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MARKETS / NASDAQ / NTRA
NASDAQ · SERVICES-MEDICAL LABORATORIES · LARGE CAP

Natera, Inc. NTRA

13 fiscal years on record · USD · FY2025 reported · SEC filings only
$2.3B
▲ 35.9% YoY
$-208.2M
$109.1M
▲ 57.6% YoY
In brief

What this company does

Natera commercializes personalized blood-based DNA tests used in oncology for therapy decisions from diagnosis through survivorship, develops and commercializes non- or minimally invasive tests for women's health needs such as prenatal testing and hereditary cancer screening, and offers tests to assess kidney, heart, and lung transplant rejection as well as genetic testing for chronic kidney disease. It is headquartered in Austin, Texas, with laboratory facilities located in Austin, Texas, San Carlos, California, and Boulder, Colorado. Its revenues were $2,306.1 million in 2025, compared with $1,696.9 million in 2024 and $1,082.6 million in 2023. It processed approximately 3.5 million tests in 2025, compared with approximately 3.1 million tests in 2024 and 2.5 million tests in 2023. In addition to its direct sales force in the United States, it has a global network of over 100 laboratory and distribution partners. As of December 31, 2025, its global workforce comprised 6,140 employees, of whom 6,135 were full-time employees. Its Signatera circulating tumor DNA (ctDNA) test is custom designed for, informed by, and specific to the tumor DNA of each patient. It launched Panorama, its non-invasive prenatal test (NIPT), in 2013; Panorama helps physicians assess the risk of fetal genetic abnormalities by non-invasively screening for fetal chromosomal abnormalities, including Down syndrome, Edwards syndrome, Patau syndrome, Turner syndrome, and triploidy.

Written from the business description in Natera, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth
USD 2.3B
Revenue, FY2025 · full 13-year series below
Revenue $B Net income $B
FY2025 · Revenue 2.3 · Net income -0.2
0.8B1.6B-0.2B-0.4B2013201520172019202120232025
Compound annual growth
+41.1%
+42.6%
+28.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +42.6% a year over five years.

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
−9 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -13.4% · Net -9.0%
-20%-40%-60%2013201520172019202120232025
ROE
FY2025 · ROE -14.3%
-200%-400%2013201520172019202120232025

Each USD of equity lost 14 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 109.1
40M80M-200M-400M2013201520172019202120232025

Total assetsUSD 2.4B
EquityUSD 1.7B
CashUSD 1.1B
Gross debtUSD 80.3M
Net debtUSD -995.8M
Current ratio3.39×

The company holds more cash than debt.

The 13-year record
13 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 2025202420232022202120202019201820172016201520142013
Revenue $B2.31.71.10.80.60.40.30.30.20.20.20.20.1
Operating income $B−0.3−0.2−0.4−0.5−0.5−0.2−0.1−0.1−0.1−0.1−0.10.0−0.0
EBITDA $B−0.3−0.2−0.4−0.5−0.5−0.2−0.1−0.1−0.1−0.1−0.10.0−0.0
Income tax $B−0.10.00.00.00.00.00.00.00.00.0·0.0·
Net income $B−0.2−0.2−0.4−0.5−0.5−0.2−0.1−0.1−0.1−0.1−0.1−0.0−0.0
Free cash flow $B0.10.1−0.3−0.5−0.4−0.2−0.1−0.1−0.1−0.1−0.00.0−0.0
EPS, diluted $−1.52−1.53−3.78−5.57−5.21−2.84−1.79−2.22−2.59−1.95−2.68−1.07−9.66
Dividend / sh $·············
Payout %·············
ROE %−14.3−19.4−59.1−80.6−82.8−60.1−80.3−445.1−162.9−54.2−255.1··
Shares out B0.140.130.120.110.100.090.080.060.050.050.050.01·

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 50 reconciliationsAUDITED

Reconciled in 13 of 19 fiscal years. 39 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
Data on record since2013

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