BillionToOne, Inc. vs LABCORP HOLDINGS INC., two Medical Diagnostics stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Labcorp is the industrial model of diagnostics, 28.7% gross margins, high volume, a 6.2% free-cash yield and a dividend, the economics of a national lab network running at scale; BillionToOne is the boutique model, a 73% gross margin on specialized molecular tests that has just begun reaching profitability at a 1.7% net margin. The market prices scale at 24.1 times earnings and specialization at a multiple it cannot compute yet. Labcorp carries 0.73 turns of acquisition debt; BillionToOne carries a 10.9 current ratio of IPO cash. The pair frames the sector's standing question, whether value accrues to the network that runs every test or the specialist whose tests cannot be run elsewhere; the gross margins say specialist, the cash flows say network.
Comparison updated 2026-07-10.
| Metric | BLLN | LH |
|---|---|---|
| Price | $117.95 | $271.48 |
| Market cap | $6.3B | $22.5B |
| Sector | Medical Diagnostics | Medical Diagnostics |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | -1.3% |
| P/E | — | 24.1 |
| P/B | 12.37 | 2.58 |
| P/S | 21.62 | 1.59 |
| EV/EBITDA | 361.8 | 17.3 |
| Revenue growth | +100.6% | +7.4% |
| Gross margin | 73.0% | 28.7% |
| Operating margin | 16.4% | 10.8% |
| Net margin | 1.7% | 6.7% |
| Return on equity | 0.9% | 10.8% |
| Return on assets | 0.7% | 4.9% |
| Return on invested capital | 2.0% | 7.5% |
| FCF yield | 0.4% | 6.2% |
| Dividend yield | — | 1.1% |
| Debt / equity | 0.18 | 0.73 |
| Current ratio | 10.92 | 1.73 |
| Altman Z (solvency) | 6.95 | 2.88 |
| Piotroski F (quality) | 5 / 9 | 4 / 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.