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NASDAQ NMS - GLOBAL MARKET · Biotechnology · CIK 0001604821
$401.37
-2.91% · live
Updated
$56.07B market value
From Natera, Inc.'s FY2025 10-K, filed Feb 27, 2026 · read the filing
Natera provides healthcare and runs medical facilities. It took in $2.31B last year, which makes it a mid-sized company. It spends more than it earns — losing about 9 cents on every dollar of sales.
The financial picture is led by growth, while profitability and debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score 0.87
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From Natera, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Free cash flow
$69.2M → $109.1M
Capital spending
$66.4M → $106.2M
Revenue
$1.70B → $2.31B
Operating income
-$222.3M → -$309.9M
Measured against FY2024, from the 10-K filed Feb 27, 2026
Improved: +57.6%
$69.2M to $109.1MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
How the latest move compares (quote live), and what was published around it
NTRA fell 2.91% on the latest quote. The average Health Care company tracked here moved +1.62%, and the S&P 500 −1.04%. That is 4.5 points below its sector and 1.9 points below the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 51% a year for the next 10 years. Its free cash flow was negative earlier in this period, so there is no past growth rate to set against that.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $208.2M last year, losing about 9 cents on every dollar of sales.
Yes, quickly. Sales grew 35.9% last year.
No — it holds more cash than debt, with $995.8M left over after paying off every borrowing. For every $1 it owes, it owns $3.50 in assets. Its operating profit does not cover its interest bill — -76.16x against the interest it owes. A bankruptcy-risk model also places it in its distress range.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it lost $208.2M and generated $215.3M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 27, 2026Filing for FY2025 | FY202410-K · Feb 28, 2025Filing for FY2024 | FY202310-K · Feb 29, 2024Filing for FY2023 | FY202210-K · Mar 1, 2023Filing for FY2022 | FY202110-K · Feb 25, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $2.31B | $1.70B | $1.08B | $820.2M | $625.5M | +35.9% |
| Selling, general and administrative | $1.18B | $841.3M | $618.3M | $588.6M | $511.0M | +39.9% |
| Operating income | -$309.9M | -$222.3M | -$446.2M | -$541.0M | -$468.2M | −39.4% |
| Operating marginOperating income ÷ revenueWhat is this? | -13.4% | -13.1% | -41.2% | -66.0% | -74.8% | −0.3 pts |
| Interest expense | $4.1M | $10.7M | $12.6M | $9.3M | $8.3M | −61.9% |
| Income before tax | -$268.1M | -$189.7M | -$434.5M | -$546.8M | -$471.1M | −41.3% |
| Net income | -$208.2M | -$190.4M | -$434.8M | -$547.8M | -$471.7M | −9.3% |
| Net marginNet income ÷ revenueWhat is this? | -9.0% | -11.2% | -40.2% | -66.8% | -75.4% | +2.2 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-1.49 | $-1.44 | $-3.64 | $-4.92 | $-4.96 | −3.8% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| NTRANatera, Inc. · this page | 4.7/10 | 2/7 | 35.9% |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Sold on the open market — 215 shares at $399.34 ($85.9K)
Holds 8,785 shares after this filing.
Sold on the open market — 280 shares at $401.29 ($112.4K)
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q2 FY2026
Revenue +37.7% · Operating margin +10.1 pts · Profit margin +9.6 pts — against Q2 FY2025
Read the filingPublished results
Read the filingWrite down why you are following Natera, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
Coverage from the last 30 days
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from NTRA's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 27, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 7 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 4.7 | 2/7 | 10-K, filed Feb 27, 2026 |
| FY2024 | 4.7 | 4/7 | 10-K, filed Feb 28, 2025 |
| FY2023 | 4.7 | 5/8 | 10-K, filed Feb 29, 2024 |
| FY2022 | 4.7 | 3/8 | 10-K, filed Mar 1, 2023 |
| FY2021 | 4.7 | 3/7 | 10-K, filed Feb 25, 2022 |
| FY2020 | 4.7 | 2/7 | 10-K, filed Feb 26, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
2 of 7 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. 2 could not be evaluated and are excluded from the total rather than counted as failures.
0.87
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Changed: +59.9%
$66.4M to $106.2MCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +35.9%
$1.70B to $2.31BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: $87.6M wider
-$222.3M to -$309.9MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: +5.3%
132.6M to 139.7MSignificant
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Deteriorated: $17.7M wider
-$190.4M to -$208.2MNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +2.2 pts
-11.2% to -9.0%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: $0.05 wider
-$1.44 to -$1.49Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +13.8%
$945.6M to $1.08BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 7, 2026 — read it.
Improved: +10.1 pts
-20.2% to -10.1%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +9.6 pts
-18.5% to -8.9%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +37.7%
$546.6M to $752.8MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: $34.6M narrower
-$110.4M to -$75.8MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: $34.0M narrower
-$100.9M to -$67.0MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: $0.27 narrower
-$0.74 to -$0.47Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +5.0%
136.8M to 143.6MSignificant
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Improved: +9.1%
$1.00B to $1.09BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 7, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: $17.7M narrower
-$93.5M to -$75.8MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: $18.1M narrower
-$85.1M to -$67.0MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +3.4 pts
-13.4% to -10.1%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +3.3 pts
-12.2% to -8.9%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: $0.13 narrower
-$0.60 to -$0.47Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +8.1%
$696.6M to $752.8MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
1 other measure barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 48% and 54%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 30 analysts covering this company, as of . Their views, not this site's.
Of 30 analysts publishing on this company, 12 say strong buy, 15 say buy and 3 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 4.5% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
This company has not reported enough of the required figures to calculate this score.
| -9.0% |
| — |
| 0.40x |
| AMGNAMGEN INC | 8.0/10 | 8/9 | 10.0% | 21.0% | 31.25x | 9.46x |
|---|
| GILDGILEAD SCIENCES, INC. | 9.0/10 | 8/9 | 2.4% | 28.9% | 22.92x | 1.60x |
|---|
| VRTXVERTEX PHARMACEUTICALS INC / MA | 8.7/10 | 6/8 | 8.9% | 32.9% | 34.38x | 0.37x |
|---|
| MRNAModerna, Inc. | 6.0/10 | 3/9 | -39.9% | -145.2% | — | 0.43x |
|---|
| REGNREGENERON PHARMACEUTICALS, INC. | 8.7/10 | 6/8 | 1.0% | 31.4% | 19.02x | 0.30x |
|---|
| BIIBBIOGEN INC. | 9.0/10 | 6/9 | 2.2% | 13.1% | 28.82x | 0.61x |
|---|
| Median of peers | 8.7/10 | — | 2.3% | 24.9% | 28.82x | 0.52x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Holds 8,505 shares after this filing.
Sold on the open market — 90 shares at $404.25 ($36.4K)
Holds 8,415 shares after this filing.
Sold on the open market — 50 shares at $405.15 ($20.3K)
Holds 8,365 shares after this filing.
Sold on the open market — 35 shares at $406.63 ($14.2K)
Holds 8,330 shares after this filing.
Sold on the open market — 80 shares at $409.36 ($32.7K)
Holds 8,250 shares after this filing.
Sold on the open market — 142 shares at $398.95 ($56.7K)
Holds 8,858 shares after this filing.
Sold on the open market — 280 shares at $400.68 ($112.2K)
Holds 8,578 shares after this filing.
Sold on the open market — 60 shares at $401.62 ($24.1K)
Holds 8,518 shares after this filing.
Sold on the open market — 90 shares at $403.70 ($36.3K)
Holds 8,428 shares after this filing.
Sold on the open market — 80 shares at $406.06 ($32.5K)
Holds 8,348 shares after this filing.
Sold on the open market — 98 shares at $409.34 ($40.1K)
Holds 8,250 shares after this filing.
Exercised stock options — 50,000 shares at $10.41 ($520.5K)
Holds 2,169,394 shares after this filing.
Sold on the open market — 286 shares at $388.32 ($111.1K)
Holds 2,169,108 shares after this filing.
Sold on the open market — 714 shares at $389.84 ($278.3K)
Holds 2,168,394 shares after this filing.
Sold on the open market — 600 shares at $390.21 ($234.1K)
Holds 2,167,794 shares after this filing.
Sold on the open market — 300 shares at $391.58 ($117.5K)
Holds 2,167,494 shares after this filing.
Sold on the open market — 800 shares at $393.47 ($314.8K)
Holds 2,166,694 shares after this filing.
Sold on the open market — 300 shares at $394.39 ($118.3K)
Holds 2,166,394 shares after this filing.
Sold on the open market — 1,900 shares at $396.30 ($753.0K)
Holds 2,164,494 shares after this filing.
Sold on the open market — 1,100 shares at $397.16 ($436.9K)
Holds 2,163,394 shares after this filing.
Sold on the open market — 600 shares at $398.09 ($238.9K)
Holds 2,162,794 shares after this filing.
Sold on the open market — 793 shares at $399.31 ($316.7K)
Holds 2,162,001 shares after this filing.
Sold on the open market — 2,671 shares at $400.31 ($1.1M)
Holds 2,159,330 shares after this filing.
Sold on the open market — 5,974 shares at $401.42 ($2.4M)
Holds 2,153,356 shares after this filing.
Sold on the open market — 6,309 shares at $402.23 ($2.5M)
Holds 2,147,047 shares after this filing.
Sold on the open market — 3,858 shares at $403.27 ($1.6M)
Holds 2,143,189 shares after this filing.
Sold on the open market — 10,321 shares at $404.64 ($4.2M)
Holds 2,132,868 shares after this filing.
Sold on the open market — 6,274 shares at $405.18 ($2.5M)
Holds 2,126,594 shares after this filing.
Sold on the open market — 1,400 shares at $406.63 ($569.3K)
Holds 2,125,194 shares after this filing.
Sold on the open market — 3,800 shares at $407.27 ($1.5M)
Holds 2,121,394 shares after this filing.
Sold on the open market — 2,000 shares at $408.24 ($816.5K)
Holds 2,119,394 shares after this filing.
Gifted shares — 6,000 shares
Holds 2,119,394 shares after this filing.
Sold on the open market — 200 shares at $411.62 ($82.3K)
Holds 109,714 shares after this filing.
Sold on the open market — 954 shares at $413.11 ($394.1K)
Holds 108,760 shares after this filing.
Sold on the open market — 1,846 shares at $415.07 ($766.2K)
Holds 106,914 shares after this filing.
Sold on the open market — 1,273 shares at $413.31 ($526.1K)
Holds 96,926 shares after this filing.
Sold on the open market — 400 shares at $385.10 ($154.0K)
Holds 17,632 shares after this filing.
Sold on the open market — 2,175 shares at $386.71 ($841.1K)
Holds 15,457 shares after this filing.
Sold on the open market — 2,734 shares at $387.65 ($1.1M)
Holds 12,723 shares after this filing.
Sold on the open market — 1,293 shares at $388.71 ($502.6K)
Holds 11,430 shares after this filing.
Sold on the open market — 2,320 shares at $389.69 ($904.1K)
Holds 9,110 shares after this filing.
Sold on the open market — 110 shares at $390.42 ($42.9K)
Holds 9,000 shares after this filing.
Sold on the open market — 390 shares at $385.29 ($150.3K)
Holds 17,642 shares after this filing.
Sold on the open market — 2,300 shares at $386.64 ($889.3K)
Holds 15,342 shares after this filing.
Sold on the open market — 2,846 shares at $387.74 ($1.1M)
Holds 12,496 shares after this filing.
Sold on the open market — 1,341 shares at $388.76 ($521.3K)
Holds 11,155 shares after this filing.
Sold on the open market — 1,935 shares at $389.71 ($754.1K)
Holds 9,220 shares after this filing.
Sold on the open market — 220 shares at $390.52 ($85.9K)
Holds 9,000 shares after this filing.
Gifted shares — 945 shares
Holds 109,914 shares after this filing.
Sold on the open market — 6,000 shares at $350.07 ($2.1M)
Holds 224,464 shares after this filing.
Sold on the open market — 200 shares at $348.02 ($69.6K)
Holds 224,264 shares after this filing.
Sold on the open market — 100 shares at $349.05 ($34.9K)
Holds 224,164 shares after this filing.
Sold on the open market — 1,400 shares at $353.83 ($495.4K)
Holds 222,764 shares after this filing.
Sold on the open market — 450 shares at $354.91 ($159.7K)
Holds 222,314 shares after this filing.
Sold on the open market — 800 shares at $355.95 ($284.8K)
Holds 221,514 shares after this filing.
Sold on the open market — 200 shares at $356.87 ($71.4K)
Holds 221,314 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 9,450 shares ($3.9M) on or after .
Shares originally obtained via VARIOUS STOCK OPTIONS ACQUIRED ON VARIOUS DATES.
Filed notice to sell 50,000 shares ($19.7M) on or after .
Shares originally obtained via Previously Exercised Stock Options.
Filed notice to sell 3,000 shares ($1.2M) on or after .
Shares originally obtained via Restricted Stock.
Filed notice to sell 1,273 shares ($526.1K) on or after .
Shares originally obtained via Restricted Stock.
Filed notice to sell 21,064 shares ($8.2M) on or after .
Shares originally obtained via FOUNDERS SHARES.
Filed notice to sell 2,000 shares ($700.0K) on or after .
Shares originally obtained via Gift from Affiliate.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Had a director or senior officer leave or join
Had a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join · Held a shareholder vote
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q1 FY2026
Revenue +38.8% · Operating margin +2.4 pts · Operating income $14.3M wider — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join
Read the filingAnnual report for FY2025
Revenue +35.9% · Profit margin +2.2 pts · Free cash flow +57.6% — against FY2024
Read the filingPublished results
Read the filingPublished results
Read the filingSold shares outside a public offering · Reported another event
Read the filingQuarterly report for Q3 FY2025
Revenue +34.7% · Operating margin −7.5 pts · Operating income $58.2M wider — against Q3 FY2024
Read the filingPublished results
Read the filingQuarterly report for Q2 FY2025
Revenue +32.2% · Operating margin −9.6 pts · Operating income $66.5M wider — against Q2 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join · Held a shareholder vote
Read the filingQuarterly report for Q1 FY2025
Revenue +36.5% · Operating margin +4.4 pts · Free cash flow +238.6% — against Q1 FY2024
Read the filingPrimary sources and further research