Natera (NTRA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Natera

NasdaqGS•Healthcare•Diagnostics & Research

$324.14-4.04(-0.01%)Pre-market

Market Cap

$52.48B

P/S

19.4x

P/B

28.8x

Natera, Inc., a diagnostics company, engages in the development and commercialization of molecular testing services worldwide. It offers Signatera, a personalized ctDNA blood test for MRD assessment, early recurrence monitoring, and evaluation of treatment response in patients previously diagnosed with cancer; Latitude, a blood-based MRD test for colorectal cancer; Altera, a tissue based comprehensive genomic profiling test; and Empower, a hereditary cancer screening test. The company also provides Panorama, a non-invasive prenatal test; Horizon, a carrier screening test; Fetal Focus, a single-gene NIPT, or sgNIPT, that screens for 21 single-gene inherited conditions; and Vistara, a single-gene NIPT, which screens for 25 single-gene conditions. In addition, it offers Anora, which tests and analyzes miscarriage tissue from women who have experienced one or more pregnancy losses; Empower, a hereditary cancer screening test; Prospera, a test to assess active rejection in patients who have undergone solid organ transplantation; Renasight, a kidney gene panel test; and Constellation software, a cloud-based distribution model. Further, the company provides NateraCore, a platform to support the patient and provider experience; phlebotomy services; and EMR integration services. The company serves independent laboratories, national and regional reference laboratories, medical centers and physician practices for its screening tests, research laboratories, and pharmaceutical companies through its direct sales force and laboratory distribution partners, as well as Constellation licensees under its cloud-based distribution model. It has a partnership agreement with BGI Genomics Co., Ltd. to develop, manufacture, and commercialize NGS-based genetic testing assays for clinical and commercial use. The company has a collaboration with Diakonos Oncology Corp. to assess molecular response in patients with refractory melanoma. The company was formerly known as Gene Security Network, LLC and changed its name to Natera, Inc. in January 2012. Natera, Inc. was founded in 2003 and is headquartered in Austin, Texas.

How this company scores

AverageMetricSide Score: 54/100

Strongest: Growth (18/25); weakest: Cash & Earnings Quality (7/25).

Profitability14/25

Growth18/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality7/25

Strengths

Growing revenueLong cash runwayInterest easily coveredConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 19.4x5y range 4.9x – 19.4x

Currently above its 19-quarter median.

P/B · 28.8x5y range 5.9x – 28.8x

Currently above its 19-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -0.2x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $52.48B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.71B
Q. Revenue: $752.75M
TTM EBITDA: $-216.85M
TTM Op. Income: $-289.67M
Q. Op. Income: $-75.79M
TTM Net Income: $-192.35M
Q. Net Income: $-66.97M
EPS: $-0.47
Shares Out.: $143.28M

$2.71B in TTM revenue grew 37.8% YoY, reaching $752.75M last quarter. TTM EBITDA of $-216.85M and TTM operating income of $-289.67M show growth is flowing through to the bottom line. However, net income is negative at $192.35M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -8.0%
Op. Margin: -10.1%
Net Margin: -8.9%

Op. margin of -10.1% is up 10.1% YoY — cost efficiency is improving. Net margin at -8.9% Over the past year, operating margin is up 50% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 19.4x
P/B Ratio: 28.8x

P/S of 19.4x and P/B of 28.8x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.66B
Cash: $1.09B
Long-Term Debt: N/A
Book Value: $1.82B
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $54.79M
TTM Free Cash Flow: $84.20M
FCF Margin: 3.1%
FCF / Net Income: -0.4

TTM FCF of $84.20M on $54.79M in operating cash flow. The FCF / Net Income ratio of -0.4x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.