Natera (NTRA)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $57.6B, Natera's free cash flow of $109M (fiscal 2025) would need to grow about 51% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 1 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Natera's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from NTRA's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Natera's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $625M | $820M | $1.1B | $1.7B | $2.3B |
| Net income | -$472M | -$548M | -$435M | -$190M | -$208M |
| Free cash flow | -$376M | -$479M | -$286M | $69M | $109M |
| EPS (diluted) | -$5.21 | -$5.57 | -$3.78 | -$1.53 | -$1.52 |
| Operating margin | -74.8% | -66.0% | -41.2% | -13.1% | -13.4% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own NTRA
From each investor's latest 13F filing (what a 13F shows). 9 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Stanley Druckenmiller Duquesne Family Office |
Added | $865M | 16.6% | Q2 2026 |
| Philippe Laffont Coatue Management |
Trimmed | $680M | 1.4% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $628M | 0.22% | Q2 2026 |
| Tom Steyer Farallon Capital Management LLC |
Trimmed | $602M | 2.8% | Q2 2026 |
| Lee Ainslie Maverick Capital |
Added | $368M | 3.3% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Added | $276M | 0.23% | Q2 2026 |
| Andreas Halvorsen Viking Global Investors |
New position | $106M | 0.30% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $28M | 0.06% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Trimmed | $3M | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Natera's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
Get an alert at your buy price
Pick the price you'd be interested at. We'll email you when NTRA trades at or below it.
Free accounts get 3 price alerts. No card needed.
In the full deep dive
Questions
What growth does Natera's stock price imply?
At a market value of $57.6B, Natera would need its free cash flow to grow about 51% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 1 years its free cash flow grew 58% a year.
Are Natera insiders buying the stock?
No open-market insider purchases of NTRA in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own Natera?
9 of the superinvestors Investingly tracks hold NTRA in their latest 13F, including Stanley Druckenmiller, Philippe Laffont, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.