BillionToOne, Inc. vs GUARDANT HEALTH, INC., two Medical Diagnostics stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The balance sheets tell the strategy: BillionToOne holds a 10.9 current ratio with minimal debt and has already reached a positive 16.5% operating margin, discipline funded by patience; Guardant Health holds a 4.7 current ratio and spends it, a negative 40.2% operating margin in pursuit of cancer-screening scale. The market pays $20B for Guardant's ambition and $6B for BillionToOne's arithmetic. Guardant's negative 22.6% return on assets is the price of building a screening franchise before it pays; BillionToOne's near-1% return is the sound of a young company just crossing into the black. Two liquid-biopsy-era diagnostics stories, one priced on what it spends, the other on what it keeps.
Comparison updated 2026-07-10.
| Metric | BLLN | GH |
|---|---|---|
| Price | $117.95 | $149.32 |
| Market cap | $6.3B | $19.6B |
| Sector | Medical Diagnostics | Medical Diagnostics |
| Stage | Growth | Growth |
| P/B | 12.37 | — |
| P/S | 21.62 | 18.15 |
| EV/EBITDA | 361.8 | — |
| Revenue growth | +100.6% | +39.3% |
| Gross margin | 73.0% | — |
| Operating margin | 16.4% | -40.2% |
| Net margin | 1.7% | -40.1% |
| Return on equity | 0.9% | — |
| Return on assets | 0.7% | -22.6% |
| Return on invested capital | 2.0% | -26.7% |
| FCF yield | 0.4% | -1.2% |
| Debt / equity | 0.18 | — |
| Current ratio | 10.92 | 4.68 |
| Altman Z (solvency) | 6.95 | 4.37 |
| Piotroski F (quality) | 5 / 9 | 3 / 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.