BillionToOne, Inc. (BLLN) stock analysis
Close on Nov 12, 2026Market cap $5.23BP/E –Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed11 of 30 checks passed
BillionToOne passes 11 of the 30 checks behind our score; 17 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 3/6
- Past performance
- 2/6
- Financial health
- 6/6
- Dividend
- 0/6
What stands out
No debt
BillionToOne has no borrowings on its latest balance sheet.
Interest well covered
Operating income covers interest expense 1655.3 times.
Debt covered by cash flow
There is no debt to cover.
Low bankruptcy risk
The Altman Z-score is 17.41; above 3 is the safe zone and below 1.8 the distress zone.
What to watch
P/B above the industry
BillionToOne's price-to-book of 9.18 is above the Health Services median of 3.40.
No dividend
BillionToOne has not paid a dividend in the last twelve months.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
BillionToOne's price-to-book of 9.18 is above the Health Services median of 3.40.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth3/6
Revenue growth over 3 years
Needs three years of positive revenue.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 71.9% over the last twelve months; the Health Services median is 16.9%.
Guidance raised
BillionToOne raised its full year 2026 total revenue outlook on May 6, 2026.
Gross margin improving
Gross margin was 71.4% over the last twelve months, against 65.2% a year earlier.
Past performance2/6
Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
BillionToOne's return on equity of 30.2% is above the Health Services median of -9.9%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin above the industry
BillionToOne's net margin of 11.3% is above the Health Services median of -10.3%.
Financial health6/6
No debt
BillionToOne has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
Operating income covers interest expense 1655.3 times.
Short-term assets cover short-term debts
Current assets are 11.25 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 17.41; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
BillionToOne has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for BillionToOne. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/S at month end
- Health Services median 2.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $62.95M
- Value traded per 1% price move
- $22.56M
Downside
High risk
- Typical loss in a bad month
- 32.7%
- Volatility (annualized)
- 87%
- Sharpe ratio, 1 year
- 0.04
- Beta to the S&P 500 (5Y)
- 0.04
Margins
Share of revenue, fiscal years 2022 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +100.0% | – | – | – | |
| Gross profit | +157.6% | – | – | – |
Returns and balance sheet
4 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2022 | FY2022 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 6.5% | |
| Current ratio | – | – | 11.69 | |
| Debt to equity | – | – | 0.12 | |
| Net debt to EBITDA | – | – | -19.14× | |
| Interest coverage | – | – | 168.7× | |
| Capex to revenue | – | – | 2.9% | |
| Diluted shares | – | – | 21M |
Cash use needs five years of cash flow figures
BillionToOne does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.4% | 0.65× | 4.09× | 6.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$7.45M
- Cash generatingOperating cash flow above zero$24.60M
- Return on assets improvedROA up on the prior year– → 2.5%
- Earnings backed by cashOperating cash flow above net income$24.60M vs $7.45M
- Less leverageLong-term debt to assets fell17.0% → 9.0%
- Better liquidityCurrent ratio rose8.03 → 11.69
- No dilutionShare count did not rise10M → 21M
- Gross margin improvedGross margin up on the prior year53.03% → 68.32%
- More efficientAsset turnover rose– → 1.01
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