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MARKETS / NASDAQ / BLLN
NASDAQ · SERVICES-MEDICAL LABORATORIES · SMALL CAP

BillionToOne, Inc. BLLN

3 fiscal years on record · USD · FY2025 reported · SEC filings only
$305.1M
▲ 100.0% YoY
$7.5M
$15.7M
In brief

What this company does

BillionToOne commercializes its UNITY and Northstar tests in the United States through a direct sales force that targets physicians in the prenatal and oncology markets, respectively. As of December 31, 2025, the company had 713 employees, all of them full-time. Its laboratories in Menlo Park and Union City, California, are CLIA certified. As of December 31, 2025, its sales organization included 231 sales representatives, with 177 assigned to prenatal and 54 to oncology. More than 90% of its 2025 revenue came from reimbursement of its prenatal and oncology tests in the United States. UNITY is a prenatal test that uses cell-free DNA to provide fetal risk assessment for recessive conditions such as sickle cell disease and cystic fibrosis without requiring a paternal sample or invasive procedures such as amniocentesis. Northstar Select is a liquid biopsy test that provides insight into appropriate therapies for patients with stage III or IV cancer. Northstar Response is a tissue-free, pan-cancer liquid biopsy test that measures thousands of genomic loci methylated in cancer to indicate changes in a patient's response to therapy.

Written from the business description in BillionToOne, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 11 March 2026. Every sentence was checked against that document before publication.

Growth
USD 305.1M
Revenue, FY2025 · full 3-year series below
Revenue $M Net income $M
FY2025 · Revenue 305.1 · Net income 7.5
200M-40M-80M202320242025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
2 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 5.3% · Net 2.4%
-50%-100%202320242025
ROE

Not applicable: equity was negative in this period, so return on equity has no meaning.

Each USD of equity produced 7 cents of profit this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 15.7
8M-20M-40M202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks -3.1
-2M202320242025

Total assetsUSD 632.7M
EquityUSD 480.1M
CashUSD 496.0M
Gross debtUSD 57.2M
Net debtUSD -438.7M
Current ratio11.69×

The company holds more cash than debt.

The 3-year record
3 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023
Revenue $B0.30.20.1
Operating income $B0.0−0.0−0.1
EBITDA $B0.0−0.0−0.1
Income tax $B0.00.00.0
Net income $B0.0−0.0−0.1
Free cash flow $B0.0−0.0−0.1
EPS, diluted $0.14−4.12−8.45
Dividend / sh $···
Payout %···
ROE %6.5··

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 13 reconciliationsAUDITED

Reconciled in 3 of 19 fiscal years. 82 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Medical Laboratories
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2023

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