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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
BillionToOne reported revenue of $305M in the fiscal year ended Dec 2025, up 100.0% from the year before. Operating income was $16M, an operating margin of 5.3%, and net income was $7M. Operating cash flow of $25M less capital expenditure of $9M left free cash flow of $16M. It held more cash than debt (net cash $439M).
Ranks among the 31 diagnostics & research companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 71.7 | 153 | 305 |
| Cost of revenue | 54.4 | 71.7 | 96.7 |
| Gross profit | 17.3 | 80.9 | 208 |
| Research & development | 22.4 | 36.6 | 49.4 |
| Selling, general & admin | 64.4 | 91.5 | 143 |
| Operating income | −69.5 | −47.1 | 16.0 |
| Interest expense | 3.3 | 2.4 | 0.1 |
| Pre-tax income | −82.7 | −41.5 | 7.8 |
| Income tax | 0.0 | 0.0 | 0.3 |
| Net income | −82.7 | −41.6 | 7.5 |
| Diluted EPS | −8.45 | −4.12 | 0.14 |
| Diluted shares | 9.8 | 10.1 | 21.2 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 97.3 | 191 | 496 |
| Receivables | – | 24.7 | 41.6 |
| Inventory | – | 8.7 | 17.5 |
| Current assets | – | 228 | 561 |
| Net PP&E | – | 17.1 | 20.4 |
| Total assets | – | 302 | 633 |
| Payables | – | 4.3 | 7.2 |
| Deferred revenue | 3.0 | 2.8 | 2.2 |
| Current liabilities | – | 28.4 | 48.0 |
| Short-term debt | – | 0.0 | 0.0 |
| Long-term debt | – | 51.5 | 57.2 |
| Total liabilities | – | 134 | 153 |
| Shareholders' equity | −219 | −252 | 480 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −53.7 | −41.4 | 24.6 |
| Capital expenditure | 6.2 | 5.4 | 8.9 |
| Free cash flow | −59.8 | −46.8 | 15.7 |
| Depreciation & amortisation | 5.9 | 7.0 | 6.9 |
| Stock-based compensation | 4.9 | 8.4 | 15.9 |
| Share buybacks | 0.0 | 0.5 | 0.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 112.7% | 100.0% |
| Gross margin | 24.1% | 53.0% | 68.3% |
| Operating margin | −96.9% | −30.9% | 5.3% |
| Net margin | −115.3% | −27.2% | 2.4% |
| Return on equityBlank when equity is negative | – | – | 1.6% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −17.2% | 2.7% |
| Free cash flow margin | −83.4% | −30.7% | 5.2% |
| Cash conversion (CFO ÷ net income) | 0.65x | 1.00x | 3.30x |
| Receivable days | – | 59 | 50 |
| Inventory days | – | 44 | 66 |
| Payable days | – | 22 | 27 |
| Interest cover | −21.2x | −19.8x | 169x |
| Debt ÷ equity | – | – | 0.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −140 | −439 |
| Current ratio | – | 8.03x | 11.7x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.