NTRA Healthcare

Natera, Inc.

$388.63+2.56%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Healthcare
Industry: Diagnostics & Research
Country: United States
Market cap: 56.0B USD
Enterprise value: 55.2B USD
Full-time employees: 6,135

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.50 vs a peer median of 0.63)bigger price swings (beta 1.50 vs peers 0.63)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #836 of 1,157 healthcare companies (bottom 28%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 30% from December 2022 to July 2026.
Natera had 30% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Natera had 30% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.
Natera paid employees $354M in stock in 2025, 15% of its $2.3B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Natera looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 88% of peers, at an operating loss.
Revenue grew faster than 88% of peers, but the business runs at an operating loss (margin -11%).

StockQuotient Score

39/ 100

Oct 5 39 → Nov 4 39

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-0.3%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-0.4%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield0.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield3.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

86/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 8.2%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth42.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 4.39Sector median: 0.0584 · MAD: 0.0840

Revenue growth37.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.26Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

26/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 2.3 points to -10.7%

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-10.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.46Sector median: 0.0706 · MAD: 0.1217

Return on assets-7.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.66Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-31.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.59Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin65.2%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-10.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.50

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.59Sector median: 0.6250 · MAD: 0.3380

Current ratio3.00×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.30Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.13×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.44Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Natera

Is Natera getting weaker?: Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 2.3 points to -10.7%. Its overall score is unchanged at 39/100 since Oct 28, 2026.
How is Natera valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -0.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -0.3% vs peers 1.5% (weaker than 100% of peers).
Is Natera growing?: Yes, faster than most of its peers. Growth scores 86/100 against 1,393 healthcare peers. 3-year revenue growth 42.7% vs a peer median of 5.8% (stronger than 91% of peers).3-year revenue growth 42.7% vs peers 5.8% (stronger than 91% of peers).
How profitable is Natera?: Less profitable than most of its peers. Profitability scores 26/100 against 1,393 healthcare peers. Return on invested capital -31.3% vs a peer median of 4.7% (weaker than 83% of peers).Return on invested capital -31.3% vs peers 4.7% (weaker than 83% of peers).
How risky is Natera?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.13× vs a peer median of 0.22× (stronger than 64% of peers).Debt / equity 0.13× vs peers 0.22× (stronger than 64% of peers). Beta 1.50 vs a peer median of 0.63 (weaker than 87% of peers).Beta 1.50 vs peers 0.63 (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 2.3 points to -10.7%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.5B USD	2.7B USD	+8.2%
Net income (12 months)	−226.3M USD	−192.3M USD	−15.0%
Operating margin	-13.0%	-10.7%	+2.3 pts
Free cash flow (12 months)	104.5M USD	84.2M USD	−19.4%
Cash	1.1B USD	1.1B USD	+0.3%
Shares outstanding	143.2M	144.1M	+0.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Diagnostics & Research · 26 companies

Valuations in Diagnostics & Research are within their usual range since Nov 2018.

53% of months since Nov 2018 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +109% vs the whole market, against a usual +111%.

Nov 2018Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-74.8%	-66.0%	-41.2%	-13.1%	-13.4%	▼ 0.3 pts
Net margin	-75.4%	-66.8%	-40.2%	-11.2%	-9.0%	▲ 2.2 pts
Return on assets (ROA)	-38.1%	-39.3%	-30.2%	-11.5%	-8.7%	▲ 2.8 pts
Return on equity (ROE)	-72.2%	-77.6%	-56.8%	-15.9%	-12.2%	▲ 3.8 pts
Free cash flow margin	-60.2%	-58.4%	-26.4%	4.1%	4.7%	▲ 0.7 pts
Current ratio	4.99×	3.90×	4.10×	4.00×	3.39×	▼ 15%
Quick ratio	4.87×	3.79×	3.96×	3.87×	3.24×	▼ 16%
Debt to equity	0.51×	0.51×	0.47×	0.07×	0.05×	▼ 30%
Interest coverage	-56.37×	-58.06×	-35.31×	-20.80×	-76.16×	▼ 266%

NTRA price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.50 vs a peer median of 0.63)bigger price swings (beta 1.50 vs peers 0.63)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #836 of 1,157 healthcare companies (bottom 28%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 30% from December 2022 to July 2026.

Natera had 30% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Natera had 30% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.

Natera paid employees $354M in stock in 2025, 15% of its $2.3B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Natera looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 88% of peers, at an operating loss.

Revenue grew faster than 88% of peers, but the business runs at an operating loss (margin -11%).

Questions investors ask about Natera

Is Natera getting weaker?

Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 2.3 points to -10.7%. Its overall score is unchanged at 39/100 since Oct 28, 2026.

How is Natera valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -0.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -0.3% vs peers 1.5% (weaker than 100% of peers).

Is Natera growing?

Yes, faster than most of its peers. Growth scores 86/100 against 1,393 healthcare peers. 3-year revenue growth 42.7% vs a peer median of 5.8% (stronger than 91% of peers).3-year revenue growth 42.7% vs peers 5.8% (stronger than 91% of peers).

How profitable is Natera?

Less profitable than most of its peers. Profitability scores 26/100 against 1,393 healthcare peers. Return on invested capital -31.3% vs a peer median of 4.7% (weaker than 83% of peers).Return on invested capital -31.3% vs peers 4.7% (weaker than 83% of peers).

How risky is Natera?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.13× vs a peer median of 0.22× (stronger than 64% of peers).Debt / equity 0.13× vs peers 0.22× (stronger than 64% of peers). Beta 1.50 vs a peer median of 0.63 (weaker than 87% of peers).Beta 1.50 vs peers 0.63 (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.5B USD

2.7B USD

+8.2%

Net income (12 months)

−226.3M USD

−192.3M USD

−15.0%

Operating margin

-13.0%

-10.7%

+2.3 pts

Free cash flow (12 months)

104.5M USD

84.2M USD

−19.4%

Cash

1.1B USD

1.1B USD

+0.3%

Shares outstanding

143.2M

144.1M

+0.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-74.8%

-66.0%

-41.2%

-13.1%

-13.4%

▼ 0.3 pts

Net margin

-75.4%

-66.8%

-40.2%

-11.2%

-9.0%

▲ 2.2 pts

Return on assets (ROA)

-38.1%

-39.3%

-30.2%

-11.5%

-8.7%

▲ 2.8 pts

Return on equity (ROE)

-72.2%

-77.6%

-56.8%

-15.9%

-12.2%

▲ 3.8 pts

Free cash flow margin

-60.2%

-58.4%

-26.4%

4.1%

4.7%

▲ 0.7 pts

Current ratio

4.99×

3.90×

4.10×

4.00×

3.39×

▼ 15%

Quick ratio

4.87×

3.79×

3.96×

3.87×

3.24×

▼ 16%

Debt to equity

0.51×

0.47×

0.07×

0.05×

▼ 30%

Interest coverage

-56.37×

-58.06×

-35.31×

-20.80×

-76.16×

▼ 266%