CareDx, Inc.

Worth knowing

• Profit looks boosted by one-off gains. Reported profit is 8.9× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 8.9× operating cash profit, lifted by income outside the core business.

  CareDx's reported profit is 8.9× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.CareDx's reported profit is 8.9× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.

• Stock pay outran buybacks. Stock-based pay expense $150M vs $116M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −3.4% from December 2022 to July 2026.

  Over three fiscal years CareDx recorded $150M of stock-based pay expense and spent $116M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years CareDx recorded $150M of stock-based pay expense and spent $116M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Wide margins. Operating margin 24% (12 months to Jun 2026) vs a peer median of 7.1%.Operating margin 24% vs peers 7.1%.

  CareDx keeps 24% of revenue as operating profit, more than 87% of peers (median 7.1%).

• Fast revenue growth. Revenue grew 34% in the 12 months to June 2026 vs the 12 months before, faster than 87% of peers.

  Revenue grew 34% in the 12 months to June 2026 vs the 12 months before, faster than 87% of its peers.