Latest Ratios: P/E Ratio 1853.1x · EV/EBITDA 314.7x · ROE 2.3%. (2023–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Market Cap | $5.4B | $3.7B | — | — |
| Enterprise Value | $5.0B | $3.4B | — | — |
| P/E Ratio → | 1853.06 | 1284.77 | — | — |
| P/S Ratio | 17.79 | 12.29 | — | — |
| P/B Ratio | 11.26 | 7.81 | — | — |
| P/FCF | 345.51 | 238.56 | — | — |
| P/OCF | 220.75 | 152.42 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| EV / Revenue | — | 11.02 | — | — |
| EV / EBITDA | 314.69 | 209.80 | — | — |
| EV / EBIT | 314.69 | 209.80 | — | — |
| EV / FCF | — | 213.92 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Gross Margin | 68.3% | 68.3% | 53.0% | 24.1% |
| Operating Margin | 5.3% | 5.3% | -30.9% | -96.9% |
| Net Profit Margin | 2.4% | 2.4% | -27.2% | -115.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | 2.3% | 2.3% | -41.9% | -271.3% |
| ROA | 1.6% | 1.6% | -16.8% | -43.1% |
| ROIC | 13.5% | 13.5% | -42.8% | -65.5% |
| ROCE | 3.7% | 3.7% | -23.7% | -55.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.65 | 4.80 |
| Debt / EBITDA | 6.80 | 6.80 | — | — |
| Net Debt / Equity | — | -0.81 | -0.49 | 1.61 |
| Net Debt / EBITDA | -24.16 | -24.16 | — | — |
| Debt / FCF | — | -24.63 | — | — |
| Interest Coverage | 168.66 | 168.66 | -16.41 | -24.27 |
Net cash position: cash ($496M) exceeds total debt ($109M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 11.69 | 11.69 | 8.03 | 1.73 |
| Quick Ratio | 11.32 | 11.32 | 7.72 | 1.62 |
| Cash Ratio | 10.34 | 10.34 | 6.75 | 1.46 |
| Asset Turnover | — | 0.48 | 0.51 | 0.37 |
| Inventory Turnover | 5.51 | 5.51 | 8.21 | 7.56 |
| Days Sales Outstanding | — | 49.79 | 59.11 | 46.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | 0.1% | 0.1% | — | — |
| FCF Yield | 0.3% | 0.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $46M | $45M | $45M |
Rapid Scaling Execution Risk
According to current market data, BLLN trades at a P/S ratio of 17.81 and a forward P/E of 120.04, suggesting that investors are pricing in aggressive long-term market share gains that significantly exceed the valuation multiples observed in more mature diagnostic peers like Illumina.
The extreme disparity between trailing and forward P/E multiples indicates that the market expects a rapid inflection in earnings power as the company achieves greater operating leverage. Investors should monitor whether the current growth trajectory can justify these high entry multiples, as any deceleration in testing volume could lead to significant multiple compression.
Based on reported financial figures, BLLN's ROIC has improved from a negative 10.2% in 2024Q4 to a positive 13.0% in 2026Q1, signaling that the company is successfully transitioning from a capital-consuming growth phase to a period of generating meaningful returns on its invested capital base.
This turnaround in ROIC is primarily driven by the rapid expansion of gross margins and the achievement of positive operating income. While the trend is positive, maintaining these returns will require disciplined capital allocation as the company scales its diagnostic infrastructure to meet broader market demand.
As reported in recent quarterly filings, BLLN's cash conversion cycle has fluctuated significantly, settling at 75 days in 2026Q1, which reflects the inherent complexities of managing inventory and receivables while simultaneously scaling a high-growth diagnostic testing platform across a fragmented US healthcare market.
The variability in the cash conversion cycle suggests that the company is still refining its operational processes to match its rapid revenue growth. Investors should watch for stabilization in DSO and DIO metrics, as consistent working capital management is essential for sustaining positive free cash flow generation.
The P/E ratio is the most commonly misapplied metric for BLLN, as it obscures the company's underlying operational progress by focusing on historical earnings that were heavily impacted by early-stage R&D and infrastructure investments rather than current, normalized diagnostic testing profitability.
Given the company's rapid transition to profitability, the P/E ratio fails to capture the forward-looking earnings power inherent in the current business model. Analysts should instead prioritize EV/EBITDA or forward-looking cash flow metrics to better assess the company's valuation relative to its actual operational performance and future growth potential.
Includes 30+ ratios · 3 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BLLN stock.
BillionToOne, Inc.'s current P/E ratio is 1853.1x. This places it at the 50th percentile of its historical range.
BillionToOne, Inc.'s current EV/EBITDA is 314.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
BillionToOne, Inc.'s return on equity (ROE) is 2.3%. The historical average is -103.7%.
Based on historical data, BillionToOne, Inc. is trading at a P/E of 1853.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BillionToOne, Inc. has 68.3% gross margin and 5.3% operating margin.
BillionToOne, Inc.'s Debt/EBITDA ratio is 6.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.