Natera, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Natera, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	217	211	258	302	391	625	820	1,083	1,697	2,306
Cost of revenue	134	136	158
Gross profit	82.6	75.4	99.6
Research and development	41.9	50.1	51.4	51.4	100	264	316	321	404	624
Selling, general and administrative	136	155	155	206	304	511	589	618	841	1,177
Operating income	-101	-135	-115	-116	-216	-468	-541	-446	-222	-310
Interest expense	0.53	4.21	10.5	10.7	15.1	8.31	9.32	12.6	10.7	4.07
Pre-tax income	-100	-137	-128	-123	-230	-471	-547	-435	-190	-268
Income tax	0.14	0.45	0.32	2	0.1	0.62	0.98	0.27	0.7	-59.9
Net income	-100	-138	-128	-125	-230	-472	-548	-435	-190	-208
EBITDA	-94.9	-128	-107	-109	-208	-457	-524	-422	-191	-268
EPS, basic	-1.95	-2.58	-2.22	-1.79	-2.84	-5.21	-5.57	-3.78	-1.53	-1.52
EPS, diluted	-1.95	-2.59	-2.22	-1.79	-2.84	-5.21	-5.57	-3.78	-1.53	-1.52
Shares, basic (weighted)	51.6	53.3	57.8	69.6	81	90.6	98.4	115	125	137
Shares, diluted (weighted)	51.6	53.6	57.8	69.6	81	90.6	98.4	115	125	137

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15.3	12.6	46.4	61.9	48.7	84.4	466	642	946	1,076
Short-term investments			107	379	689	830	432	237	22.7
Receivables	13.4	44.1	62.2	53.4	78.6	122	244	278	314	297
Inventory	6.41	9	13.6	12.4	20	26.9	35.4	40.8	44.7	68.4
Other current assets	7.1	8.61	6.2	16.4	26.6	29.6	33.6	60.5	48.6	55.8
Total current assets	174	181	241	523	863	1,093	1,212	1,259	1,376	1,497
Property, plant and equipment	32.3	29.7	24.3	23.3	33.3	65.5	92.5	111	162	241
Lease right-of-use assets				23.7	21.4	59	71.9	56.5	86.1	109
Goodwill										141
Intangible assets									10.9	374
Other non-current assets	3.93	3.98	3.32	12.5	14.7	18.8	18.3	15.4	25.8	36.9
Total assets	211	215	268	583	932	1,236	1,394	1,442	1,661	2,398
Accounts payable	11.5	8.53	14.6	8.6	8.1	27.2	31.1	15	34.9	33.2
Accrued liabilities	19.9	33.3	32.4	49	60.4	40.9	44	45.9	62.1	92.6
Deferred revenue	0.57	1.42	4.13	56	50.1	7.4	10.8	16.6	19.8	24.9
Short-term debt	49.6	50.1	50.2	50.1	50.1	50.1	80.4	80.4	80.4	80.3
Total current liabilities	96.4	106	114	180	199	219	310	307	344	441
Lease liabilities				26.3	21.2	61	76.6	67	96.6	118
Other non-current liabilities		1.33		0.31	0.32	1.48			7.84	11.7
Total liabilities	104	189	236	304	446	583	689	676	465	686
Total debt						280	282	283
Paid-in capital	453	473	607	977	1,411	2,050	2,665	3,146	3,764	4,489
Retained earnings	-346	-446	-575	-699	-929	-1,395	-1,943	-2,377	-2,568	-2,776
Other comprehensive income	-0.73	-0.77	-0.55	0.92	4.26	-2.29	-16.4	-3.09	-0.34	-0.26
Shareholders' equity	144	25.4	32.2	279	486	653	706	765	1,195	1,712
Total equity	144	25.4	32.2	279	486	653	706	765	1,195	1,712
Total liabilities and equity	211	215	268	583	932	1,236	1,394	1,442	1,661	2,398
Shares outstanding	52.7	54	62.1	78	86.2	95.1	111	120	133	140

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-100	-138	-128	-125	-230	-472	-548	-435	-190	-208
Depreciation and amortization	6.18	7.14	7.5	7.73	8.61	11.3	16.7	24.1	31	41.8
Stock-based compensation	10.6	11.4	14.2	28.6	50.2	115	152	192	274	354
Change in receivables	-3.96	6.32	-18.1	2.42	-25.8	-43.5	-122	-33.9	-35.9	20.8
Change in inventory	-0.43	-3.09	-4.9	0.92	-7.47	-6.88	-8.5	-5.35	-3.99	-20.9
Change in payables	1.26	0.22	3.78	-6.26	-0.12	19.2	5.46	-15.5	13.2	0.75
Cash from operations	-74.1	-97.8	-70.6	-63.4	-183	-335	-432	-247	136	215
Capital expenditures	-23.1	-9.87	-3.88	-4.97	-19.6	-41	-47.7	-39.2	-66.4	-106
Acquisitions						-8.56				-16
Purchases of investments		-273	-170	-447	-685	-876	-86.9	-98.3	-122
Sales and maturities of investments	64.5	231	132	174	343	533	217	306	314	23
Cash from investing	47	13.8	-5.16	-266	-331	-205	330	168	138	-132
Debt issued		75
Debt repaid					-79.2	-79.2
Stock issued	3.6	2.32	13.3	13	23.5	11.8	6.41	3.89	13	22.5
Cash from financing	13.2	80.4	114	341	501	576	483	254	30.2	47.5
Net change in cash	-13.7	-2.64	38	11	-13.1	35.8	381	176	303	131
Free cash flow	-97.2	-108	-74.5	-68.4	-202	-376	-479	-286	69.2	109
Interest paid		3.57	7.91	12.5	3.3	7.08	8.06	11.3	7.9	4.07
Income taxes paid		0.18	0.33	2.15	0.07	0.28	0.55	0.3	1.31	0.5

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 $412.56 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-10.7%	Operating income / revenue.
EBITDA margin	-8.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-9.3%	Pre-tax income / revenue.
Net margin	-7.1%	Net income / revenue.
FCF margin	3.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.4%	Cash from operations / revenue.
Return on equity (ROE)	-10.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.2%	Net income / average total assets.
Return on invested capital (ROIC)	-31.3%	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	29.1%	Research and development expense / revenue.
SG&A / revenue	46.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	14.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.3%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	35.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	41.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	42.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	58.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	57.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	43.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	34.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	28.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	44.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	9.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	11.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	11.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.00x	Current assets / current liabilities.
Quick ratio	2.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.97x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	31.5%	Total liabilities / total assets.
Interest coverage	-75.9x	Operating income / interest expense.
Working capital	$1.11B	Current assets - current liabilities.
Goodwill and intangibles / assets	18.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.02x	Revenue / average total assets.
Fixed asset turnover	8.52x	Revenue / average property, plant and equipment.
Receivables turnover	6.42x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Capex / operating cash flow	63.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.34	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	$18.89	Revenue / diluted weighted shares.
FCF per share	$0.59	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.59	Cash from operations / diluted weighted shares.
Book value per share	$12.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.19	Tangible book value / shares outstanding.
Cash per share	$7.60	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$59.47B	Share price x shares outstanding.
Enterprise value	$58.38B	Market cap + total debt - cash - short-term investments.
P/S	22.0x	Market cap / revenue.
P/B	32.6x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	45.0x	Market cap / tangible book value, when positive.
P/FCF	706x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	261x	Market cap / cash from operations, when positive.
EV/Sales	21.6x	Enterprise value / revenue.
EV/FCF	693x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.1%	Free cash flow / market cap.
Earnings yield	-0.3%	Net income / market cap (the inverse of P/E).

What was Natera, Inc.'s revenue in fiscal 2025?

Natera, Inc. reported revenue of $2.31B for fiscal 2025, 35.9% higher than the year before.

Was Natera, Inc. profitable in fiscal 2025?

No. It reported a net loss of $208.2M.

How much free cash flow did Natera, Inc. generate in fiscal 2025?

Cash from operations of $215.3M minus capital expenditures of $106.2M left free cash flow of $109.1M.

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.

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