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Nasdaq · Healthcare

BillionToOne, Inc. (BLLN)

As-reported financials and SEC filings for BillionToOne, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About BillionToOne, Inc.

BillionToOne, Inc. develops molecular diagnostic tests using its proprietary single molecule next-generation sequencing platform. The company offers prenatal testing products like UNITY, which assesses fetal risk for recessive conditions from a maternal blood sample, and oncology tests such as Northstar Select and Northstar Response for detecting and monitoring solid tumor mutations through liquid biopsies. BillionToOne serves healthcare providers and patients by providing non-invasive, highly sensitive genetic testing for prenatal and cancer care.

Snapshot

Revenue
$305.1M
Revenue growth (YoY)
100.0%
Net income
$7.5M
Diluted EPS
$0.14
Gross margin
68.3%
Operating margin
5.3%
Net margin
2.4%
FCF margin
5.2%
ROE
1.6%
net income / fiscal-year-end equity
P/E
126.5×
trailing when available, otherwise FY EPS
Market cap
$4.36B
Long-term debt / equity
0.12×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at BillionToOne

  • Revenue grew 100.0% to $305M in FY2025, slower than the 112.7% the year before.
  • Operating margin turned positive at 5.3% in FY2025, from a 96.9% operating loss in FY2023.
  • Most recent quarter Q2 FY2026: revenue $109M, up 64.4% from Q2 FY2025.
  • Free cash flow was $16M in FY2025, 5.2% of revenue.
  • Net income turned positive at $7M in FY2025, from a $42M loss in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where BillionToOne’s fundamentals sit among the 558 Healthcare companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin68.3%
67th percentile of 282
Operating margin5.3%
58th percentile of 399
Net margin2.4%
58th percentile of 418
FCF margin5.2%
56th percentile of 372
Revenue growth (YoY)+100.0%
90th percentile of 538
ROE1.6%
63rd percentile of 473
P/E126.5×
94th percentile of 201
Long-term debt / equity0.12×
21st percentile of 243
Short interest1.80d
17th percentile of 557

BillionToOne’s P/E of 126.5 ranks in the 94th percentile of the 201 peers with a meaningful P/E. BillionToOne’s revenue growth of +100.0% ranks in the 90th percentile of the 538 Healthcare companies reporting it.

No reported insider purchases (code P) in the last 90 days; 119 insider sales totaling $32.9M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+5 quant / multi-strat
Initiated / added
6
4 new, 2 added
Reduced / exited
2
1 trimmed, 1 exited
Combined position
$73.4M
reported long value
InvestorAs ofPosition valueSharesChange
Millennium ManagementquantQ2 2026$51.0M425.0KNew
Renaissance TechnologiesquantQ2 2026$11.6M96.6KAdded
Two Sigma InvestmentsquantQ2 2026$3.6M30.2KReduced
D. E. ShawquantQ2 2026$3.1M26.0KAdded
Polen Capital ManagementQ2 2026$2.0M17.0KNew
Citadel AdvisorsquantQ2 2026$1.8M15.2KNew
Gotham Asset ManagementQ2 2026$213,8041.8KNew

No longer held by: Soros Fund Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
119
$32.9M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-25
filed 2026-08-27
Tsao DavidChief Technology OfficerSell10.0K$100.00$1.0M
2026-08-25
filed 2026-08-27
ten Bosch John RoderickSVP of Laboratory OperationsSell1.4K$100.00$142K
2026-08-10
filed 2026-08-12
Tsao DavidChief Technology OfficerSell10.0K$92.86$929K
2026-08-10
filed 2026-08-12
ten Bosch John RoderickSVP of Laboratory OperationsSell1.4K$92.86$132K
2026-08-05
filed 2026-08-07
Atay OguzhanChairman and CEOSell15.5K$150.03$2.3M
2026-08-03
filed 2026-08-05
Atay OguzhanChairman and CEOSell10.0K$137.25$1.4M
2026-08-03
filed 2026-08-05
Atay OguzhanChairman and CEOSell6.4K$136.42$867K
2026-08-03
filed 2026-08-05
Atay OguzhanChairman and CEOSell6.3K$137.37$859K
2026-08-03
filed 2026-08-05
Atay OguzhanChairman and CEOSell6.3K$137.37$859K
2026-08-03
filed 2026-08-05
Atay OguzhanChairman and CEOSell3.1K$137.25$429K
2026-08-03
filed 2026-08-05
Atay OguzhanChairman and CEOSell3.1K$137.25$429K
2026-08-03
filed 2026-08-05
Atay OguzhanChairman and CEOSell2.4K$138.09$336K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
1.9M
settled 2026-08-14
Change vs prior
+1.5%
vs previous settlement
Days to cover
1.80
at avg daily volume
Avg daily volume
1.1M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-141.9M+1.5%1.80
2026-07-311.9M-20.2%3.38
2026-07-152.4M-0.7%3.58
2026-06-302.4M+34.2%2.96
2026-06-151.8M+7.4%2.18
2026-05-291.7M+14.8%2.82
2026-05-151.5M-36.2%1.57
2026-04-302.3M+18.5%5.93

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023
Revenue$305.1M$152.6M$71.7M
Gross profit$208.5M$80.9M$17.3M
Operating income$16.0M$-47.1M$-69.5M
Net income$7.5M$-41.6M$-82.7M
Diluted EPS$0.14$-4.12$-8.45

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023
Cash and equivalents$496.0M$191.5M$97.3M
Current assets$560.6M$227.8M
Total assets$632.7M$302.1M
Current liabilities$48.0M$28.4M
Long-term debt$57.2M$51.5M
Total liabilities$152.5M$134.3M
Total equity$480.1M$-251.7M$-219.1M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023
Operating cash flow$24.6M$-41.4M$-53.7M
Capital expenditure$8.9M$5.4M$6.2M
Free cash flow$15.7M$-46.8M$-59.8M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$109.4M64.4%$8.1M$0.15
Q1 FY2026$108.4M83.8%$18.0M$0.34
Q4 FY2025$96.1M113.1%$6.0M$0.15
Q3 FY2025$83.5M117.4%$5.7M$0.10
Q2 FY2025$66.6M$-246,000
Q1 FY2025$59.0M$-4.0M
Q4 FY2024$45.1M$-11.5M
Q3 FY2024$38.4M$-14.9M

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industryServices-Medical Laboratories
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2025
SEC CIK2070849

Selected SEC filings

10-K2026-03-11
View on EDGAR →
10-Q2026-08-05
View on EDGAR →
10-Q2026-05-06
View on EDGAR →
8-K2026-08-05
View on EDGAR →
8-K2026-06-29
View on EDGAR →
8-K2026-06-16
View on EDGAR →
8-K2026-05-06
View on EDGAR →

Largest Healthcare peers

All Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.