Loading…
Genetic testing company known for its UNITY noninvasive prenatal test and an expanding oncology molecular residual disease testing menu.
Genetic testing company known for its UNITY noninvasive prenatal test and an expanding oncology molecular residual disease testing menu.
Runs the tests in its own labs and bills insurers or patients for each one, so revenue depends on test volume and how much payers reimburse. Obstetricians and maternal-fetal specialists order the prenatal tests, which carry sales; oncologists order the newer cancer-monitoring tests.
Moat: narrow (IP / patents, data). Proprietary quantitative counting (QCT) sequencing technology differentiates its prenatal test accuracy claims.
Headquarters: Menlo Park, California, USA · Founded: 2016 · Employees: 713
Size BillionToOne (BLLN) is a United States Health Care company (Medical/Nursing Services) with a market value of $5.38B, the 1133rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $113.94 on 6 Nov 2026.
Performance Over six months the shares gained 53.8%, against +25.8% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 90.1% over the last twelve months (peer median +11.3%); the operating margin is 10.9% (peer median 9.5%).
Valuation It trades at 144.4× forward earnings against a peer median of 24.5× (most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +90%, so the hurdle is -63 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.6 points above its cost of capital (6.3% WACC).
Backlog Backlog (remaining performance obligations) was $4.70M at 30 Sep 2025. Backlog detail →
Short interest Short interest is 6.9% of the free float (15 Oct 2026).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | $397M | $305M | $153M | $71.7M |
| Revenue growth | — | +100% | +113% | — |
| Gross profit | $283M | $208M | $80.9M | $17.3M |
| EBITDA | $55.6M | $27.9M | -$35.5M | -$63.0M |
| Net income | $31.9M | $2.92M | -$41.6M | -$82.7M |
| Free cash flow | $33.2M | $15.7M | -$46.8M | -$59.8M |
| Capital expenditure | $12.2M | $8.92M | $5.40M | $6.17M |
| Total debt | $144M | $109M | $109M | $146M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BillionToOne BLLN | $5.38B | +54% | +90% | 11% | 144.4× | 26.8% |
| Natera NTRA | $44.8B | +60% | +38% | -11% | n/a | n/a |
| Labcorp LH | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% |
| Illumina ILMN | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BLLN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.4% | +9.3% | 2nd highest of 21 |
| 6-month return | +53.8% | +25.8% | 6th highest of 20 |
| Distance from 52-week high | -24.3% | -11.8% | 5th lowest of 21 |
| Revenue growth (TTM) | +90.1% | +11.3% | highest of 21 |
| Operating margin | 10.9% | 9.5% | 9th highest of 21 |
| Forward P/E | 144.4× | 24.5× | most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 26.8% | 11.8% | 6th most demanding of 19 |
| Growth delivered (Del g) | +90.1% | +13.2% | highest of 19 |
| Hurdle (Req g minus delivered) | -63.3 pp | -0.8 pp | least demanding of 19 |
| ROIC minus cost of capital | +19.6 pp | +1.4 pp | 3rd highest of 21 |
| EV / EBITDA | 89.4× | 13.2× | most expensive of 16 |
| Net debt / EBITDA | -7.3× | 2.9× | least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BillionToOne BLLN | United States | $5.38B | +54% | +90% | 11% | 144.4× | 26.8% | +90.1% |
| Concentra Group Holdings Parent CON | United States | $5.38B | +75% | +14% | 17% | 24.5× | 3.9% | +7.9% |
| Lifestance Health LFST | United States | $5.26B | +79% | +20% | 5% | 62.6× | 37.8% | +30.4% |
| RadNet RDNT | United States | $5.98B | +31% | +19% | 5% | 129.7× | 41.8% | +13.7% |
| Hims & Hers Health HIMS | United States | $6.07B | -8% | +28% | 0% | 128.9× | 54.9% | +73.6% |
| Option Care Health OPCH | United States | $4.74B | +54% | +4% | 6% | 15.6× | 1.5% | +13.2% |
| Sonic Healthcare SHL.AX | Australia | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% | +3.5% |
| Medicover MCOV-B.ST | Sweden | $4.14B | +36% | +6% | 7% | 38.3× | 20.8% | +20.2% |
| Dr. Lal PathLabs LALPATHLAB.NS | India | $3.50B | +26% | +17% | 24% | 51.5× | 32.2% | +11.8% |
| Acadia Healthcare ACHC | United States | $3.44B | +47% | +4% | 10% | 18.7× | n/a | n/a |
| Fameglow 3774.HK | Hong Kong | $3.19B | n/a | +36% | 11% | n/a | 48.8% | +48.4% |
| Meinian Onehealth Healthcare 002044.SZ | China | $2.89B | -9% | -4% | 9% | 55.1× | 5.8% | +5.7% |
| Aveanna Healthcare AVAH | United States | $2.89B | +97% | +20% | 11% | 15.4× | 13.4% | +10.2% |
| Ensign ENSG | United States | $10.6B | +6% | +17% | 9% | 21.1× | 12.0% | +16.5% |
| Pediatrix Medical MD | United States | $2.44B | +33% | +2% | 12% | 12.9× | -4.5% | +2.0% |
| DaVita DVA | United States | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% | +3.4% |
| Addus HomeCare ADUS | United States | $2.32B | +25% | +12% | 11% | 16.6× | 4.9% | +13.2% |
| Aier Eye Hospital 300015.SZ | China | $12.5B | -16% | +5% | 21% | 29.5× | 11.7% | +13.4% |
| Fresenius Medical Care FME.DE | Germany | $12.6B | +14% | 0% | 11% | 10.4× | -3.6% | +1.9% |
| AddLife ALIF-B.ST | Sweden | $2.29B | +25% | +2% | 8% | 40.5× | 21.6% | +14.6% |
| NeoGenomics NEO | United States | $2.18B | +88% | +11% | -6% | 58.9× | n/a | n/a |
BillionToOne reported $4.70M of remaining performance obligations at 30 Sep 2025.