BillionToOne, Inc. vs QUEST DIAGNOSTICS INC, two Medical Diagnostics stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
What is priced in could not be plainer: Quest Diagnostics at 23.2 times earnings is priced as the mature lab utility it is, while BillionToOne, profitable only to the tune of a 1.7% net margin, carries a $6B valuation entirely on the growth of its prenatal and oncology test menu. Quest's economics are the finished article, a 13.8% operating margin, 5.6% free-cash yield, 0.9% dividend, modest debt; BillionToOne's are the early draft, a 73% gross margin waiting for scale to reach the bottom line, cushioned by a 10.9 current ratio. The incumbent's price asks for continuation; the challenger's asks for transformation. Both can be right, which is what makes lab economics a growth market's favorite dressing room.
Comparison updated 2026-07-10.
| Metric | BLLN | DGX |
|---|---|---|
| Price | $117.95 | $209.79 |
| Market cap | $6.3B | $23.5B |
| Sector | Medical Diagnostics | Medical Diagnostics |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | -3.3% |
| P/E | — | 23.2 |
| P/B | 12.37 | 3.07 |
| P/S | 21.62 | 2.08 |
| EV/EBITDA | 361.8 | 10.8 |
| Revenue growth | +100.6% | +11.2% |
| Gross margin | 73.0% | — |
| Operating margin | 16.4% | 13.8% |
| Net margin | 1.7% | 9.1% |
| Return on equity | 0.9% | 13.4% |
| Return on assets | 0.7% | 6.1% |
| Return on invested capital | 2.0% | 15.6% |
| FCF yield | 0.4% | 5.6% |
| Dividend yield | — | 0.9% |
| Debt / equity | 0.18 | 0.07 |
| Current ratio | 10.92 | 1.18 |
| Altman Z (solvency) | 6.95 | 7.64 |
| Piotroski F (quality) | 5 / 9 | 8 / 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.