BillionToOne, Inc. Financials
This page shows BillionToOne, Inc. (BLLN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Explosive scale and a much richer margin structure turned this business from cash-burning growth into profitable expansion.
FY2025’s first profit looks operationally real because earnings, operating cash flow, and free cash flow all crossed positive together, after FY2024 posted net income of-$41.6M and FCF of-$46.8M . But the cash build still came mainly from fresh financing, with financing inflow of$288.8M far exceeding FCF of$15.7M .
The income statement improved because gross profit outran overhead, not because the company cut its way to profit: gross margin climbed from
The balance sheet was rebuilt unusually fast: equity moved from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of BillionToOne, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
BillionToOne, Inc. has an operating margin of 5.3%, meaning the company retains $5 of operating profit per $100 of revenue. This below-average margin results in a low score of 20/100, suggesting thin profitability after operating expenses. This is up from -30.9% the prior year.
BillionToOne, Inc.'s revenue surged 100.0% year-over-year to $305.1M, reflecting rapid business expansion. This strong growth earns a score of 98/100.
BillionToOne, Inc. carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 11.69, BillionToOne, Inc. holds $11.69 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 98/100.
BillionToOne, Inc.'s free cash flow margin of 5.1% results in a low score of 12/100. Capital expenditures of $8.9M absorb a large share of operating cash flow.
BillionToOne, Inc. generates a 1.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 26/100.
BillionToOne, Inc. scores 23.23, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($5.7B) relative to total liabilities ($152.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
BillionToOne, Inc. passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, BillionToOne, Inc. generates $3.30 in operating cash flow ($24.6M OCF vs $7.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
BillionToOne, Inc. earns $168.7 in operating income for every $1 of interest expense ($16.0M vs $95K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
BillionToOne, Inc. generated $305.1M in revenue in fiscal year 2025. This represents an increase of 100.0% from the prior year.
BillionToOne, Inc.'s EBITDA was $22.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 157.1% from the prior year.
BillionToOne, Inc. reported $7.5M in net income in fiscal year 2025. This represents an increase of 117.9% from the prior year.
BillionToOne, Inc. earned $0.14 per diluted share (EPS) in fiscal year 2025. This represents an increase of 103.4% from the prior year.
Cash & Balance Sheet
BillionToOne, Inc. generated $15.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 133.6% from the prior year.
BillionToOne, Inc. held $496.0M in cash against $57.2M in long-term debt as of fiscal year 2025.
Margins & Returns
BillionToOne, Inc.'s gross margin was 68.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 15.3 percentage points from the prior year.
BillionToOne, Inc.'s operating margin was 5.3% in fiscal year 2025, reflecting core business profitability. This is up 36.1 percentage points from the prior year.
BillionToOne, Inc.'s net profit margin was 2.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 29.7 percentage points from the prior year.
BillionToOne, Inc.'s ROE was 1.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
BillionToOne, Inc. invested $49.4M in research and development in fiscal year 2025. This represents an increase of 34.9% from the prior year.
BillionToOne, Inc. spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
BillionToOne, Inc. invested $8.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 64.4% from the prior year.
BLLN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|
| Revenue | $108.4M | N/A | $83.5M+41.7% | $59.0M | N/A | $38.4M |
| Cost of Revenue | $29.3M | N/A | $25.1M+19.6% | $21.0M | N/A | $18.2M |
| Gross Profit | $79.1M | N/A | $58.4M+53.8% | $38.0M | N/A | $20.2M |
| R&D Expenses | $14.7M | N/A | $13.0M+24.2% | $10.4M | N/A | $9.6M |
| SG&A Expenses | $46.6M | N/A | $35.8M+20.0% | $29.9M | N/A | $23.3M |
| Operating Income | $17.8M | N/A | $9.6M+516.1% | -$2.3M | N/A | -$12.6M |
| Interest Expense | $10K | N/A | $20K-50.0% | $40K | N/A | $422K |
| Income Tax | $539K | N/A | -$129K-229.0% | $100K | N/A | $0 |
| Net Income | $18.0M | N/A | $5.7M+243.2% | -$4.0M | N/A | -$14.9M |
| EPS (Diluted) | $0.34 | N/A | $0.10+125.6% | $-0.39 | N/A | $-1.47 |
BLLN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|
| Total Assets | $700.7M+10.8% | $632.7M+93.2% | $327.5M | N/A | $302.1M | N/A |
| Current Assets | $624.1M+11.3% | $560.6M+122.7% | $251.7M | N/A | $227.8M | N/A |
| Cash & Equivalents | $537.5M+8.4% | $496.0M+154.1% | $195.2M+1.9% | $191.6M+0.1% | $191.5M-5.3% | $202.3M |
| Inventory | $19.2M+9.5% | $17.5M+0.9% | $17.4M | N/A | $8.7M | N/A |
| Accounts Receivable | $61.3M+47.3% | $41.6M+20.1% | $34.6M | N/A | $24.7M | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $195.1M+27.9% | $152.5M-73.1% | $567.0M | N/A | $553.7M | N/A |
| Current Liabilities | $57.2M+19.2% | $48.0M+17.6% | $40.8M | N/A | $28.4M | N/A |
| Long-Term Debt | $90.0M+57.3% | $57.2M+4.1% | $55.0M | N/A | $51.5M | N/A |
| Total Equity | $505.6M+5.3% | $480.1M+300.5% | -$239.5M+5.3% | -$252.9M-0.5% | -$251.7M-3.6% | -$242.9M |
| Retained Earnings | -$256.8M+6.5% | -$274.7M+2.1% | -$280.7M | N/A | -$282.2M | N/A |
BLLN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $15.4M+43.0% | $10.8M | N/A | $2.6M+131.2% | -$8.4M | N/A |
| Capital Expenditures | $4.5M+190.9% | $1.5M | N/A | $2.3M+13.2% | $2.1M | N/A |
| Free Cash Flow | $11.0M+18.4% | $9.3M | N/A | $278K+102.6% | -$10.5M | N/A |
| Investing Cash Flow | -$4.5M-183.3% | -$1.6M | N/A | -$2.3M-11.5% | -$2.1M | N/A |
| Financing Cash Flow | $30.5M-89.5% | $291.6M | N/A | -$156K+45.8% | -$288K | N/A |
| Dividends Paid | $0 | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | $0 | N/A | N/A | $0 | N/A |
BLLN Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|
| Gross Margin | 73.0% | N/A | 69.9%+5.5pp | 64.4% | N/A | 52.6% |
| Operating Margin | 16.4% | N/A | 11.5%+15.5pp | -3.9% | N/A | -32.9% |
| Net Margin | 16.6% | N/A | 6.8%+13.6pp | -6.8% | N/A | -38.8% |
| Return on Equity | 3.5% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 2.6% | N/A | 1.7% | N/A | N/A | N/A |
| Current Ratio | 10.92-0.8 | 11.69+5.5 | 6.17 | N/A | 8.03 | N/A |
| Debt-to-Equity | 0.18+0.1 | 0.12+0.3 | -0.23 | N/A | -0.20 | N/A |
| FCF Margin | 10.1% | N/A | N/A | 0.5% | N/A | N/A |
Frequently Asked Questions
What is BillionToOne, Inc.'s annual revenue?
BillionToOne, Inc. (BLLN) reported $305.1M in total revenue for fiscal year 2025. This represents a 100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is BillionToOne, Inc.'s revenue growing?
BillionToOne, Inc. (BLLN) revenue grew by 100% year-over-year, from $152.6M to $305.1M in fiscal year 2025.
Is BillionToOne, Inc. profitable?
Yes, BillionToOne, Inc. (BLLN) reported a net income of $7.5M in fiscal year 2025, with a net profit margin of 2.4%.
What is BillionToOne, Inc.'s EBITDA?
BillionToOne, Inc. (BLLN) had EBITDA of $22.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does BillionToOne, Inc. have?
As of fiscal year 2025, BillionToOne, Inc. (BLLN) had $496.0M in cash and equivalents against $57.2M in long-term debt.
What is BillionToOne, Inc.'s gross margin?
BillionToOne, Inc. (BLLN) had a gross margin of 68.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is BillionToOne, Inc.'s operating margin?
BillionToOne, Inc. (BLLN) had an operating margin of 5.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is BillionToOne, Inc.'s net profit margin?
BillionToOne, Inc. (BLLN) had a net profit margin of 2.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is BillionToOne, Inc.'s return on equity (ROE)?
BillionToOne, Inc. (BLLN) has a return on equity of 1.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is BillionToOne, Inc.'s free cash flow?
BillionToOne, Inc. (BLLN) generated $15.7M in free cash flow during fiscal year 2025. This represents a 133.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is BillionToOne, Inc.'s operating cash flow?
BillionToOne, Inc. (BLLN) generated $24.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are BillionToOne, Inc.'s total assets?
BillionToOne, Inc. (BLLN) had $632.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are BillionToOne, Inc.'s capital expenditures?
BillionToOne, Inc. (BLLN) invested $8.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does BillionToOne, Inc. spend on research and development?
BillionToOne, Inc. (BLLN) invested $49.4M in research and development during fiscal year 2025.
What is BillionToOne, Inc.'s current ratio?
BillionToOne, Inc. (BLLN) had a current ratio of 11.69 as of fiscal year 2025, which is generally considered healthy.
What is BillionToOne, Inc.'s debt-to-equity ratio?
BillionToOne, Inc. (BLLN) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is BillionToOne, Inc.'s return on assets (ROA)?
BillionToOne, Inc. (BLLN) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is BillionToOne, Inc.'s Altman Z-Score?
BillionToOne, Inc. (BLLN) has an Altman Z-Score of 23.23, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is BillionToOne, Inc.'s Piotroski F-Score?
BillionToOne, Inc. (BLLN) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are BillionToOne, Inc.'s earnings high quality?
BillionToOne, Inc. (BLLN) has an earnings quality ratio of 3.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can BillionToOne, Inc. cover its interest payments?
BillionToOne, Inc. (BLLN) has an interest coverage ratio of 168.7x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is BillionToOne, Inc.?
BillionToOne, Inc. (BLLN) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.