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Guardant Health vs Natera: revenue, profit, margins and growth compared

Guardant Health brought in $982M of revenue in fiscal 2025, Natera $2.3B in fiscal 2025. Revenue changed by +32.9% at Guardant Health and +35.9% at Natera on the year before, so Natera grew faster. Guardant Health kept -42.4% of its revenue as net profit, Natera -9.0%. Free cash flow was -$233.1M at Guardant Health and $109.1M at Natera.

Side by side, latest fiscal year

GHNTRA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$982M$2.3B
Revenue growth+32.9%+35.9%
Net income-$416.3M-$208.2M
Net margin-42.4%-9.0%
Free cash flow-$233.1M$109.1M
Free cash flow margin-23.7%4.7%
Earnings per share (diluted)-$3.32-$1.52
Cash$378.2M$1.1B
Debt$1.5Bn/a
Price to earningsn/an/a
Market value$23.8B$59.5B
Dividend yieldn/an/a
Rank by revenue in sector#146 of 523 · Health care#101 of 523 · Health care

Over the years

Revenue
GH FY2018: $90.6MGH FY2019: $214.4MGH FY2020: $286.7MGH FY2021: $373.7MGH FY2022: $449.5MGH FY2023: $563.9MGH FY2024: $739MGH FY2025: $982MNTRA FY2018: $257.7MNTRA FY2019: $302.3MNTRA FY2020: $391MNTRA FY2021: $625.5MNTRA FY2022: $820.2MNTRA FY2023: $1.1BNTRA FY2024: $1.7BNTRA FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
GH $982MNTRA $2.3B
Net income
GH FY2018: -$85.1MGH FY2019: -$75.7MGH FY2020: -$253.8MGH FY2021: -$384.8MGH FY2022: -$654.6MGH FY2023: -$479.4MGH FY2024: -$436.4MGH FY2025: -$416.3MNTRA FY2018: -$128.2MNTRA FY2019: -$124.8MNTRA FY2020: -$229.7MNTRA FY2021: -$471.7MNTRA FY2022: -$547.8MNTRA FY2023: -$434.8MNTRA FY2024: -$190.4MNTRA FY2025: -$208.2MFY18FY19FY20FY21FY22FY23FY24FY25
GH -$416.3MNTRA -$208.2M
Net margin
GH FY2018: -93.8%GH FY2019: -35.3%GH FY2020: -88.5%GH FY2021: -103.0%GH FY2022: -145.6%GH FY2023: -85.0%GH FY2024: -59.0%GH FY2025: -42.4%NTRA FY2018: -49.7%NTRA FY2019: -41.3%NTRA FY2020: -58.8%NTRA FY2021: -75.4%NTRA FY2022: -66.8%NTRA FY2023: -40.2%NTRA FY2024: -11.2%NTRA FY2025: -9.0%FY18FY19FY20FY21FY22FY23FY24FY25
GH -42.4%NTRA -9.0%
Revenue growth
GH FY2019: +136.5%GH FY2020: +33.8%GH FY2021: +30.3%GH FY2022: +20.3%GH FY2023: +25.5%GH FY2024: +31.0%GH FY2025: +32.9%NTRA FY2019: +17.3%NTRA FY2020: +29.3%NTRA FY2021: +60.0%NTRA FY2022: +31.1%NTRA FY2023: +32.0%NTRA FY2024: +56.7%NTRA FY2025: +35.9%FY19FY20FY21FY22FY23FY24FY25
GH +32.9%NTRA +35.9%
Free cash flow
GH FY2018: -$92.4MGH FY2019: -$65.9MGH FY2020: -$140.1MGH FY2021: -$284.1MGH FY2022: -$386.9MGH FY2023: -$345.5MGH FY2024: -$274.9MGH FY2025: -$233.1MNTRA FY2018: -$74.5MNTRA FY2019: -$68.4MNTRA FY2020: -$202.1MNTRA FY2021: -$376.3MNTRA FY2022: -$479.2MNTRA FY2023: -$286.2MNTRA FY2024: $69.2MNTRA FY2025: $109.1MFY18FY19FY20FY21FY22FY23FY24FY25
GH -$233.1MNTRA $109.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Guardant Health and Natera

Which is bigger by revenue, Guardant Health or Natera?

Natera is bigger by revenue: $2.3B in fiscal 2025, against $982M for Guardant Health in fiscal 2025.

Which keeps more of its revenue as profit, Guardant Health or Natera?

Guardant Health had a net margin of -42.4% in fiscal 2025; Natera had -9.0% in fiscal 2025.

Which grew revenue faster, Guardant Health or Natera?

In their latest fiscal years revenue changed by +32.9% at Guardant Health and +35.9% at Natera.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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