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 has a collaboration with Diakonos Oncology Corp. to assess molecular response in patients with refractory melanoma. 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.
- Symbol
- NTRA
- Exchange
- Nasdaq
- Sector
- Healthcare
- Industry
- Diagnostics & Research
- Market cap
- $56.14B
- 52 week range
- 157.43 - 394.86
Valuation
- Share price
- $390.79 (close of 2026-09-23)
- P/E (TTM)
- -289.56x
- Price to book
- 30.82x
- Price to free cash flow
- 666.75x
- Enterprise value
- $55.28B
- Book value per share
- $12.68
Price performance
| Period | Change |
|---|
| 1 day | +5.44% |
| 5 days | +11.41% |
| 1 month | +17.70% |
| 3 months | +66.46% |
| 6 months | +95.31% |
| Year to date | +70.58% |
| 1 year | +126.11% |
| 3 years | +752.88% |
| 5 years | +210.94% |
| 10 years | +3545.43% |
| All time | +2071.06% |
Profitability and growth
- Return on equity
- -12.16%
- Return on invested capital
- -29.39%
- 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%
- Net income growth
- -9.31%
- Free cash flow growth
- 57.58%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 0.15%
- Current ratio
- 3.00x
- Net debt to EBITDA
- 4.66x
Latest reported year
- Period end
- 2025-12-31
- 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 end | Revenue | Gross profit | Net income | EPS |
|---|
| 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 end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 64.67% | -9.03% | -12.16% | -29.39% |
| 2024-12-31 | 60.30% | -11.22% | -15.93% | -50.87% |
| 2023-12-31 | 45.52% | -40.16% | -56.81% | -78.95% |
| 2022-12-31 | 44.37% | -66.79% | -77.62% | -78.87% |
| 2021-12-31 | 49.09% | -75.42% | -72.20% | -48.46% |
| 2020-12-31 | 47.92% | -58.76% | -47.25% | -41.90% |
| 2019-12-31 | 46.72% | -41.29% | -44.79% | -38.90% |
| 2018-12-31 | 38.65% | -49.74% | -398.46% | - |
| 2017-12-31 | 35.36% | -65.65% | -541.48% | - |
| 2016-12-31 | 36.71% | -47.21% | -69.88% | -214.61% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 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 end | Free cash flow | Stock-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
Next earnings report
- Next confirmed report
- 2026-11-05
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-06 | Jun/2026 | - |
| 2026-05-07 | - | - |
| 2026-02-26 | - | - |
| 2025-11-06 | - | - |
| 2025-08-07 | - | - |
| 2025-05-08 | - | - |
| 2025-02-27 | - | - |
| 2024-11-12 | - | - |
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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