Detailed financial statements for BillionToOne, Inc. (BLLN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
BillionToOne, Inc. is a specialized diagnostics company that innovates by precisely quantifying biological data to create advanced molecular diagnostic solutions. Central to their operations is a cutting-edge molecular counting platform, meticulously engineered to identify and measure individual DNA molecules, thereby significantly enhancing the precision of disease detection.
Analysis Summary
Trailing-twelve-month margins: gross margin 71.3%, operating margin 10.9%, net margin 8.4%.
At the current price of $105.90, BLLN trades at a P/E of 170.78 and an ROE of 7.87%. Market capitalisation stands at $4.9B.
Balance sheet quality for BLLN: current ratio of 11.7, net cash position of $387.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $15.7M represents 211% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $71.7M | $152.6M | $305.1M |
| Cost of Revenue | $54.4M | $71.7M | $96.7M |
| Gross Profit | $17.3M | $80.9M | $208.5M |
| Research & Development | $22.4M | $36.6M | $49.4M |
| Selling, General & Admin | $64.4M | $91.5M | $143.1M |
| Operating Expenses | $86.8M | $128.1M | $192.4M |
| Operating Income | -$69.5M | -$47.1M | $16.0M |
| EBITDA | -$72.9M | -$27.5M | $19.8M |
| Interest Expense | $3.3M | $2.4M | $95,000 |
| Pre-tax Income | -$82.7M | -$41.5M | $7.8M |
| Income Tax | $9,000 | $29,000 | $305,000 |
| Net Income | -$82.7M | -$41.6M | $7.5M |
| EPS | $-1.85 | $-0.93 | $0.06 |
| EPS (Diluted) | $-1.85 | $-0.93 | $0.06 |
| Shares Outstanding (Diluted) | $44.7M | $44.7M | $45.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $83.5M | $96.1M | $108.4M | $109.4M |
| Gross Profit | $58.4M | $68.6M | $79.1M | $77.1M |
| Operating Income | $9.6M | $10.3M | $17.8M | $5.5M |
| EBITDA | $8.6M | $9.3M | $21.5M | $10.9M |
| Net Income | $1.5M | $6.0M | $18.0M | $8.1M |
| EPS | $0.03 | $0.10 | $0.39 | $0.17 |
| EPS (Diluted) | $0.03 | $0.10 | $0.34 | $0.15 |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash & Equivalents | $97.3M | $191.5M | $496.0M |
| Short-term Investments | 0 | 0 | 0 |
| Receivables | $9.1M | $24.7M | $41.6M |
| Inventory | $7.2M | $8.7M | $17.5M |
| Total Current Assets | $115.5M | $227.8M | $560.6M |
| Property, Plant & Equipment | $73.9M | $68.8M | $67.1M |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Total Assets | $191.7M | $302.1M | $632.7M |
| Accounts Payable | $3.2M | $4.3M | $7.2M |
| Short-term Debt | $53.7M | $6.2M | $5.6M |
| Total Current Liabilities | $66.8M | $28.4M | $48.0M |
| Long-term Debt | $35.0M | $51.5M | $57.2M |
| Total Liabilities | $161.2M | $134.3M | $152.5M |
| Retained Earnings | -$240.6M | -$282.2M | -$274.7M |
| Total Equity | $30.5M | $167.8M | $480.1M |
| Total Debt | $146.3M | $109.4M | $108.9M |
| Net Debt | $49.1M | -$82.1M | -$387.1M |
| Working Capital | $48.7M | $199.4M | $512.6M |
Cash Flow (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income | -$82.7M | -$41.6M | $2.9M |
| Depreciation & Amortization | $7.0M | $11.7M | $11.9M |
| Stock-based Compensation | $4.9M | $8.4M | $15.9M |
| Change in Working Capital | $3.8M | -$16.8M | -$22.1M |
| Operating Cash Flow | -$53.7M | -$41.4M | $24.6M |
| Capital Expenditure | -$6.2M | -$5.4M | -$8.9M |
| Acquisitions | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$546,000 | 0 |
| Dividends Paid | 0 | 0 | 0 |
| Free Cash Flow | -$59.8M | -$46.8M | $15.7M |
Growth & Margins (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth (YoY) | +112.7% | +100.0% | |
| Net Income Growth (YoY) | +49.7% | +117.9% | |
| EPS Growth (YoY) | +49.7% | +106.8% | |
| Shares Change (YoY) | +0.0% | +2.4% | |
| FCF Growth (YoY) | +21.8% | +133.6% | |
| Gross Margin | 24.1% | 53.0% | 68.3% |
| Operating Margin | -96.9% | -30.9% | 5.3% |
| EBITDA Margin | -101.7% | -18.0% | 6.5% |
| Net Margin | -115.3% | -27.2% | 2.4% |
| FCF Margin | -83.4% | -30.7% | 5.2% |
| Effective Tax Rate | -0.0% | -0.1% | 3.9% |
Per-Share Data (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| FCF Per Share | $-1.34 | $-1.05 | $0.34 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $44.7M | $44.7M | $45.8M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 7.87% |
| Return on Invested Capital | 6.33% |
| Return on Assets | 4.59% |
| Gross Margin | 71.27% |
| Operating Margin | 10.90% |
| Net Margin | 8.43% |
Financial Health
| Debt / Equity | 0.27 |
| Current Ratio | 11.69 |
Key Ratios (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| P/E | -58.89 | -117.14 | 1,284.77 |
| P/B | 159.87 | 29.04 | 7.81 |
| P/S | 67.92 | 31.93 | 12.29 |
| Gross Margin | 24.1% | 53.0% | 68.3% |
| Operating Margin | -96.9% | -30.9% | 5.3% |
| Net Margin | -115.3% | -27.2% | 2.4% |
Explore sector: Healthcare · Medical - Diagnostics & Research
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