Natera
NTRA · NasdaqServices-Medical Laboratories · Fiscal year ends Dec 31
Natera reported revenue of $2.3B in the fiscal year ended Dec 2025, up 35.9% from the year before. Operating income was −$310M, an operating margin of −13.4%, and net income was −$208M. Operating cash flow of $215M less capital expenditure of $106M left free cash flow of $109M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $625M | $820M | $1.1B | $1.7B | $2.3B |
| Research & development | $264M | $316M | $321M | $404M | $624M |
| Selling, general & admin | $511M | $589M | $618M | $841M | $1.2B |
| Operating income | −$468M | −$541M | −$446M | −$222M | −$310M |
| Interest expense | $8M | $9M | $13M | $11M | $4M |
| Pre-tax income | −$471M | −$547M | −$435M | −$190M | −$268M |
| Income tax | $618,000 | $978,000 | $271,000 | $695,000 | −$60M |
| Net income | −$472M | −$548M | −$435M | −$190M | −$208M |
| Diluted EPS | −5.21 | −5.57 | −3.78 | −1.53 | −1.52 |
| Diluted shares | 91M | 98M | 115M | 125M | 137M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $84M | $466M | $642M | $946M | $1.1B |
| Receivables | $122M | $244M | $278M | $314M | $297M |
| Inventory | $27M | $35M | $41M | $45M | $68M |
| Current assets | $1.1B | $1.2B | $1.3B | $1.4B | $1.5B |
| Net PP&E | $66M | $92M | $111M | $162M | $241M |
| Goodwill | – | – | – | – | $141M |
| Total assets | $1.2B | $1.4B | $1.4B | $1.7B | $2.4B |
| Payables | $27M | $31M | $15M | $35M | $33M |
| Deferred revenue | $7M | $11M | $17M | $20M | $25M |
| Current liabilities | $219M | $310M | $307M | $344M | $441M |
| Short-term debt | $50M | $80M | $80M | $80M | $80M |
| Long-term debt | $280M | $282M | $283M | – | – |
| Total liabilities | $583M | $689M | $676M | $465M | $686M |
| Shareholders' equity | $653M | $706M | $765M | $1.2B | $1.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$335M | −$432M | −$247M | $136M | $215M |
| Capital expenditure | $41M | $48M | $39M | $66M | $106M |
| Free cash flow | −$376M | −$479M | −$286M | $69M | $109M |
| Depreciation & amortisation | $11M | $17M | $24M | $31M | $42M |
| Stock-based compensation | $115M | $152M | $192M | $274M | $354M |
| Acquisitions | $9M | – | – | – | $16M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.1% | 32.0% | 56.7% | 35.9% |
| Operating margin | −74.8% | −66.0% | −41.2% | −13.1% | −13.4% |
| Net margin | −75.4% | −66.8% | −40.2% | −11.2% | −9.0% |
| Return on equityBlank when equity is negative | −72.2% | −77.6% | −56.8% | −15.9% | −12.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −46.0% | −49.9% | −39.3% | −16.9% | −15.8% |
| Free cash flow margin | −60.2% | −58.4% | −26.4% | 4.1% | 4.7% |
| Cash conversion (CFO ÷ net income) | 0.71x | 0.79x | 0.57x | −0.71x | −1.03x |
| Receivable days | 71 | 109 | 94 | 68 | 47 |
| Interest cover | −56.4x | −58.1x | −35.3x | −20.8x | −76.2x |
| Debt ÷ equity | 0.51x | 0.51x | 0.47x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $246M | −$104M | −$279M | – | – |
| Current ratio | 4.99x | 3.90x | 4.10x | 4.00x | 3.39x |
Recent filings
More in Services-Medical Laboratories
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.