Natera (NTRA) financial statements
Natera reported revenue of $2.3B in fiscal 2025, up 30.3% a year over 9 years.
Net income was -$208M and the operating margin -13.4%, against -47.6% in 2016.
Free cash flow was $109M.
The diluted share count rose 165% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Natera's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $213M | $210M | $258M | $302M | $391M | $625M | $820M | $1.1B | $1.7B | $2.3B |
| Cost of revenue | $134M | $136M | $158M | — | — | — | — | — | — | — |
| Gross profit | $78M | $74M | $100M | — | — | — | — | — | — | — |
| Research and development | $42M | $50M | $51M | $51M | $100M | $264M | $316M | $321M | $404M | $624M |
| Selling, general and admin | $136M | $155M | $155M | $206M | $304M | $511M | $589M | $618M | $841M | $1.2B |
| Operating income | -$101M | -$135M | -$115M | -$116M | -$216M | -$468M | -$541M | -$446M | -$222M | -$310M |
| Interest expense | $533,000 | $4M | $10M | $11M | $15M | $8M | $9M | $13M | $11M | $4M |
| Pre-tax income | -$100M | -$137M | -$128M | -$123M | -$230M | -$471M | -$547M | -$435M | -$190M | -$268M |
| Income tax | $142,000 | $454,000 | $321,000 | $2M | $98,000 | $618,000 | $978,000 | $271,000 | $695,000 | -$60M |
| Net income | -$100M | -$138M | -$128M | -$125M | -$230M | -$472M | -$548M | -$435M | -$190M | -$208M |
| EPS (diluted) | -$1.95 | -$2.59 | -$2.22 | -$1.79 | -$2.84 | -$5.21 | -$5.57 | -$3.78 | -$1.53 | -$1.52 |
| Diluted shares | 52M | 54M | 58M | 70M | 81M | 91M | 98M | 115M | 125M | 137M |
| Gross margin | 36.7% | 35.4% | 38.6% | — | — | — | — | — | — | — |
| Operating margin | -47.6% | -64.6% | -44.5% | -38.5% | -55.3% | -74.8% | -66.0% | -41.2% | -13.1% | -13.4% |
| Net margin | -47.2% | -65.7% | -49.7% | -41.3% | -58.8% | -75.4% | -66.8% | -40.2% | -11.2% | -9.0% |
Balance sheet
Fiscal years, from Natera's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $146M | $119M | $154M | $441M | $737M | $914M | $898M | $879M | $968M | $1.1B |
| Receivables | $13M | $44M | $62M | $53M | $79M | $122M | $244M | $278M | $314M | $297M |
| Inventory | $6M | $9M | $14M | $12M | $20M | $27M | $35M | $41M | $45M | $68M |
| Total current assets | $174M | $181M | $241M | $523M | $863M | $1.1B | $1.2B | $1.3B | $1.4B | $1.5B |
| Property, plant and equipment | $32M | $30M | $24M | $23M | $33M | $66M | $92M | $111M | $162M | $241M |
| Goodwill | — | — | — | — | — | — | — | — | — | $141M |
| Total assets | $211M | $215M | $268M | $583M | $932M | $1.2B | $1.4B | $1.4B | $1.7B | $2.4B |
| Total current liabilities | $96M | $106M | $114M | $180M | $199M | $219M | $310M | $307M | $344M | $441M |
| Total liabilities | $104M | $189M | $236M | $304M | $446M | $583M | $689M | $676M | $465M | $686M |
| Shareholders' equity | $144M | $25M | $32M | $279M | $486M | $653M | $706M | $765M | $1.2B | $1.7B |
| Net debt | -$15M | -$13M | -$46M | -$62M | -$49M | -$84M | -$466M | -$642M | -$946M | -$1.1B |
Cash flow
Fiscal years, from Natera's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$74M | -$98M | -$71M | -$63M | -$183M | -$335M | -$432M | -$247M | $136M | $215M |
| Capital spending | $23M | $10M | $4M | $5M | $20M | $41M | $48M | $39M | $66M | $106M |
| Free cash flow | -$97M | -$108M | -$74M | -$68M | -$202M | -$376M | -$479M | -$286M | $69M | $109M |
| Stock-based compensation | $11M | $11M | $14M | $29M | $50M | $115M | $152M | $192M | $274M | $354M |
| Net borrowing | — | $75M | — | — | -$79M | -$79M | — | — | — | — |
| Free cash flow margin | -45.7% | -51.4% | -28.9% | -22.6% | -51.7% | -60.2% | -58.4% | -26.4% | 4.1% | 4.7% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NTRA.
Open NTRA in InvestinglyQuestions
What was Natera's revenue in 2025?
$2.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Natera generate?
$109M in fiscal 2025 (operating cash flow minus capital spending).
From Natera's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.