Natera NTRA

Medical - Diagnostics & Research, Healthcare

$403.95

+0.64%

Market cap: $58.2B
PE: n/m; a loss over the last year
Forward PE: n/m; a loss over the last year
Price to sales: 21.5×
EV/EBIT: n/m; a loss over the last year
Revenue, 12 months: $2.7B; +38% on a year ago
Net margin: −7.1%
Free cash flow yield: 0.1%

Natera trades at 21.5× sales. Its trailing earnings are negative, so it has no PE. Revenue was $2.7B over the last twelve months, up 38% on a year earlier with a −7% net margin.

Charts

Financials

Income statement for NTRA, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$268.3M+27%	$311.1M+43%	$367.7M+52%	$413.4M+58%	$439.8M+64%	$476.1M+53%	$501.8M+37%	$546.6M+32%	$592.2M+35%	$665.5M+40%	$696.6M+39%	$752.8M+38%
Cost of revenue	$147.3M+26%	$151.2M+19%	$159.1M+7%	$170.2M+19%	$168M+14%	$176.4M+17%	$185.1M+16%	$200M+18%	$207.8M+24%	$220.1M+25%	$245.8M+33%	$267.6M+34%
Gross profit	$121M+29%	$159.9M+78%	$208.6M+123%	$243.2M+106%	$271.7M+125%	$299.6M+87%	$316.8M+52%	$346.6M+43%	$384.4M+41%	$445.4M+49%	$450.8M+42%	$485.2M+40%
R&D	$77.2M+18%	$83M−6%	$88.6M+8%	$89.1M+14%	$96.9M+26%	$129.5M+56%	$129.1M+46%	$146.4M+64%	$173.4M+79%	$175.2M+35%	$210.7M+63%	$228.1M+56%
SG&A	$154.7M+5%	$161.4M+12%	$194.3M+30%	$198M+30%	$214.2M+38%	$234.9M+46%	$266.9M+37%	$310.5M+57%	$308.5M+44%	$291.3M+24%	$327.9M+23%	$327.2M+5%
	−$111M−7%	−$84.5M−40%	−$74.3M−46%	−$43.9M−61%	−$39.3M−65%	−$64.7M−23%	−$79.2M+7%	−$110.4M+151%	−$97.6M+148%	−$22.8M−65%	−$93.5M+18%	−$75.8M−31%
Interest expense	$3.3M+40%	$3.1M+14%	$3.1M+2%	$3.1M−2%	$3.1M−3%	$1.3M−59%	$1M−68%	$1M−67%	$1M−67%	$991K−23%	$892K−11%	$890K−14%
Pre-tax income	−$108.8M−10%	−$77.8M−45%	−$67.2M−51%	−$36.6M−67%	−$30.9M−72%	−$55.1M−29%	−$66.8M−1%	−$100.7M+175%	−$87.3M+183%	−$13.3M−76%	−$84.8M+27%	−$67.2M−33%
	$202K+9%	$191K−55%	$428K+168%	$892K	$730K+261%	−$1.4M	$173K−60%	$275K−69%	$207K−72%	−$60.6M+4371%	$283K+64%	−$261K
Net income	−$109M−10%	−$78M−45%	−$67.6M−51%	−$37.5M−66%	−$31.6M−71%	−$53.8M−31%	−$66.9M−1%	−$100.9M+169%	−$87.5M+177%	$47.3M	−$85.1M+27%	−$67M−34%
	−$0.95−24%	−$0.65−53%	−$0.56−55%	−$0.30−69%	−$0.26−73%	−$0.41−37%	−$0.50−11%	−$0.74+147%	−$0.64+146%	$0.34	−$0.60+20%	−$0.47−37%
	115.2M+19%	119.3M+14%	120.8M+8%	122.9M+8%	123.8M+8%	131.4M+10%	134.8M+12%	136.4M+11%	137.2M+11%	138.3M+5%	141.5M+5%	143.3M+5%

Revenue: Q1 FY14 and Q1 FY15: 6 months less the 3 months printed beside them.

Cost of revenue: Q1 FY14 and Q1 FY15: 6 months less the 3 months printed beside them.

Gross profit: Q1 FY14 and Q1 FY15: 6 months less the 3 months printed beside them. 48 periods, Q2 FY14 to Q2 FY26: not printed by the filing, worked out from its own lines.

R&D: Q1 FY14 and Q1 FY15: 6 months less the 3 months printed beside them.

SG&A: Q1 FY14 and Q1 FY15: 6 months less the 3 months printed beside them.

Operating income: Q1 FY14 and Q1 FY15: 6 months less the 3 months printed beside them.

Interest expense: Q1 FY14 and Q1 FY15: 6 months less the 3 months printed beside them.

Net income: Q1 FY14 and Q1 FY15: 6 months less the 3 months printed beside them.

EPS, diluted: 11 periods, Q1 FY14 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: Q1 FY14: share-days: the 6-month average less the second quarter's. Q4 FY14 and Q4 FY25: share-days: the 12-month average less the 9-month, weighted by days. 10 periods, Q4 FY15 to Q4 FY24: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Estimates

Next earnings report: Nov 5, 2026.

Quarter	Revenue	Range	EPS	Range	Analysts
Q3 FY26	$707.5M	$701.6M to $712.5M	−$0.28	−$0.72 to $0.41	8
Q4 FY26	$749.5M	$742.6M to $755.5M	−$0.11	−$0.65 to $0.25	8
Q1 FY27	$813M	$804.5M to $822.3M	−$0.24	−$0.24 to −$0.24	3
Q2 FY27	$860M	$850.9M to $869.8M	−$0.20	−$0.20 to −$0.19	4
Q3 FY27	$878.4M	$869.2M to $888.5M	−$0.13	−$0.13 to −$0.13	3
Q4 FY27	$928.9M	$919.1M to $939.5M	−$0.03	−$0.03 to −$0.03	4
Q1 FY28	$945.9M	$936M to $956.8M	$0.34	$0.34 to $0.35	4
Q2 FY28	$1B	$990.8M to $1B	$0.37	$0.36 to $0.38	5

Peers

Companies in Medical - Diagnostics & Research nearest Natera's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
NTRANatera	$58.2B	n/m	n/a	n/m	21.5×	+38%	−7.1%
AAgilent Technologies	$48.8B	34.0×	33.1×	26.4×	6.6×	+9%	19.5%
IQVIQVIA	$46B	34.7×	34.9×	20.5×	2.7×	+8%	8.1%
WATWaters	$44.6B	113×	29.2×	29.2×	9.6×	+52%	3.6%
IDXXIDEXX Laboratories	$44.1B	39.4×	55.0×	35.9×	9.7×	+13%	25.0%
ILMNIllumina	$40.7B	50.1×	51.4×	47.2×	9.1×	+5%	18.4%
MTDMettler-Toledo International	$33.5B	37.6×	36.5×	33.9×	8.1×	+7%	21.9%
DGXQuest Diagnostics	$26.7B	25.7×	19.3×	n/m	2.3×	+9%	9.2%
LHLabcorp	$26.7B	27.2×	19.4×	17.4×	1.9×	+6%	7.0%
DHRDanaher	$162B	40.9×	34.2×	25.4×	6.5×	+5%	15.9%
MEDPMedpace	$18.7B	39.2×	34.5×	n/m	6.7×	+25%	17.7%
Peer median	$42.4B	38.4×	34.3×	27.8×	6.7×	+8%	16.8%