Natera, Inc. key statistics and ratios

In fiscal 2025, Natera, Inc. had return on equity of -14.3%, an operating margin of -13.4%, debt equal to 4.7% of equity and a current ratio of 3.39. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Natera, Inc.: financial ratios, annual
Fiscal year	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	38.0%	35.8%	38.6%	—	—	—	—	—	—	—	—
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%
Return on equity	—	—	—	−54.2%	−162.9%	—	−80.3%	−60.1%	−82.8%	−80.6%	−59.1%	−19.4%	−14.3%	−10.9%
Return on assets	—	−4.2%	−36.1%	−42.2%	−64.7%	−53.1%	−29.3%	−30.3%	−43.5%	−41.6%	−30.7%	−12.3%	−10.3%	−7.6%
Asset turnover	—	1.29	0.98	0.91	0.99	1.07	0.71	0.52	0.58	0.62	0.76	1.09	1.14	1.07
Current ratio	—	3.56	3.12	1.81	1.71	2.11	2.91	4.33	4.99	3.90	4.10	4.00	3.39	3.00
Debt to equity	—	—	29.5%	34.6%	197.2%	155.9%	26.9%	15.4%	50.6%	51.3%	47.5%	6.7%	4.7%	4.4%
Interest cover (operating income ÷ interest)	n/m	0.2x	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	20.9%	10.9%	14.6%	19.3%	23.7%	19.9%	17.0%	25.6%	42.2%	38.6%	29.6%	23.8%	27.1%	29.1%
SG&A as % of revenue	57.3%	39.5%	57.6%	62.7%	73.6%	60.1%	68.2%	77.7%	81.7%	71.8%	57.1%	49.6%	51.0%	46.4%
Capital spending as % of revenue	14.9%	6.3%	4.1%	10.7%	4.7%	1.5%	1.6%	5.0%	6.6%	5.8%	3.6%	3.9%	4.6%	5.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Natera, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	−8.9%	−13.6%	−15.8%	−20.2%	−16.5%	−3.4%	−13.4%	−10.1%
Net margin	−7.2%	−11.3%	−13.3%	−18.5%	−14.8%	7.1%	−12.2%	−8.9%
Free-cash-flow margin	8.1%	7.3%	4.5%	2.1%	6.2%	5.7%	2.6%	−1.1%
Current ratio	4.39	4.00	3.87	3.72	3.27	3.39	2.96	3.00
Debt to equity	9.2%	6.7%	6.5%	6.4%	6.4%	4.7%	4.5%	4.4%
R&D as % of revenue	22.0%	27.2%	25.7%	26.8%	29.3%	26.3%	30.2%	30.3%
SG&A as % of revenue	48.7%	49.3%	53.2%	56.8%	52.1%	43.8%	47.1%	43.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: EXEL vs NTRA NTRA vs UTHR BNTX vs NTRA MRNA vs NTRA

More: Biotechnology stocks compared, Health Care sector, rankings of US companies

Figures from Natera, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Natera, Inc.