Detailed financial statements for Natera, Inc. (NTRA): 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.
Natera, Inc. is a diagnostics company focused on developing and commercializing a wide array of molecular testing services globally. Its portfolio includes several key offerings: Panorama, a non-invasive prenatal test (NIPT) that screens for chromosomal abnormalities in a fetus using a blood sample from the mother, and also determines zygosity in twin pregnancies. Vistara, designed to identify single-gene disorders by screening for specific single-gene mutations.
Analysis Summary
Natera, Inc. reported revenue of $2.31B in the most recent fiscal year, growing at a 5-year CAGR of 42.6%.
Trailing-twelve-month margins: gross margin 65.3%, operating margin -10.7%, net margin -7.1%.
At $403.95 (closing price, October 29, 2026), NTRA has negative trailing earnings (P/E not meaningful) and an ROE of -11.73%. Market capitalisation stands at $58.2B, placing it among large-cap names.
Balance sheet quality for NTRA: current ratio of 3.4, net cash position of $861.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $217.1M | $210.9M | $257.7M | $302.3M | $391.0M | $625.5M | $820.2M | $1.08B | $1.70B | $2.31B |
| Cost of Revenue | $135.6M | $139.6M | $166.1M | $175.5M | $203.6M | $318.4M | $456.3M | $589.8M | $673.8M | $810.6M |
| Gross Profit | $81.5M | $71.3M | $91.6M | $126.9M | $187.4M | $307.1M | $364.0M | $492.7M | $1.02B | $1.50B |
| Research & Development | $41.9M | $50.1M | $51.4M | $51.4M | $100.0M | $264.2M | $316.4M | $320.7M | $404.1M | $624.1M |
| Selling, General & Admin | $136.1M | $155.3M | $154.9M | $206.2M | $303.6M | $511.0M | $588.6M | $618.3M | $841.3M | $1.18B |
| Operating Expenses | $178.0M | $205.4M | $206.2M | $243.1M | $403.7M | $775.2M | $905.0M | $939.0M | $1.25B | $1.81B |
| Operating Income | -$96.5M | -$134.0M | -$114.6M | -$116.3M | -$216.3M | -$468.2M | -$541.0M | -$446.2M | -$222.3M | -$309.9M |
| EBITDA | -$93.4M | -$125.8M | -$107.1M | -$104.4M | -$205.9M | -$451.5M | -$520.8M | -$397.8M | -$148.1M | -$220.5M |
| Interest Expense | $533,000 | $4.2M | $10.5M | $10.7M | $15.1M | $8.3M | $9.3M | $12.6M | $10.7M | $4.1M |
| Pre-tax Income | -$95.6M | -$135.9M | -$127.8M | -$122.8M | -$229.6M | -$471.1M | -$546.8M | -$434.5M | -$189.7M | -$268.1M |
| Income Tax | $142,000 | $454,000 | $321,000 | $2.0M | $98,000 | $618,000 | $978,000 | $271,000 | $695,000 | -$59.9M |
| Net Income | -$95.8M | -$136.3M | -$128.2M | -$124.8M | -$229.7M | -$471.7M | -$547.8M | -$434.8M | -$190.4M | -$208.2M |
| EPS | $-1.86 | $-2.56 | $-2.22 | $-1.79 | $-2.84 | $-5.21 | $-5.57 | $-3.78 | $-1.53 | $-1.52 |
| EPS (Diluted) | $-1.86 | $-2.54 | $-2.22 | $-1.79 | $-2.84 | $-5.21 | $-5.57 | $-3.78 | $-1.53 | $-1.52 |
| Shares Outstanding (Diluted) | 51.6 M | 53.6 M | 57.8 M | 69.6 M | 81.0 M | 90.6 M | 98.4 M | 115.0 M | 124.7 M | 136.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $592.2M | $665.5M | $696.6M | $752.8M |
| Gross Profit | $384.4M | $446.8M | $451.4M | $485.2M |
| Operating Income | -$97.6M | -$22.8M | -$93.5M | -$75.8M |
| EBITDA | -$76.0M | $7.9M | -$65.5M | -$45.2M |
| Net Income | -$87.5M | $47.3M | -$85.1M | -$67.0M |
| EPS | $-0.64 | $0.35 | $-0.60 | $-0.47 |
| EPS (Diluted) | $-0.64 | $0.35 | $-0.60 | $-0.47 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $15.3M | $12.6M | $46.4M | $61.9M | $48.7M | $84.4M | $466.1M | $642.1M | $945.6M | $1.08B |
| Short-term Investments | $130.9M | $106.2M | $107.5M | $379.1M | $688.6M | $829.9M | $432.3M | $236.9M | $22.7M | 0 |
| Receivables | $13.4M | $44.1M | $62.2M | $53.4M | $78.6M | $122.1M | $244.4M | $278.3M | $314.2M | $296.5M |
| Inventory | $6.4M | $9.0M | $13.6M | $12.4M | $20.0M | $26.9M | $35.4M | $40.8M | $44.7M | $68.4M |
| Total Current Assets | $174.1M | $180.6M | $240.5M | $523.2M | $862.7M | $1.09B | $1.21B | $1.26B | $1.38B | $1.50B |
| Property, Plant & Equipment | $32.3M | $29.7M | $24.3M | $47.0M | $54.7M | $124.5M | $164.3M | $167.7M | $248.2M | $349.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $141.1M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $373.7M |
| Total Assets | $210.7M | $214.6M | $268.2M | $582.7M | $932.2M | $1.24B | $1.39B | $1.44B | $1.66B | $2.51B |
| Accounts Payable | $11.5M | $8.5M | $14.6M | $8.6M | $8.1M | $27.2M | $31.1M | $15.0M | $34.9M | $33.2M |
| Short-term Debt | $49.6M | $50.1M | $50.2M | $50.1M | $50.1M | $50.1M | $80.3M | $80.4M | $80.4M | $80.3M |
| Total Current Liabilities | $96.4M | $105.6M | $114.0M | $179.9M | $199.1M | $219.0M | $310.5M | $307.3M | $344.0M | $441.2M |
| Long-term Debt | 0 | $73.1M | $73.4M | $73.7M | $202.5M | $280.4M | $281.7M | $282.9M | 0 | 0 |
| Total Liabilities | $104.2M | $189.2M | $236.0M | $303.9M | $445.9M | $583.2M | $688.7M | $676.4M | $465.3M | $795.6M |
| Retained Earnings | -$345.8M | -$446.4M | -$574.5M | -$699.2M | -$929.3M | -$1.39B | -$1.94B | -$2.38B | -$2.57B | -$2.78B |
| Total Equity | $106.5M | $25.4M | $32.2M | $278.7M | $486.2M | $653.3M | $705.7M | $765.3M | $1.20B | $1.71B |
| Total Debt | $49.6M | $123.2M | $123.5M | $155.8M | $281.1M | $397.2M | $446.2M | $442.0M | $187.1M | $214.4M |
| Net Debt | -$96.5M | $4.3M | -$30.4M | -$285.2M | -$456.2M | -$517.0M | -$452.2M | -$437.0M | -$781.2M | -$861.8M |
| Working Capital | $77.7M | $75.1M | $126.5M | $343.3M | $663.6M | $874.2M | $901.3M | $951.3M | $1.03B | $1.06B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.04B | $1.08B | $1.09B | $1.09B |
| Total Assets | $1.82B | $2.51B | $2.61B | $2.66B |
| Total Liabilities | $569.3M | $795.6M | $840.4M | $836.0M |
| Total Equity | $1.25B | $1.71B | $1.77B | $1.82B |
| Total Debt | $198.7M | $214.4M | $240.1M | $238.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$100.3M | -$137.6M | -$128.2M | -$124.8M | -$229.7M | -$471.7M | -$547.8M | -$434.8M | -$190.4M | -$208.2M |
| Depreciation & Amortization | $6.2M | $7.1M | $7.5M | $7.7M | $8.6M | $11.3M | $16.7M | $24.1M | $31.0M | $43.5M |
| Stock-based Compensation | $10.6M | $11.4M | $14.2M | $28.6M | $50.2M | $115.2M | $152.4M | $191.8M | $274.4M | $354.4M |
| Change in Working Capital | $2.3M | $19.6M | $27.2M | $27.2M | -$39.1M | -$45.6M | -$83.2M | -$48.0M | $2.1M | $10.0M |
| Operating Cash Flow | -$73.9M | -$96.8M | -$70.6M | -$63.4M | -$182.5M | -$335.2M | -$431.5M | -$247.0M | $135.7M | $215.3M |
| Capital Expenditure | -$23.1M | -$9.9M | -$3.9M | -$5.0M | -$19.6M | -$41.0M | -$47.7M | -$39.2M | -$66.4M | -$106.2M |
| Acquisitions | 0 | 0 | 0 | $9.7M | 0 | 0 | 0 | 0 | 0 | -$16.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$97.0M | -$106.7M | -$74.5M | -$68.4M | -$202.1M | -$376.3M | -$479.2M | -$286.2M | $69.2M | $109.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $59.4M | $73.9M | $40.2M | $54.8M |
| Capital Expenditure | -$34.9M | -$36.1M | -$22.1M | -$63.4M |
| Free Cash Flow | $24.5M | $37.8M | $18.0M | -$8.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $90.6M | $92.6M | $95.1M | $103.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.8% | +22.1% | +17.3% | +29.3% | +60.0% | +31.1% | +32.0% | +56.7% | +35.9% | |
| Net Income Growth (YoY) | -42.3% | +6.0% | +2.6% | -84.0% | -105.3% | -16.1% | +20.6% | +56.2% | -9.3% | |
| EPS Growth (YoY) | -37.6% | +13.3% | +19.4% | -58.7% | -83.5% | -6.9% | +32.1% | +59.5% | +0.7% | |
| Shares Change (YoY) | +3.9% | +7.9% | +20.2% | +16.5% | +11.8% | +8.7% | +16.9% | +8.5% | +9.6% | |
| FCF Growth (YoY) | -9.9% | +30.2% | +8.1% | -195.4% | -86.2% | -27.4% | +40.3% | +124.2% | +57.6% | |
| Gross Margin | 37.5% | 33.8% | 35.6% | 42.0% | 47.9% | 49.1% | 44.4% | 45.5% | 60.3% | 64.8% |
| Operating Margin | -44.4% | -63.5% | -44.5% | -38.5% | -55.3% | -74.8% | -66.0% | -41.2% | -13.1% | -13.4% |
| EBITDA Margin | -43.0% | -59.6% | -41.6% | -34.5% | -52.7% | -72.2% | -63.5% | -36.7% | -8.7% | -9.6% |
| Net Margin | -44.1% | -64.6% | -49.7% | -41.3% | -58.8% | -75.4% | -66.8% | -40.2% | -11.2% | -9.0% |
| FCF Margin | -44.7% | -50.6% | -28.9% | -22.6% | -51.7% | -60.2% | -58.4% | -26.4% | 4.1% | 4.7% |
| Effective Tax Rate | -0.1% | -0.3% | -0.3% | -1.6% | -0.0% | -0.1% | -0.2% | -0.1% | -0.4% | 22.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.88 | $-1.99 | $-1.29 | $-0.98 | $-2.49 | $-4.15 | $-4.87 | $-2.49 | $0.56 | $0.80 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 51.4 M | 53.3 M | 57.7 M | 69.6 M | 81.0 M | 90.6 M | 98.4 M | 115.0 M | 124.7 M | 136.7 M |
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 | -11.73% |
| Return on Invested Capital | -10.02% |
| Return on Assets | -7.24% |
| Gross Margin | 65.30% |
| Operating Margin | -10.70% |
| Net Margin | -7.11% |
Financial Health
| Debt / Equity | 0.13 |
| Current Ratio | 3.00 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 23.09 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -6.30 | -3.51 | -6.29 | -18.82 | -35.04 | -17.93 | -7.21 | -16.57 | -103.46 | -150.72 |
| P/B | 5.66 | 18.86 | 25.06 | 8.41 | 16.58 | 12.95 | 5.60 | 9.41 | 16.52 | 18.29 |
| P/S | 2.78 | 2.27 | 3.13 | 7.75 | 20.62 | 13.52 | 4.82 | 6.65 | 11.63 | 13.58 |
| Gross Margin | 37.5% | 33.8% | 35.6% | 42.0% | 47.9% | 49.1% | 44.4% | 45.5% | 60.3% | 64.8% |
| Operating Margin | -44.4% | -63.5% | -44.5% | -38.5% | -55.3% | -74.8% | -66.0% | -41.2% | -13.1% | -13.4% |
| Net Margin | -44.1% | -64.6% | -49.7% | -41.3% | -58.8% | -75.4% | -66.8% | -40.2% | -11.2% | -9.0% |
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