Latest Ratios: P/E Ratio -185.0x · EV/EBITDA N/A · ROE -14.3%. (2012–2025 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 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $40.3B | $31.3B | $19.7B | $7.2B | $4.0B | $8.5B | $8.1B | $2.3B | $808M | $482M | $604M |
| Enterprise Value | $39.4B | $30.5B | $19.0B | $7.0B | $3.9B | $8.8B | $8.3B | $2.4B | $885M | $592M | $638M |
| P/E Ratio → | -185.05 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 17.47 | 13.58 | 11.63 | 6.65 | 4.82 | 13.52 | 20.62 | 7.75 | 3.13 | 2.28 | 2.78 |
| P/B Ratio | 22.46 | 18.29 | 16.52 | 9.41 | 5.60 | 12.95 | 16.58 | 8.41 | 25.11 | 18.96 | 5.67 |
| P/FCF | 369.18 | 287.05 | 285.13 | — | — | — | — | — | — | — | — |
| P/OCF | 187.10 | 145.48 | 145.53 | — | — | — | — | — | — | — | — |
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 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.21 | 11.19 | 6.47 | 4.80 | 14.02 | 21.21 | 8.06 | 3.43 | 2.81 | 2.94 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 279.16 | 274.18 | — | — | — | — | — | — | — | — |
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 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.8% | 64.8% | 60.3% | 45.5% | 44.4% | 49.1% | 47.9% | 42.0% | 35.6% | 33.8% | 37.5% |
| Operating Margin | -13.4% | -13.4% | -13.1% | -41.2% | -66.0% | -74.8% | -55.3% | -38.5% | -44.5% | -63.5% | -44.4% |
| Net Profit Margin | -9.0% | -9.0% | -11.2% | -40.2% | -66.8% | -75.4% | -58.8% | -41.3% | -49.7% | -64.6% | -44.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -14.3% | -14.3% | -19.4% | -59.1% | -80.6% | -82.8% | -60.1% | -80.3% | -445.1% | -206.7% | -65.8% |
| ROA | -10.0% | -10.0% | -12.3% | -30.7% | -41.6% | -43.5% | -30.3% | -29.3% | -53.1% | -64.1% | -40.2% |
| ROIC | -36.1% | -36.1% | -33.3% | -53.5% | -49.1% | -41.7% | -29.7% | -36.2% | -70.1% | -72.6% | -42.7% |
| ROCE | -18.3% | -18.3% | -18.1% | -40.2% | -51.5% | -53.5% | -38.1% | -41.8% | -87.1% | -120.0% | -64.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.16 | 0.58 | 0.63 | 0.61 | 0.58 | 0.56 | 3.84 | 4.85 | 0.47 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.50 | -0.63 | -0.26 | -0.03 | 0.48 | 0.48 | 0.34 | 2.40 | 4.35 | 0.32 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -7.90 | -10.95 | — | — | — | — | — | — | — | — |
| Interest Coverage | -64.89 | -64.89 | -16.76 | -33.38 | -57.68 | -55.72 | -14.23 | -10.49 | -10.94 | -31.56 | -186.96 |
Net cash position: cash ($1.1B) exceeds total debt ($214M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.39 | 3.39 | 4.00 | 4.10 | 3.90 | 4.99 | 4.33 | 2.91 | 2.11 | 1.71 | 1.81 |
| Quick Ratio | 3.24 | 3.24 | 3.87 | 3.96 | 3.79 | 4.87 | 4.23 | 2.84 | 1.99 | 1.63 | 1.74 |
| Cash Ratio | 2.44 | 2.44 | 2.81 | 2.86 | 2.89 | 4.18 | 3.70 | 2.45 | 1.35 | 1.13 | 1.52 |
| Asset Turnover | — | 0.92 | 1.02 | 0.75 | 0.59 | 0.51 | 0.42 | 0.52 | 0.96 | 0.98 | 1.03 |
| Inventory Turnover | 11.84 | 11.84 | 15.06 | 14.47 | 12.89 | 11.83 | 10.17 | 14.16 | 12.18 | 15.51 | 21.14 |
| Days Sales Outstanding | — | 46.93 | 67.58 | 93.83 | 108.75 | 71.24 | 73.34 | 64.41 | 88.15 | 76.29 | 22.52 |
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 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 0.3% | 0.3% | 0.4% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $137M | $125M | $115M | $98M | $91M | $81M | $70M | $58M | $54M | $52M |
Reimbursement and litigation exposure
Based on reported figures, Natera trades at a P/S multiple of 16.27, which suggests that investors are pricing in significant long-term market share dominance in the MRD space rather than current earnings, as the company remains unprofitable with a TTM P/E of -172.31.
The elevated P/S ratio relative to broader healthcare diagnostics peers indicates that the market is heavily discounting future revenue growth and potential margin expansion from the Signatera platform. Investors should monitor whether this valuation premium can be sustained if the pace of oncology test adoption or reimbursement coverage fails to meet aggressive growth expectations.
According to recent quarterly data, Natera's ROIC has struggled to reach positive territory, fluctuating between -18.3% and -2.7% over the last ten quarters, which indicates that the company is currently destroying value on invested capital as it prioritizes rapid commercial scaling over immediate profitability.
The persistent negative ROIC suggests that the high costs associated with clinical evidence generation and sales force expansion are currently outpacing the returns generated by the underlying diagnostic tests. A sustained improvement in this metric will likely require a significant shift toward operating leverage as the company moves past its current heavy investment phase.
As reported in financial statements, Natera's cash conversion cycle has remained volatile, ranging from 52 to 93 days over the last ten quarters, reflecting the inherent complexities of managing insurance reimbursement timelines and laboratory inventory in a high-growth diagnostic environment.
The fluctuation in DSO, which peaked at 79 days in 2023Q4 before moderating to 46 days in 2026Q1, suggests that the company's ability to collect on billed tests is sensitive to payer-specific reimbursement cycles. Investors should monitor these trends as a proxy for the maturity of the company's billing operations and its leverage over insurance providers.
Based on Natera's reported figures, the company has successfully reduced its debt-to-equity ratio from 0.58 in 2023Q4 to 0.14 in 2026Q1, signaling a deliberate and effective strategy to strengthen the balance sheet while maintaining a substantial cash buffer for ongoing operations.
This reduction in leverage significantly lowers the company's interest burden and provides greater flexibility to navigate potential regulatory or litigation-related shocks. The current debt profile appears manageable, though the company's reliance on equity-based growth remains a critical factor for long-term capital structure stability.
As disclosed in quarterly financial data, the P/E ratio is a fundamentally flawed metric for Natera, as it obscures the company's true economic performance by failing to account for significant non-cash stock-based compensation and the heavy upfront investment required for clinical trial and market development.
Investors should instead focus on metrics like FCF margin and revenue growth per test, which better capture the underlying cash-generative potential of the diagnostic platform. Relying on P/E in this context may lead to an overly pessimistic view of the company's value, as it ignores the strategic value of the longitudinal clinical data being accumulated.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying NTRA stock.
Natera, Inc.'s current P/E ratio is -185.0x. This places it at the 50th percentile of its historical range.
Natera, Inc.'s return on equity (ROE) is -14.3%. The historical average is -111.4%.
Based on historical data, Natera, Inc. is trading at a P/E of -185.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Natera, Inc. has 64.8% gross margin and -13.4% operating margin.