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Natera vs Veracyte: revenue, profit, margins and growth compared

Natera brought in $2.3B of revenue in fiscal 2025, Veracyte $517.1M in fiscal 2025. Revenue changed by +35.9% at Natera and +16.0% at Veracyte on the year before, so Natera grew faster. Natera kept -9.0% of its revenue as net profit, Veracyte 12.8%. Free cash flow was $109.1M at Natera and $126.6M at Veracyte.

Side by side, latest fiscal year

NTRAVCYT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.3B$517.1M
Revenue growth+35.9%+16.0%
Net income-$208.2M$66.4M
Net margin-9.0%12.8%
Free cash flow$109.1M$126.6M
Free cash flow margin4.7%24.5%
Earnings per share (diluted)-$1.52$0.82
Cash$1.1B$362.6M
Debtn/an/a
Price to earningsn/a55.4
Market value$59.5B$3.7B
Dividend yieldn/an/a
Rank by revenue in sector#101 of 523 · Health care#190 of 523 · Health care

Over the years

Revenue
NTRA FY2018: $257.7MNTRA FY2019: $302.3MNTRA FY2020: $391MNTRA FY2021: $625.5MNTRA FY2022: $820.2MNTRA FY2023: $1.1BNTRA FY2024: $1.7BNTRA FY2025: $2.3BVCYT FY2018: $92MVCYT FY2019: $120.4MVCYT FY2020: $117.5MVCYT FY2021: $219.5MVCYT FY2022: $296.5MVCYT FY2023: $361.1MVCYT FY2024: $445.8MVCYT FY2025: $517.1MFY18FY19FY20FY21FY22FY23FY24FY25
NTRA $2.3BVCYT $517.1M
Net income
NTRA FY2018: -$128.2MNTRA FY2019: -$124.8MNTRA FY2020: -$229.7MNTRA FY2021: -$471.7MNTRA FY2022: -$547.8MNTRA FY2023: -$434.8MNTRA FY2024: -$190.4MNTRA FY2025: -$208.2MVCYT FY2018: -$23MVCYT FY2019: -$12.6MVCYT FY2020: -$34.9MVCYT FY2021: -$75.6MVCYT FY2022: -$36.6MVCYT FY2023: -$74.4MVCYT FY2024: $24.1MVCYT FY2025: $66.4MFY18FY19FY20FY21FY22FY23FY24FY25
NTRA -$208.2MVCYT $66.4M
Net margin
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%VCYT FY2018: -25.0%VCYT FY2019: -10.5%VCYT FY2020: -29.7%VCYT FY2021: -34.4%VCYT FY2022: -12.3%VCYT FY2023: -20.6%VCYT FY2024: 5.4%VCYT FY2025: 12.8%FY18FY19FY20FY21FY22FY23FY24FY25
NTRA -9.0%VCYT 12.8%
Revenue growth
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%VCYT FY2019: +30.8%VCYT FY2020: -2.4%VCYT FY2021: +86.8%VCYT FY2022: +35.1%VCYT FY2023: +21.8%VCYT FY2024: +23.5%VCYT FY2025: +16.0%FY19FY20FY21FY22FY23FY24FY25
NTRA +35.9%VCYT +16.0%
Free cash flow
NTRA FY2018: -$74.5MNTRA FY2019: -$68.4MNTRA FY2020: -$202.1MNTRA FY2021: -$376.3MNTRA FY2022: -$479.2MNTRA FY2023: -$286.2MNTRA FY2024: $69.2MNTRA FY2025: $109.1MVCYT FY2018: -$15.4MVCYT FY2019: -$6MVCYT FY2020: -$12.5MVCYT FY2021: -$37MVCYT FY2022: -$1MVCYT FY2023: $34.3MVCYT FY2024: $63.8MVCYT FY2025: $126.6MFY18FY19FY20FY21FY22FY23FY24FY25
NTRA $109.1MVCYT $126.6M

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

Questions about Natera and Veracyte

Which is bigger by revenue, Natera or Veracyte?

Natera is bigger by revenue: $2.3B in fiscal 2025, against $517.1M for Veracyte in fiscal 2025.

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

Natera had a net margin of -9.0% in fiscal 2025; Veracyte had 12.8% in fiscal 2025.

Which grew revenue faster, Natera or Veracyte?

In their latest fiscal years revenue changed by +35.9% at Natera and +16.0% at Veracyte.

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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