BillionToOne, Inc. vs RadNet, Inc., two Medical Diagnostics stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
BillionToOne earns 0.7% on its assets and RadNet loses 0.4%, which sounds like a rounding error of a comparison until the business models explain it: one runs high-margin molecular tests through a lab, the other operates imaging centers, real estate and radiologists, where a 0.82 debt-to-equity ratio and thin margins are structural. RadNet converts 7.2% of its price into free cash anyway, the miracle of depreciation-heavy accounting, while BillionToOne converts almost nothing yet. Neither carries a meaningful earnings multiple this year. The pair is a diagnostics-sector reminder that gross margin is destiny: 73% at the test maker, unlisted but structurally thin at the imaging operator, and every other line follows from there.
Comparison updated 2026-07-10.
| Metric | BLLN | RDNT |
|---|---|---|
| Price | $117.95 | $60.71 |
| Market cap | $6.3B | $4.7B |
| Sector | Medical Diagnostics | Medical Diagnostics |
| Stage | Growth | Growth |
| P/B | 12.37 | 3.46 |
| P/S | 21.62 | 2.18 |
| EV/EBITDA | 361.8 | 23.8 |
| Revenue growth | +100.6% | +14.7% |
| Gross margin | 73.0% | — |
| Operating margin | 16.4% | -4.2% |
| Net margin | 1.7% | -0.7% |
| Return on equity | 0.9% | -1.1% |
| Return on assets | 0.7% | -0.4% |
| Return on invested capital | 2.0% | 2.0% |
| FCF yield | 0.4% | 7.2% |
| Debt / equity | 0.18 | 0.82 |
| Current ratio | 10.92 | 1.17 |
| Altman Z (solvency) | 6.95 | 1.63 |
| Piotroski F (quality) | 5 / 9 | 6 / 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.