Natera, Inc.
- Open
- 318.53
- Day high
- 331.31
- Day low
- 318.00
- Prev close
- 320.76
- Volume
- 77K
- Mkt cap
- $47.5B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 26.1
- P/S
- 17.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$68.4M over the last 3 months (0 open-market buys, 134 sales)
- 🏛Institutions accumulating (13F)
Natera, Inc. (NTRA) is a Healthcare company listed on NASDAQ. The stock is up 91% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 134 sales (SEC Form 4). Drillr has 1 published research article covering NTRA.
Natera, Inc. (NTRA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 15 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NTRA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $-0.49 | $-0.47 | +4.8% | $753M | +13.8% |
| May 7, 2026 | $-0.53 | $-0.56 | -5.7% | $697M | +12.9% |
| Nov 6, 2025 | $-0.39 | $-0.64 | -65.9% | $592M | +15.3% |
| Aug 7, 2025 | $-0.62 | $-0.74 | -20.2% | $547M | +14.8% |
| May 8, 2025 | $-0.64 | $-0.50 | +21.9% | $502M | +12.5% |
| Feb 27, 2025 | $-0.38 | $-0.41 | -7.6% | $476M | +9.3% |
| Aug 8, 2024 | $-0.69 | $-0.30 | +56.5% | $413M | +20.5% |
| May 9, 2024 | $-0.71 | $-0.56 | +21.1% | $368M | +16.3% |
| Feb 28, 2024 | $-0.73 | $-0.64 | +12.3% | $311M | +3.7% |
| Aug 3, 2023 | $-1.09 | $-0.97 | +11.0% | $261M | +2.2% |
| Feb 28, 2023 | $-1.42 | $-1.37 | +3.5% | $217M | +0.8% |
| Aug 4, 2022 | $-1.50 | $-1.50 | +0.0% | $198M | +1.9% |
NTRA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 28, 2026 | Fesko Johnofficer: PRESIDENT, CHIEF BUS. OFFICER | Sell | 6,517 | $321.53 |
| Aug 28, 2026 | Fesko Johnofficer: PRESIDENT, CHIEF BUS. OFFICER | Grant | 20,000 | — |
| Aug 14, 2026 | Sheena Jonathandirector, other: CO-FOUNDER | Sell | 6,000 | $325.32 |
| Aug 7, 2026 | Sheena Jonathandirector, other: CO-FOUNDER | Sell | 5,111 | $316.61 |
| Aug 7, 2026 | Rabinowitz Matthewdirector, officer: EXECUTIVE CHAIRMAN | Sell | 2,000 | $320.90 |
| Aug 7, 2026 | Sheena Jonathandirector, other: CO-FOUNDER | Sell | 600 | $315.32 |
| Aug 7, 2026 | Sheena Jonathandirector, other: CO-FOUNDER | Sell | 100 | $308.40 |
| Aug 7, 2026 | Sheena Jonathandirector, other: CO-FOUNDER | Sell | 489 | $320.90 |
| Aug 7, 2026 | Sheena Jonathandirector, other: CO-FOUNDER | Sell | 900 | $313.07 |
| Aug 7, 2026 | Sheena Jonathandirector, other: CO-FOUNDER | Sell | 200 | $317.96 |
| Aug 7, 2026 | Sheena Jonathandirector, other: CO-FOUNDER | Sell | 400 | $310.23 |
| Aug 7, 2026 | Sheena Jonathandirector, other: CO-FOUNDER | Sell | 850 | $314.25 |
| Aug 5, 2026 | Brophy Michael Burkesofficer: CHIEF FINANCIAL OFFICER | Sell | 478 | $274.22 |
| Aug 5, 2026 | Chapman Steven Leonarddirector, officer: CEO AND PRESIDENT | Sell | 70 | $261.02 |
| Aug 5, 2026 | Chapman Steven Leonarddirector, officer: CEO AND PRESIDENT | Sell | 1,182 | $267.99 |
Source: NTRA SEC Form 4 filings, latest Aug 28, 2026. For informational purposes only — not investment advice.
See the full NTRA insider & 13F page →Natera, Inc. company profile
Overview
Natera, Inc. (NASDAQ:NTRA) is a molecular diagnostics company founded in 2003 and headquartered in Austin, Texas. Originally known as Gene Security Network, Inc., the company changed its name to Natera in 2012 and went public in 2015. Natera has evolved from a genetics-focused startup into a leading provider of genetic testing services across three primary healthcare segments: women's health, oncology, and organ health. The company develops and commercializes advanced molecular testing services that analyze DNA to provide critical medical information for patients and healthcare providers worldwide.
Business
Natera operates in the molecular diagnostics industry, which involves analyzing genetic material to detect diseases, monitor treatment responses, and assess health risks. The company's core business revolves around next-generation sequencing (NGS) technology and proprietary algorithms to analyze DNA from various sources including blood samples, tissue samples, and other biological materials. The company operates through three main business segments: Women's Health (approximately 60-65% of revenue): This segment includes Panorama, a non-invasive prenatal test (NIPT) that screens for chromosomal abnormalities in fetuses using a simple blood draw from pregnant mothers. The test can detect conditions like Down syndrome and other genetic disorders without the risks associated with invasive procedures like amniocentesis. The segment also includes Horizon carrier screening to identify genetic disease risks, Vistara for single-gene mutation screening, and Spectrum for in vitro fertilization genetic testing. Additionally, Natera offers Anora miscarriage analysis and non-invasive paternity testing. Oncology (approximately 25-30% of revenue): Centered around Signatera, a circulating tumor DNA (ctDNA) test that detects microscopic amounts of cancer DNA in blood samples. This technology helps oncologists monitor cancer treatment effectiveness, detect cancer recurrence earlier than traditional imaging, and make treatment decisions. The test is personalized to each patient's specific tumor genetic profile, making it highly sensitive for detecting minimal residual disease (MRD) after treatment. Organ Health (approximately 5-10% of revenue): Features Prospera for monitoring organ transplant rejection in kidney, heart, and lung transplants, and Renasight for genetic testing in chronic kidney disease. These tests help transplant teams detect organ rejection earlier than traditional biopsies and identify genetic factors contributing to kidney disease. The company also offers Constellation, a cloud-based software platform that provides laboratory partners access to Natera's algorithms and bioinformatics capabilities.
Revenue model
Natera generates revenue primarily through product sales of genetic tests, operating on a fee-for-service model where healthcare providers, patients, or insurance companies pay for each test performed. The company's revenue streams include direct payments from patients, reimbursements from government programs like Medicare and Medicaid, and payments from private insurance companies. The company's paying customers include healthcare providers (hospitals, clinics, physician offices), patients paying out-of-pocket, and insurance payers. Natera has built relationships with approximately 100 laboratory and distribution partners globally, while also maintaining a direct sales force for key accounts. Key factors that increase margins include: scale economies as higher test volumes spread fixed costs across more units; improved reimbursement rates through expanded insurance coverage and Medicare approvals; product mix optimization toward higher-margin tests like Signatera; and operational efficiency improvements in laboratory processes. The company has demonstrated significant margin expansion, with gross margins improving from 45.5% in 2023 to over 60% in recent quarters. Factors that could pressure margins include: competitive pricing pressure from other diagnostic companies; reimbursement challenges if payers reduce coverage or payment rates; regulatory changes affecting test approval or coverage; increased R&D costs for new product development; and market saturation in mature segments like NIPT where penetration rates are already high. The company also faces ongoing costs related to clinical trials and regulatory submissions to support new test launches and expanded coverage.
Competitive moat
Natera's competitive moat is moderately strong and multifaceted, built primarily on technological differentiation, clinical evidence, and network effects. The company's proprietary algorithms and bioinformatics capabilities, developed over two decades, create significant barriers to entry. Natera's SMART (Single Nucleotide Polymorphism-based Massively parallel sequencing Analysis in Real Time) technology platform provides superior accuracy compared to many competitors, particularly in challenging areas like twin pregnancies and low-fetal-fraction samples. The company has built substantial clinical evidence through extensive research partnerships and clinical trials, with over 100 ongoing studies generating data that supports product adoption and reimbursement. This clinical validation creates switching costs for healthcare providers who have integrated Natera's tests into their treatment protocols. In oncology, Signatera's personalized approach - where each test is customized to the patient's specific tumor profile - creates strong customer stickiness once physicians begin using the platform. Regulatory approvals and reimbursement coverage represent another moat component, as obtaining Medicare coverage and FDA approvals requires significant time and investment that competitors must replicate. Natera's early market entry in several segments has allowed it to establish relationships with key opinion leaders and build market share ahead of competitors. However, the moat faces several challenges. The molecular diagnostics industry attracts well-funded competitors including large corporations like Roche, Illumina, and Guardant Health. Technology commoditization risk exists as next-generation sequencing costs continue to decline and become more accessible. Reimbursement pressure from payers seeking to control healthcare costs could erode pricing power. Additionally, regulatory changes or new competitors with superior technology could disrupt Natera's market position, particularly in the more mature NIPT market where multiple established players compete.
Risks & safety
Natera demonstrates a strong margin of safety from a liquidity perspective but faces ongoing profitability challenges typical of a growth-stage healthcare company. Liquidity and Solvency: - Cash and short-term investments: $974 million (Q1 2025) - Current ratio: 3.87x indicating strong short-term liquidity - Debt-to-equity ratio: 0.16x showing minimal leverage - Positive free cash flow: $23 million in Q1 2025, $69 million for full year 2024 - Operating cash flow positive: $44 million in Q1 2025 Valuation Metrics: - Price-to-book ratio: 15.4x (elevated but common for growth biotech) - EV/EBITDA: Negative due to current losses - Revenue multiple: Approximately 13x based on 2024 revenue - Strong revenue growth: 37% year-over-year in Q1 2025 Other Considerations: - Net losses continue but narrowing trend - R&D investments remain high supporting future growth - Reimbursement expansion providing revenue visibility - Market leadership positions in key segments provide competitive buffer
Recent development
Over the past few years, Natera has executed several strategic initiatives to diversify its revenue base and strengthen its market position. The company made a significant acquisition in 2023, purchasing Invitae's women's health assets, which expanded its carrier screening capabilities and market reach in the prenatal testing space. In oncology, Natera has aggressively expanded Signatera's clinical evidence base through numerous clinical trials and research partnerships. Key developments include the GALAXY study results published in Nature Medicine showing significant overall survival benefits in colorectal cancer, and expanded Medicare coverage for lung cancer surveillance. The company launched the Signatera Genome test with enhanced sensitivity and is preparing to launch a tissue-free MRD assay in mid-2025. The company has also ventured into early cancer detection, initiating the FDA-enabling FIND study for colorectal cancer screening. This represents a potential expansion into the preventive screening market, though results are still pending. In organ health, Natera has expanded beyond kidney transplant monitoring with the Prospera heart transplant test and published significant clinical validation studies. The company has also developed Renasight for genetic testing in chronic kidney disease, supported by National Kidney Foundation guidelines. Operationally, Natera has focused on achieving cash flow positive operations, reaching this milestone in 2024 after years of investment-driven losses. The company has also improved its gross margins significantly, reaching over 60% in recent quarters through operational efficiencies and favorable product mix shifts.
NTRA company profile · for informational purposes only — not investment advice.
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