BillionToOne, Inc. vs NATERA, INC., two Medical Diagnostics stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Growth is the entire argument at both, and the market has priced the further-along story six times higher: Natera at $37B on a negative 9.1% net margin, BillionToOne at $6B having just turned a 1.7% net margin positive. Both sell molecular tests where volume compounds ahead of profit; Natera's scale in prenatal and oncology screening simply arrived first, and its losses are the residue of defending it. BillionToOne's 73% gross margin and 10.9 current ratio describe a challenger with time and chemistry on its side. Neither has a usable multiple. The pair prices sequencing-era diagnostics at two stages of the same climb, with the market paying a premium for altitude even when the summit is profit neither has reached.
Comparison updated 2026-07-10.
| Metric | BLLN | NTRA |
|---|---|---|
| Price | $117.95 | $260.64 |
| Market cap | $6.3B | $36.9B |
| Sector | Medical Diagnostics | Medical Diagnostics |
| Stage | Growth | Growth |
| P/B | 12.37 | 20.79 |
| P/S | 21.62 | 14.75 |
| EV/EBITDA | 361.8 | — |
| Revenue growth | +100.6% | +36.4% |
| Gross margin | 73.0% | — |
| Operating margin | 16.4% | -13.4% |
| Net margin | 1.7% | -9.1% |
| Return on equity | 0.9% | -12.8% |
| Return on assets | 0.7% | -8.7% |
| Return on invested capital | 2.0% | -13.8% |
| FCF yield | 0.4% | 0.3% |
| Debt / equity | 0.18 | 0.05 |
| Current ratio | 10.92 | 2.96 |
| Altman Z (solvency) | 6.95 | 5.81 |
| 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.