BillionToOne, Inc. vs VERACYTE, INC., two Medical Diagnostics stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both diagnostics developers hold fortress liquidity, current ratios of 10.9 and 9.3, the IPO-cash signature of companies built to outlast their own investment phase. Veracyte has finished the crossing: a 16.3% operating margin that reaches the bottom line intact at 16.3% net, priced at 56 times earnings. BillionToOne's identical 16.5% operating margin still nets to just 1.7%, taxes and financing eating the rest, with no multiple to quote. Gross margins are twins at 73%. The market pays $5B for the proven conversion and $6B for the promised one, which prices BillionToOne's faster menu growth at roughly the whole difference. Two clean balance sheets, one finished income statement, and a valuation gap that assumes the second finishes too.
Comparison updated 2026-07-10.
| Metric | BLLN | VCYT |
|---|---|---|
| Price | $117.95 | $60.46 |
| Market cap | $6.3B | $4.9B |
| Sector | Medical Diagnostics | Medical Diagnostics |
| Stage | Growth | Growth |
| P/E | — | 56.0 |
| P/B | 12.37 | 3.66 |
| P/S | 21.62 | 9.07 |
| EV/EBITDA | 361.8 | 56.1 |
| Revenue growth | +100.6% | +16.9% |
| Gross margin | 73.0% | 72.7% |
| Operating margin | 16.4% | 16.3% |
| Net margin | 1.7% | 16.3% |
| Return on equity | 0.9% | 6.5% |
| Return on assets | 0.7% | 6.1% |
| Return on invested capital | 2.0% | 5.5% |
| FCF yield | 0.4% | 3.2% |
| Debt / equity | 0.18 | 0.00 |
| Current ratio | 10.92 | 9.31 |
| Altman Z (solvency) | 6.95 | 6.48 |
| 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.