Natera Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Natera Inc has an operating margin of -13.1%, meaning the company retains $-13 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -41.2% the prior year.
Natera Inc's revenue surged 56.7% year-over-year to $1.7B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Natera Inc carries a low D/E ratio of 0.39, meaning only $0.39 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.00, Natera Inc holds $4.00 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Natera Inc's free cash flow margin of 4.1% results in a low score of 20/100. Capital expenditures of $66.4M absorb a large share of operating cash flow.
Natera Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Natera Inc generates $-0.71 in operating cash flow ($135.7M OCF vs -$190.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Natera Inc earns $-20.8 in operating income for every $1 of interest expense (-$222.3M vs $10.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Natera Inc (NTRA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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).
Key Financial Metrics
Natera Inc generated $1.7B in revenue in fiscal year 2024. This represents an increase of 56.7% from the prior year.
Natera Inc's EBITDA was -$191.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 54.7% from the prior year.
Natera Inc generated $69.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 124.2% from the prior year.
Natera Inc reported -$190.4M in net income in fiscal year 2024. This represents an increase of 56.2% from the prior year.
Natera Inc earned $-1.53 per diluted share (EPS) in fiscal year 2024. This represents an increase of 59.5% from the prior year.
Natera Inc held $945.6M in cash against $0 in long-term debt as of fiscal year 2024.
Natera Inc had 133M shares outstanding in fiscal year 2024. This represents an increase of 10.9% from the prior year.
Natera Inc's operating margin was -13.1% in fiscal year 2024, reflecting core business profitability. This is up 28.1 percentage points from the prior year.
Natera Inc's net profit margin was -11.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 28.9 percentage points from the prior year.
Natera Inc invested $404.1M in research and development in fiscal year 2024. This represents an increase of 26.0% from the prior year.
Natera Inc invested $66.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 69.5% from the prior year.
NTRA Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $592.2M+8.3% | $546.6M+8.9% | $501.8M+5.4% | $476.1M+15.2% | $413.4M+12.4% | $367.7M+18.2% | $311.1M+16.0% | $268.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $173.4M+18.4% | $146.4M+13.4% | $129.1M-0.3% | $129.5M+45.3% | $89.1M+0.5% | $88.6M+6.8% | $83.0M+7.4% | $77.2M |
| SG&A Expenses | $308.5M-0.6% | $310.5M+16.4% | $266.9M+13.6% | $234.9M+18.7% | $198.0M+1.9% | $194.3M+20.3% | $161.4M+4.3% | $154.7M |
| Operating Income | -$97.6M+11.6% | -$110.4M-39.4% | -$79.2M-22.3% | -$64.7M-47.5% | -$43.9M+40.9% | -$74.3M+12.1% | -$84.5M+23.8% | -$111.0M |
| Interest Expense | $1.0M+1.6% | $1.0M+2.4% | $1.0M-22.2% | $1.3M-58.7% | $3.1M+0.1% | $3.1M-0.8% | $3.1M-3.2% | $3.3M |
| Income Tax | $207K-24.7% | $275K+59.0% | $173K+112.8% | -$1.4M-251.9% | $892K+108.4% | $428K+124.1% | $191K-5.4% | $202K |
| Net Income | -$87.5M+13.3% | -$100.9M-50.8% | -$66.9M-24.5% | -$53.8M-43.5% | -$37.5M+44.6% | -$67.6M+13.4% | -$78.0M+28.4% | -$109.0M |
| EPS (Diluted) | $-0.64+13.5% | $-0.74-48.0% | $-0.50-22.0% | $-0.41-36.7% | $-0.30+46.4% | $-0.56+11.1% | $-0.63+33.7% | $-0.95 |
NTRA Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.8B+3.7% | $1.8B+1.4% | $1.7B+4.3% | $1.7B+9.5% | $1.5B+3.3% | $1.5B+1.8% | $1.4B-0.3% | $1.4B |
| Current Assets | $1.4B+1.1% | $1.4B+1.1% | $1.4B+2.9% | $1.4B+5.7% | $1.3B+3.2% | $1.3B+0.2% | $1.3B-0.7% | $1.3B |
| Cash & Equivalents | $1.0B+4.1% | $1.0B+2.7% | $973.8M+3.0% | $945.6M+18.7% | $796.8M-2.1% | $813.8M+26.7% | $642.1M-4.0% | $668.7M |
| Inventory | $64.6M+19.1% | $54.3M+7.8% | $50.4M+12.6% | $44.7M+9.2% | $41.0M-4.7% | $43.0M+5.6% | $40.8M-3.1% | $42.1M |
| Accounts Receivable | $286.4M-7.4% | $309.2M-2.8% | $318.2M+1.3% | $314.2M-6.5% | $335.9M+16.3% | $288.7M+3.8% | $278.3M+9.1% | $255.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $569.3M+11.4% | $510.9M+3.7% | $492.7M+5.9% | $465.3M-31.6% | $680.5M+0.9% | $674.1M-0.3% | $676.4M+2.2% | $661.9M |
| Current Liabilities | $442.0M+14.9% | $384.8M+5.2% | $365.7M+6.3% | $344.0M+9.4% | $314.6M+2.8% | $305.9M-0.4% | $307.3M+6.0% | $289.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $282.9M | N/A |
| Total Equity | $1.3B+0.5% | $1.2B+0.5% | $1.2B+3.7% | $1.2B+42.9% | $836.5M+5.3% | $794.1M+3.8% | $765.3M-2.5% | $784.7M |
| Retained Earnings | -$2.8B-3.2% | -$2.7B-3.8% | -$2.6B-2.6% | -$2.6B-3.4% | -$2.5B-1.5% | -$2.4B-2.8% | -$2.4B-3.4% | -$2.3B |
NTRA Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $59.4M+58.1% | $37.6M-15.5% | $44.5M-15.9% | $52.9M+1225.5% | $4.0M-85.2% | $27.0M+146.9% | -$57.6M-94.0% | -$29.7M |
| Capital Expenditures | $22.4M-13.5% | $25.9M+18.7% | $21.8M+20.4% | $18.1M+55.1% | $11.7M-42.5% | $20.3M+102.1% | $10.1M+12.2% | $9.0M |
| Free Cash Flow | $37.0M+216.7% | $11.7M-48.4% | $22.6M-34.9% | $34.8M+552.3% | -$7.7M-215.0% | $6.7M+109.9% | -$67.7M-75.0% | -$38.7M |
| Investing Cash Flow | -$19.9M+16.7% | -$23.9M-42.1% | -$16.8M-51.2% | -$11.1M+65.3% | -$32.1M-123.2% | $138.3M+472.6% | $24.1M-70.3% | $81.3M |
| Financing Cash Flow | $1.9M-84.6% | $12.6M+2211.8% | $544K-95.0% | $11.0M-0.6% | $11.0M+70.8% | $6.5M-5.5% | $6.8M-97.1% | $236.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NTRA Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -16.5%+3.7pp | -20.2%-4.4pp | -15.8%-2.2pp | -13.6%-3.0pp | -10.6%+9.6pp | -20.2%+7.0pp | -27.2%+14.2pp | -41.4% |
| Net Margin | -14.8%+3.7pp | -18.5%-5.1pp | -13.3%-2.0pp | -11.3%-2.2pp | -9.1%+9.3pp | -18.4%+6.7pp | -25.1%+15.6pp | -40.6% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -4.8%+0.9pp | -5.7%-1.9pp | -3.9%-0.6pp | -3.2%-0.8pp | -2.5%+2.1pp | -4.6%+0.8pp | -5.4%+2.1pp | -7.5% |
| Current Ratio | 3.27-0.4 | 3.72-0.2 | 3.87-0.1 | 4.00-0.1 | 4.14+0.0 | 4.12+0.0 | 4.10-0.3 | 4.37 |
| Debt-to-Equity | 0.45+0.0 | 0.41+0.0 | 0.400.0 | 0.39-0.4 | 0.81-0.0 | 0.85+0.5 | 0.37-0.5 | 0.84 |
| FCF Margin | 6.3%+4.1pp | 2.1%-2.4pp | 4.5%-2.8pp | 7.3%+9.2pp | -1.9%-3.7pp | 1.8%+23.6pp | -21.8%-7.3pp | -14.4% |
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Frequently Asked Questions
What is Natera Inc's annual revenue?
Natera Inc (NTRA) reported $1.7B in total revenue for fiscal year 2024. This represents a 56.7% 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 Natera Inc's revenue growing?
Natera Inc (NTRA) revenue grew by 56.7% year-over-year, from $1.1B to $1.7B in fiscal year 2024.
Is Natera Inc profitable?
No, Natera Inc (NTRA) reported a net income of -$190.4M in fiscal year 2024, with a net profit margin of -11.2%.
What is Natera Inc's earnings per share (EPS)?
Natera Inc (NTRA) reported diluted earnings per share of $-1.53 for fiscal year 2024. This represents a 59.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Natera Inc's EBITDA?
Natera Inc (NTRA) had EBITDA of -$191.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Natera Inc's operating margin?
Natera Inc (NTRA) had an operating margin of -13.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Natera Inc's net profit margin?
Natera Inc (NTRA) had a net profit margin of -11.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Natera Inc's free cash flow?
Natera Inc (NTRA) generated $69.2M in free cash flow during fiscal year 2024. This represents a 124.2% 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 Natera Inc's operating cash flow?
Natera Inc (NTRA) generated $135.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Natera Inc's total assets?
Natera Inc (NTRA) had $1.7B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Natera Inc's capital expenditures?
Natera Inc (NTRA) invested $66.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Natera Inc spend on research and development?
Natera Inc (NTRA) invested $404.1M in research and development during fiscal year 2024.
How many shares does Natera Inc have outstanding?
Natera Inc (NTRA) had 133M shares outstanding as of fiscal year 2024.
What is Natera Inc's current ratio?
Natera Inc (NTRA) had a current ratio of 4.00 as of fiscal year 2024, which is generally considered healthy.
What is Natera Inc's debt-to-equity ratio?
Natera Inc (NTRA) had a debt-to-equity ratio of 0.39 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Natera Inc's return on assets (ROA)?
Natera Inc (NTRA) had a return on assets of -11.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Natera Inc's Piotroski F-Score?
Natera Inc (NTRA) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Natera Inc's earnings high quality?
Natera Inc (NTRA) has an earnings quality ratio of -0.71x, considered mixed 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 Natera Inc cover its interest payments?
Natera Inc (NTRA) has an interest coverage ratio of -20.8x, meaning it can struggle to 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 Natera Inc?
Natera Inc (NTRA) scores 63 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.