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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.31B | $1.70B | $1.08B | $820.22M | $625.49M | $391.00M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | $624.11M | $404.14M | $320.68M | $316.42M | $264.21M | $100.03M |
| SG&A | $1.18B | $841.31M | $618.31M | $588.59M | $511.03M | $303.63M |
| Total Operating Expenses | $2.62B | $1.92B | $1.53B | $1.36B | $1.09B | $607.28M |
| D&A | $41.76M | $30.97M | $24.10M | $16.70M | $11.25M | $8.61M |
| Operating Income | ($309.91M) | ($222.29M) | ($446.25M) | ($541.04M) | ($468.17M) | ($216.28M) |
| Interest Expense | $4.07M | $10.69M | $12.64M | $9.32M | $8.30M | $15.08M |
| Income Tax | ($59.93M) | $695.0K | $271.0K | $978.0K | $618.0K | $98.0K |
| Net Income | ($208.16M) | ($190.43M) | ($434.80M) | ($547.80M) | ($471.72M) | ($229.74M) |
| EPS - Basic | ($1.52) | ($1.53) | ($3.78) | ($5.57) | ($2.84) | - |
| EPS - Diluted | ($1.52) | ($1.53) | ($3.78) | ($5.57) | ($2.84) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.08B | $945.59M | $642.10M | $466.00M | $84.39M | $48.67M |
| Accounts Receivable | $296.53M | $314.17M | $278.29M | $244.38M | $122.07M | $78.56M |
| Inventory | $68.44M | $44.74M | $40.76M | $35.41M | $26.91M | $20.03M |
| Accounts Payable | $33.16M | $34.92M | $15.00M | $31.15M | $27.21M | $8.10M |
| Current Assets | $1.50B | $1.38B | $1.26B | $1.21B | $1.09B | $862.66M |
| Total Assets | $2.40B | $1.66B | $1.44B | $1.39B | $1.24B | $932.15M |
| Current Liabilities | $441.23M | $344.05M | $307.27M | $310.50M | $218.96M | $199.05M |
| Long-term Debt | - | - | $282.94M | $281.65M | $280.39M | - |
| Total Liabilities | $685.93M | $465.31M | $676.37M | $688.73M | $583.18M | $445.92M |
| Stockholders' Equity | $1.71B | $1.20B | $765.33M | $705.74M | $653.30M | $486.24M |
| Retained Earnings | ($2.78B) | ($2.57B) | ($2.38B) | ($1.94B) | ($1.39B) | ($929.32M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $215.30M | $135.66M | ($246.96M) | ($431.50M) | ($335.24M) | ($182.51M) |
| Investing Cash Flow | ($132.21M) | $137.62M | $168.50M | $330.34M | ($205.19M) | ($331.46M) |
| Financing Cash Flow | $47.46M | $30.20M | $254.46M | $482.64M | $576.19M | $500.85M |
| CapEx | $106.19M | $66.42M | $39.20M | $47.70M | $41.03M | $19.60M |
| Free Cash Flow | $109.11M | $69.24M | ($286.15M) | ($479.20M) | ($376.27M) | ($202.12M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | -13.4% | -13.1% | -41.2% | -66.0% | -74.8% | -55.3% |
| EBITDA margin | -11.6% | -11.3% | -39.0% | -63.9% | -73.1% | -53.1% |
| Net margin | -9.0% | -11.2% | -40.2% | -66.8% | -75.4% | -58.8% |
| Free cash flow margin | 4.7% | 4.1% | -26.4% | -58.4% | -60.2% | -51.7% |
| FCF / Net income | -0.52 | -0.36 | 0.66 | 0.87 | 0.80 | 0.88 |
| R&D / Revenue | 27.1% | 23.8% | 29.6% | 38.6% | 42.2% | 25.6% |
| SG&A / Revenue | 51.0% | 49.6% | 57.1% | 71.8% | 81.7% | 77.7% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -8.7% | -11.5% | -30.2% | -39.3% | -38.1% | -24.6% |
| Return on equity | -12.2% | -15.9% | -56.8% | -77.6% | -72.2% | -47.2% |
| Return on invested capital | - | - | -33.6% | -43.3% | -39.6% | - |
| Liquidity | ||||||
| Current ratio | 3.39 | 4.00 | 4.10 | 3.90 | 4.99 | 4.33 |
| Quick ratio | 3.24 | 3.87 | 3.96 | 3.79 | 4.87 | 4.23 |
| Cash ratio | 2.44 | 2.75 | 2.09 | 1.50 | 0.39 | 0.24 |
| Leverage | ||||||
| Debt / Equity | - | - | 0.37 | 0.40 | 0.43 | - |
| Debt / Assets | - | - | 0.20 | 0.20 | 0.23 | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -76.2x | -20.8x | -35.3x | -58.1x | -56.4x | -14.3x |
| Equity multiplier | 1.40 | 1.39 | 1.88 | 1.98 | 1.89 | 1.92 |
| Liabilities / Assets | 0.29 | 0.28 | 0.47 | 0.49 | 0.47 | 0.48 |
| Efficiency | ||||||
| Asset turnover | 0.96 | 1.02 | 0.75 | 0.59 | 0.51 | 0.42 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 47d | 68d | 94d | 109d | 71d | 73d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 18.3x | 16.5x | 9.4x | 5.6x | 11.6x | - |
| P / S | 13.6x | 11.6x | 6.7x | 4.8x | 12.1x | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 35.9% | 56.7% | 32.0% | 31.1% | 60.0% | 29.3% |
| Revenue CAGR (3y) | 41.1% | 39.5% | 40.4% | 39.5% | 43.3% | 22.8% |
| Revenue CAGR (5y) | 42.6% | 41.2% | 38.5% | 31.2% | 23.6% | 15.5% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | -39.4% | 50.2% | 17.5% | -15.6% | -116.5% | -86.0% |
| Net income growth (YoY) | -9.3% | 56.2% | 20.6% | -16.1% | -105.3% | -84.0% |
| EPS growth (YoY) | 0.7% | 59.5% | 32.1% | -96.1% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 57.6% | - | 40.3% | -27.4% | -86.2% | -195.4% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 43.2% | 56.2% | 8.4% | 8.0% | 34.4% | 74.5% |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.94
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Services-Medical Laboratories
Comparing Natera against the 5 most active filers in the same SIC group.