BillionToOne, Inc. vs CARIS LIFE SCIENCES, INC., two Medical Diagnostics stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two young diagnostics firms, and the margin lines already diverge: BillionToOne keeps 16.5% of revenue as operating profit on prenatal and oncology tests with a 73% gross margin, while Caris Life Sciences earns 2.4% on molecular profiling at similar scale, $6B and $5B of market value. Caris carries the only usable multiple, 52.9 times thin earnings; BillionToOne's bottom line is barely positive at a 1.7% net margin. Both hold IPO-era war chests, current ratios near 11 and 7. Neither price is about the trailing year: both bet that clinical test volumes compound into the margins the gross lines promise. One is further along the income statement; both are early on the balance sheet clock their cash piles set.
Comparison updated 2026-07-10.
| Metric | BLLN | CAI |
|---|---|---|
| Price | $117.95 | $18.52 |
| Market cap | $6.3B | $5.2B |
| Sector | Medical Diagnostics | Medical Diagnostics |
| Stage | Growth | Growth |
| P/E | — | 52.9 |
| P/B | 12.37 | 8.82 |
| P/S | 21.62 | 5.77 |
| EV/EBITDA | 361.8 | 37.2 |
| Revenue growth | +100.6% | +91.2% |
| Gross margin | 73.0% | — |
| Operating margin | 16.4% | 2.4% |
| Net margin | 1.7% | 3.8% |
| Return on equity | 0.9% | 5.7% |
| Return on assets | 0.7% | 2.9% |
| Return on invested capital | 2.0% | 8.8% |
| FCF yield | 0.4% | 2.4% |
| Debt / equity | 0.18 | 0.64 |
| Current ratio | 10.92 | 7.05 |
| Altman Z (solvency) | 6.95 | 4.14 |
| Piotroski F (quality) | 5 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.