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Runs genetic testing—prenatal screening, cancer monitoring and organ-transplant rejection tests—via proprietary molecular diagnostics.
Runs genetic testing—prenatal screening, cancer monitoring and organ-transplant rejection tests—via proprietary molecular diagnostics.
Earns per test: it runs samples in its own labs and bills insurers and Medicare and, for some tests, patients. How much it collects depends on coverage and reimbursement decisions as much as test volume. Prenatal screening is the older base; Signatera, a cancer-recurrence test tailored to each patient's tumour, is the growth engine.
Moat: narrow (IP / patents, data, process know-how). Proprietary personalized-assay technology (Signatera) and a large clinical-evidence base create switching costs.
Headquarters: Austin, Texas, US · Founded: 2004 · Employees: 6,140
Size Natera (NTRA) is a United States Health Care company (Biotechnology) with a market value of $44.8B, the 280th largest of 3,117 United States companies the cockpit tracks. Shares closed at $310.67 on 6 Nov 2026.
Performance Over six months the shares gained 59.9%, against +18.5% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 37.8% over the last twelve months (peer median +13.2%); the operating margin is -10.6% (peer median 25.1%).
Valuation It trades at 16.2× enterprise value to sales against a peer median of 8.0× (5th most expensive of 19).
Capital Return on invested capital runs 35.9 points below its cost of capital (12.6% WACC).
Short interest Short interest is 4.1% of the free float (15 Oct 2026).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.71B | $2.31B | $1.70B | $1.08B | $820M |
| Revenue growth | — | +36% | +57% | +32% | — |
| Gross profit | $1.75B | $1.49B | $1.02B | $493M | $364M |
| EBITDA | -$220M | -$263M | -$191M | -$405M | -$501M |
| Net income | -$192M | -$208M | -$190M | -$435M | -$548M |
| Free cash flow | $84.2M | $109M | $69.2M | -$286M | -$479M |
| Capital expenditure | $177M | $139M | $76.9M | $39.2M | $47.7M |
| Total debt | $238M | $214M | $187M | $442M | $446M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Natera NTRA | $44.8B | +60% | +38% | -11% | 16.2× | n/a |
| Illumina ILMN | $32.2B | +50% | +6% | 21% | 7.3× | 27.1% |
| Guardant Health GH | $20.2B | +58% | +43% | -40% | 17.7× | n/a |
| Myriad Genetics MYGN | $566M | +38% | -3% | -11% | 0.8× | n/a |
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 | NTRA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.5% | +11.3% | lowest of 20 |
| 6-month return | +59.9% | +18.5% | 4th highest of 20 |
| Distance from 52-week high | -29.0% | -11.7% | 3rd lowest of 20 |
| Revenue growth (TTM) | +37.8% | +13.2% | 7th highest of 19 |
| Operating margin | -10.6% | 25.1% | 5th lowest of 19 |
| EV / Sales | 16.2× | 8.0× | 5th most expensive of 19 |
| ROIC minus cost of capital | -35.9 pp | +2.8 pp | 3rd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Natera NTRA | United States | $44.8B | +60% | +38% | -11% | 16.2× | n/a | n/a |
| Iqvia IQV | United States | $44.8B | +52% | +9% | 14% | 3.4× | 17.3% | +7.5% |
| Samsung Biologics 207940.KS | South Korea | $53.7B | +3% | -20% | 43% | 16.7× | 9.6% | +31.4% |
| Lonza LONN.SW | Switzerland | $55.4B | +39% | -11% | 25% | 7.7× | 15.0% | +7.7% |
| argenx SE Sponsored ADR ARGX | United States | $57.5B | +19% | +71% | 29% | 10.0× | 10.9% | +151.4% |
| Celltrion 068270.KS | South Korea | $34.3B | +10% | +40% | 32% | 8.6× | 8.3% | +17.6% |
| Genmab A/S GMAB.CO | Denmark | $32.1B | +115% | +14% | 32% | 9.0× | 11.6% | +19.5% |
| CSL CSL.AX | Australia | $67.2B | +105% | -2% | 26% | 4.9× | 7.1% | +11.0% |
| Wuxi Bio 2269.HK | Hong Kong | $25.0B | +43% | +22% | 32% | 7.3× | 21.8% | +30.2% |
| United Therapeutics UTHR | United States | $24.1B | -1% | +2% | 44% | 6.9× | -0.4% | +16.5% |
| BioNTech SE Sponsored ADR BNTX | United States | $22.8B | -7% | -1% | -38% | 2.0× | 5.7% | +42.6% |
| Moderna MRNA | United States | $101B | +43% | -28% | -149% | 43.8× | n/a | n/a |
| Neurocrine Biosciences NBIX | United States | $16.7B | +8% | +38% | 25% | 4.4× | -1.7% | +22.3% |
| BridgeBio Pharma BBIO | United States | $14.5B | +10% | +167% | -37% | 18.3× | n/a | n/a |
| Summit Therapeutics SMMT | United States | $13.1B | -10% | n/a | n/a | n/a | n/a | n/a |
| Elanco Animal Health ELAN | United States | $12.9B | +9% | +12% | 7% | 3.2× | 34.8% | +7.6% |
| Cspc Pharma 1093.HK | Hong Kong | $12.4B | +5% | +25% | 28% | 2.2× | -10.3% | +0.1% |
| Halozyme Therapeutics HALO | United States | $11.8B | +62% | +41% | 57% | 8.2× | 2.5% | +39.2% |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 9.4× | 31.3% | +5.5% |
| Kymera Therapeutics KYMR | United States | $11.2B | +53% | +134% | -396% | 101.2× | n/a | n/a |