NTRA Nasdaq Services-Medical Laboratories Financials FY2016βFY2025
Natera, Inc. had $2.3B of revenue in fiscal 2025, up 35.9% on the year before. Over five years, revenue changed +42.6% a year on average.
Last close Β· Oct 23, 2026
$403.95
0.6%Hi! I read Natera, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+35.9%
Yes. Sales grew 35.9% last year.
Does it make a profit?
β9.0%
No. It lost money last year.
Does profit turn into cash?
4.7%
Partly. 4.7% of sales ends up as free cash.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Natera, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 7, 2026 | Q1 '26 | After the market closes | 8-K β |
| Jan 11, 2026 | Q4 '25 | Time not announced | 8-K β |
| Nov 6, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 7, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 8, 2025 | Q1 '25 | After the market closes | 8-K β |
| Jan 12, 2025 | Q4 '24 | Time not announced | 8-K β |
| Nov 12, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Natera, Inc. had $2.3B of revenue in fiscal 2025, up 35.9% on the year before. Over five years, revenue changed +42.6% a year on average. Its operating margin was β13.4%, down 0.3Β pts: of every 100 in sales, about β13 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Natera, Inc. lost $208M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $109M in fiscal 2025, 4.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Natera, Inc. has $996M more cash than debt.
Cash, debt and the ratios that show how comfortably Natera, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $914M | $898M | $879M | $968M | $1.1B |
| Debt incl. finance leases | $330M | $362M | $363M | $80.4M | $80.3M |
| Debt / equity | 0.5x | 0.5x | 0.5x | 0.1x | 0.0x |
| Interest coverage | β56.4x | β58.1x | β35.3x | β20.8x | β76.2x |
| Current ratio | 5.0x | 3.9x | 4.1x | 4.0x | 3.4x |
| Quick ratio | 4.9x | 3.8x | 4.0x | 3.9x | 3.2x |
| Total assets | $1.2B | $1.4B | $1.4B | $1.7B | $2.4B |
| Total liabilities | $583M | $689M | $676M | $465M | $686M |
| Shareholders' equity | $653M | $706M | $765M | $1.2B | $1.7B |
| Net debt (β = net cash) | β$584M | β$536M | β$516M | β$888M | β$996M |
KIRA Β· Its return on capital was β34.2%: every 100 invested in the business earned about β34 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Natera, Inc. passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 9 | 5 / 9 | 4 / 8 | 3 / 8 | 3 / 8 | 3 / 8 | 5 / 8 | 5 / 8 | 4 / 8 |
| Accruals ratio | β12.5% | β18.7% | β23.9% | β14.4% | β6.2% | β12.6% | β8.8% | β13.2% | β21.0% | β20.9% |
| Altman Z'' | β4.71 | β8.58 | β6.62 | β0.43 | 1.01 | β0.41 | β1.83 | β1.94 | 0.83 | 0.87 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $217M | $211M | $258M | $302M | $391M | $625M | $820M | $1.1B | $1.7B | $2.3B |
| Provision for credit losses | β | β | β | β | β | $0.2M | β | β | β | β |
| Gross profit | $82.6M | $75.4M | $99.6M | β | β | β | β | β | β | β |
| Research and development | $41.9M | $50.1M | $51.4M | $51.4M | $100M | $264M | $316M | $321M | $404M | $624M |
| Operating income | β$101M | β$135M | β$115M | β$116M | β$216M | β$468M | β$541M | β$446M | β$222M | β$310M |
| Interest expense | $0.5M | $4.2M | $10.5M | $10.7M | $15.1M | $8.3M | $9.3M | $12.6M | $10.7M | $4.1M |
| Pretax income | β$100M | β$137M | β$128M | β$123M | β$230M | β$471M | β$547M | β$435M | β$190M | β$268M |
| Income tax | $0.1M | $0.5M | $0.3M | $2.0M | $0.1M | $0.6M | $1.0M | $0.3M | $0.7M | β$59.9M |
| Net income | β$100M | β$138M | β$128M | β$125M | β$230M | β$472M | β$548M | β$435M | β$190M | β$208M |
| Net income to common | β$100M | β$138M | β$128M | β$125M | β$230M | β$472M | β$548M | β | β | β |
| Diluted EPS | β$1.95 | β$2.59 | β$2.22 | β$1.79 | β$2.84 | β$5.21 | β$5.57 | β$3.78 | β$1.53 | β$1.52 |
| Diluted shares | 0.05B | 0.05B | 0.06B | 0.07B | 0.08B | 0.09B | 0.10B | 0.11B | 0.12B | 0.14B |
| Cash flow | ||||||||||
| Cash from operations | β$74.1M | β$97.8M | β$70.6M | β$63.4M | β$183M | β$335M | β$432M | β$247M | $136M | $215M |
| Capital expenditure | $23.1M | $9.9M | $3.9M | $5.0M | $19.6M | $41.0M | $47.7M | $39.2M | $66.4M | $106M |
| Free cash flow | β$97.2M | β$108M | β$74.5M | β$68.4M | β$202M | β$376M | β$479M | β$286M | $69.2M | $109M |
| Depreciation and amortization | $6.2M | $7.1M | $7.5M | $7.7M | $8.6M | $11.3M | $16.7M | $24.1M | $31.0M | $41.8M |
| Stock-based compensation | $10.6M | $11.4M | $14.2M | $28.6M | $50.2M | $115M | $152M | $192M | $274M | $354M |
| Acquisitions | β | β | β | β | β | $8.6M | β | β | β | $16.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $15.3M | $12.6M | $154M | $441M | $737M | $914M | $898M | $879M | $968M | $1.1B |
| Total debt | $49.6M | $50.1M | $50.2M | $50.1M | $50.1M | $330M | $362M | $363M | $80.4M | $80.3M |
| Current assets | $174M | $181M | $241M | $523M | $863M | $1.1B | $1.2B | $1.3B | $1.4B | $1.5B |
| Current liabilities | $96.4M | $106M | $114M | $180M | $199M | $219M | $310M | $307M | $344M | $441M |
| Inventory | $6.4M | $9.0M | $13.6M | $12.4M | $20.0M | $26.9M | $35.4M | $40.8M | $44.7M | $68.4M |
| Property and equipment, net | $32.3M | $29.7M | $24.3M | $23.3M | $33.3M | $65.5M | $92.5M | $111M | $162M | $241M |
| Goodwill | β | β | β | β | β | β | β | β | β | $141M |
| Intangible assets | β | β | β | β | β | β | β | β | $10.9M | $374M |
| Total assets | $211M | $215M | $268M | $583M | $932M | $1.2B | $1.4B | $1.4B | $1.7B | $2.4B |
| Total liabilities | $104M | $189M | $236M | $304M | $446M | $583M | $689M | $676M | $465M | $686M |
| Shareholders' equity | $144M | $25.4M | $32.2M | $279M | $486M | $653M | $706M | $765M | $1.2B | $1.7B |
| Margins | ||||||||||
| Gross margin | 38.0% | 35.8% | 38.6% | β | β | β | β | β | β | β |
| Operating margin | β46.6% | β64.2% | β44.5% | β38.5% | β55.3% | β74.8% | β66.0% | β41.2% | β13.1% | β13.4% |
| EBITDA margin | β43.7% | β60.8% | β41.6% | β35.9% | β53.1% | β73.1% | β63.9% | β39.0% | β11.3% | β11.6% |
| Net margin | β46.2% | β65.2% | β49.7% | β41.3% | β58.8% | β75.4% | β66.8% | β40.2% | β11.2% | β9.0% |
| FCF margin | β44.8% | β51.1% | β28.9% | β22.6% | β51.7% | β60.2% | β58.4% | β26.4% | 4.1% | 4.7% |
| Returns | ||||||||||
| Return on capital | β44.9% | β170.0% | β | β | β | β532.4% | β252.3% | β141.2% | β57.1% | β34.2% |
| Return on capital employed | β88.4% | β124.1% | β74.3% | β28.9% | β29.5% | β46.0% | β49.9% | β39.3% | β16.9% | β15.8% |
| Return on equity | β69.9% | β162.9% | β445.1% | β80.3% | β60.1% | β82.8% | β80.6% | β59.1% | β19.4% | β14.3% |
| Return on assets | β47.6% | β64.7% | β53.1% | β29.3% | β30.3% | β43.5% | β41.6% | β30.7% | β12.3% | β10.3% |
| Return on tangible equity | β69.9% | β541.5% | β398.5% | β44.8% | β47.2% | β72.2% | β77.6% | β56.8% | β16.1% | β17.4% |
| Growth | ||||||||||
| Revenue growth | β | β2.8% | 22.1% | 17.3% | 29.3% | 60.0% | 31.1% | 32.0% | 56.7% | 35.9% |
| FCF growth | β | β | β | β | β | β | β | β | β | 57.6% |
| Share count change | β | 3.9% | 7.9% | 20.2% | 16.5% | 11.8% | 8.7% | 16.9% | 8.5% | 9.6% |
| Financial health | ||||||||||
| Debt / equity | 0.3x | 2.0x | 1.6x | 0.2x | 0.1x | 0.5x | 0.5x | 0.5x | 0.1x | 0.0x |
| Interest coverage | β189.6x | β32.1x | β10.9x | β10.9x | β14.3x | β56.4x | β58.1x | β35.3x | β20.8x | β76.2x |
| Current ratio | 1.8x | 1.7x | 2.1x | 2.9x | 4.3x | 5.0x | 3.9x | 4.1x | 4.0x | 3.4x |
| Quick ratio | 1.7x | 1.6x | 2.0x | 2.8x | 4.2x | 4.9x | 3.8x | 4.0x | 3.9x | 3.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 10.7% | 4.7% | 1.5% | 1.6% | 5.0% | 6.6% | 5.8% | 3.6% | 3.9% | 4.6% |
| Stock comp / revenue | 4.9% | 5.4% | 5.5% | 9.5% | 12.8% | 18.4% | 18.6% | 17.7% | 16.2% | 15.4% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 5.0 | 4.0 | 3.0 | 3.0 | 3.0 | 5.0 | 5.0 | 4.0 |
| Altman Z'' | β4.7 | β8.6 | β6.6 | β0.4 | 1.0 | β0.4 | β1.8 | β1.9 | 0.8 | 0.9 |
| Accruals ratio | β12.5% | β18.7% | β23.9% | β14.4% | β6.2% | β12.6% | β8.8% | β13.2% | β21.0% | β20.9% |
Source: SEC EDGAR XBRL filings (CIK 0001604821). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
