Veracyte, Inc. VCYT

Health CareBiotechnology & Medical ResearchUnited States of America

Last close 50.01 USD on Nov 1, 2026, +18.8% year to date

Quant rating

Quant rating A Rank 29 of 565 in Health Care

Growth A 78 of 565
Valuation B 112 of 565
Quality A 52 of 565
Revisions B 147 of 565
Momentum B 132 of 565

Wall Street consensus Buy (1.58)Average target 58.55 USD +17.1%

Historical valuation

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

Key data

Market cap: 4.0B
Enterprise value: 3.5B
52-week range: 29.46 – 60.78
3-year range: 18.86 – 60.78
Dividend yield: –
Beta (5 years): 1.98
Shares outstanding: 80.4M
Next earnings: Nov 4, 2026

About the company

Veracyte, Inc. is a global diagnostics company. The Veracyte Diagnostics Platform delivers cancer tests that are fueled by broad genomic and clinical data, deep bioinformatic and AI capabilities, and an evidence-generation engine, which drives durable reimbursement and guideline inclusion for its tests. The Company offers tests for prostate cancer (Decipher Prostate), thyroid cancer (Afirma), breast cancer (Prosigna) and bladder cancer (Decipher Bladder and TrueMRD for MIBC). It has developed the noninvasive Percepta Nasal Swab test to help physicians determine lung cancer risk. All of its tests are serviced through its own Clinical Laboratory Improvement Amendments (CLIA) certified laboratories in South San Francisco, California, San Diego, California and Austin, Texas. The Company has acquired the UroAmp platform, which has been clinically validated in non-muscle invasive bladder cancer (NMIBC), including therapy-response monitoring and post-treatment surveillance.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	517	446	361	297	220	–
Revenue growth	16.0%	23.5%	21.8%	35.1%	86.8%	34.5%
EPS (basic, normalized)	0.82	0.31	−1.02	−0.15	−1.11	–
EPS growth	164.5%	–	–	–	–	–
Gross margin	70.1%	66.9%	68.7%	65.7%	66.1%	67.5%
Net margin	12.8%	5.4%	−20.6%	−12.3%	−34.4%	−9.8%
ROE	5.3%	2.2%	−7.0%	−3.4%	−10.0%	−2.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	485
Current ratio	9.16x
Long-term debt (mil)	0
Net debt (mil)	−485
Total equity (mil)	1,388
Net debt / equity	−0.35x
Net debt / EBITDA	−3.40x

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	517	+16.0%	6.8x	143	+72.9%	24.8x	0.82	+164.5%	61.0x
2026	594	+14.8%	6.0x	162	+13.7%	21.8x	1.90	+131.9%	26.3x
2027	660	+11.2%	5.4x	180	+11.0%	19.7x	1.88	−1.2%	26.6x
2028	731	+10.7%	4.8x	207	+15.3%	17.1x	2.01	+6.8%	24.9x

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	594	0.0%	+0.6%	+3.0%	1.90	−0.3%	+20.0%	+111.3%
2027	660	0.0%	+0.4%	+1.9%	1.88	−3.7%	+10.4%	+68.6%
2028	731	+0.1%	+1.2%	+2.2%	2.01	+0.2%	+9.5%	+44.4%

Earnings surprises EPS beat in 4 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)	96.8	114	116	119	114	130	132	141	139	150
Sales mean (mil)	93.4	100	109	117	111	121	125	134	130	145
Surprise	+3.7%	+14.1%	+6.3%	+1.6%	+3.0%	+7.9%	+5.4%	+5.2%	+6.9%	+4.0%
EPS reported	−0.02	0.07	0.19	0.06	0.09	−0.01	0.24	0.51	0.35	0.31
EPS mean	−0.16	−0.02	0.03	0.11	0.05	0.10	0.13	0.21	0.15	0.26
Surprise	+87.4%	−530.8%	+592.7%	−47.5%	+75.6%	−110.5%	+82.6%	+137.2%	+137.9%	+19.2%

Peer comparison Biotechnology & Medical Research

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
VCYT Veracyte, Inc.	4.0B	−3.40x	12.8%	2.89x	26.3x	26.6x	21.8x	19.7x
TEM Tempus AI, Inc.	13.2B	−73.76x	−19.3%	29.26x	−282.5x	−2,016.8x	212.7x	91.1x
TECH Bio-Techne Corporation	11.4B	−0.15x	15.0%	5.38x	35.7x	31.4x	25.0x	22.2x
QIA QIAGEN N.V.	10.4B	1.05x	20.3%	3.09x	20.5x	19.2x	14.3x	13.5x
GRAL Grail Inc	6.4B	2.69x	−277.5%	2.52x	−13.9x	−13.9x	−16.5x	−17.5x
BLLN BillionToOne, Inc.	5.3B	−18.45x	1.0%	9.89x	146.1x	113.0x	71.8x	50.8x
Mean		−15.34x	−41.3%	8.84x	−11.3x	−306.7x	54.8x	29.9x
Median		−1.78x	6.9%	4.23x	23.4x	22.9x	23.4x	20.9x

Technical analysis

1M+10.6%
3M−10.1%
1Y+40.5%
3Y+153.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Veracyte, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	517	446	361	297	220	117
Cost of revenue	155	148	113	102	74.4	41.5
Gross profit	363	298	248	195	145	76.0
Selling, general & administrative expenses	207	202	184	169	135	87.6
Research & development	69.2	68.0	56.4	40.1	29.5	17.0
Depreciation/amortization	7.9	8.7	25.0	24.1	18.1	6.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	20.5	3.4	68.3	3.3	22.1	–
Other operating expenses	0	0	0	0	22.4	0
Operating income	57.8	16.1	−85.8	−41.1	−81.9	−35.4
Net interest income (expense)	16.7	9.1	8.1	2.0	−1.2	−0.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−6.3	0.5	1.1	2.7	1.4	0.7
Net income before taxes	68.2	25.7	−76.6	−36.4	−81.6	−34.9
Provision for taxes	1.8	1.6	−2.2	0.1	−6.1	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	66.4	24.1	−74.4	−36.6	−75.6	−34.9
Extraordinary items	–	–	–	–	–	–
Net income	66.4	24.1	−74.4	−36.6	−75.6	−34.9
EBIT, normalized	78.3	19.5	−17.4	−37.8	−59.8	−35.4
EBITDA, normalized	99.7	43.0	9.7	−11.8	−40.2	−27.5
Basic EPS, normalized	0.82	0.31	−1.02	−0.15	−1.11	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Veracyte, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	413	289	216	179	173	349
Receivables	44.7	46.5	40.4	44.0	41.5	18.5
Total inventory	20.5	21.8	16.1	14.3	11.2	4.7
Prepaid expenses	10.3	14.6	12.7	11.5	17.2	3.2
Other current assets	0	0	0	0	0	0
Total current assets	488	372	286	249	243	376
Property, plant & equipment	58.8	71.1	30.9	30.9	31.1	16.8
Goodwill	767	746	703	696	708	2.7
Intangibles	89.1	102	88.6	175	203	59.9
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	2.5	8.5	6.8	6.2	2.9	2.0
Total assets	1,406	1,300	1,115	1,156	1,188	457
Liabilities
Accounts payable	4.6	8.6	12.9	11.9	12.4	3.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	52.9	51.3	43.5	41.8	43.1	13.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	0	1.1	–
Other current liabilities	2.5	18.7	4.8	8.9	7.6	0.4
Total current liabilities	59.9	78.6	61.2	62.6	64.2	16.8
Long-term debt	0	0	0.1	0.4	0.6	0.8
Minority interest	–	–	–	–	–	–
Other liabilities	36.5	45.4	9.5	18.2	26.6	18.3
Total liabilities	96.4	124	70.8	81.2	91.3	35.9
Shareholders' equity
Preferred stock	–	–	0	0	–	0
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	1,695	1,656	1,536	1,500	1,469	703
Retained earnings (accumulated deficit)	−378	−444	−468	−394	−357	−282
Treasury stock	–	–	–	–	–	–
Other equity	−8.2	−36.1	−24.0	−31.3	−15.1	0
Total equity	1,310	1,176	1,044	1,075	1,097	421
Total liabilities & shareholders' equity	1,406	1,300	1,115	1,156	1,188	457

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Veracyte, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	66.4	24.1	−74.4	−36.6	−75.6	−34.9
Depreciation, depletion & amortization	21.4	23.5	27.2	25.9	19.6	7.9
Deferred taxes	−0.6	−0.2	−3.8	0.1	−6.3	–
Non-cash items	51.4	49.1	99.4	34.4	26.4	17.7
Changes in working capital	−2.3	−21.3	−4.2	−16.4	4.2	−0.5
Cash from operations	136	75.1	44.2	7.5	−31.6	−9.7
Investing activities
Capital expenditures	−9.7	−11.3	−10.0	−8.5	−5.4	−2.8
Other investing cash flows	0.5	−45.0	25.1	−20.8	−734	−1.0
Cash from investing	−9.2	−56.3	15.1	−29.4	−739	−3.8
Financing activities
Financing cash flow items	−18.3	−15.1	−6.7	−3.2	−9.0	−3.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	14.1	20.0	9.6	6.7	605	207
Cash from financing	−4.2	4.9	2.8	3.5	596	204
Foreign exchange effects	0.7	−0.4	0.2	−0.6	−1.5	–
Net change in cash	124	23.3	62.3	−18.9	−176	190
Free cash flow	127	63.8	34.3	−1.0	−37.0	−12.5

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 1, 2026 after market close.