | - | 48.7% | 47.9% | 52.8% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -3.3% | - | -4.8% | -5.7% | -3.9% | - | -2.0% | -2.5% | -4.6% | - |
| Return on equity | -4.8% | - | -7.0% | -8.1% | -5.4% | - | -3.6% | -4.5% | -8.5% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.96 | 3.39 | 3.27 | 3.72 | 3.87 | 4.00 | 4.39 | 4.14 | 4.12 | 4.10 |
| Quick ratio | 2.83 | 3.24 | 3.13 | 3.58 | 3.74 | 3.87 | 4.23 | 4.01 | 3.98 | 3.96 |
| Cash ratio | 1.95 | 2.44 | 2.36 | 2.60 | 2.66 | 2.75 | 2.96 | 2.53 | 2.66 | 2.09 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | 0.37 |
| Debt / Assets | - | - | - | - | - | - | - | - | - | 0.20 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -93.1x | - | -93.4x | -107.3x | -78.8x | - | -12.5x | -14.0x | -23.8x | - |
| Equity multiplier | 1.47 | 1.40 | 1.45 | 1.41 | 1.40 | 1.39 | 1.81 | 1.81 | 1.85 | 1.88 |
| Liabilities / Assets | 0.32 | 0.29 | 0.31 | 0.29 | 0.28 | 0.28 | 0.45 | 0.45 | 0.46 | 0.47 |
| Efficiency | ||||||||||
| Asset turnover | 0.27 | - | 0.33 | 0.31 | 0.29 | - | 0.28 | 0.27 | 0.25 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 219d | - | 177d | 206d | 231d | - | 255d | 297d | 287d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 16.0x | - | 17.6x | 18.5x | 15.4x | - | 17.9x | 15.9x | 13.9x | - |
| P / S | 40.6x | - | 37.3x | 42.2x | 38.0x | - | 35.7x | 32.2x | 30.0x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 38.8% | - | 34.7% | 32.2% | 36.5% | - | 63.9% | 58.1% | 52.1% | - |
| Revenue CAGR (3y) | 42.3% | - | 41.1% | 40.2% | 37.2% | - | 40.6% | 42.8% | 34.2% | - |
| Revenue CAGR (5y) | 35.5% | - | 43.3% | 44.6% | 39.8% | - | 41.4% | 40.9% | 40.6% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -18.1% | - | -148.0% | -151.4% | -6.5% | - | 64.6% | 61.0% | 46.3% | - |
| Net income growth (YoY) | -27.1% | - | -177.1% | -169.4% | 1.0% | - | 71.0% | 66.2% | 50.6% | - |
| EPS growth (YoY) | -20.0% | - | -146.2% | -146.7% | 10.7% | - | 72.6% | 69.1% | 54.5% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -20.3% | - | - | - | 238.6% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 43.1% | 43.2% | 42.5% | 49.0% | 56.1% | 56.2% | 12.0% | 40.3% | 22.1% | 8.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.31B totalSingle Reportable Segment$2.31B · 100.0%
Product / service
$2.31B totalProduct$2.30B · 99.6%
Licensing And Other$10.29M · 0.4%
Geographic
$2.31B totalUS$2.26B · 98.2%
Europe Middle East India And Africa$24.48M · 1.1%
Americas Excluding Us$9.35M · 0.4%
Other Geographic Areas$8.01M · 0.3%
Peer comparison
Same SIC group: Services-Medical Laboratories
Comparing Natera against the 5 most active filers in the same SIC group.