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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
Veracyte reported revenue of $517M in the fiscal year ended Dec 2025, up 16.0% from the year before. Operating income was $58M, an operating margin of 11.2%, and net income was $66M. Operating cash flow of $136M less capital expenditure of $10M left free cash flow of $127M.
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 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 220 | 297 | 361 | 446 | 517 |
| Gross profit | – | 176 | 230 | 298 | 363 |
| Research & development | 29.8 | 40.6 | 57.3 | 69.3 | 70.8 |
| Selling, general & admin | 181 | 171 | 188 | 206 | 211 |
| Operating income | −81.9 | −41.1 | −85.8 | 16.1 | 57.8 |
| Pre-tax income | −81.6 | −36.4 | −76.6 | 25.7 | 68.2 |
| Income tax | −6.1 | 0.1 | −2.2 | 1.6 | 1.8 |
| Net income | −75.6 | −36.6 | −74.4 | 24.1 | 66.4 |
| Diluted EPS | −1.11 | −0.51 | −1.02 | 0.31 | 0.82 |
| Diluted shares | 67.9 | 71.5 | 72.6 | 78.2 | 80.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 173 | 154 | 216 | 239 | 363 |
| Receivables | 41.5 | 44.0 | 40.4 | 46.5 | 44.7 |
| Inventory | 11.2 | 14.3 | 16.1 | 21.8 | 20.5 |
| Current assets | 243 | 249 | 286 | 372 | 488 |
| Net PP&E | 15.1 | 17.7 | 20.6 | 23.0 | 22.2 |
| Goodwill | 708 | 696 | 703 | 746 | 767 |
| Total assets | 1,188 | 1,156 | 1,115 | 1,300 | 1,406 |
| Payables | 12.4 | 11.9 | 12.9 | 8.6 | 4.6 |
| Deferred revenue | 4.6 | 2.6 | 2.0 | 1.7 | 1.2 |
| Current liabilities | 64.2 | 62.6 | 61.2 | 78.6 | 59.9 |
| Short-term debt | 1.1 | 0.0 | – | – | – |
| Long-term debt | 0.0 | – | – | – | – |
| Total liabilities | 91.3 | 81.2 | 70.8 | 124 | 96.4 |
| Shareholders' equity | 1,097 | 1,075 | 1,044 | 1,176 | 1,310 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −31.6 | 7.5 | 44.2 | 75.1 | 136 |
| Capital expenditure | 5.4 | 8.5 | 10.0 | 11.3 | 9.7 |
| Free cash flow | −37.0 | −1.0 | 34.3 | 63.8 | 127 |
| Depreciation & amortisation | 19.6 | 25.9 | 27.2 | 23.5 | 21.4 |
| Stock-based compensation | 22.5 | 26.7 | 33.1 | 36.2 | 43.6 |
| Acquisitions | 574 | 0.0 | 0.0 | −5.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.1% | 21.8% | 23.5% | 16.0% |
| Operating income growth (YoY) | – | – | – | – | 257.9% |
| EPS growth (YoY) | – | – | – | – | 164.5% |
| Gross margin | – | 59.2% | 63.6% | 66.9% | 70.1% |
| Operating margin | −37.3% | −13.9% | −23.8% | 3.6% | 11.2% |
| Net margin | −34.4% | −12.3% | −20.6% | 5.4% | 12.8% |
| Return on equityBlank when equity is negative | −6.9% | −3.4% | −7.1% | 2.1% | 5.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −7.3% | −3.8% | −8.1% | 1.3% | 4.3% |
| Free cash flow margin | −16.9% | −0.3% | 9.5% | 14.3% | 24.5% |
| Cash conversion (CFO ÷ net income) | 0.42x | −0.21x | −0.59x | 3.11x | 2.05x |
| Receivable days | 69 | 54 | 41 | 38 | 32 |
| Inventory days | – | 43 | 45 | 54 | 49 |
| Payable days | – | 36 | 36 | 21 | 11 |
| Debt ÷ equity | 0.00x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −172 | – | – | – | – |
| Current ratio | 3.79x | 3.97x | 4.66x | 4.73x | 8.15x |
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.