Natera, Inc.NTRA
NasdaqGS•Healthcare•Diagnostics & Research
Natera, Inc., a diagnostics company, engages in the development and commercialization of molecular testing services worldwide. It offers Signatera, a personalized ctDNA blood test for MRD assessment, early recurrence monitoring, and evaluation of treatment response in patients previously diagnosed with cancer; Latitude, a blood-based MRD test for colorectal cancer; Altera, a tissue based comprehensive genomic profiling test; and Empower, a hereditary cancer screening test. The company also provides Panorama, a non-invasive prenatal test; Horizon, a carrier screening test; Fetal Focus, a single-gene NIPT, or sgNIPT, that screens for 21 single-gene inherited conditions; and Vistara, a single-gene NIPT, which screens for 25 single-gene conditions. In addition, it offers Anora, which tests and analyzes miscarriage tissue from women who have experienced one or more pregnancy losses; Empower, a hereditary cancer screening test; Prospera, a test to assess active rejection in patients who have undergone solid organ transplantation; Renasight, a kidney gene panel test; and Constellation software, a cloud-based distribution model. Further, the company provides NateraCore, a platform to support the patient and provider experience; phlebotomy services; and EMR integration services. The company serves independent laboratories, national and regional reference laboratories, medical centers and physician practices for its screening tests, research laboratories, and pharmaceutical companies through its direct sales force and laboratory distribution partners, as well as Constellation licensees under its cloud-based distribution model. It has a partnership agreement with BGI Genomics Co., Ltd. to develop, manufacture, and commercialize NGS-based genetic testing assays for clinical and commercial use. The company has a collaboration with Diakonos Oncology Corp. to assess molecular response in patients with refractory melanoma. The company was formerly known as Gene Security Network, LLC and changed its name to Natera, Inc. in January 2012. Natera, Inc. was founded in 2003 and is headquartered in Austin, Texas.
Natera, Inc. (NTRA) reported trailing twelve months revenue of $2.50B as of March 2026, a 36.6% increase year-over-year. Quarterly revenue reached $696.64M, reflecting continued top-line momentum.
Natera, Inc. reported a TTM net loss of $226.31M, with quarterly EBITDA of $-79.00M. The operating margin expanded from -15.8% to -13.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-13.4%) and net margin (-12.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -13.3% a year ago, signaling stronger bottom-line efficiency.
NTRA trades at a P/S of 10.6x. The price-to-book ratio of 14.9x indicates a significant premium over book value.
The company generated $18.03M in free cash flow over the trailing twelve months, a 20.3% decrease year-over-year, indicating strong cash generation ability. The balance sheet shows $2.61B in total assets with no in long-term debt against $1.77B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -12.8%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~83.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg -0.2x) — earnings may be inflated by non-cash items or aggressive accounting.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 15.2% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation