Natera, Inc. NTRA

Health CareHealthcare Providers & ServicesUnited States of America

Last close 378.92 USD on Nov 2, 2026, +65.4% year to date

Quant rating

Quant rating B Rank 202 of 565 in Health Care

Growth A 35 of 565
Valuation D 490 of 565
Quality B 205 of 565
Revisions D 532 of 565
Momentum A 15 of 565

Wall Street consensus Buy (1.68)Average target 398.84 USD +5.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 54.6B
Enterprise value: 53.6B
52-week range: 181.16 – 436.40
3-year range: 40.55 – 436.40
Dividend yield: –
Beta (5 years): 1.52
Shares outstanding: 144M
Next earnings: Nov 5, 2026

About the company

Natera, Inc. provides cell-free DNA (cfDNA) and genetic testing, dedicated to oncology, women’s health, and organ health. The Company's cfDNA technology platform combines novel molecular biology techniques with bioinformatics software and artificial intelligence. It has leveraged its platform to develop non-invasive prenatal test on the market (Panorama), the first tumor-specific assay for truly individualized cancer care (Signatera), best-in-class rejection assessment for kidney transplantation (Prospera) and others. In the women’s health space, it develops and commercializes non- or minimally- invasive tests to evaluate risk for, and thereby enable early detection of, a range of genetic conditions, such as Down syndrome. In oncology, it is focused on detecting molecular residual disease and recurrence monitoring in solid tumors, among others. In organ health, it offers tests to assess kidney, heart, and lung transplant rejection as well as genetic testing for chronic kidney disease.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,306	1,697	1,083	820	625	–
Revenue growth	35.9%	56.7%	32.0%	31.1%	60.0%	42.6%
EPS (basic, normalized)	−1.52	−1.53	−3.78	−5.57	−5.21	–
EPS growth	–	–	–	–	–	–
Gross margin	64.7%	60.3%	45.5%	44.4%	49.1%	52.8%
Net margin	−9.0%	−11.2%	−40.2%	−66.8%	−75.4%	−40.5%
ROE	−14.3%	−19.4%	−59.1%	−80.6%	−82.8%	−51.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,092
Current ratio	3.00x
Long-term debt (mil)	0
Net debt (mil)	−1,011
Total equity (mil)	1,821
Net debt / equity	−0.56x
Net debt / EBITDA	3.26x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,306	+35.9%	23.2x	−310	−59.8%	−173.0x	−1.52	+0.7%	−249.3x
2026	2,907	+26.1%	18.4x	−182	+41.1%	−293.9x	−1.42	+6.5%	−266.6x
2027	3,494	+20.2%	15.3x	36.5	+120.0%	1,469.6x	−0.32	+77.5%	−1,184.5x
2028	4,222	+20.8%	12.7x	425	+1,064.4%	126.2x	1.31	+510.6%	288.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,907	0.0%	+4.0%	+8.9%	−1.42	−4.0%	+12.2%	+21.4%
2027	3,494	+0.2%	+5.1%	+9.4%	−0.32	−90.2%	−69.1%	+34.6%
2028	4,222	+0.6%	+5.4%	+11.0%	1.31	−10.4%	−3.7%	+27.8%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	368	413	440	476	502	547	592	665	697	753
Sales mean (mil)	316	343	361	429	446	476	513	592	617	661
Surprise	+16.3%	+20.5%	+21.7%	+11.1%	+12.5%	+14.8%	+15.5%	+12.3%	+12.9%	+13.9%
EPS reported	−0.56	−0.30	−0.26	−0.41	−0.50	−0.74	−0.64	0.36	−0.60	−0.47
EPS mean	−0.71	−0.69	−0.57	−0.39	−0.64	−0.62	−0.37	−0.51	−0.54	−0.49
Surprise	+20.6%	+56.5%	+54.8%	−4.8%	+21.5%	−20.1%	−71.6%	−170.5%	−11.9%	+4.8%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NTRA Natera, Inc.	54.6B	3.26x	−9.0%	29.88x	−266.6x	−1,184.5x	−293.9x	1,469.6x
LH Labcorp Holdings Inc.	28.9B	2.36x	6.3%	3.26x	19.2x	18.2x	13.3x	12.5x
DGX Quest Diagnostics Inc	27.6B	2.37x	9.0%	3.61x	22.2x	20.9x	13.6x	12.7x
SHC Sotera Health Company	5.1B	3.16x	6.7%	7.61x	18.0x	16.5x	10.9x	10.2x
NEO NeoGenomics, Inc.	2.1B	5.56x	−14.9%	2.66x	81.9x	51.3x	39.8x	28.9x
WGS GeneDx Holdings Corp.	1.9B	−0.86x	−4.9%	7.82x	640.9x	43.0x	224.0x	36.6x
Mean		2.64x	−1.1%	9.14x	85.9x	−172.4x	1.3x	261.7x
Median		2.77x	0.7%	5.61x	20.7x	19.6x	13.4x	20.8x

Technical analysis

1M−7.7%
3M+41.5%
1Y+90.5%
3Y+834.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Natera, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,306	1,697	1,083	820	625	391
Cost of revenue	813	674	590	456	318	204
Gross profit	1,493	1,023	493	364	307	187
Selling, general & administrative expenses	1,173	841	618	589	511	304
Research & development	624	404	321	316	264	100
Depreciation/amortization	1.7	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	3.9	–	–	0	0	5.8
Other operating expenses	0	0	0	0	0	0
Operating income	−310	−222	−446	−541	−468	−222
Net interest income (expense)	41.8	32.6	11.7	−5.8	−2.9	−7.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−268	−190	−435	−547	−471	−230
Provision for taxes	−59.9	0.7	0.3	1.0	0.6	0.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−208	−190	−435	−548	−472	−230
Extraordinary items	–	–	–	–	–	–
Net income	−208	−190	−435	−548	−472	−230
EBIT, normalized	−306	−222	−446	−541	−468	−216
EBITDA, normalized	−263	−191	−422	−524	−457	−208
Basic EPS, normalized	−1.52	−1.53	−3.78	−5.57	−5.21	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Natera, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,076	968	879	898	914	737
Receivables	297	314	278	244	122	78.6
Total inventory	68.4	44.7	40.8	35.4	26.9	20.0
Prepaid expenses	55.8	48.6	60.5	33.6	29.6	26.6
Other current assets	0	0	0	0.1	0.2	0.2
Total current assets	1,497	1,376	1,259	1,212	1,093	863
Property, plant & equipment	350	248	168	164	125	54.7
Goodwill	141	–	–	–	–	–
Intangibles	374	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	36.9	36.7	15.4	18.3	18.8	14.7
Total assets	2,398	1,661	1,442	1,394	1,236	932
Liabilities
Accounts payable	33.2	34.9	15.0	31.1	27.2	8.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	272	198	172	169	117	73.4
Short-term debt	80.3	80.4	80.4	80.3	50.1	50.1
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	56.0	31.0	39.9	29.7	24.6	67.5
Total current liabilities	441	344	307	310	219	199
Long-term debt	0	0	283	282	280	202
Minority interest	–	–	–	–	–	–
Other liabilities	245	121	86.2	96.6	83.8	44.4
Total liabilities	686	465	676	689	583	446
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	4,489	3,764	3,146	2,665	2,050	1,411
Retained earnings (accumulated deficit)	−2,776	−2,568	−2,377	−1,943	−1,395	−929
Treasury stock	–	–	–	–	–	–
Other equity	−0.3	−0.3	−3.1	−16.4	−2.3	4.3
Total equity	1,712	1,195	765	706	653	486
Total liabilities & shareholders' equity	2,398	1,661	1,442	1,394	1,236	932

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Natera, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−208	−190	−435	−548	−472	−230
Depreciation, depletion & amortization	43.5	31.0	24.1	16.7	11.3	8.6
Deferred taxes	−60.8	–	–	–	–	–
Non-cash items	370	293	212	184	171	77.7
Changes in working capital	70.8	2.1	−48.0	−84.7	−46.1	−39.1
Cash from operations	215	136	−247	−432	−335	−183
Investing activities
Capital expenditures	−139	−76.9	−39.2	−47.7	−49.6	−19.6
Other investing cash flows	7.0	215	208	378	−156	−312
Cash from investing	−132	138	168	330	−205	−331
Financing activities
Financing cash flow items	−0.1	–	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	47.6	30.2	254	483	576	501
Cash from financing	47.5	30.2	254	483	576	501
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	131	303	176	381	35.8	−13.1
Free cash flow	76.1	58.7	−286	−479	−385	−202

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.