NASDAQ : BLLN
BillionToOne, Inc. — Financial statements
Healthcare · Diagnostics & Research · United States
Last price 113.32 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.35B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
BillionToOne, Inc. (BLLN) reported revenue of 397.41M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | 397.41M | 305.11M | 152.58M | 71.73M |
| Cost of Revenue | 114.19M | 96.65M | 71.67M | 54.42M |
| Gross Profit | 283.22M | 208.46M | 80.92M | 17.31M |
| Selling, General & Admin | 180.71M | 143.05M | 91.47M | 64.39M |
| Research & Development | 59.21M | 49.38M | 36.60M | 22.41M |
| Operating Expenses | 239.92M | 192.44M | 128.06M | 86.80M |
| Operating Income | 43.30M | 16.02M | -47.15M | -69.50M |
| Interest Expense | -41.00K | -95.00K | -2.39M | -3.27M |
| Interest & Investment Income | 14.13M | 7.75M | 5.82M | 3.46M |
| Other Non Operating Income (Expenses) | -6.85M | -7.41M | -1.15M | -442.00K |
| EBT Excluding Unusual Items | 50.54M | 16.27M | -44.86M | -69.75M |
| Other Unusual Items | -12.64M | -8.51M | 3.32M | -12.92M |
| Pretax Income | 37.91M | 7.76M | -41.54M | -82.67M |
| Income Tax Expense | 194.00K | 305.00K | 29.00K | 9.00K |
| Earnings From Continuing Operations | 37.71M | 7.45M | -41.57M | -82.68M |
| Minority Interest in Earnings | -4.54M | -4.54M | ||
| Net Income | 33.18M | 2.92M | -41.57M | -82.68M |
| Net Income to Common | 33.18M | 2.92M | -41.57M | -82.68M |
| Shares Outstanding (Basic) | 33.79M | 15.88M | 10.08M | 9.78M |
| Shares Outstanding (Diluted) | 42.93M | 21.23M | 10.08M | 9.78M |
| EPS (Basic) | 0.98 | 0.18 | -4.12 | -8.45 |
| EPS (Diluted) | 0.77 | 0.14 | -4.12 | -8.45 |
| Free Cash Flow | 33.17M | 15.71M | -46.78M | -59.85M |
| Free Cash Flow Per Share | 0.77 | 0.74 | -4.64 | -6.12 |
| Gross Margin | 71.27% | 68.32% | 53.03% | 24.13% |
| Operating Margin | 10.90% | 5.25% | -30.90% | -96.89% |
| Profit Margin | 8.35% | 0.96% | -27.24% | -115.27% |
| Free Cash Flow Margin | 8.35% | 5.15% | -30.66% | -83.43% |
| EBITDA | 50.24M | 22.93M | -40.11M | -63.62M |
| EBITDA Margin | 12.64% | 7.52% | -26.28% | -88.70% |
| D&A For EBITDA | 6.94M | 6.91M | 7.04M | 5.87M |
| EBIT | 43.30M | 16.02M | -47.15M | -69.50M |
| EBIT Margin | 10.90% | 5.25% | -30.90% | -96.89% |
| Effective Tax Rate | 0.51% | 3.93% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Cash & Equivalents | 548.63M | 495.98M | 191.48M | 97.27M |
| Cash & Short-Term Investments | 548.63M | 495.98M | 191.48M | 97.27M |
| Receivables | 74.89M | 41.62M | 24.71M | 9.09M |
| Inventory | 21.14M | 17.55M | 8.73M | 7.20M |
| Prepaid Expenses | 6.72M | 5.42M | 2.90M | 1.94M |
| Total Current Assets | 651.38M | 560.56M | 227.82M | 115.50M |
| Property, Plant & Equipment | 72.76M | 67.10M | 68.85M | 73.87M |
| Other Long-Term Assets | 5.56M | 4.99M | 5.39M | 2.31M |
| Total Assets | 729.70M | 632.65M | 302.06M | 191.68M |
| Accounts Payable | 12.21M | 7.18M | 4.30M | 3.21M |
| Accrued Expenses | 32.77M | 22.62M | 14.54M | 6.44M |
| Current Portion of Long-Term Debt | 47.69M | |||
| Current Portion of Leases | 6.76M | 5.60M | 6.22M | 6.06M |
| Current Unearned Revenue | 2.33M | 2.19M | 2.81M | 3.02M |
| Other Current Liabilities | 1.67M | 10.37M | 521.00K | 384.00K |
| Total Current Liabilities | 55.73M | 47.96M | 28.39M | 66.80M |
| Long-Term Debt | 91.03M | 57.23M | 51.48M | 35.00M |
| Long-Term Leases | 46.13M | 46.07M | 51.68M | 57.60M |
| Long-Term Unearned Revenue | 1.29M | |||
| Other Long-Term Liabilities | 2.53M | 1.65M | ||
| Total Liabilities | 192.89M | 152.55M | 134.08M | 161.06M |
| Additional Paid-In Capital | 787.32M | 756.64M | 30.55M | 21.58M |
| Retained Earnings | -248.72M | -276.54M | -282.20M | -240.63M |
| Total Common Equity | 536.81M | 480.11M | -251.66M | -219.05M |
| Shareholders' Equity | 536.81M | 480.11M | 167.98M | 30.62M |
| Total Liabilities & Equity | 729.70M | 632.65M | 302.06M | 191.68M |
| Total Debt | 143.92M | 108.89M | 109.38M | 146.35M |
| Net Cash (Debt) | 404.71M | 387.08M | 82.10M | -49.08M |
| Net Cash Per Share | 9.43 | 18.23 | 8.14 | -5.02 |
| Filing Date Shares Outstanding | 47.19M | 45.97M | 10.93M | 9.78M |
| Total Common Shares Outstanding | 46.83M | 45.80M | 10.93M | 9.78M |
| Working Capital | 595.65M | 512.60M | 199.43M | 48.69M |
| Book Value Per Share | 11.46 | 10.48 | -23.03 | -22.39 |
| Tangible Book Value | 536.81M | 480.11M | -251.66M | -219.05M |
| Tangible Book Value Per Share | 11.46 | 10.48 | -23.03 | -22.39 |
| Machinery | 35.35M | 19.79M | 15.15M | |
| Construction In Progress | 2.22M | 2.75M | 497.00K | |
| Leasehold Improvements | 495.00K | 290.00K | 222.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Net Income | 33.18M | 2.92M | -41.57M | -82.68M |
| Depreciation & Amortization | 12.30M | 11.91M | 11.69M | 6.46M |
| Other Amortization | 794.00K | 540.00K | ||
| Loss (Gain) From Sale of Assets | 116.00K | 55.00K | 126.00K | |
| Stock-Based Compensation | 25.54M | 15.91M | 8.36M | 4.85M |
| Other Operating Activities | 19.05M | 15.85M | -4.01M | 13.36M |
| Change in Accounts Receivable | -44.46M | -16.91M | -15.62M | -2.59M |
| Change in Inventory | -7.40M | -8.81M | -1.53M | -1.41M |
| Change in Accounts Payable | 3.33M | 1.77M | 877.00K | 151.00K |
| Change in Unearned Revenue | 112.00K | 672.00K | -218.00K | 3.02M |
| Change in Other Net Operating Assets | 3.60M | 1.22M | -271.00K | 4.62M |
| Operating Cash Flow | 45.35M | 24.59M | -41.38M | -53.67M |
| Capital Expenditures | -12.18M | -8.88M | -5.40M | -6.17M |
| Sale (Purchase) of Intangibles | -41.00K | -41.00K | ||
| Investment in Securities | 90.00M | |||
| Investing Cash Flow | -12.22M | -8.92M | -5.43M | 82.84M |
| Short-Term Debt Issued | 51.00K | 51.00K | ||
| Long-Term Debt Issued | 49.77M | 15.00M | ||
| Total Debt Issued | 30.05M | 51.00K | 49.77M | 15.05M |
| Long-Term Debt Repaid | -1.78M | -37.38M | -2.09M | |
| Net Debt Issued (Repaid) | 28.98M | -1.73M | 12.40M | 12.96M |
| Issuance of Common Stock | 302.04M | 295.16M | 1.08M | 444.00K |
| Repurchase of Common Stock | -546.00K | |||
| Other Financing Activities | -4.49M | -4.61M | -1.92M | |
| Financing Cash Flow | 326.54M | 288.82M | 141.02M | 13.40M |
| Net Cash Flow | 359.67M | 304.50M | 94.21M | 42.57M |
| Free Cash Flow | 33.17M | 15.71M | -46.78M | -59.85M |
| Free Cash Flow Margin | 8.35% | 5.15% | -30.66% | -83.43% |
| Free Cash Flow Per Share | 0.77 | 0.74 | -4.64 | -6.12 |
| Levered Free Cash Flow | 12.03M | 20.81M | -24.52M | |
| Unlevered Free Cash Flow | 12.06M | 20.87M | -23.82M | |
| Cash Interest Paid | 5.51M | 4.65M | 3.92M | 2.58M |
| Cash Income Tax Paid | 216.00K | 487.00K | 9.00K | |
| Change in Working Capital | -44.82M | -22.05M | -16.77M | 3.79M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Market Capitalization | 5.21B | 3.75B | ||
| Enterprise Value | 4.81B | 4.08B | ||
| Last Close Price | 110.41 | 81.84 | ||
| PE Ratio | 143.57 | 1,283.22 | ||
| PS Ratio | 13.11 | 12.28 | ||
| PB Ratio | 9.63 | 7.80 | ||
| P/TBV Ratio | 9.71 | 7.80 | ||
| P/FCF Ratio | 157.05 | 238.37 | ||
| P/OCF Ratio | 114.87 | 152.30 | ||
| EV/Sales Ratio | 12.09 | 13.37 | ||
| EV/EBITDA Ratio | 95.65 | 177.84 | ||
| EV/EBIT Ratio | 110.97 | 254.54 | ||
| EV/FCF Ratio | 144.85 | 259.55 | ||
| Debt / Equity Ratio | 0.27 | 0.23 | 0.65 | 4.78 |
| Debt / EBITDA Ratio | 2.25 | 2.96 | ||
| Debt / FCF Ratio | 4.34 | 6.93 | ||
| Net Debt / Equity Ratio | -0.75 | -0.81 | -0.49 | 1.60 |
| Net Debt / EBITDA Ratio | -8.06 | -16.88 | 2.05 | -0.77 |
| Net Debt / FCF Ratio | -12.20 | -24.63 | 1.75 | -0.82 |
| Asset Turnover | 0.76 | 0.65 | 0.62 | |
| Inventory Turnover | 6.55 | 7.36 | 9.00 | |
| Quick Ratio | 11.19 | 11.21 | 7.62 | 1.59 |
| Current Ratio | 11.69 | 11.69 | 8.03 | 1.73 |
| Return on Equity (ROE) | 10.68% | 2.30% | -41.86% | |
| Return on Assets (ROA) | 5.19% | 2.14% | -11.94% | |
| Return on Invested Capital (ROIC) | 35.25% | 17.21% | -56.95% | -87.20% |
| Return on Capital Employed (ROCE) | 6.40% | 2.70% | -17.20% | -55.70% |
| Earnings Yield | 0.70% | 0.08% | ||
| FCF Yield | 0.64% | 0.42% | ||
| Buyback Yield / Dilution | -319.03% | -110.62% | -3.04% |