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Stocks · Health care · Services-Medical Laboratories

Natera, Inc.

NTRA Clue Score54
United States Fiscal year ends December CIK 0001604821
$400.71 +2.54% Close, 9 Oct 2026
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Price $400.71 +258.71% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue212.5Operating income−101.1Net income−100.3EPS, diluted−1.95Fiscal year 2017Revenue209.6 −1.4%Operating income−135.3Net income−137.6EPS, diluted−2.59Fiscal year 2018Revenue257.7 +22.9%Operating income−114.6Net income−128.2EPS, diluted−2.22Fiscal year 2019Revenue302.3 +17.3%Operating income−116.3Net income−124.8EPS, diluted−1.79Fiscal year 2020Revenue391.0 +29.3%Operating income−216.3Net income−229.7EPS, diluted−2.84Fiscal year 2021Revenue625.5 +60.0%Operating income−468.2Net income−471.7EPS, diluted−5.21Fiscal year 2022Revenue820.2 +31.1%Operating income−541.0Net income−547.8EPS, diluted−5.57Fiscal year 2023Revenue1,082.6 +32.0%Operating income−446.2Net income−434.8EPS, diluted−3.78Fiscal year 2024Revenue1,696.9 +56.7%Operating income−222.3Net income−190.4EPS, diluted−1.53Fiscal year 2025Revenue2,306.1 +35.9%Operating income−309.9Net income−208.2EPS, diluted−1.52
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 212.5 209.6 257.7 302.3 391.0 625.5 820.2 1,082.6 1,696.9 2,306.1
Growth −1.4% +22.9% +17.3% +29.3% +60.0% +31.1% +32.0% +56.7% +35.9%
Operating income −101.1 −135.3 −114.6 −116.3 −216.3 −468.2 −541.0 −446.2 −222.3 −309.9
Net income −100.3 −137.6 −128.2 −124.8 −229.7 −471.7 −547.8 −434.8 −190.4 −208.2
Growth
EPS, diluted −1.95 −2.59 −2.22 −1.79 −2.84 −5.21 −5.57 −3.78 −1.53 −1.52
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin−47.6%Net margin−47.2%Free cash flow margin−45.7%Fiscal year 2017Operating margin−64.6%Net margin−65.7%Free cash flow margin−51.4%Fiscal year 2018Operating margin−44.5%Net margin−49.7%Free cash flow margin−28.9%Fiscal year 2019Operating margin−38.5%Net margin−41.3%Free cash flow margin−22.6%Fiscal year 2020Operating margin−55.3%Net margin−58.8%Free cash flow margin−51.7%Fiscal year 2021Operating margin−74.8%Net margin−75.4%Free cash flow margin−60.2%Fiscal year 2022Operating margin−66.0%Net margin−66.8%Free cash flow margin−58.4%Fiscal year 2023Operating margin−41.2%Net margin−40.2%Free cash flow margin−26.4%Fiscal year 2024Operating margin−13.1%Net margin−11.2%Free cash flow margin4.1%Fiscal year 2025Operating margin−13.4%Net margin−9.0%Free cash flow margin4.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −47.6% −64.6% −44.5% −38.5% −55.3% −74.8% −66.0% −41.2% −13.1% −13.4%
Net margin −47.2% −65.7% −49.7% −41.3% −58.8% −75.4% −66.8% −40.2% −11.2% −9.0%
Free cash flow margin −45.7% −51.4% −28.9% −22.6% −51.7% −60.2% −58.4% −26.4% 4.1% 4.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−74.1Capital expenditure−23.1Free cash flow−97.2Fiscal year 2017Operating cash flow−97.8Capital expenditure−9.9Free cash flow−107.7Fiscal year 2018Operating cash flow−70.6Capital expenditure−3.9Free cash flow−74.5Fiscal year 2019Operating cash flow−63.4Capital expenditure−5.0Free cash flow−68.4Fiscal year 2020Operating cash flow−182.5Capital expenditure−19.6Free cash flow−202.1Fiscal year 2021Operating cash flow−335.2Capital expenditure−41.0Free cash flow−376.3Fiscal year 2022Operating cash flow−431.5Capital expenditure−47.7Free cash flow−479.2Fiscal year 2023Operating cash flow−247.0Capital expenditure−39.2Free cash flow−286.2Fiscal year 2024Operating cash flow135.7Capital expenditure−66.4Free cash flow69.2Fiscal year 2025Operating cash flow215.3Capital expenditure−106.2Free cash flow109.1 +57.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −74.1 −97.8 −70.6 −63.4 −182.5 −335.2 −431.5 −247.0 135.7 215.3
Capital expenditure −23.1 −9.9 −3.9 −5.0 −19.6 −41.0 −47.7 −39.2 −66.4 −106.2
Free cash flow −97.2 −107.7 −74.5 −68.4 −202.1 −376.3 −479.2 −286.2 69.2 109.1
Growth +57.6%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash15.3Shareholders’ equity143.6Fiscal year 2017Cash12.6Shareholders’ equity25.4Fiscal year 2018Cash46.4Shareholders’ equity32.2Fiscal year 2019Cash61.9Shareholders’ equity278.7Fiscal year 2020Cash48.7Shareholders’ equity486.2Fiscal year 2021Cash84.4Total debt280.4Net cash (debt)−196.0Shareholders’ equity653.3Debt to equity0.43Fiscal year 2022Cash466.0Total debt281.7Net cash (debt)184.4Shareholders’ equity705.7Debt to equity0.40Fiscal year 2023Cash642.1Total debt282.9Net cash (debt)359.2Shareholders’ equity765.3Debt to equity0.37Fiscal year 2024Cash945.6Shareholders’ equity1,195.4Fiscal year 2025Cash1,076.1Shareholders’ equity1,712.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 15.3 12.6 46.4 61.9 48.7 84.4 466.0 642.1 945.6 1,076.1
Total debt n/a n/a n/a n/a n/a 280.4 281.7 282.9 n/a n/a
Net cash (debt) n/a n/a n/a n/a n/a −196.0 184.4 359.2 n/a n/a
Shareholders’ equity 143.6 25.4 32.2 278.7 486.2 653.3 705.7 765.3 1,195.4 1,712.4
Debt to equity n/a n/a n/a n/a n/a 0.43 0.40 0.37 n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
212.5 209.6 257.7 302.3 391.0 625.5 820.2 1,082.6 1,696.9 2,306.1
Growth −1.4% +22.9% +17.3% +29.3% +60.0% +31.1% +32.0% +56.7% +35.9%
134.5 135.5 158.1 n/a n/a n/a n/a n/a n/a n/a
41.9 50.1 51.4 51.4 100.0 264.2 316.4 320.7 404.1 624.1
136.1 155.3 154.9 206.2 303.6 511.0 588.6 618.3 841.3 1,177.3
−101.1 −135.3 −114.6 −116.3 −216.3 −468.2 −541.0 −446.2 −222.3 −309.9
Growth
−100.2 −137.2 −127.8 −122.8 −229.6 −471.1 −546.8 −434.5 −189.7 −268.1
0.1 0.5 0.3 2.0 0.1 0.6 1.0 0.3 0.7 −59.9
−100.3 −137.6 −128.2 −124.8 −229.7 −471.7 −547.8 −434.8 −190.4 −208.2
Growth
Per share
−1.95 −2.58 −2.22 −1.79 −2.84 −5.21 −5.57 −3.78 −1.53 −1.52
−1.95 −2.59 −2.22 −1.79 −2.84 −5.21 −5.57 −3.78 −1.53 −1.52
Growth
51.6 53.3 57.8 69.6 81.0 90.6 98.4 115.0 124.7 136.7
51.6 53.6 57.8 69.6 81.0 90.6 98.4 115.0 124.7 136.7
Growth +3.9% +7.9% +20.2% +16.5% +11.8% +8.7% +16.9% +8.5% +9.6%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 42.6% a year over five years.
  • The diluted share count rose 68.8% in five years, which is dilution.
  • Operating margin is up 41.9 points on five years ago, at -13.4%.
  • A net loss in 10 of 10 years on file.