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NTRA

Natera, Inc.

NTRA

Natera, Inc. • NASDAQ
$238.81 ▲ 0.71% (+1.69)
Market Cap $32.96 B
52w High $241.28
52w Low $125.38
Dividend Yield 0%
P/E -104.28
Volume 500.60K
Outstanding Shares 138.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $592.183M ▲ $481.958M ▲ $-87.544M ▲ -14.783% ▲ $-0.64 ▲ $-76.433M ▲
Q2-2025 $546.6M ▲ $457.441M ▲ $-100.938M ▼ -18.467% ▼ $-0.74 ▼ $-89.775M ▼
Q1-2025 $501.83M ▲ $396.394M ▲ $-66.936M ▼ -13.338% ▼ $-0.5 ▼ $-56.521M ▼
Q4-2024 $476.061M ▲ $364.378M ▲ $-53.771M ▼ -11.295% ▼ $-0.41 ▼ $-46.044M ▼
Q3-2024 $439.758M $311.085M $-31.592M -7.184% $-0.26 $-19.52M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.042B ▲ $1.821B ▲ $569.294M ▲ $1.252B ▲
Q2-2025 $1.016B ▲ $1.757B ▲ $510.884M ▲ $1.246B ▲
Q1-2025 $991.6M ▲ $1.732B ▲ $492.691M ▲ $1.24B ▲
Q4-2024 $968.276M ▲ $1.661B ▲ $465.315M ▼ $1.195B ▲
Q3-2024 $922.334M $1.591B $712.422M $878.525M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-87.544M ▲ $59.387M ▲ $-19.905M ▲ $1.935M ▼ $41.417M ▲ $24.482M ▲
Q2-2025 $-100.938M ▼ $37.574M ▼ $-23.897M ▼ $12.576M ▲ $26.253M ▼ $11.677M ▼
Q1-2025 $-66.936M ▼ $44.452M ▼ $-16.815M ▼ $544K ▼ $28.181M ▼ $22.637M ▼
Q4-2024 $-53.771M ▼ $52.887M ▲ $-11.118M ▼ $10.974M ▲ $52.743M ▼ $34.769M ▼
Q3-2024 $-31.592M $51.786M $42.54M $1.72M $96.046M $35.474M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Licensing and other
Licensing and other
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Product
Product
 $880.00M ▲$500.00M ▼$540.00M ▲$590.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Natera’s income statement shows a classic high-growth, high-investment profile. Revenue has increased very rapidly over the past five years, and gross profit has scaled even faster, suggesting that each test is becoming more profitable as volume grows. At the same time, the company still runs at a loss, but those losses have been shrinking, not growing. Operating loss, EBITDA loss, and net loss all appear to have improved meaningfully in the most recent year. In plain terms, the business is still not profitable, but it is moving in the right direction, with better margins and a clearer path toward scale efficiency.

Balance Sheet

Balance Sheet The balance sheet looks considerably stronger now than it did a few years ago. Total assets have grown steadily, driven largely by a much larger cash position, which now represents a substantial portion of the company’s resources. Debt is present but moderate and has actually trended down from its peak, while shareholders’ equity has climbed over time. This combination – more cash, less reliance on debt, and a thicker equity cushion – points to improved financial flexibility and a healthier capital structure, even though the company remains loss-making.

Cash Flow

Cash Flow Cash flow is one of the most encouraging parts of the story. For several years, Natera consumed cash in its day-to-day operations and on investments, reflecting heavy spending on growth and R&D. In the most recent year, however, operating cash flow turned positive and free cash flow followed it into positive territory. Capital spending remains relatively modest, which means the business is not very asset-heavy. Overall, the shift from burning cash to generating it is a key milestone, but it will need to be sustained to fully de‑risk the long-term financing picture.

Competitive Edge

Competitive Edge Natera occupies a strong competitive position in genetic testing, anchored by its focus on cell-free DNA technology. It has built recognizable brands in prenatal testing, oncology, and transplant monitoring, supported by extensive clinical data and many peer-reviewed studies. This scientific backing, combined with established reimbursement from public and private payers and a direct sales force with deep provider relationships, strengthens its moat. However, the company competes in intensely contested markets against well-funded diagnostics and liquid biopsy players, so it must continue to prove superior performance, reliability, and cost-effectiveness to maintain its edge.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of Natera’s strategy. The company’s platform in cell-free DNA underlies a range of differentiated products: a widely used non-invasive prenatal test, a personalized cancer residual disease test, and transplant rejection monitoring. It continues to push into new areas such as tissue-free cancer monitoring, early cancer detection, and AI-driven tools built on a very large proprietary dataset. This heavy R&D emphasis creates meaningful upside potential but also requires ongoing high spending, scientific execution, and regulatory and reimbursement success to translate the pipeline into durable commercial results.

Summary

Overall, Natera looks like a rapidly growing, innovation-led diagnostics company that has moved from heavy cash burn toward a more sustainable financial footing, while still operating at a loss. Revenue growth and margins have improved, the balance sheet is stronger with ample cash and manageable debt, and cash flow has recently turned positive. Its competitive strengths rest on advanced technology, clinical validation, data assets, and brand, especially in oncology and women’s health, but it faces strong competition and must keep delivering clinical and economic proof. The long-term story hinges on whether its substantial R&D and AI-driven initiatives can continue to convert scientific leadership into reliable, profitable growth over time.

NEWS

November 19, 2025 · 8:00 AM UTC

Employees Volunteer Over 1,500 Hours During Natera's Annual Volunteer Month

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November 12, 2025 · 8:00 AM UTC

Natera Integrates with Flatiron Health's OncoEMR® Platform

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November 6, 2025 · 4:05 PM UTC

Natera Reports Third Quarter 2025 Financial Results

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October 31, 2025 · 7:00 AM UTC

Natera Announces Expansion to 20 Genes for its Fetal Focus™ Single-Gene NIPT

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October 30, 2025 · 7:00 AM UTC

Natera to Report its Third Quarter Results on November 6, 2025

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