VERACYTE, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VERACYTE, 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	65.1	72	92	120	117	220	297	361	446	517
Cost of revenue	25.5	28.2	33.1	36.1
Gross profit	39.6	43.8	58.9	84.3			176	230	298	363
Research and development	15.3	13.9	14.8	14.9	17.2	29.8	40.6	57.3	69.3	70.8
Selling and marketing	28.2	32.3	41.3	53.7	52.4	79.8	97.6	101	95.4	100
General and administrative	23.8	23.1	24	29	36.7	101	73.2	86.2	111	111
Operating expenses	93.9	98.5	114
Operating income	-28.8	-26.5	-22.2	-15.1	-35.4	-81.9	-41.1	-85.8	16.1	57.8
Interest expense	2.76	4.94	1.96	0.68	0.23
Other non-operating income	0.2	0.48	1.2	2.53	0.48	0.25	4.65	9.18	9.6	10.4
Pre-tax income	-31.4	-31	-23	-12.6	-34.9	-81.6	-36.4	-76.6	25.7	68.2
Income tax	0	0	0	0	0	-6.09	0.13	-2.21	1.61	1.85
Net income	-31.4	-31	-23	-12.6	-34.9	-75.6	-36.6	-74.4	24.1	66.4
EBITDA	-25.3	-22.7	-18.3	-11	-27.4	-62.3	-15.2	-58.6	39.6	79.2
EPS, basic	-1.09	-0.91	-0.62	-0.27	-0.66	-1.11	-0.51	-1.02	0.32	0.84
EPS, diluted	-1.09	-0.91	-0.62	-0.27	-0.66	-1.11	-0.51	-1.02	0.31	0.82
Shares, basic (weighted)	28.8	33.9	37	46.1	53.2	67.9	71.5	72.6	76.5	78.6
Shares, diluted (weighted)	28.8	33.9	37	46.1	53.2	67.9	71.5	72.6	78.2	80.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	59.2	33.9	78	159	349	173	154	216	239	363
Short-term investments										50.3
Receivables	8.76	12.7	13.2	19.3	18.5	41.5	44	40.4	46.5	44.7
Inventory	3.48	5.32	3.4	6.81	4.66	11.2	14.3	16.1	21.8	20.5
Other current assets	2.06	2	2.39	2.24	3.2	13.3	11.5	12.7	14.6	10.3
Total current assets	73.6	53.9	97	188	376	243	249	286	372	488
Property, plant and equipment	11.5	9.69	8.94	8.93	8.99	15.1	17.7	20.6	23	22.2
Lease right-of-use assets			0	8.81	7.84	16	13.2	10.3	48.2	36.6
Goodwill	1.06	1.06	1.06	2.73	2.73	708	696	703	746	767
Intangible assets	14.1	13.1	12	65	59.9	203	175	88.6	102	89.1
Other non-current assets	0.13	0.33	1.09	1.44	1.4	2.2	5.42	5.97	6.98	0.9
Total assets	101	78.7	121	275	457	1,188	1,156	1,115	1,300	1,406
Accounts payable	2.42	3.85	2.52	2.33	3.12	12.4	11.9	12.9	8.63	4.59
Accrued liabilities	9.11	8.18	9.19	13.7	11.7	39.5	37.8	38.4	43.8	48.8
Deferred revenue	0			0	0.37	4.65	2.61	2.01	1.67	1.16
Short-term debt		0	1.36	0	0	1.13	0
Total current liabilities	11.5	12	13.1	17.5	16.8	64.2	62.6	61.2	78.6	59.9
Long-term debt	24.9	24.9	23.9	0.69	0.81	0
Lease liabilities			0	11.5	9.92	14.1	10.6	7.53	43.2	35.6
Other non-current liabilities					0	1.41	0.93	0.79	0.41	0
Total liabilities	41.5	41.4	40.9	35.8	35.9	91.3	81.2	70.8	124	96.4
Total debt	24.9	24.9	25.3	0.69	0.81	1.13	0
Paid-in capital	240	248	314	486	703	1,469	1,500	1,536	1,656	1,695
Retained earnings	-180	-211	-234	-247	-282	-357	-394	-468	-444	-378
Other comprehensive income					0	-15.1	-31.3	-24	-36.1	-8.21
Shareholders' equity	59.6	37.2	79.8	239	421	1,097	1,075	1,044	1,176	1,310
Total equity	59.6	37.2	79.8	239	421	1,097	1,075	1,044	1,176	1,310
Total liabilities and equity	101	78.7	121	275	457	1,188	1,156	1,115	1,300	1,406
Shares outstanding	33.8	33.8	40.9	49.6	58.2	71.1	72	73.3	77.8	79.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-31.4	-31	-23	-12.6	-34.9	-75.6	-36.6	-74.4	24.1	66.4
Depreciation and amortization	3.51	3.84	3.92	4.12	7.94	19.6	25.9	27.2	23.5	21.4
Stock-based compensation	6.38	6.62	5.96	9.81	13	22.5	26.7	33.1	36.2	43.6
Deferred income tax				0	0	-6.2	-0.43	-3.92	-0.23	-0.58
Change in receivables	-5.32	-3.96	-0.45	-6.16	0.96	-8.57	-4.5	3.89	-6.41	-0.71
Change in inventory	0.29	-1.85	1.92	-3.4	1.06	-1.46	-3.01	-1.69	-5.87	-2.86
Change in payables	-1.44	1.73	-1.57	-0.14	0.71	5.16	0.15	-0.13	-4.31	-1.04
Cash from operations	-28	-23.9	-13.5	-3.23	-9.71	-31.6	7.54	44.2	75.1	136
Capital expenditures	-4.21	-1.76	-1.87	-2.76	-2.84	-5.38	-8.55	-9.96	-11.3	-9.68
Acquisitions	0	0.44	0	0	0	-574	0	0	5.01	0
Cash from investing	-4.21	-1.32	-1.87	-42.7	-3.84	-739	-29.4	15.1	-56.3	-9.21
Debt issued	24.5	24.9	0	0
Debt repaid	-5	-25.4	0	-24.9	-0.1	0	-1.28	0	0
Stock issued	1.22	1.9	4.38	15.6	13.7	11.5	7.94	9.58	20	14.1
Cash from financing	52.3	-0.22	59.5	127	204	596	3.49	2.84	4.9	-4.22
Exchange rate effect				0	0	-1.51	-0.59	0.16	-0.42	0.72
Net change in cash	20.1	-25.4	44.1	81.3	190	-176	-19	62.3	23.3	124
Free cash flow	-32.2	-25.7	-15.4	-5.99	-12.5	-37	-1.01	34.3	63.8	127
Interest paid	2.15	2.72	1.55	0.33	0.01	0.01	0.01	0	0
Income taxes paid	0.01	0.02	0.08	0.04	0.11	0.11	0.57	1.7	2.24	3.64

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 $45.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.7%	Gross profit / revenue.
Operating margin	18.8%	Operating income / revenue.
EBITDA margin	22.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.6%	Pre-tax income / revenue.
Net margin	20.4%	Net income / revenue.
FCF margin	29.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.7%	Cash from operations / revenue.
Effective tax rate	1.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.7%	Net income / average total assets.
Return on invested capital (ROIC)	9.6%	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	16.6%	Research and development expense / revenue.
Stock-based pay / revenue	8.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	3.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	34.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	21.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	27.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	257.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	100.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	174.9%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	164.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	81.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	162.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	98.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	11.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.8%	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	25.5%	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	8.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.7%	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	25.2%	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	3.1%	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	4.0%	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	8.6%	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	9.16x	Current assets / current liabilities.
Quick ratio	5.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.77x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	6.6%	Total liabilities / total assets.
Working capital	$512.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	57.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$538.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	25.6x	Revenue / average property, plant and equipment.
Receivables turnover	10.4x	Revenue / average receivables.
Days sales outstanding	35 days	365 x average receivables / revenue.
FCF conversion	145.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.40	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	$6.85	Revenue / diluted weighted shares.
FCF per share	$2.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.17	Cash from operations / diluted weighted shares.
Book value per share	$17.28	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.70	Tangible book value / shares outstanding.
Cash per share	$3.73	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.65B	Share price x shares outstanding.
Enterprise value	$3.35B	Market cap + total debt - cash - short-term investments.
P/E	31.9x	Market cap / net income. Only when net income is positive.
P/S	6.50x	Market cap / revenue.
P/B	2.63x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.78x	Market cap / tangible book value, when positive.
P/FCF	22.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.5x	Market cap / cash from operations, when positive.
EV/Sales	5.97x	Enterprise value / revenue.
EV/EBIT	31.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	26.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.5%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).

What was VERACYTE, INC.'s revenue in fiscal 2025?

VERACYTE, INC. reported revenue of $517.1M for fiscal 2025, 16% higher than the year before.

Was VERACYTE, INC. profitable in fiscal 2025?

Yes. Net income was $66.4M, a net margin of 12.8%.

How much free cash flow did VERACYTE, INC. generate in fiscal 2025?

Cash from operations of $136.3M minus capital expenditures of $9.7M left free cash flow of $126.6M.

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.

Open interactive statements, quarterly figures and charts

Back to VERACYTE, INC.