Natera (NTRA) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NTRA SEC filings page.
Natera, Inc. (NTRA) reported $2.7B in revenue over the twelve months to Jun 30, 2026, up 37.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).
Revenue is scaling quickly, but expense growth still outruns operating improvement, leaving cash generation positive while reported losses persist.
From FY2024 to FY2025, operating cash flow rose 58.7% to$215M even as the net loss increased, showing that reported earnings and cash economics moved differently. Free cash flow reached$109M after capital expenditures consumed49.3% of operating cash flow, so positive cash generation still required substantial reinvestment.
The business is not yet showing operating leverage: revenue grew
The balance sheet carries a relatively low liability share: liabilities were
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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 Natera, 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.
Natera, Inc. has an operating margin of -13.4%, meaning the company loses $13 on every $100 of revenue. This results in a profitability score of 22/100. This is down from -13.1% the prior year.
Natera, Inc.'s revenue surged 35.9% year-over-year to $2.3B, reflecting rapid business expansion. This strong growth earns a score of 94/100.
With a current ratio of 3.39, Natera, Inc. holds $3.39 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.
Natera, Inc.'s free cash flow margin of 4.7% results in a low score of 22/100. Capital expenditures of $106.2M absorb a large share of operating cash flow.
Natera, Inc. posts a -12.2% return on equity (ROE), meaning it loses $12 for every $100 of shareholders' equity. This results in a returns score of 26/100. This is up from -15.9% the prior year.
Natera, Inc. scores 50.50, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $58.4B against total liabilities of $685.9M. 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.
Natera, Inc. passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), the one computable operating efficiency signal (asset turnover improving) does not pass.
Natera, Inc. reported a net loss of $208.2M while generating $215.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Natera, Inc. reported an operating loss of $309.9M against $4.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Natera, Inc. generated $752.8M in revenue in Q2 2026. This represents an increase of 37.7% from the same quarter a year earlier. Against the prior quarter it is up 8.1%.
Natera, Inc.'s EBITDA was -$57.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Natera, Inc. reported a net loss of $67.0M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Natera, Inc. earned -$0.47 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Natera, Inc. recorded an outflow of $8.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 174.0% from the same quarter a year earlier. Against the prior quarter it is down 147.9%.
Natera, Inc. held $1.1B in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Margins & Returns
Natera, Inc.'s operating margin was -10.1% in Q2 2026, reflecting core business profitability. This is up 10.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.4 percentage points.
Natera, Inc.'s net profit margin was -8.9% in Q2 2026, showing the share of revenue converted to profit. This is up 9.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.3 percentage points.
Natera, Inc.'s quarterly ROE was -3.7% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 4.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.
Not reported for Q2 2026.
Capital Allocation
Natera, Inc. invested $228.1M in research and development in Q2 2026. This represents an increase of 55.8% from the same quarter a year earlier. Against the prior quarter it is up 8.2%.
Natera, Inc. invested $63.4M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 144.9% from the same quarter a year earlier. Against the prior quarter it is up 186.5%.
Not reported for Q2 2026.
NTRA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $752.8M+37.7% | $696.6M+38.8% | $665.5M+39.8% | $592.2M+34.7% | $546.6M+32.2% | $501.8M+36.5% | $476.1M+53.0% | $439.8M+63.9% |
| R&D Expenses | $228.1M+55.8% | $210.7M+63.2% | $175.2M+35.3% | $173.4M+78.9% | $146.4M+64.3% | $129.1M+45.6% | $129.5M+56.0% | $96.9M+25.5% |
| SG&A Expenses | $327.2M+5.4% | $327.9M+22.9% | $291.3M+24.0% | $308.5M+44.1% | $310.5M+56.9% | $266.9M+37.4% | $234.9M+45.5% | $214.2M+38.4% |
| Operating Income | -$75.8Mn/m | -$93.5Mn/m | -$22.8Mn/m | -$97.6Mn/m | -$110.4Mn/m | -$79.2Mn/m | -$64.7Mn/m | -$39.3Mn/m |
| EBITDA | -$57.0Mn/m | -$79.0Mn/m | -$9.5Mn/m | -$87.3Mn/m | -$101.5Mn/m | -$69.9Mn/m | -$57.0Mn/m | -$31.1Mn/m |
| Interest Expense | $890K-13.5% | $892K-11.2% | $990K-23.4% | $1.0M-66.7% | $1.0M-67.1% | $1.0M-67.8% | $1.3M-59.0% | $3.1M-3.4% |
| Income Tax | -$261K-194.9% | $283K+63.6% | -$60.6Mn/m | $207K-71.6% | $275K-69.2% | $173K-59.6% | -$1.4M-809.4% | $730K+261.4% |
| Net Income | -$67.0Mn/m | -$85.1Mn/m | $47.3Mn/m | -$87.5Mn/m | -$100.9Mn/m | -$66.9Mn/m | -$53.8Mn/m | -$31.6Mn/m |
| EPS (Basic) | -$0.47n/m | -$0.60n/m | $0.36n/m | -$0.64n/m | -$0.74n/m | -$0.50n/m | -$0.41n/m | -$0.26n/m |
| EPS (Diluted) | -$0.47n/m | -$0.60n/m | $0.36n/m | -$0.64n/m | -$0.74n/m | -$0.50n/m | -$0.41n/m | -$0.26n/m |
| Diluted Shares (Avg) | 143M+5.1% | 142M+5.0% | N/A | 137M+10.8% | 136M+11.0% | 135M+11.5% | N/A | 124M+7.5% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
NTRA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.7B+51.2% | $2.6B+50.9% | $2.4B+44.4% | $1.8B+14.5% | $1.8B+15.8% | $1.7B+18.0% | $1.7B+15.2% | $1.6B+10.0% |
| Current Assets | $1.7B+15.9% | $1.7B+16.6% | $1.5B+8.8% | $1.4B+9.4% | $1.4B+10.0% | $1.4B+12.3% | $1.4B+9.3% | $1.3B+4.4% |
| Cash & Equivalents | $1.1B+9.1% | $1.1B+11.7% | $1.1B+13.8% | $1.0B+16.6% | $1.0B+25.5% | $973.8M+19.7% | $945.6M+47.3% | $892.8M+33.5% |
| Short-Term Investments | $0-100.0% | $0-100.0% | $0-100.0% | $1.0M-96.6% | $16.0M-82.3% | $17.8M-74.2% | $22.7M-90.4% | $29.5M-89.0% |
| Inventory | $80.3M+48.0% | $70.7M+40.4% | $68.4M+53.0% | $64.6M+32.7% | $54.3M+32.4% | $50.4M+17.1% | $44.7M+9.8% | $48.7M+15.8% |
| Accounts Receivable | $422.0M+36.5% | $417.6M+31.2% | $296.5M-5.6% | $286.4M-6.7% | $309.2M-8.0% | $318.2M+10.2% | $314.2M+12.9% | $306.9M+20.3% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $141.1M | $140.9M | $141.1M | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $836.0M+63.6% | $840.4M+70.6% | $685.9M+47.4% | $569.3M-20.1% | $510.9M-24.9% | $492.7M-26.9% | $465.3M-31.2% | $712.4M+7.6% |
| Current Liabilities | $553.2M+43.7% | $558.3M+52.7% | $441.2M+28.2% | $442.0M+46.6% | $384.8M+22.3% | $365.7M+19.5% | $344.0M+12.0% | $301.4M+4.0% |
| Non-Current Liabilities | $282.8M+124.4% | $282.1M+122.1% | $244.7M+101.8% | $127.3M-69.0% | $126.0M-65.6% | $127.0M-65.5% | $121.3M-67.1% | $411.0M+10.5% |
| Total Equity | $1.8B+46.2% | $1.8B+43.1% | $1.7B+43.2% | $1.3B+42.5% | $1.2B+49.0% | $1.2B+56.1% | $1.2B+56.2% | $878.5M+12.0% |
| Retained Earnings | -$2.9Bn/m | -$2.9Bn/m | -$2.8Bn/m | -$2.8Bn/m | -$2.7Bn/m | -$2.6Bn/m | -$2.6Bn/m | -$2.5Bn/m |
Not reported in any period shown, so not listed: Long-Term Debt.
NTRA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $54.8M+45.8% | $40.2M-9.6% | $73.9M+39.7% | $59.4M+14.7% | $37.6M+841.7% | $44.5M+64.6% | $52.9Mn/m | $51.8Mn/m |
| Depreciation & Amortization | $18.8M+111.2% | $14.5M+57.2% | $12.4M+58.9% | $10.3M+25.5% | $8.9M+12.4% | $9.2M+30.8% | $7.8M+12.7% | $8.2M+17.4% |
| Stock-Based Compensation | $103.1M+10.4% | $95.1M+22.2% | N/A | $90.6M+28.3% | $93.4M+38.5% | $77.8M+20.8% | N/A | $70.6M+22.7% |
| Capital Expenditures | $63.4M+144.9% | $22.1M+1.5% | $36.1M+99.1% | $22.4M+37.4% | $25.9M+121.8% | $21.8M+7.4% | $18.1M+80.2% | $16.3M+82.1% |
| Free Cash Flow | -$8.6M-174.0% | $18.0M-20.3% | $37.8M+8.8% | $37.0M+4.3% | $11.7Mn/m | $22.6M+238.6% | $34.8Mn/m | $35.5Mn/m |
| Investing Cash Flow | -$63.4Mn/m | -$32.1Mn/m | -$71.6Mn/m | -$19.9M-146.8% | -$23.9Mn/m | -$16.8M-112.2% | -$11.1M-146.0% | $42.5M-47.7% |
| Financing Cash Flow | $12.2M-2.9% | $3.8M+590.8% | $32.4M+195.3% | $1.9M+12.5% | $12.6M+13.9% | $544K-91.6% | $11.0M+60.3% | $1.7M-99.3% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
NTRA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -10.1%+10.1pp | -13.4%+2.4pp | -3.4%+10.2pp | -16.5%-7.5pp | -20.2%-9.6pp | -15.8%+4.4pp | -13.6%+13.6pp | -8.9%+32.4pp |
| Net Margin | -8.9%+9.6pp | -12.2%+1.1pp | 7.1%+18.4pp | -14.8%-7.6pp | -18.5%-9.4pp | -13.3%+5.0pp | -11.3%+13.8pp | -7.2%+33.5pp |
| Return on Equity | -3.7%+4.4pp | -4.8%+0.6pp | 2.8%+7.3pp | -7.0%-3.4pp | -8.1%-3.6pp | -5.4%+3.1pp | -4.5%+5.7pp | -3.6%+10.3pp |
| Return on Assets | -2.5%+3.2pp | -3.3%+0.6pp | 2.0%+5.2pp | -4.8%-2.8pp | -5.7%-3.3pp | -3.9%+0.7pp | -3.2%+2.2pp | -2.0%+5.5pp |
| Current Ratio | 3.00-0.7x | 2.96-0.9x | 3.39-0.6x | 3.27-1.1x | 3.72-0.4x | 3.87-0.2x | 4.00-0.1x | 4.390.0x |
| Liabilities-to-Equity | 0.460.0x | 0.47+0.1x | 0.400.0x | 0.45-0.4x | 0.41-0.4x | 0.40-0.5x | 0.39-0.5x | 0.810.0x |
| Asset Turnover | 0.280.0x | 0.270.0x | 0.280.0x | 0.330.0x | 0.310.0x | 0.290.0x | 0.29+0.1x | 0.28+0.1x |
| FCF Margin | -1.1%-3.3pp | 2.6%-1.9pp | 5.7%-1.6pp | 6.3%-1.8pp | 2.1%+4.0pp | 4.5%+2.7pp | 7.3%+29.0pp | 8.1%+22.5pp |
Not reported in any period shown, so not listed: Gross Margin, Debt-to-Equity.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Natera, Inc. NTRA | FY2025 | $2.3B | -$208.2M | -9.0% | $58.4B | 52/100 |
| Labcorp Holdings Inc. LH | FY2025 | $14.0B | $876.5M | 6.3% | $26.7B | 50/100 |
| Quest Diagnostics Inc. DGX | FY2025 | $11.0B | $992.0M | 9.0% | $26.7B | 54/100 |
| Mettler-Toledo International MTD | FY2025 | $4.0B | $869.2M | 21.6% | $33.5B | 59/100 |
| IQVIA Holdings Inc. IQV | FY2025 | $16.3B | $1.4B | 8.3% | $46.0B | 50/100 |
| Waters Corp WAT | FY2025 | $3.2B | $642.6M | 20.3% | $44.6B | 70/100 |
Where Natera, Inc. Ranks
Frequently Asked Questions
What is Natera, Inc.'s annual revenue?
Natera, Inc. (NTRA) reported $2.3B in total revenue for fiscal year 2025. This represents a 35.9% 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 35.9% year-over-year, from $1.7B to $2.3B in fiscal year 2025.
Is Natera, Inc. profitable?
No, Natera, Inc. (NTRA) reported a net loss of $192.3M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net loss of $208.2M, with a net profit margin of -9.0%.
What is Natera, Inc.'s EBITDA?
Natera, Inc. (NTRA) had EBITDA of -$268.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Natera, Inc.'s operating margin?
Natera, Inc. (NTRA) had an operating margin of -13.4% in fiscal year 2025, 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 -9.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Natera, Inc.'s return on equity (ROE)?
Natera, Inc. (NTRA) has a return on equity of -12.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Natera, Inc.'s free cash flow?
Natera, Inc. (NTRA) generated $109.1M in free cash flow during fiscal year 2025. This represents a 57.6% 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 Natera, Inc.'s operating cash flow?
Natera, Inc. (NTRA) generated $215.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Natera, Inc.'s total assets?
Natera, Inc. (NTRA) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Natera, Inc.'s capital expenditures?
Natera, Inc. (NTRA) invested $106.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Natera, Inc. spend on research and development?
Natera, Inc. (NTRA) invested $624.1M in research and development during fiscal year 2025.
What is Natera, Inc.'s current ratio?
Natera, Inc. (NTRA) had a current ratio of 3.39 as of fiscal year 2025, which is generally considered healthy.
What is Natera, Inc.'s liabilities-to-equity ratio?
Natera, Inc. (NTRA) had a liabilities-to-equity ratio of 0.40 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Natera, Inc.'s return on assets (ROA)?
Natera, Inc. (NTRA) had a return on assets of -8.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Natera, Inc.'s P/E ratio?
Natera, Inc. (NTRA) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $58.4B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Natera, Inc.'s price-to-sales ratio?
Natera, Inc. (NTRA) trades at 21.6x sales, its market capitalization divided by $2.7B revenue, trailing 12 months to June 30, 2026. The market capitalization is $58.4B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Natera, Inc.'s Altman Z-Score?
Natera, Inc. (NTRA) has an Altman Z-Score of 50.50, 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 Natera, Inc.'s Piotroski F-Score?
Natera, Inc. (NTRA) has a Piotroski F-Score of 3 out of 7 computable signals; 2 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 Natera, Inc.'s earnings high quality?
Natera, Inc. (NTRA) reported a net loss of $208.2M while generating $215.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $309.9M against $4.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average 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.