Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data BillionToOne, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
71.7
153
305
Cost of revenue
54.4
71.7
96.7
Gross profit
17.3
80.9
208
Research and development
22.4
36.6
49.4
Selling, general and administrative
64.4
91.5
143
Operating expenses
86.8
128
192
Operating income
-69.5
-47.1
16
Interest expense
3.27
2.39
0.1
Interest income
3.46
5.82
7.75
Other non-operating income
-13.2
5.61
-8.26
Pre-tax income
-82.7
-41.5
7.76
Income tax
0.01
0.03
0.31
Net income
-82.7
-41.6
7.45
EBITDA
-63.6
-40.1
22.9
EPS, basic
-8.45
-4.12
0.18
EPS, diluted
-8.45
-4.12
0.14
Shares, basic (weighted)
9.78
10.1
15.9
Shares, diluted (weighted)
9.78
10.1
21.2
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
97.3
191
496
Receivables
24.7
41.6
Inventory
8.73
17.5
Other current assets
2.9
5.42
Total current assets
228
561
Property, plant and equipment
17.1
20.4
Lease right-of-use assets
51.7
46.7
Other non-current assets
5.39
4.99
Total assets
302
633
Accounts payable
4.3
7.18
Deferred revenue
2.81
2.19
Short-term debt
0
0
Total current liabilities
28.4
48
Long-term debt
51.5
57.2
Lease liabilities
50.8
45.7
Other non-current liabilities
2.76
0
Total liabilities
134
153
Total debt
51.5
57.2
Paid-in capital
30.5
757
Retained earnings
-282
-275
Other comprehensive income
0
-1.79
Shareholders' equity
-219
-252
480
Total equity
-219
-252
480
Total liabilities and equity
302
633
Shares outstanding
10.9
Cash flow statement
FY2023
FY2025
FY2025
Net income
-82.7
-41.6
7.45
Depreciation and amortization
5.9
7
6.9
Stock-based compensation
4.85
8.36
15.9
Deferred income tax
0
0
0
Change in receivables
-2.59
-15.6
-16.9
Change in inventory
-1.41
-1.54
-8.81
Change in payables
0.15
0.88
1.78
Cash from operations
-53.7
-41.4
24.6
Capital expenditures
-6.17
-5.4
-8.88
Cash from investing
82.8
-5.43
-8.92
Debt issued
15
49.8
0
Debt repaid
0
-35
0
Stock issued
0.44
1.08
3.09
Share buybacks
0
-0.55
0
Cash from financing
13.4
141
289
Net change in cash
42.6
94.2
304
Free cash flow
-59.8
-46.8
15.7
Interest paid
2.58
3.92
4.65
Income taxes paid
0
0.01
0.49
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $123.08 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
71.3%
Gross profit / revenue.
Operating margin
10.9%
Operating income / revenue.
EBITDA margin
12.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
9.5%
Pre-tax income / revenue.
Net margin
9.5%
Net income / revenue.
FCF margin
8.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
11.4%
Cash from operations / revenue.
Effective tax rate
0.5%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
7.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
5.2%
Net income / average total assets.
Return on invested capital (ROIC)
54.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
14.9%
Research and development expense / revenue.
SG&A / revenue
45.5%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
6.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.1%
Capital expenditures / revenue.
D&A / revenue
1.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
100.0%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
157.6%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
109.4%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
110.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
11.7x
Current assets / current liabilities.
Quick ratio
11.2x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
9.85x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.17x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
12.5%
Total debt / total assets.
Liabilities / assets
26.4%
Total liabilities / total assets.
Net debt
-$457.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
-9.11x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Days inventory + days sales outstanding - days payables.
FCF conversion
88.0%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
26.9%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.69
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$7.30
Revenue / diluted weighted shares.
FCF per share
$0.61
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.83
Cash from operations / diluted weighted shares.
Book value per share
$9.86
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
154x
Market cap / net income. Only when net income is positive.
P/S
14.6x
Market cap / revenue.
P/B
10.8x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
10.8x
Market cap / tangible book value, when positive.
P/FCF
175x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
128x
Market cap / cash from operations, when positive.
EV/Sales
13.5x
Enterprise value / revenue.
EV/EBIT
124x
Enterprise value / operating income, when both are positive.
EV/EBITDA
106x
Enterprise value / EBITDA, when both are positive.
EV/FCF
161x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.6%
Free cash flow / market cap.
Earnings yield
0.6%
Net income / market cap (the inverse of P/E).
What was BillionToOne, Inc.'s revenue in fiscal 2025?
BillionToOne, Inc. reported revenue of $305.1M for fiscal 2025, 100% higher than the year before.
Was BillionToOne, Inc. profitable in fiscal 2025?
Yes. Net income was $7.5M, a net margin of 2.4%.
How much free cash flow did BillionToOne, Inc. generate in fiscal 2025?
Cash from operations of $24.6M minus capital expenditures of $8.9M left free cash flow of $15.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.