Natera, Inc. (NTRA)

Natera, Inc., a diagnostics company, engages in the development and commercialization of molecular testing services worldwide. It offers Signatera, a personalized ctDNA blood test for MRD assessment, early recurrence monitoring, and evaluation of treatment response in patients previously diagnosed with cancer; Latitude, a blood-based MRD test for colorectal cancer; Altera, a tissue based comprehensive genomic profiling test; and Empower, a hereditary cancer screening test. The company also provides Panorama, a non-invasive prenatal test; Horizon, a carrier screening test; Fetal Focus, a single-gene NIPT, or sgNIPT, that screens for 21 single-gene inherited conditions; and Vistara, a single-gene NIPT, which screens for 25 single-gene conditions. In addition, it offers Anora, which tests and analyzes miscarriage tissue from women who have experienced one or more pregnancy losses; Empower, a hereditary cancer screening test; Prospera, a test to assess active rejection in patients who have undergone solid organ transplantation; Renasight, a kidney gene panel test; and Constellation software, a cloud-based distribution model. Further, the company provides NateraCore, a platform to support the patient and provider experience; phlebotomy services; and EMR integration services. The company serves independent laboratories, national and regional reference laboratories, medical centers and physician practices for its screening tests, research laboratories, and pharmaceutical companies through its direct sales force and laboratory distribution partners, as well as Constellation licensees under its cloud-based distribution model. It has a partnership agreement with BGI Genomics Co., Ltd. to develop, manufacture, and commercialize NGS-based genetic testing assays for clinical and commercial use. The company was formerly known as Gene Security Network, LLC and changed its name to Natera, Inc. in January 2012. Natera, Inc. was founded in 2003 and is headquartered in Austin, Texas.

Ticker
NTRA
Exchange
Nasdaq
Sector
Healthcare
Industry
Diagnostics & Research
Market cap
$44.84B
52-week range
$181.00 - $437.41

Valuation

Share price
$310.67 (close of Nov 6, 2026)
P/E (TTM)
-274.93x
Price to book
23.99x
Price to free cash flow
854.70x
Enterprise value
$43.99B
Book value per share
$12.95

Price performance

PeriodChange
1 day-14.59%
5 days-25.01%
1 month-22.46%
3 months+17.07%
6 months+44.44%
Year to date+35.61%
1 year+56.52%
3 years+620.81%
5 years+167.89%
10 years+3,576.57%
All time+1,625.94%

Short interest

As of
Oct 15, 2026
Short % of float
4.18%
Shares short
5.85M
Days to cover
3.43
Change since prior report
-7.92%
Source
FINRA consolidated short interest

Members of Congress who disclosed NTRA trades

Josh Gottheimer

Super investors holding NTRA

Stanley Druckenmiller (Duquesne Family Office) · Philippe Laffont (Coatue Management) · Lee Ainslie (Maverick Capital LTD) · Andreas Halvorsen (Viking Global Investors) · Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates) · Polen Capital Mgmt (Polen Capital Management LLC)

Profitability and growth

Return on equity
-12.16%
Return on invested capital
-12.97%
Return on assets
-8.68%
Return on capital employed
-15.84%
Gross margin
64.67%
Net margin
-9.03%
EBITDA margin
-11.63%
Revenue growth
35.90%
Free cash flow growth
57.58%

Cash flow and balance sheet

Free cash flow yield (TTM)
0.12%
Current ratio
2.81x
Net debt to EBITDA
5.39x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$2.31B
Cost of revenue
$814.65M
Gross profit
$1.49B
EBITDA
-$268.15M
Net income
-$208.16M
Earnings per share
$-1.52
Research and development
$624.11M
Interest expense
$4.07M
Shares outstanding
136.72M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$2.31B$1.49B-$208.16M-$1.52
2024-12-31$1.70B$1.02B-$190.43M-$1.53
2023-12-31$1.08B$492.74M-$434.80M-$3.78
2022-12-31$820.22M$363.97M-$547.80M-$5.57
2021-12-31$625.49M$307.07M-$471.72M-$5.21
2020-12-31$391.00M$187.38M-$229.74M-$2.84
2019-12-31$302.33M$141.25M-$124.83M-$1.79
2018-12-31$257.65M$99.57M-$128.15M-$2.22
2017-12-31$209.63M$74.12M-$137.63M-$2.58
2016-12-31$212.51M$78.02M-$100.33M-$1.95

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3164.67%-9.03%-12.16%-12.97%
2024-12-3160.30%-11.22%-15.93%-16.08%
2023-12-3145.52%-40.16%-56.81%-36.96%
2022-12-3144.37%-66.79%-77.62%-46.97%
2021-12-3149.09%-75.42%-72.20%-44.57%
2020-12-3147.92%-58.76%-47.25%-38.29%
2019-12-3146.72%-41.29%-44.79%-32.22%
2018-12-3138.65%-49.74%--139.26%
2017-12-3135.36%-65.65%--179.19%
2016-12-3136.71%-47.21%-69.88%-52.30%

Cash and debt by year

Period endCashDebt
2025-12-31$1.08B-
2024-12-31$945.59M-
2023-12-31$642.10M$282.94M
2022-12-31$466.00M$281.65M
2021-12-31$84.39M$280.39M
2020-12-31$48.67M-
2019-12-31$61.93M-
2018-12-31$153.87M-
2017-12-31$118.87M-
2016-12-31$146.12M-

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$109.11M$354.40M
2024-12-31$69.24M$274.43M
2023-12-31-$286.15M$191.81M
2022-12-31-$479.20M$152.38M
2021-12-31-$376.27M$115.22M
2020-12-31-$202.12M$50.17M
2019-12-31-$68.41M$28.62M
2018-12-31-$74.46M$14.20M
2017-12-31-$107.69M$11.40M
2016-12-31-$97.19M$10.60M

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-05Sep 2026-$0.17
2026-08-06Jun 2026-$0.47
2026-05-07Mar 2026-$0.53
2026-02-26Dec 2025-$0.46
2025-11-06Sep 2025-$0.39
2025-08-07Jun 2025-$0.60
2025-05-08Mar 2025-$0.59
2025-02-27Dec 2024-$0.42

Filings and sources

Company website
natera.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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