Recent News
On October 13th the company announced an investor call to discuss ESMO findings related to muscle-invasive bladder cancer, scheduled for October 23rd. On October 30th Natera confirmed its third-quarter results release for November 6th and associated webcast. On December 3rd Natera disclosed new Signatera data for lymphoma and multiple myeloma to be presented at the American Society of Hematology meeting (Dec. 6–9, 2025). On December 22nd Natera said management will present and host a Q&A at the 44th Annual J.P. Morgan Healthcare Conference on January 13, 2026.
Technical Analysis
Directional indicators show an emerging trend strength with ADX at 22.56, implying a nascent directional structure rather than a clear, established trend; this limits conviction for large, sustained intraday moves tied to short-term headlines.
DI+ sits at 22.79 and is decreasing, which reads as a bearish directional signal and tempers upside conviction against the near-term catalysts.
DI- recorded a peak-and-reversal, a pattern that corresponds to a bullish move in the negative directional index (DI- decreasing), creating a countervailing influence versus the falling DI+.
MACD at 4.60 sits below its signal line (signal 6.14) and shows a decreasing momentum trend; that configuration signals weakening momentum and reduces the odds of an immediate breakout above recent resistance levels.
MRO at +29.39 and decreasing indicates price currently sits above the model target and that the metric now signals potential downward pressure on price toward the calibrated target level.
RSI at 62.69 with a peak-and-reversal pattern suggests a recent exhaustion phase and supports a near-term bias toward consolidation or pullback rather than extension to new highs.
Price action clusters near short-term averages: close $231.30 versus the 20-day average $231.51 and 12-day EMA $232.35 (12-day EMA peaked and reversed). The 50-day average $216.82 and 200-day average $172.32 remain well below current price, preserving a constructive medium-term base while the 12-day turn and muted volume (today’s 489,350 versus 10-day average 1,100,707) point to limited participation on recent moves.
Fundamental Analysis
Revenue growth shows a strong year-over-year increase of 30.52% while quarter-over-quarter revenue contracted by 6.52%; that mix yields improving annual sales momentum but shorter-term variability in demand or timing of test volumes.
Margins remain under pressure: EBIT of -$86,292,000 produces an EBIT margin of -14.57%, which sits below the industry peer range low of -12.03% and highlights operating losses on current revenue levels despite rising gross margin of 64.91% (YoY improvement +5.04 percentage points).
Net income came in at -$87,544,000 and EPS actual -$0.64 missed the estimate of -$0.35 by $0.29, an EPS surprise of -82.86%, reflecting larger-than-expected operating shortfalls in the quarter reported.
Cash and liquid investments total $1,042,438,000 with a cash ratio of 2.36 and a current ratio of 3.27, indicating ample near-term liquidity relative to liabilities. Operating cash flow registered $59,387,000 while free cash flow reached $24,482,000, producing a free cash flow yield of 0.10%.
Leverage remains low: total debt $198,727,000 yields a debt-to-assets ratio of 10.91% and debt-to-equity of 15.87%, preserving financial flexibility to fund R&D ($173,412,000) and commercialization initiatives without elevated solvency pressure.
Valuation metrics show wide dispersion: price-to-book at 19.25 exceeds the industry peer mean and high, and price-to-sales at 40.71 sits above the peer mean; forward EPS remains negative. The current valuation as determined by WMDST values the stock as under-valued, but that assessment resides alongside elevated multiples and negative operating margins, so market re-rating will depend on continued revenue acceleration, margin improvement, or evidence that AI and Signatera data translate to durable commercial adoption.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 1.0 B |
| Operating Cash Flow | $ 59.4 M | |
| Capital Expenditures | $ -34.91 M | |
| Change In Working Capital | $ 40.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 41.4 M | |
| End Period Cash Flow | $ 1.0 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 592.2 M | |
| Forward Revenue | $ 118.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 207.8 M | |
| Depreciation | $ 10.3 M | |
| Depreciation and Amortization | $ 10.3 M | |
| Research and Development | $ 173.4 M | |
| Total Operating Expenses | $ 689.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 384.4 M | |
| EBITDA | $ -76.00 M | |
| EBIT | $ -86.29 M | |
| Operating Income | $ -97.58 M | |
| Interest Income | $ 11.3 M | |
| Interest Expense | $ 1.0 M | |
| Net Interest Income | $ 10.2 M | |
| Income Before Tax | $ -87.34 M | |
| Tax Provision | $ 207.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -87.54 M | |
| Net Income From Continuing Operations | $ -87.54 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.35 | |
| EPS Actual | $ -0.64 | |
| EPS Difference | $ -0.29 | |
| EPS Surprise | -82.857 % | |
| Forward EPS | $ -0.51 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.8 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.3 B | |
| Total Current Assets | $ 1.4 B | |
| Cash and Short-Term Investments | $ 1.0 B | |
| Cash | $ 1.0 B | |
| Net Receivables | $ 286.4 M | |
| Inventory | $ 64.6 M | |
| Long-Term Investments | $ 70.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 46.5 M | |
| Short-Term Debt | $ 80.3 M | |
| Total Current Liabilities | $ 442.0 M | |
| Net Debt | — | |
| Total Debt | $ 198.7 M | |
| Total Liabilities | $ 569.3 M | |
| EQUITY | ||
| Total Equity | $ 1.3 B | |
| Retained Earnings | $ -2.82 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.10 | |
| Shares Outstanding | 137.533 M | |
| Revenue Per-Share | $ 4.31 | |
| VALUATION | Market Capitalization | $ 24.1 B |
| Enterprise Value | $ 23.3 B | |
| Enterprise Multiple | -306.068 | |
| Enterprise Multiple QoQ | 34.095 % | |
| Enterprise Multiple YoY | -58.295 % | |
| Enterprise Multiple IPRWA | high: 259.301 mean: 66.139 median: 60.952 low: -109.976 NTRA: -306.068 |
|
| EV/R | 39.28 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.455 | |
| Asset To Liability | 3.2 | |
| Debt To Capital | 0.137 | |
| Debt To Assets | 0.109 | |
| Debt To Assets QoQ | -2.266 % | |
| Debt To Assets YoY | 115.698 % | |
| Debt To Assets IPRWA | high: 1.311 median: 0.314 mean: 0.282 NTRA: 0.109 low: 0.002 |
|
| Debt To Equity | 0.159 | |
| Debt To Equity QoQ | 0.832 % | |
| Debt To Equity YoY | 73.253 % | |
| Debt To Equity IPRWA | high: 1.942 mean: 0.402 median: 0.367 NTRA: 0.159 low: -1.277 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 19.25 | |
| Price To Book QoQ | 12.569 % | |
| Price To Book YoY | 11.502 % | |
| Price To Book IPRWA | NTRA: 19.25 high: 15.33 mean: 3.78 median: 2.405 low: -5.671 |
|
| Price To Earnings (P/E) | -273.853 | |
| Price To Earnings QoQ | 33.934 % | |
| Price To Earnings YoY | -41.724 % | |
| Price To Earnings IPRWA | high: 259.394 mean: 85.51 median: 70.629 low: -207.228 NTRA: -273.853 |
|
| PE/G Ratio | 20.264 | |
| Price To Sales (P/S) | 40.705 | |
| Price To Sales QoQ | 4.405 % | |
| Price To Sales YoY | 18.021 % | |
| Price To Sales IPRWA | high: 156.539 NTRA: 40.705 mean: 20.936 median: 14.574 low: 0.307 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -537.479 | |
| Forward PE/G | 39.772 | |
| Forward P/S | 342.612 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1.606 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.331 | |
| Asset Turnover Ratio QoQ | 5.64 % | |
| Asset Turnover Ratio YoY | 16.951 % | |
| Asset Turnover Ratio IPRWA | high: 0.52 NTRA: 0.331 mean: 0.157 median: 0.14 low: 0.0 |
|
| Receivables Turnover | 1.989 | |
| Receivables Turnover Ratio QoQ | 14.134 % | |
| Receivables Turnover Ratio YoY | 45.335 % | |
| Receivables Turnover Ratio IPRWA | high: 3.929 NTRA: 1.989 mean: 1.458 median: 1.333 low: 0.148 |
|
| Inventory Turnover | 3.495 | |
| Inventory Turnover Ratio QoQ | -8.572 % | |
| Inventory Turnover Ratio YoY | -6.695 % | |
| Inventory Turnover Ratio IPRWA | NTRA: 3.495 high: 2.783 mean: 0.735 median: 0.55 low: 0.001 |
|
| Days Sales Outstanding (DSO) | 45.889 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 53.996 | |
| Cash Conversion Cycle Days QoQ | -9.106 % | |
| Cash Conversion Cycle Days YoY | -27.431 % | |
| Cash Conversion Cycle Days IPRWA | high: 704.554 median: 160.142 mean: 154.596 NTRA: 53.996 low: -371.003 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.589 | |
| CapEx To Revenue | -0.059 | |
| CapEx To Depreciation | -3.391 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.3 B | |
| Net Invested Capital | $ 1.3 B | |
| Invested Capital | $ 1.3 B | |
| Net Tangible Assets | $ 1.3 B | |
| Net Working Capital | $ 1.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 2.358 | |
| Current Ratio | 3.274 | |
| Current Ratio QoQ | -11.98 % | |
| Current Ratio YoY | -25.376 % | |
| Current Ratio IPRWA | high: 13.125 NTRA: 3.274 mean: 2.531 median: 2.014 low: 0.117 |
|
| Quick Ratio | 3.128 | |
| Quick Ratio QoQ | -12.598 % | |
| Quick Ratio YoY | -25.983 % | |
| Quick Ratio IPRWA | high: 7.703 NTRA: 3.128 mean: 1.864 median: 1.504 low: 0.377 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -2.615 | |
| Cost Of Debt | 0.418 % | |
| Interest Coverage Ratio | -82.576 | |
| Interest Coverage Ratio QoQ | -14.717 % | |
| Interest Coverage Ratio YoY | 835.981 % | |
| Interest Coverage Ratio IPRWA | high: 340.0 mean: 42.515 median: 8.398 NTRA: -82.576 low: -547.125 |
|
| Operating Cash Flow Ratio | -0.125 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 19.021 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.666 % | |
| Revenue Growth | 8.339 % | |
| Revenue Growth QoQ | -6.524 % | |
| Revenue Growth YoY | 30.521 % | |
| Revenue Growth IPRWA | high: 54.24 % NTRA: 8.339 % mean: 2.18 % median: 0.689 % low: -45.858 % |
|
| Earnings Growth | -13.514 % | |
| Earnings Growth QoQ | -128.154 % | |
| Earnings Growth YoY | 1.358 % | |
| Earnings Growth IPRWA | high: 180.0 % mean: 21.158 % median: 10.505 % NTRA: -13.514 % low: -100.918 % |
|
| MARGINS | ||
| Gross Margin | 64.909 % | |
| Gross Margin QoQ | 2.362 % | |
| Gross Margin YoY | 5.039 % | |
| Gross Margin IPRWA | high: 94.309 % NTRA: 64.909 % median: 61.458 % mean: 57.746 % low: -37.943 % |
|
| EBIT Margin | -14.572 % | |
| EBIT Margin QoQ | -20.057 % | |
| EBIT Margin YoY | 131.191 % | |
| EBIT Margin IPRWA | high: 34.657 % median: 16.789 % mean: 12.826 % NTRA: -14.572 % low: -1203.008 % |
|
| Return On Sales (ROS) | -16.477 % | |
| Return On Sales QoQ | -18.398 % | |
| Return On Sales YoY | 161.415 % | |
| Return On Sales IPRWA | high: 34.618 % median: 17.526 % mean: 12.866 % NTRA: -16.477 % low: -1203.008 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 24.5 M | |
| Free Cash Flow Yield | 0.102 % | |
| Free Cash Flow Yield QoQ | 85.455 % | |
| Free Cash Flow Yield YoY | -38.182 % | |
| Free Cash Flow Yield IPRWA | high: 9.514 % mean: 0.811 % median: 0.731 % NTRA: 0.102 % low: -49.522 % |
|
| Free Cash Growth | 109.66 % | |
| Free Cash Growth QoQ | -326.495 % | |
| Free Cash Growth YoY | -125.808 % | |
| Free Cash Growth IPRWA | high: 195.075 % NTRA: 109.66 % mean: -33.468 % median: -41.083 % low: -191.429 % |
|
| Free Cash To Net Income | -0.28 | |
| Cash Flow Margin | -9.315 % | |
| Cash Flow To Earnings | 0.63 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -4.893 % | |
| Return On Assets QoQ | -15.419 % | |
| Return On Assets YoY | 140.679 % | |
| Return On Assets IPRWA | high: 7.459 % mean: 1.59 % median: 1.107 % NTRA: -4.893 % low: -70.984 % |
|
| Return On Capital Employed (ROCE) | -6.255 % | |
| Return On Equity (ROE) | -0.07 | |
| Return On Equity QoQ | -13.691 % | |
| Return On Equity YoY | 94.41 % | |
| Return On Equity IPRWA | high: 0.969 median: 0.019 mean: -0.044 NTRA: -0.07 low: -1.516 |
|
| DuPont ROE | -7.008 % | |
| Return On Invested Capital (ROIC) | -5.116 % | |
| Return On Invested Capital QoQ | -13.785 % | |
| Return On Invested Capital YoY | -296.694 % | |
| Return On Invested Capital IPRWA | high: 18.508 % mean: 3.325 % median: 1.904 % NTRA: -5.116 % low: -26.281 % |
|