Billiontoone, Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
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Third-party market data · may be delayed
Under review: every model's value for Billiontoone, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: limited reported history: available models are shown without a Buy/Hold/Sell rating. We'll show the comparison once resolved.
Billiontoone, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $397m. Free-cash-flow margin held at 8.3%. Operating margin widened to 10.9% from -13.5%. It passes 6 of our 6 financial-health checks.
Our model value for Billiontoone is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Billiontoone, Inc.'s trailing-twelve-month revenue grew 90.1% year on year, with a free-cash-flow margin of 8.3%.
Current signal Gross margin expanding: TTM gross margin reached 71.3%, up 10.3pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Billiontoone, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$19 ~$17–$21 | Left out: out of range vs price (0.17x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$5.4 ~$3.5–$8.4 | Left out: out of range vs price (0.05x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$3.9 ~$3.4–$4.6 | Left out: out of range vs price (0.04x) |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$9.7 ~$12–$48 | Left out: out of range vs price (0.09x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Billiontoone, Inc. with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2025 |
|---|---|
| Share price | $81.84 |
| Market value | $1.7bn |
| + Net debt (− = net cash) | −$439m |
| Enterprise value | $1.3bn |
| Multiples | |
| Price / sales | 5.7x |
| Price / earnings | n/m |
| Price / free cash flow | 110.6x |
| EV / EBITDA | 56.7x |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 4, 2026, after the close. Analysts expect revenue of $116m and EPS of $0.30 (range $0.25 to $0.35) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.50 | +186% | $455m | +49% |
| Next | $1.49 | −1% | $574m | +26% |
Next year's EPS estimate has moved +44.2% in 90 days, across 2 analysts.
The consensus EPS forecast for the current fiscal year is +71.8% on 90 days ago. In the last 30 days, 1 analyst raised Billiontoone, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.87 | $1.03 |
| 60 days ago | $0.87 | $1.03 |
| 30 days ago | $0.87 | $1.03 |
| 7 days ago | $1.39 | $1.33 |
| Now | $1.50 | $1.49 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.16 | $0.36 | +124.2% |
| Dec 2025 | $0.17 | $0.15 | −10.6% |
| Sept 2025 | $0.16 | $0.91 | +468.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2026 to date |
|---|---|
| Return | |
| BLLN | +35% |
| Industry peers (median) | +15% |
| S&P 500 | +11% |
| Months that ended higher | |
| BLLN | 64% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| BLLN | −41% |
| S&P 500 | −9% |
Worst fall since November 6, 2025: 51% from November 28, 2025 to March 12, 2026. Getting back needed a 103% gain, reached on July 17, 2026, 127 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | −35.6% | −0.4% | −31.5% | −30.1% |
| May 6, 2026 | +16.3% | +1.1% | +13.4% | +21.6% |
| March 4, 2026 | −13.2% | +0.1% | −19.0% | −4.5% |
| January 12, 2026 | +12.7% | 0.0% | 0.0% | −0.2% |
| December 9, 2025 | −0.9% | +0.6% | −12.1% | −17.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY25 Q2 | $209M |
| FY25 Q3 | $254.1M |
| FY25 Q4 | $305.1M |
| FY26 Q1 | $354.5M |
| FY26 Q2 | $397.4M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY25 Q2 | -13.5% |
| FY25 Q3 | -2.4% |
| FY25 Q4 | 5.3% |
| FY26 Q1 | 10.2% |
| FY26 Q2 | 10.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY25 Q3 | -1.6% |
| FY25 Q4 | 5.2% |
| FY26 Q1 | 7.4% |
| FY26 Q2 | 8.3% |
Each dollar Billiontoone took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
| Revenue | $305M | |
|---|---|---|
| Cost of revenue | $96.7M | 31.7% of revenue |
| Gross profit | $208M | 68.3% of revenue |
| Research and development | $49.4M | 16.2% of revenue |
| Selling, general and admin | $143M | 46.9% of revenue |
| Operating income | $16M | 5.3% of revenue |
| Interest and other | $8.3M | 2.7% of revenue |
| Net income | $7.5M | 2.4% of revenue |
| Fiscal year | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 72 | 153 | 305 | 397 |
| Gross profit | 17 | 81 | 208 | 283 |
| EBITDA | −64 | −40 | 23 | 50 |
| Operating income | −69 | −47 | 16 | 43 |
| Net income | −83 | −42 | 7 | 38 |
| Diluted EPS | −$4.22 | −$2.06 | $0.14 | — |
| Growth (year on year) | ||||
| Revenue | — | +112.7% | +100.0% | +90.1% |
| Margins | ||||
| Gross margin | 24.1% | 53.0% | 68.3% | 71.3% |
| EBITDA margin | −88.7% | −26.3% | 7.5% | 12.6% |
| Operating margin | −96.9% | −30.9% | 5.3% | 10.9% |
| Net margin | −115.3% | −27.2% | 2.4% | 9.5% |
| Free-cash-flow margin | −83.4% | −30.7% | 5.2% | 8.3% |
| Cash flow | ||||
| Cash from operations | −54 | −41 | 25 | 45 |
| Capital spending | 6 | 5 | 9 | 12 |
| Free cash flow | −60 | −47 | 16 | 33 |
| Stock-based pay | 5 | 8 | 16 | 26 |
| Free cash flow after stock pay | −65 | −55 | −0 | 8 |
| Balance sheet | ||||
| Cash | 97 | 191 | 496 | 549 |
| Total debt | 0 | 51 | 57 | 91 |
| Net debt (negative = net cash) | −97 | −140 | −439 | −458 |
| Diluted shares | 20m | 20m | 21m | — |
| Returned to shareholders | ||||
| Buybacks | 0 | 1 | 0 | — |
| Total returned | 0 | 1 | 0 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 38 | 45 | 59 | 67 | 84 | 96 | 108 | 109 |
| Gross profit | 20 | 26 | 38 | 43 | 58 | 69 | 79 | 77 |
| EBITDA | — | −10 | −1 | 0 | 11 | 12 | 20 | 7 |
| Operating income | −13 | −12 | −2 | −2 | 10 | 10 | 18 | 6 |
| Net income | −15 | −11 | −4 | −0 | 6 | 6 | 18 | 8 |
| Diluted EPS | −$1.47 | −$1.13 | −$0.39 | −$0.02 | $0.10 | $0.11 | $0.34 | $0.15 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | — | +117.4% | +113.1% | +83.8% | +64.4% |
| Margins | ||||||||
| Gross margin | 52.6% | 57.1% | 64.4% | 65.3% | 69.9% | 71.4% | 73.0% | 70.5% |
| EBITDA margin | — | −22.0% | −0.9% | 0.2% | 13.6% | 12.5% | 18.1% | 6.7% |
| Operating margin | −32.9% | −25.9% | −3.9% | −2.4% | 11.5% | 10.8% | 16.5% | 5.0% |
| Net margin | −38.8% | −25.5% | −6.8% | −0.4% | 6.8% | 6.2% | 16.6% | 7.4% |
| Free-cash-flow margin | — | −23.3% | 0.5% | −2.5% | 9.4% | 9.6% | 10.1% | 4.6% |
| Cash flow | ||||||||
| Cash from operations | — | −8 | 3 | 1 | 10 | 11 | 15 | 9 |
| Capital spending | — | 2 | 2 | 3 | 2 | 2 | 4 | 4 |
| Free cash flow | — | −10 | 0 | −2 | 8 | 9 | 11 | 5 |
| Stock-based pay | 2 | 2 | 2 | 3 | 4 | 6 | 7 | 8 |
| Free cash flow after stock pay | — | −13 | −2 | −4 | 3 | 3 | 4 | −3 |
| Last 12 months unless stated | BLLN | TWST | CSTL | FLGT | VCYT | SDGR | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $397m | $432m | $357m | $324m | $562m | $259m | $250m |
| Revenue growth, last 12 months | 90.1% | 19.2% | 3.2% | 6.8% | 17.3% | 8.9% | 6.9% |
| Revenue growth, 3-year average | — | 22.4% | 28.7% | 1.8% | 19.6% | 10.2% | 2.9% |
| Revenue growth, latest quarter | 64.4% | 23.2% | 20.1% | 4.4% | 15.5% | 7.5% | 8.5% |
| Gross margin | 71.3% | 52.0% | 77.3% | 35.6% | 71.7% | 56.9% | 51.9% |
| Operating margin | 10.9% | −33.6% | −9.0% | −37.7% | 18.8% | −59.2% | −13.8% |
| Operating margin, 3-year average | — | −50.8% | −7.0% | −42.5% | 1.6% | −81.0% | −22.4% |
| Net margin | 9.5% | −31.7% | −5.4% | −26.0% | 20.4% | −21.0% | −12.2% |
| Cash from operations / revenue | 11.4% | −12.3% | 11.9% | −25.8% | 31.7% | −49.0% | 1.8% |
| Free-cash-flow margin | 8.3% | −21.6% | −0.1% | −32.0% | 29.5% | −50.3% | −1.3% |
| Free-cash-flow margin, 3-year average | — | −22.0% | 5.6% | −15.9% | 19.0% | −45.4% | 0.6% |
| Stock pay / revenue | 6.4% | 15.4% | 12.6% | 11.6% | 8.6% | 14.9% | 4.8% |
| Change in share count | — | 2.4% | −0.7% | −1.5% | 2.5% | 1.7% | 1.0% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Prenatal | $277M | 90.8% | ▲ 89.9% |
| Oncology | $25M | 8.2% | ▲ 747.6% |
| Clinical Trial Support and Other Services | $3.1M | 1.0% | ▼ 18.3% |
From Billiontoone, Inc.'s 10-K filed March 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Adams Street Partners LLC | $205M | 1.7M | 11.3% | 0.0% |
| Price T Rowe Associates Inc | $121M | 1.0M | 6.7% | ▲ 37.0% |
| Baillie Gifford & Co | $108M | 901K | 5.9% | ▼ 28.5% |
| Vanguard Portfolio Management LLC | $101M | 841K | 5.5% | ▲ 456.1% |
| Invesco Ltd. | $100M | 836K | 5.5% | ▲ 105.6% |
| Vanguard Capital Management LLC | $95.9M | 799K | 5.3% | ▲ 338.2% |
| Neuberger Berman Group LLC | $91.7M | 764K | 5.0% | ▲ 7.8% |
| BAMCO Inc | $89M | 742K | 4.9% | ▲ 0.1% |
| Wasatch Advisors LP | $62.2M | 518K | 3.4% | ▲ 40.2% |
| Millennium Management LLC | $51M | 425K | 2.8% | New |
| Fuller & Thaler Asset Management, Inc. | $50.2M | 419K | 2.8% | New |
| Emerald Advisers, LLC | $45.1M | 376K | 2.5% | ▲ 56.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Billiontoone, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Atay Oguzhan Chairman and CEO | October 28, 2026 | Sell pre-set plan | 2,667 | $118.00 | $314,706 |
| Atay Oguzhan Chairman and CEO | October 28, 2026 | Sell pre-set plan | 8,333 | $118.00 | $983,294 |
| Atay Oguzhan Chairman and CEO | October 15, 2026 | Sell pre-set plan | 133 | $102.78 | $13,669 |
| Atay Oguzhan Chairman and CEO | October 15, 2026 | Sell pre-set plan | 980 | $101.79 | $99,751 |
| Atay Oguzhan Chairman and CEO | October 15, 2026 | Sell pre-set plan | 1,276 | $100.60 | $128,369 |
| Atay Oguzhan Chairman and CEO | October 15, 2026 | Sell pre-set plan | 1,861 | $99.84 | $185,809 |
| Atay Oguzhan Chairman and CEO | October 15, 2026 | Sell pre-set plan | 900 | $98.43 | $88,590 |
| Atay Oguzhan Chairman and CEO | October 14, 2026 | Sell pre-set plan | 2,667 | $98.00 | $261,366 |
| Atay Oguzhan Chairman and CEO | October 14, 2026 | Sell pre-set plan | 100 | $99.00 | $9,900 |
| Atay Oguzhan Chairman and CEO | October 14, 2026 | Sell pre-set plan | 3,083 | $98.32 | $303,120 |
| Atay Oguzhan Chairman and CEO | October 12, 2026 | Sell pre-set plan | 2,667 | $97.61 | $260,326 |
| Atay Oguzhan Chairman and CEO | October 12, 2026 | Sell pre-set plan | 1,521 | $96.39 | $146,613 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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