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Natera, Inc. (NTRA) stock

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NASDAQ: NTRA Nasdaq Biotechnology Next results ~November 5, 2026

B Fundamentals grade

Natera, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$100

Revenue-to-maturity model

Base case. Range ~$83–$120. Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Natera, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 12 selling0 purchases and 511 sales by directors and officers, last 12 monthsInsider trades
  • Funds503 adding, 306 cuttingOf 99 active managers that changed their stake, 56 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Natera files

Where Natera stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.71bn, up 37.8% on a year earlier, faster than 36.6% a quarter earlier. That growth ranks 66 of 931 among all the companies we cover. Free-cash-flow margin fell to 3.1% from 5.3% a year earlier. Operating margin widened to -10.7% from -14.9%. The diluted share count is up 6.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 3 financial-health checks. Our revenue-to-maturity cash-flow model value is $76.08 a share, against a share price of $409.

Source: 10-Q filed August 7, 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.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Natera, Inc.'s trailing-twelve-month revenue grew 37.8% year on year, with a free-cash-flow margin of 3.1%.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 19.5% while net income grew 24.0%: a 44pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 37.8% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 4.2 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $1.1bn.

Things to watch

  • Loss-making. Operating margin is -10.7%: costs exceed revenue.
  • Share dilution. Diluted shares rose 6.5% in a year.
  • High sales multiple. The shares trade at 20 times revenue while operating margins remain thin.
  • Volatile shares. Over the past year the shares showed annualised volatility of 49% and a beta of 1.3 against the S&P 500.
  • Insiders selling. 12 insiders sold $402M of stock over the past 365 days and none bought (88% under pre-set trading plans).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
-$0.47 against an average estimate of -$0.53: beat by 12.0%
Revenue
$753m, up 37.7% on a year earlier
Share reaction
+17.3% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
total revenue $2.85bn to $2.91bn (2026); gross margin 64% to 66% (2026)
Next report
November 5, 2026; average EPS estimate -$0.28

Natera's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.0%
  • 1 week-5.0%
  • 1 month-4.9%
  • This year+65.4%
  • 1 year+96.9%
  • 5 years+252.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.7B
Operating margin
-10.7%
Net margin
-7.1%
EPS (TTM, diluted)
$-1.37

Growth

Revenue growth
+37.8%
Change in growth rate
+1.2 pts
Share count change
+6.5%

Cash

Free cash flow (TTM)
$84.2M
FCF margin
3.1%
Stock pay % of revenue
14.1%

Earnings

Last results
August 6, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Product
  2. Results
  3. Insider trade
  4. Insider trade
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Regulatory
  10. Regulatory
  11. Announcement
  12. Announcement
  13. Regulatory
  14. Regulatory
  15. Results
  16. Guidance
  17. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Natera, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Natera, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.09 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$53 ~$34–$68 Left out: out of range vs price (0.14x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$75 ~$77–$290 Left out: out of range vs price (0.20x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$100 ~$83–$120 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$100 ~$83–$120 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Natera, Inc. with Biotechnology 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$10.80$11.71$8.99$13.96$33.69$99.52$93.39$40.17$62.64$158.30$229.09$378.92
Market value$566m$604m$482m$808m$2.3bn$8.1bn$8.5bn$4.0bn$7.2bn$19.7bn$31.3bn$53.1bn
+ Net debt (− = net cash)$38m$34m$37m$4m$13m$26m$246m−$104m−$279m−$946m−$996m−$1.0bn
Enterprise value$604m$638m$519m$811m$2.4bn$8.1bn$8.7bn$3.8bn$6.9bn$18.8bn$30.3bn$52.1bn
Multiples
Price / sales 3.0x2.8x2.3x3.1x7.8x20.6x13.5x4.8x6.7x11.6x13.6x19.6x
Price / earnings ————————————
Price / free cash flow —————————n/mn/mn/m
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

17 /100

Weak moat

How hard Natera's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -35.2% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 39.1%, moving by 5.7 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -48.9%; its worst year was -78.8%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -41.4% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 64.2% over five years; stock-based pay has been a median 15.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (22 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $708m and EPS of −$0.28 (range −$0.61 to $0.13) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.46 +4% $2.9bn +26%
Next −$0.18 +88% $3.5bn +21%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −14.4% on 90 days ago. In the last 30 days, 1 analyst raised Natera, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Natera, Inc., last 90 days
−$2.00 −$1.50 −$1.00 −$0.50 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$1.71 Current fiscal year, 60 days ago: −$1.39 Current fiscal year, 30 days ago: −$1.38 Current fiscal year, 7 days ago: −$1.46 Current fiscal year, Now: −$1.46 −$1.46 Next fiscal year, 90 days ago: −$0.20 Next fiscal year, 60 days ago: −$0.09 Next fiscal year, 30 days ago: −$0.06 Next fiscal year, 7 days ago: −$0.18 Next fiscal year, Now: −$0.18 −$0.18

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$1.71−$0.20
60 days ago −$1.39−$0.09
30 days ago −$1.38−$0.06
7 days ago −$1.46−$0.18
Now −$1.46−$0.18

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.53 −$0.47 +12.0%
Mar 2026 −$0.55 −$0.60 −8.5%
Dec 2025 −$0.53 $0.36 +167.5%
Sept 2025 −$0.35 −$0.64 −80.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • total revenue 2026 $2.85bn to $2.91bn Raised
    “Natera anticipates 2026 total revenue of $2.85 billion to $2.91 billion; 2026 gross margin 1 to be approximately 64% to 66%; selling, general and administrative costs to be approximately $1.125 billion to $1.225 billion; research and development costs to be $800 million to $900 million; and cash flow to be positive.” source
  • gross margin 2026 64% to 66% GAAP
    “Natera anticipates 2026 total revenue of $2.85 billion to $2.91 billion; 2026 gross margin 1 to be approximately 64% to 66%; selling, general and administrative costs to be approximately $1.125 billion to $1.225 billion; research and development costs to be $800 million to $900 million; and cash flow to be positive.” source
  • selling, general and administrative costs 2026 $1.125bn to $1.225bn
    “Natera anticipates 2026 total revenue of $2.85 billion to $2.91 billion; 2026 gross margin 1 to be approximately 64% to 66%; selling, general and administrative costs to be approximately $1.125 billion to $1.225 billion; research and development costs to be $800 million to $900 million; and cash flow to be positive.” source
  • research and development costs 2026 $800m to $900m
    “Natera anticipates 2026 total revenue of $2.85 billion to $2.91 billion; 2026 gross margin 1 to be approximately 64% to 66%; selling, general and administrative costs to be approximately $1.125 billion to $1.225 billion; research and development costs to be $800 million to $900 million; and cash flow to be positive.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

23 analysts, Oct 2026
Buy2191%
Hold29%
Sell00%

Monthly trend

  1. Oct 2026417223
  2. Sep 2026516223
  3. Aug 2026514322
  4. Jul 2026514322

Counts of recommendations published by analysts covering Natera, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.2%
of tradable shares
Days to cover
3.13
at average volume
Short interest, 1 month
+22%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
2.7%
of shares
Employees
6,135
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +90.5%

$198.93 on October 31, 2025 to $378.92

ThenNowEffect
Revenue (last 12 months) $2.0bn $2.7bn +37.8%
P/S multiple 13.3x 19.6x +47.2%
Share count 132m 140m −6.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +786.6%

$42.74 on November 3, 2023 to $378.92

ThenNowEffect
Revenue (last 12 months) $931m $2.7bn +190.8%
P/S multiple 4.9x 19.6x +300.3%
Share count 107m 140m −23.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NTRA−6%−57%+56%+153%+45%+65%
Industry peers (median)−36%−56%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NTRA67%33%58%75%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NTRA−32%−70%−40%−15%−25%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 78% from September 17, 2021 to May 11, 2022. Getting back needed a 349% gain, reached on September 13, 2024, 856 days after the low.

Price behaviour

52-week range
$182.65 – $436.00
From 52-week high
−13.1%
vs 50-day average
+0.2%
vs 200-day average
+42.0%
Volatility (1 year)
49%
Beta vs S&P 500
1.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±8.2%
After a week
7 up, 5 down
typical move ±10.2%
After a month
7 up, 5 down
typical move ±13.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +17.3% +0.5% +13.2% +19.5%
May 7, 2026 −9.7% +0.5% −8.5% −0.8%
February 26, 2026 −1.8% −1.0% −6.9% −13.8%
January 12, 2026 +1.5% 0.0% +0.2% −9.3%
November 6, 2025 −0.2% −1.0% +0.4% +19.6%
August 7, 2025 +10.0% +0.7% +14.7% +21.2%
May 8, 2025 −5.1% +0.6% −6.7% +2.6%
February 27, 2025 −3.1% −0.1% −11.9% −10.4%
January 13, 2025 −5.3% +0.3% −4.3% −1.7%
November 12, 2024 +20.2% −0.3% +21.0% +24.2%
August 8, 2024 +14.2% +2.8% +21.8% +17.2%
May 9, 2024 +10.1% +0.7% +13.4% +16.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Natera, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Natera, Inc.
$500M $1B $1.5B $2B $2.5B $3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $988.7M Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.2B Revenue (TTM), FY24 Q2: $1.4B Revenue (TTM), FY24 Q3: $1.5B Revenue (TTM), FY24 Q4: $1.7B Revenue (TTM), FY25 Q1: $1.8B Revenue (TTM), FY25 Q2: $2B Revenue (TTM), FY25 Q3: $2.1B Revenue (TTM), FY25 Q4: $2.3B Revenue (TTM), FY26 Q1: $2.5B Revenue (TTM), FY26 Q2: $2.7B $2.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $988.7M
FY23 Q4 $1.1B
FY24 Q1 $1.2B
FY24 Q2 $1.4B
FY24 Q3 $1.5B
FY24 Q4 $1.7B
FY25 Q1 $1.8B
FY25 Q2 $2B
FY25 Q3 $2.1B
FY25 Q4 $2.3B
FY26 Q1 $2.5B
FY26 Q2 $2.7B
Revenue growth, TTM YoY Natera, Inc.
20% 30% 40% 50% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 27.4% Revenue growth, TTM YoY, FY23 Q4: 32.0% Revenue growth, TTM YoY, FY24 Q1: 39.3% Revenue growth, TTM YoY, FY24 Q2: 46.1% Revenue growth, TTM YoY, FY24 Q3: 54.9% Revenue growth, TTM YoY, FY24 Q4: 56.7% Revenue growth, TTM YoY, FY25 Q1: 51.5% Revenue growth, TTM YoY, FY25 Q2: 44.4% Revenue growth, TTM YoY, FY25 Q3: 38.2% Revenue growth, TTM YoY, FY25 Q4: 35.9% Revenue growth, TTM YoY, FY26 Q1: 36.6% Revenue growth, TTM YoY, FY26 Q2: 37.8% 37.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 27.4%
FY23 Q4 32.0%
FY24 Q1 39.3%
FY24 Q2 46.1%
FY24 Q3 54.9%
FY24 Q4 56.7%
FY25 Q1 51.5%
FY25 Q2 44.4%
FY25 Q3 38.2%
FY25 Q4 35.9%
FY26 Q1 36.6%
FY26 Q2 37.8%
Operating margin (TTM) Natera, Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -50.9% Operating margin (TTM), FY23 Q4: -41.2% Operating margin (TTM), FY24 Q1: -31.6% Operating margin (TTM), FY24 Q2: -23.1% Operating margin (TTM), FY24 Q3: -15.8% Operating margin (TTM), FY24 Q4: -13.1% Operating margin (TTM), FY25 Q1: -12.4% Operating margin (TTM), FY25 Q2: -14.9% Operating margin (TTM), FY25 Q3: -16.6% Operating margin (TTM), FY25 Q4: -13.4% Operating margin (TTM), FY26 Q1: -13.0% Operating margin (TTM), FY26 Q2: -10.7% -10.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -50.9%
FY23 Q4 -41.2%
FY24 Q1 -31.6%
FY24 Q2 -23.1%
FY24 Q3 -15.8%
FY24 Q4 -13.1%
FY25 Q1 -12.4%
FY25 Q2 -14.9%
FY25 Q3 -16.6%
FY25 Q4 -13.4%
FY26 Q1 -13.0%
FY26 Q2 -10.7%
FCF margin (TTM) Natera, Inc.
-40% -30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -31.5% FCF margin (TTM), FY23 Q4: -26.4% FCF margin (TTM), FY24 Q1: -15.5% FCF margin (TTM), FY24 Q2: -7.9% FCF margin (TTM), FY24 Q3: -2.2% FCF margin (TTM), FY24 Q4: 4.1% FCF margin (TTM), FY25 Q1: 4.7% FCF margin (TTM), FY25 Q2: 5.3% FCF margin (TTM), FY25 Q3: 5.0% FCF margin (TTM), FY25 Q4: 4.7% FCF margin (TTM), FY26 Q1: 4.2% FCF margin (TTM), FY26 Q2: 3.1% 3.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -31.5%
FY23 Q4 -26.4%
FY24 Q1 -15.5%
FY24 Q2 -7.9%
FY24 Q3 -2.2%
FY24 Q4 4.1%
FY25 Q1 4.7%
FY25 Q2 5.3%
FY25 Q3 5.0%
FY25 Q4 4.7%
FY26 Q1 4.2%
FY26 Q2 3.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 55 159 190 217 211 258 302 391 625 820 1,083 1,697 2,306 2,707
Gross profit — — — 83 75 100 — — — — — — — —
EBITDA −23 6 −54 −95 −128 −107 −109 −208 −457 −524 −422 −191 −268 −239
Operating income −25 1 −60 −101 −135 −115 −116 −216 −468 −541 −446 −222 −310 −290
Net income −37 −5 −70 −100 −138 −128 −125 −230 −472 −548 −435 −190 −208 −192
Diluted EPS −$4.83 −$0.54 −$1.34 −$1.95 −$2.59 −$2.22 −$1.79 −$2.84 −$5.21 −$5.57 −$3.78 −$1.53 −$1.52 −$1.37
Growth (year on year)
Revenue — +188.7% +19.5% +14.0% −2.8% +22.1% +17.3% +29.3% +60.0% +31.1% +32.0% +56.7% +35.9% +37.8%
EBITDA — — <−999% — — — — — — — — — — —
Margins
Gross margin — — — 38.0% 35.8% 38.6% — — — — — — — —
EBITDA margin −41.2% 3.6% −28.5% −43.7% −60.8% −41.6% −35.9% −53.1% −73.1% −63.9% −39.0% −11.3% −11.6% −8.8%
Operating margin −45.8% 0.4% −31.4% −46.6% −64.2% −44.5% −38.5% −55.3% −74.8% −66.0% −41.2% −13.1% −13.4% −10.7%
Net margin −67.3% −3.2% −36.9% −46.2% −65.2% −49.7% −41.3% −58.8% −75.4% −66.8% −40.2% −11.2% −9.0% −7.1%
Free-cash-flow margin −58.7% 0.3% −24.0% −44.8% −51.1% −28.9% −22.6% −51.7% −60.2% −58.4% −26.4% 4.1% 4.7% 3.1%
Cash flow
Cash from operations −24 10 −38 −74 −98 −71 −63 −183 −335 −432 −247 136 215 228
Capital spending 8 10 8 23 10 4 5 20 41 48 39 66 106 144
Free cash flow −32 1 −46 −97 −108 −74 −68 −202 −376 −479 −286 69 109 84
Stock-based pay 2 5 7 11 11 14 29 50 115 152 192 274 354 381
Free cash flow after stock pay −34 −5 −53 −108 −119 −89 −97 −252 −491 −632 −478 −205 −245 −297
Balance sheet
Cash 30 87 29 15 13 46 62 49 84 466 642 946 1,076 1,092
Total debt 0 4 67 50 50 50 75 75 330 362 363 — 80 80
Net debt (negative = net cash) −30 −84 38 34 37 4 13 26 246 −104 −279 −946 −996 −1,011
Diluted shares 8m 10m 52m 52m 54m 58m 70m 81m 91m 98m 115m 125m 137m 140m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · June 30, 2026
What it owns · $2.7bn
Short-term assets $1.7bnLonger-term assets $999m
What it owes, and who funded it · $2.7bn
Short-term liabilities $553mLonger-term liabilities $283mShareholders' equity $1.8bn
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $553m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.7bn short-term assets against $283m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$290m against $4m of interest.

From Natera, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+6.5%
year over year
R&D spending
29.1%
of revenue
Sales & admin spending
46.4%
of revenue
Days sales outstanding
57 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated NTRA EXEL UTHR BNTX MRNA BMRN Median
Revenue, last 12 months $2.7bn $2.5bn $3.2bn $3.2bn $2.2bn $3.4bn $56m
Revenue growth, last 12 months 37.8% 9.1% 2.5% 9.0% −27.6% 11.2% 12.6%
Revenue growth, 3-year average 42.7% 12.1% 14.3% — −40.6% 15.1% 13.7%
Revenue growth, latest quarter 37.7% 10.2% −1.9% — 2.1% 19.9% 10.2%
Gross margin 42.0% 96.3% 86.1% 77.6% 23.4% 76.1% 82.9%
Operating margin −10.7% 40.2% 44.4% −49.0% −149.0% 4.4% −189.4%
Operating margin, 3-year average −16.2% 33.4% 46.6% −22.6% −115.7% 13.3% −363.5%
Net margin −7.1% 35.5% 41.6% −39.6% −141.4% 2.1% −169.8%
Cash from operations / revenue 8.4% 47.0% 53.4% 15.9% −48.2% 25.2% −168.0%
Free-cash-flow margin 3.1% 46.5% 34.6% 9.8% −55.8% 21.7% −162.4%
Free-cash-flow margin, 3-year average 0.2% 33.8% 34.3% −37.0% −82.7% 17.8% −310.0%
Stock pay / revenue 14.1% 4.4% 4.9% 3.7% 20.7% 6.3% 20.0%
Change in share count 6.5% −7.5% −3.1% 0.5% 2.0% 1.0% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 37.8% 12.6% 62 of 172
Change in growth rate Growth +1.2pp -0.1pp 73 of 172
Operating margin Profitability -10.7% -189.4% 47 of 175
Net margin Profitability -7.1% -157.3% 43 of 180
Free-cash-flow margin Cash generation 3.1% -145.4% 38 of 176
Stock pay as % of revenue Cash generation 14.1% 19.2% 74 of 179
Change in share count Balance sheet 6.5% 7.9% 74 of 156
Days sales outstanding Balance sheet 57 days 75 days 36 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $2.3B 99.6% ▲ 36.2%
Licensing and Other $10.3M 0.4% ▼ 13.0%
Geography
Region Revenue Share YoY
United States $2.3B 98.2% ▲ 36.6%
Europe Middle East India and Africa $24.5M 1.1% ▲ 2.5%
Americas Excluding Us $9.4M 0.4% ▲ 41.3%
Other Geographic Areas $8M 0.3% ▼ 7.5%

From Natera, Inc.'s 10-K filed February 27, 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.

Who owns it

Funds buying and selling
Reported value
$37.2B
Institutions reporting
844
Shares held vs prior quarter
▲ 2.2%
Positions opened / closed
148 / 65

Top buyers and sellers, Q2 2026: 503 institutions bought and 306 sold ; the biggest buyer was FMR LLC (+2.9M shares) and the biggest seller Price T Rowe Associates Inc (−3.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Jpmorgan Chase & Co $3.5B 12.9M 9.4% ▼ 3.9%
Blackrock, Inc. $3B 10.9M 8.0% ▲ 2.2%
Price T Rowe Associates Inc $2.4B 9.0M 6.6% ▼ 26.0%
Vanguard Capital Management LLC $1.7B 6.2M 4.5% ▲ 3.7%
Vanguard Portfolio Management LLC $1.6B 5.8M 4.2% ▲ 2.4%
FMR LLC $1.5B 5.5M 4.0% ▲ 113.4%
Wellington Management Group LLP $1.1B 4.0M 2.9% ▼ 15.3%
State Street Corp $992M 3.7M 2.7% ▲ 7.0%
Duquesne Family Office LLC $865M 3.2M 2.3% ▲ 4.0%
Geode Capital Management, LLC $745M 2.8M 2.0% ▼ 0.9%
Franklin Resources Inc $740M 2.7M 2.0% ▲ 9.7%
Castle Hook Partners LP $705M 2.6M 1.9% ▲ 2.6%

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 Natera, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $402M 511 trades by 12 insiders · 88% under pre-set plans
Net ▼ $402M net selling
Insider Date Trade Shares Price Value
Brophy Michael Burkes CHIEF FINANCIAL OFFICER October 30, 2026 Sell pre-set plan 1,906 $425.55 $811,098
Brophy Michael Burkes CHIEF FINANCIAL OFFICER October 28, 2026 Sell pre-set plan 865 $426.87 $369,245
Brophy Michael Burkes CHIEF FINANCIAL OFFICER October 28, 2026 Sell pre-set plan 313 $425.32 $133,126
Brophy Michael Burkes CHIEF FINANCIAL OFFICER October 28, 2026 Sell pre-set plan 1,198 $426.34 $510,756
Chapman Steven Leonard CEO AND PRESIDENT October 28, 2026 Sell pre-set plan 3,430 $426.34 $1.5M
Fesko John PRESIDENT, CHIEF BUS. OFFICER October 28, 2026 Sell pre-set plan 898 $426.34 $382,854
Moshkevich Solomon PRESIDENT, CLINICALDIAGNOSTICS October 28, 2026 Sell pre-set plan 1,162 $426.34 $495,408
Rabinowitz Daniel SEC. AND CHIEF LEGAL OFFICER October 28, 2026 Sell pre-set plan 968 $426.34 $412,698
Sheena Jonathan Director October 28, 2026 Sell pre-set plan 187 $426.34 $79,726
Brophy Michael Burkes CHIEF FINANCIAL OFFICER October 27, 2026 Sell pre-set plan 781 $406.00 $317,086
Chapman Steven Leonard CEO AND PRESIDENT October 27, 2026 Sell pre-set plan 2,264 $406.00 $919,184
Fesko John PRESIDENT, CHIEF BUS. OFFICER October 27, 2026 Sell pre-set plan 781 $406.00 $317,086

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.

Trades by members of Congress

All 6 trades and filings

No trades in Natera, Inc. disclosed in the last 12 months; 6 earlier trades on record.

  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded September 22, 2025, filed October 15, 2025
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded August 22, 2025, filed September 5, 2025
  • Josh Gottheimer(D-NJ 5):Sale (partial), $1,001 - $15,000, traded July 22, 2025, filed August 11, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 15, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • January 12, 2026
  • November 6, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Natera, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Natera, Inc. in brief

What does Natera, Inc. do?
Natera, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Natera, Inc.'s stock ticker?
Natera, Inc. trades under the ticker NTRA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Natera, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Natera, Inc. reported revenue of $2.7B, 37.8% higher than a year earlier, according to its SEC filings.
What is Natera, Inc.'s free cash flow?
Natera, Inc.'s free-cash-flow margin is 3.1% of revenue over the trailing twelve months, ranking 38 of the 176 biotechnology companies we cover.
Who are Natera, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Jpmorgan Chase & Co, Blackrock, Inc. and Price T Rowe Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Natera, Inc.'s market cap?
On November 2, 2026, Natera, Inc.'s market capitalisation was about $53.1B and net debt of -$1B. Market figures come from third-party market data and may be delayed.
Who are Natera, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Natera, Inc. are Exelixis, Inc., United Therapeutics Corp, Biontech SE, Moderna and Biomarin Pharmaceutical Inc. The side-by-side comparison below sets their revenue, margins and growth against Natera, Inc.'s.
Are insiders buying or selling Natera, Inc. stock?
Over the last 12 months, Natera, Inc.'s directors and officers reported 0 open-market purchases and 511 sales on Form 4. The insider trading page charts every trade.
When is Natera, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Natera, Inc. announces its own schedule.