NASDAQ : NTRA
Natera, Inc. — Financial statements
Healthcare · Diagnostics & Research · United States
Last price 410.38 USD (Oct 30, 2026, 3:12 PM EDT) · Market cap 59.15B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Natera, Inc. (NTRA) reported revenue of 2.71B 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 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.71B | 2.31B | 1.70B | 1.08B | 820.22M | 625.49M |
| Cost of Revenue | 941.25M | 812.93M | 673.75M | 589.83M | 456.26M | 318.42M |
| Gross Profit | 1.77B | 1.49B | 1.02B | 492.74M | 363.97M | 307.07M |
| Selling, General & Admin | 1.25B | 1.18B | 841.31M | 618.31M | 588.59M | 511.03M |
| Research & Development | 787.38M | 624.11M | 404.14M | 320.68M | 316.42M | 264.21M |
| Amortization of Goodwill & Intangibles | 13.14M | 1.72M | ||||
| Operating Expenses | 2.05B | 1.80B | 1.25B | 938.99M | 905.01M | 775.24M |
| Operating Income | -285.22M | -309.91M | -222.29M | -446.25M | -541.04M | -468.17M |
| Interest Expense | -3.82M | -4.07M | -10.69M | -12.64M | -9.32M | -8.30M |
| Interest & Investment Income | 40.79M | 45.89M | 43.25M | 24.35M | 4.44M | 5.38M |
| EBT Excluding Unusual Items | -248.25M | -268.09M | -189.73M | -434.53M | -545.91M | -471.10M |
| Merger & Restructuring Charges | -3.90M | |||||
| Gain (Loss) on Sale of Investments | -906.00K | |||||
| Other Unusual Items | -550.00K | |||||
| Pretax Income | -252.70M | -268.09M | -189.73M | -434.53M | -546.82M | -471.10M |
| Income Tax Expense | -60.35M | -59.93M | 695.00K | 271.00K | 978.00K | 618.00K |
| Net Income | -192.35M | -208.16M | -190.43M | -434.80M | -547.80M | -471.72M |
| Net Income to Common | -192.35M | -208.16M | -190.43M | -434.80M | -547.80M | -471.72M |
| Shares Outstanding (Basic) | 140.10M | 136.72M | 124.72M | 115.00M | 98.41M | 90.56M |
| Shares Outstanding (Diluted) | 140.10M | 136.72M | 124.72M | 115.00M | 98.41M | 90.56M |
| EPS (Basic) | -1.37 | -1.52 | -1.53 | -3.78 | -5.57 | -5.21 |
| EPS (Diluted) | -1.37 | -1.52 | -1.53 | -3.78 | -5.57 | -5.21 |
| Free Cash Flow | 84.20M | 109.11M | 69.24M | -286.15M | -479.20M | -384.82M |
| Free Cash Flow Per Share | 0.60 | 0.80 | 0.56 | -2.49 | -4.87 | -4.25 |
| Gross Margin | 65.23% | 64.75% | 60.30% | 45.52% | 44.37% | 49.09% |
| Operating Margin | -10.54% | -13.44% | -13.10% | -41.22% | -65.96% | -74.85% |
| Profit Margin | -7.11% | -9.03% | -11.22% | -40.16% | -66.79% | -75.42% |
| Free Cash Flow Margin | 3.11% | 4.73% | 4.08% | -26.43% | -58.42% | -61.52% |
| EBITDA | -224.42M | -271.43M | -194.83M | -424.55M | -524.54M | -458.02M |
| EBITDA Margin | -8.29% | -11.77% | -11.48% | -39.22% | -63.95% | -73.23% |
| D&A For EBITDA | 60.80M | 38.48M | 27.47M | 21.70M | 16.50M | 10.15M |
| EBIT | -285.22M | -309.91M | -222.29M | -446.25M | -541.04M | -468.17M |
| EBIT Margin | -10.54% | -13.44% | -13.10% | -41.22% | -65.96% | -74.85% |
| Revenue as Reported | 2.71B | 2.31B | 1.70B | 1.08B | 820.22M | 625.49M |
| Advertising Expenses | 10.60M | 2.30M | 1.10M | 1.80M | 2.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.09B | 1.08B | 945.59M | 642.10M | 466.09M | 84.39M |
| Short-Term Investments | 22.69M | 236.88M | 432.30M | 829.90M | ||
| Cash & Short-Term Investments | 1.09B | 1.08B | 968.28M | 878.98M | 898.39M | 914.28M |
| Receivables | 421.97M | 296.53M | 314.17M | 278.29M | 244.38M | 122.07M |
| Inventory | 80.35M | 68.44M | 44.74M | 40.76M | 35.41M | 26.91M |
| Prepaid Expenses | 65.13M | 55.83M | 48.63M | 60.52M | 33.63M | 29.64M |
| Restricted Cash | 228.00K | |||||
| Total Current Assets | 1.66B | 1.50B | 1.38B | 1.26B | 1.21B | 1.09B |
| Property, Plant & Equipment | 447.25M | 349.73M | 248.19M | 167.75M | 164.33M | 122.23M |
| Goodwill | 141.10M | 141.07M | ||||
| Other Intangible Assets | 360.20M | 373.71M | 10.93M | 2.30M | ||
| Long-Term Deferred Charges | 4.70K | |||||
| Other Long-Term Assets | 49.99M | 36.90M | 25.79M | 15.40M | 18.33M | 18.82M |
| Total Assets | 2.66B | 2.40B | 1.66B | 1.44B | 1.39B | 1.24B |
| Accounts Payable | 106.07M | 45.51M | 42.81M | 26.23M | 44.43M | 31.00M |
| Accrued Expenses | 258.21M | 232.55M | 172.57M | 144.85M | 146.53M | 105.68M |
| Short-Term Debt | 80.29M | 80.32M | 80.36M | 80.40M | 80.35M | 50.05M |
| Current Portion of Leases | 15.12M | 15.58M | 10.17M | 11.62M | 7.64M | 5.75M |
| Current Unearned Revenue | 40.57M | 24.91M | 19.75M | 16.61M | 10.78M | 7.40M |
| Other Current Liabilities | 52.94M | 42.36M | 18.37M | 27.56M | 20.77M | 19.06M |
| Total Current Liabilities | 553.20M | 441.23M | 344.05M | 307.27M | 310.50M | 218.96M |
| Long-Term Debt | 282.94M | 281.65M | 280.39M | |||
| Long-Term Leases | 143.07M | 118.47M | 96.59M | 67.03M | 76.58M | 61.04M |
| Long-Term Unearned Revenue | 16.07M | 17.06M | 16.84M | 19.13M | 20.00M | 21.32M |
| Long-Term Deferred Tax Liabilities | 701.00K | 701.00K | ||||
| Other Long-Term Liabilities | 122.95M | 108.47M | 7.84M | 1.48M | ||
| Total Liabilities | 836.00M | 685.93M | 465.31M | 676.37M | 688.73M | 583.18M |
| Common Stock | 14.00K | 14.00K | 12.00K | 11.00K | 11.00K | 10.00K |
| Additional Paid-In Capital | 4.75B | 4.49B | 3.76B | 3.15B | 2.66B | 2.05B |
| Retained Earnings | -2.93B | -2.78B | -2.57B | -2.38B | -1.94B | -1.39B |
| Comprehensive Income & Other | -108.00K | -258.00K | -344.00K | -3.08M | -16.36M | -2.29M |
| Shareholders' Equity | 1.82B | 1.71B | 1.20B | 765.33M | 705.74M | 653.30M |
| Total Liabilities & Equity | 2.66B | 2.40B | 1.66B | 1.44B | 1.39B | 1.24B |
| Total Debt | 238.49M | 214.38M | 187.12M | 441.99M | 446.22M | 397.23M |
| Net Cash (Debt) | 853.01M | 861.76M | 781.16M | 436.98M | 452.17M | 517.05M |
| Net Cash Per Share | 6.09 | 6.30 | 6.26 | 3.80 | 4.59 | 5.71 |
| Filing Date Shares Outstanding | 144.14M | 141.73M | 135.19M | 120.76M | 113.29M | 95.47M |
| Total Common Shares Outstanding | 143.61M | 139.69M | 132.65M | 119.58M | 111.25M | 95.14M |
| Working Capital | 1.11B | 1.06B | 1.03B | 951.27M | 901.32M | 874.18M |
| Book Value Per Share | 12.68 | 12.26 | 9.01 | 6.40 | 6.34 | 6.87 |
| Tangible Book Value | 1.32B | 1.20B | 1.18B | 765.33M | 705.74M | 651.00M |
| Tangible Book Value Per Share | 9.19 | 8.57 | 8.93 | 6.40 | 6.34 | 6.84 |
| Machinery | 220.21M | 174.90M | 120.25M | 87.48M | 67.57M | 38.62M |
| Construction In Progress | 131.05M | 94.02M | 58.46M | 29.39M | 25.37M | 30.28M |
| Leasehold Improvements | 76.84M | 62.15M | 48.57M | 39.00M | 29.75M | 13.64M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -192.35M | -208.16M | -190.43M | -434.80M | -547.80M | -471.72M |
| Depreciation & Amortization | 60.80M | 38.48M | 27.47M | 21.70M | 16.50M | 10.15M |
| Other Amortization | 5.00M | 5.00M | 4.49M | 3.69M | 1.46M | 2.33M |
| Asset Writedown & Restructuring Costs | 2.68M | 9.29M | 35.60M | |||
| Loss (Gain) From Sale of Investments | 13.00K | 32.00K | -618.00K | 1.09M | 5.74M | 7.77M |
| Stock-Based Compensation | 381.42M | 354.40M | 274.43M | 191.81M | 152.38M | 115.22M |
| Other Operating Activities | 24.19M | 15.50M | 18.18M | 14.84M | 14.07M | 11.01M |
| Change in Accounts Receivable | -109.63M | 20.75M | -35.88M | -33.90M | -122.31M | -43.51M |
| Change in Inventory | -23.25M | -20.87M | -3.98M | -5.35M | -8.50M | -6.88M |
| Change in Accounts Payable | 29.39M | 753.00K | 13.21M | -15.46M | 5.46M | 19.22M |
| Change in Unearned Revenue | 15.96M | 2.75M | 852.00K | 4.96M | 2.06M | -44.21M |
| Change in Other Net Operating Assets | 97.47M | 67.46M | 27.94M | 1.80M | 40.14M | 29.77M |
| Operating Cash Flow | 228.24M | 215.30M | 135.66M | -246.96M | -431.50M | -335.24M |
| Capital Expenditures | -144.04M | -106.19M | -66.42M | -39.20M | -47.70M | -49.59M |
| Cash Acquisitions | -16.02M | -16.02M | ||||
| Sale (Purchase) of Intangibles | -33.00M | -33.00M | -10.49M | |||
| Investment in Securities | 6.00M | 23.00M | 214.54M | 207.70M | 378.04M | -155.60M |
| Investing Cash Flow | -187.06M | -132.21M | 137.62M | 168.50M | 330.34M | -205.19M |
| Short-Term Debt Issued | 30.00M | |||||
| Total Debt Issued | 30.00M | |||||
| Net Debt Issued (Repaid) | 30.00M | |||||
| Issuance of Common Stock | 55.62M | 47.57M | 30.29M | 254.46M | 452.64M | 576.19M |
| Other Financing Activities | -5.31M | -112.00K | -82.00K | |||
| Financing Cash Flow | 50.30M | 47.46M | 30.20M | 254.46M | 482.64M | 576.19M |
| Net Cash Flow | 91.48M | 130.55M | 303.49M | 176.00M | 381.48M | 35.76M |
| Free Cash Flow | 84.20M | 109.11M | 69.24M | -286.15M | -479.20M | -384.82M |
| Free Cash Flow Margin | 3.11% | 4.73% | 4.08% | -26.43% | -58.42% | -61.52% |
| Free Cash Flow Per Share | 0.60 | 0.80 | 0.56 | -2.49 | -4.87 | -4.25 |
| Levered Free Cash Flow | 104.03M | 141.02M | 94.15M | -182.21M | -295.94M | -251.30M |
| Unlevered Free Cash Flow | 106.41M | 143.56M | 99.84M | -175.60M | -291.37M | -247.34M |
| Cash Interest Paid | 3.82M | 4.07M | 7.90M | 11.35M | 8.06M | 7.08M |
| Cash Income Tax Paid | 499.00K | 499.00K | 1.31M | 295.00K | 549.00K | 283.00K |
| Change in Working Capital | -50.84M | 10.04M | 2.14M | -47.95M | -83.15M | -45.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 59.72B | 31.69B | 20.90B | 7.53B | 4.38B | 8.83B |
| Enterprise Value | 58.87B | 30.84B | 20.45B | 7.03B | 4.27B | 8.20B |
| Last Close Price | 414.30 | 229.09 | 158.30 | 62.64 | 40.17 | 93.39 |
| PS Ratio | 22.06 | 13.74 | 12.32 | 6.95 | 5.34 | 14.12 |
| PB Ratio | 32.66 | 18.50 | 17.48 | 9.83 | 6.21 | 13.52 |
| P/TBV Ratio | 45.23 | 26.46 | 17.64 | 9.83 | 6.21 | 13.57 |
| P/FCF Ratio | 709.28 | 290.41 | 301.83 | |||
| P/OCF Ratio | 261.65 | 147.18 | 154.05 | |||
| EV/Sales Ratio | 21.75 | 13.38 | 12.05 | 6.50 | 5.21 | 13.10 |
| EV/FCF Ratio | 699.15 | 282.68 | 295.38 | |||
| Debt / Equity Ratio | 0.13 | 0.12 | 0.16 | 0.58 | 0.63 | 0.61 |
| Debt / FCF Ratio | 2.83 | 1.97 | 2.70 | |||
| Net Debt / Equity Ratio | -0.47 | -0.50 | -0.65 | -0.57 | -0.64 | -0.79 |
| Net Debt / EBITDA Ratio | 3.80 | 3.17 | 4.01 | 1.03 | 0.86 | 1.13 |
| Net Debt / FCF Ratio | -10.13 | -7.90 | -11.28 | 1.53 | 0.94 | 1.34 |
| Asset Turnover | 1.23 | 1.14 | 1.09 | 0.76 | 0.62 | 0.58 |
| Inventory Turnover | 13.98 | 14.36 | 15.76 | 15.49 | 14.64 | 13.57 |
| Quick Ratio | 2.74 | 3.11 | 3.73 | 3.77 | 3.68 | 4.73 |
| Current Ratio | 3.00 | 3.39 | 4.00 | 4.10 | 3.90 | 4.99 |
| Return on Equity (ROE) | -12.54% | -14.32% | -19.42% | -59.11% | -80.62% | -82.79% |
| Return on Assets (ROA) | -8.08% | -9.54% | -8.96% | -19.67% | -25.70% | -26.98% |
| Return on Capital Employed (ROCE) | -13.60% | -15.80% | -16.90% | -39.30% | -49.90% | -46.00% |
| Earnings Yield | -0.33% | -0.66% | -0.91% | -5.78% | -12.51% | -5.34% |
| FCF Yield | 0.14% | 0.34% | 0.33% | -3.80% | -10.94% | -4.36% |
| Buyback Yield / Dilution | -6.45% | -9.62% | -8.45% | -16.86% | -8.67% | -11.79% |