NTRANasdaqServices-Medical LaboratoriesFiscal year ends December 31
Natera, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$399.42+5.98 (+1.52%)
Close on Oct 19, 2026
- Market cap
- $57.23B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2025
Gross margin
–
Operating margin
-13.4%+41.9 pts over 5 years
Net margin
-9.0%+49.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +35.9% | +41.1% | +42.6% | +28.3% | |
| Free cash flow | +57.6% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -54.2% | -60.1% | -14.3% | |
| Return on assets | -42.2% | -30.3% | -10.3% | |
| Current ratio | 1.81 | 4.33 | 3.39 | |
| Interest coverage | -189.6× | -14.3× | -76.2× | |
| Inventory turnover | 18.5× | – | – | |
| Capex to revenue | 10.9% | 5.0% | 4.6% | |
| Diluted shares | 52M | 81M | 137M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Natera generated $1.36B from operations and spent $300.54M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$1.36B
Used
$300.54M
Capital expenditure$300.54M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-9.0%
×Asset turnover1.14×
×Equity multiplier1.40×
=Return on equity, FY2025-14.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -9.0% | 1.14× | 1.40× | -14.3% |
| FY2024 | -11.2% | 1.09× | 1.58× | -19.4% |
| FY2023 | -40.2% | 0.76× | 1.93× | -59.1% |
| FY2022 | -66.8% | 0.62× | 1.94× | -80.6% |
| FY2021 | -75.4% | 0.58× | 1.90× | -82.8% |
| FY2020 | -58.8% | 0.52× | 1.98× | -60.1% |
| FY2019 | -41.3% | 0.71× | 2.74× | -80.3% |
| FY2018 | -49.7% | 1.07× | 8.38× | -445.1% |
| FY2017 | -65.7% | 0.99× | 2.52× | -162.9% |
| FY2016 | -47.2% | 0.89× | 1.29× | -54.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$208.16M
- Cash generatingOperating cash flow above zero$215.30M
- Return on assets improvedROA up on the prior year-13.2% → -12.5%
- Earnings backed by cashOperating cash flow above net income$215.30M vs -$208.16M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.00 → 3.39
- No dilutionShare count did not rise125M → 137M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose1.18 → 1.39