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Stock research / United States / BLLN · Services-Medical Laboratories · Nasdaq

BillionToOne, Inc. (BLLN)

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BillionToOne, Inc. (BLLN) reported revenue of $109 million for Q2 FY2026, the quarter ended 30 June 2026, up 64.4% on the same quarter a year earlier. Net income was $8 million, and diluted earnings per share $0.15. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue$109 millionup 64.4%
Net income$8 million
Diluted EPS$0.15
QuarterQ2 FY2026ended 30 June 2026

BillionToOne (BLLN) in brief

BillionToOne (BLLN) reported revenue of $305 million for fiscal 2025, the year ended 31 December 2025, up 100.0% on the year before.
Read moreNet income was $7 million and diluted earnings per share $0.14. Revenue was $153 million in fiscal 2024 and $72 million in fiscal 2023. Net income in the same years was a loss of $42 million and a loss of $83 million. Over the twelve months to 30 June 2026, BillionToOne reported revenue of $397 million and net income of $38 million. BillionToOne had 47 million shares outstanding at the latest filed count. At 30 June 2026 it carried $91 million of debt and $549 million of cash. At the close of 30 October 2026 the market cap of BillionToOne was $5.3 billion, 129.9 times its earnings over the last twelve months.

Ratios

From the filings

ROE7.0%
ROCE6.9%
Operating margin10.9%
Net margin9.5%
FCF margin8.3%
Interest cover1,056.15
Debt to equity0.17
Cash conversion1.20
Share count, last 12 months346.8%
Sales CAGR, 3 yearsn/a
Profit CAGR, 3 yearsn/a
EPS, TTMn/a

At the close of 30 October 2026

Price$113.21
Market cap$5.3 billion
Stock P/E129.90
Price to book9.95
EV / EBITDA97.24
Dividend yieldn/a
Market cap / sales13.44
52-week high$149.97
52-week low$64.03
Price, 1 yearn/a
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as BillionToOne, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
BLLNgreeksoup.ai
Daily prices to 30 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on BLLN

Dividendsno dividend in its filings for fiscal 2023 onward
Filings16 in twelve months: 8 current reports (8-K), about 5 results of operations; 2 material agreement; 2 new financial obligation; 2 officer or director change; 1 regulation FD disclosure
Planned insider sales53 Form 144 notices in twelve months, $52.8 million; latest 28 October 2026
Options tapeput/call 0.91 by open interest at the 30 October 2026 close; the straddle prices a 16.1% move to 20 November 2026
13F holders155 funds reported a position for the quarter to 30 June 2026; largest Adams Street Partners LLC
Insider trading183 sales and 11 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest2.9 million shares short, 5.53 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 7 quarters

Q3 FY2024Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue38.459.066.683.596.1108109
Cost of revenue18.221.023.125.127.429.332.3
Gross profit20.238.043.558.468.679.177.1
Gross margin53%64%65%70%71%73%70%
R&D9.610.411.813.014.214.717.3
SG&A23.329.933.335.844.046.654.3
Operating income-12.6-2.3-1.69.610.317.85.5
Operating margin-33%-4%-2%12%11%16%5%
Interest expense0.40.00.00.00.00.00.0
Pre-tax income-14.9-3.9-0.25.66.318.57.5
Tax raten/an/an/a-2%5%3%-7%
Net income-14.9-4.0-0.25.76.018.08.1
Net margin-39%-7%-0%7%6%17%7%
Diluted EPS-$1.47-$0.39-$0.02$0.10n/a$0.34$0.15
Operating cash flown/a2.61.210.010.815.49.1
Capital expendituren/a2.32.92.11.54.54.0
Free cash flown/a0.3-1.77.99.311.05.1
Shares outstandingn/an/an/a11m46m46m47m
Filing10-Q10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 3 fiscal years and the trailing twelve months

FY2023FY2024FY2025TTM
Revenue71.7153305397
Cost of revenue54.471.796.7114
Gross profit17.380.9208283
Gross margin24.1%53.0%68.3%71.3%
Research and development22.436.649.459.2
Selling, general and administrative64.491.5143181
Operating income-69.5-47.116.043.3
Operating margin-96.9%-30.9%5.3%10.9%
Interest expense3.32.40.10.0
Pre-tax income-82.7-41.57.837.9
Income tax0.00.00.30.2
Effective tax raten/an/a3.9%0.5%
Net income-82.7-41.67.537.7
Net margin-115.3%-27.2%2.4%9.5%
Diluted EPS-$8.45-$4.12$0.14n/a
Filing10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Revenue by product or service FY2023 to FY2025

FY2023FY2024FY2025Share
of the parts, latest year
Prenatal68.814627790.8%
Oncology0.02.925.08.2%
Clinical trial support and other services2.93.73.11.0%
PrenatalOncologyClinical trial support and other services
71.7FY2023153FY2024305FY2025

$ million; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2023FY2024FY2025TTM
Operating cash flow-53.7-41.424.645.4
Capital expenditure6.25.48.912.2
Free cash flow-59.8-46.815.733.2
Free cash flow margin-83.4%-30.7%5.2%8.3%
Cash from investing82.8-5.4-8.9-12.2
Cash from financing13.4141289327
Depreciation and amortisation5.97.06.96.9
Share-based compensation4.98.415.925.5
Buybacks0.00.50.0n/a
Diluted shares, weighted10m10m21m54m
Shares outstanding at period endn/a11mn/a47m
Filing10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2023FY2024FY2025TTM
Funded by
Shareholders' equity-219-252480537
Redeemable equity2504190.00.0
Debtn/a51.557.291.0
Operating lease liabilitiesn/a50.845.746.0
Finance lease liabilitiesn/a0.90.30.2
Other liabilitiesn/a31.149.355.7
Total liabilities and equityn/a302633730
Owned
Fixed assetsn/a17.120.424.9
Cash and equivalents97.3191496549
Receivablesn/a24.741.674.9
Inventoryn/a8.717.521.1
Other assetsn/a60.057.260.1
Total assetsn/a302633730
Filing10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/an/an/an/a
Profit growth, compoundedn/an/an/an/a
Return on equity, averagen/an/an/a1.6%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was BillionToOne's revenue in fiscal 2025?

BillionToOne (BLLN) reported revenue of $305 million for fiscal 2025, the year ended 31 December 2025, up 100.0% on the year before.

How much did BillionToOne earn in fiscal 2025?

Net income was $7 million for fiscal 2025, and diluted earnings per share $0.14.

What is BillionToOne's P/E ratio?

At the close of 30 October 2026, BillionToOne traded at 129.9 times its earnings over the twelve months to 30 June 2026.

What is BillionToOne's market cap?

The market cap of BillionToOne was $5.3 billion at the close of 30 October 2026.

How much debt does BillionToOne have?

At 30 June 2026 BillionToOne carried $91 million of debt and $549 million of cash.

Peers: Healthcare

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Natera, Inc. NTRA$59.5 billionn/a-10.6%-10.7%37.8%0.04n/a
Labcorp Holdings Inc. LH$29.4 billion29.6811.3%10.3%6.0%0.660.8%
Quest Diagnostics Inc. DGX$27.7 billion25.0814.8%14.6%9.1%0.731.3%
Guardant Health, Inc. GH$23.9 billionn/an/a-39.7%42.7%n/an/a
Caris Life Sciences, Inc. CAI$9.7 billion95.3317.8%15.5%n/a0.66n/a
Grail, Inc. GRAL$6.4 billionn/a-15.4%-338.4%23.1%0.00n/a
RadNet, Inc. RDNT$5.8 billionn/a-1.9%3.1%18.9%1.22n/a
BillionToOne, Inc. BLLN$5.3 billion129.907.0%10.9%n/a0.17n/a
CareDx, Inc. CDNA$4.6 billion36.5527.5%23.4%38.9%0.00n/a
Veracyte, Inc. VCYT$4.0 billion35.458.2%18.8%17.3%0.00n/a
Fortrea Holdings Inc. FTRE$2.1 billionn/a-12.9%0.5%-3.4%1.98n/a
Personalis, Inc. PSNL$1.7 billionn/a-45.6%-164.1%-13.3%n/an/a
All 59 in Healthcare
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
HCA Healthcare, Inc. HCA$99.8 billion15.68n/a12.5%5.8%n/a0.6%
Natera, Inc. NTRA$59.5 billionn/a-10.6%-10.7%37.8%0.04n/a
Labcorp Holdings Inc. LH$29.4 billion29.6811.3%10.3%6.0%0.660.8%
Quest Diagnostics Inc. DGX$27.7 billion25.0814.8%14.6%9.1%0.731.3%
Guardant Health, Inc. GH$23.9 billionn/an/a-39.7%42.7%n/an/a
Tenet Healthcare Corp. THC$21.7 billion7.9253.3%24.4%6.2%2.43n/a
Encompass Health Corp. EHC$13.4 billion22.1423.9%18.0%9.5%1.010.6%
BrightSpring Health Services, Inc. BTSG$13.3 billionn/an/an/an/a1.00n/a
Davita Inc. DVA$11.9 billion13.82n/a15.0%6.4%n/an/a
Ensign Group, Inc. ENSG$10.6 billion27.0315.6%9.0%17.5%0.080.1%
Universal Health Services Inc. UHS$10.4 billion7.1720.3%11.4%10.0%0.650.5%
Caris Life Sciences, Inc. CAI$9.7 billion95.3317.8%15.5%n/a0.66n/a
Pacs Group, Inc. PACS$7.6 billion28.6124.2%7.4%16.6%0.22n/a
Chemed Corp. CHE$7.0 billion25.5932.8%13.9%5.2%0.270.5%
Hims & Hers Health, Inc. HIMS$6.5 billionn/a-43.8%-6.0%28.0%4.21n/a
Grail, Inc. GRAL$6.4 billionn/a-15.4%-338.4%23.1%0.00n/a
RadNet, Inc. RDNT$5.8 billionn/a-1.9%3.1%18.9%1.22n/a
BillionToOne, Inc. BLLN$5.3 billion129.907.0%10.9%n/a0.17n/a
Sotera Health Co. SHC$5.2 billion31.8124.6%n/a8.1%3.21n/a
Concentra Group Holdings Parent, Inc. CON$5.2 billion26.0841.7%16.4%14.0%3.300.6%
LifeStance Health Group, Inc. LFST$5.1 billion103.153.4%4.9%20.4%0.19n/a
Option Care Health, Inc. OPCH$4.8 billion23.9416.6%5.9%5.9%0.92n/a
CareDx, Inc. CDNA$4.6 billion36.5527.5%23.4%38.9%0.00n/a
Veracyte, Inc. VCYT$4.0 billion35.458.2%18.8%17.3%0.00n/a
National Healthcare Corp. NHC$3.2 billion23.1112.5%9.3%6.9%0.001.3%
Surgery Partners, Inc. SGRY$3.0 billionn/a-5.3%11.4%4.0%2.25n/a
Aveanna Healthcare Holdings, Inc. AVAH$2.9 billion10.7095.6%10.5%19.5%4.52n/a
Acadia Healthcare Company, Inc. ACHC$2.7 billionn/a-56.9%-32.6%4.3%1.22n/a
Privia Health Group, Inc. PRVA$2.7 billion102.293.6%1.9%24.1%0.00n/a
Brookdale Senior Living Inc. BKD$2.5 billionn/an/a3.5%-4.4%n/an/a
Addus HomeCare Corp. ADUS$2.3 billion22.009.2%10.0%15.9%0.05n/a
Pediatrix Medical Group, Inc. MD$2.3 billion16.2017.7%10.9%1.9%0.68n/a
Progyny, Inc. PGNY$2.3 billion31.7617.3%8.6%5.5%0.00n/a
GeneDx Holdings Corp. WGS$2.1 billionn/a-43.5%-20.3%25.4%0.41n/a
Fortrea Holdings Inc. FTRE$2.1 billionn/a-12.9%0.5%-3.4%1.98n/a
Ardent Health, Inc. ARDT$1.7 billion21.855.8%3.2%3.3%0.82n/a
Personalis, Inc. PSNL$1.7 billionn/a-45.6%-164.1%-13.3%n/an/a
Healthcare Services Group Inc. HCSG$1.7 billion16.4619.7%n/a4.0%0.00n/a
Sonida Senior Living, Inc. SNDA$1.6 billionn/a-14.2%-13.6%49.4%1.82n/a
Teladoc Health, Inc. TDOC$1.6 billionn/a-12.0%-6.6%-2.4%0.77n/a
Pennant Group, Inc. PNTG$1.5 billion46.338.0%5.6%37.9%0.49n/a
agilon health, Inc. AGL$1.4 billion26.01-102.1%-5.2%0.3%0.13n/a
U S Physical Therapy Inc. USPH$1.3 billion96.907.2%9.4%11.3%0.492.1%
InnovAge Holding Corp. INNV$1.2 billionn/a-1.1%0.3%15.9%0.21n/a
Omada Health, Inc. OMDA$1.1 billion375.101.7%-0.1%n/a0.00n/a
Castle Biosciences Inc. CSTL$1.1 billionn/a-4.1%-9.0%3.2%0.020.0%
Lumexa Imaging Holdings, Inc. LMRI$1.1 billionn/an/an/an/a1.36n/a
AdaptHealth Corp. AHCO$791 millionn/a-16.6%-4.5%-0.4%1.37n/a
Starling Oncology, Inc. STLN$656 millionn/an/a-4.4%38.4%n/an/a
Fulgent Genetics, Inc. FLGT$565 millionn/a-8.4%-37.7%6.8%0.00n/a
SBC Medical Group Holdings Inc. SBC$541 million11.2218.6%37.3%-6.9%0.14n/a
Viemed Healthcare, Inc. VMD$369 million26.8910.1%7.5%25.2%0.05n/a
Community Health Systems Inc. CYH$337 million9.19n/a10.9%-7.8%n/an/a
Biodesix Inc. BDSX$245 millionn/a-303.6%-20.0%34.5%5.47n/a
Exagen Inc. XGN$208 millionn/a-154.9%-18.6%20.8%1.87n/a
Airsculpt Technologies, Inc. AIRS$123 millionn/a-11.2%-8.4%-8.7%0.42n/a
LifeMD, Inc. LFMD$110 millionn/an/an/an/a0.00n/a
Sera Prognostics, Inc. SERA$103 millionn/a-56.0%-53,282.9%-35.2%0.00n/a
Park Dental Partners, Inc. PARK$99 millionn/an/an/an/a0.37n/a
17 companies share its SEC industry code (Services-Medical Laboratories); the rest are the names nearest in size in its wider industry, Healthcare, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20265 August 2026EDGAR
10-Q31 March 20266 May 2026EDGAR
10-K31 December 202511 March 2026EDGAR
10-Q30 September 202510 December 2025EDGAR