BillionToOne, Inc. (BLLN) AI Stock Analysis

BillionToOne, Inc., incorporated in 2016 and headquartered in Menlo Park, California, is a precision diagnostics company that quantifies biology to create molecular diagnostics. It provides a molecular counting platform designed to detect and measure DNA molecules at the single-count level to help enhance disease detection. Its product offerings include UNITY Complete, a non-invasive prenatal screen assessing fetal risk for aneuploidies, recessive conditions, and fetal antigens from maternal blood draws. For oncology, it offers Northstar Select, a liquid biopsy test detecting tumor mutations, and Northstar Response, a methylation-based assay that quantifies cancer levels to monitor patient therapy response without requiring a tissue biopsy.

Revenue expanded rapidly from $71.7M in FY2023 to $152.6M in FY2024 and reached $305.1M in FY2025, reflecting a 2-year revenue CAGR of 106.2%. Gross margin improved from 24.1% in FY2023 to 53.0% in FY2024 and 68.3% in FY2025. Operating margin turned positive to 5.3% in FY2025, up from -96.9% in FY2023. Net income shifted from -$82.7M in FY2023 to $7.5M in FY2025, generating FY2025 EPS of $1.06. Over the trailing twelve months ending June 30, 2026, revenue stood at $397.4M with an operating margin of 5.0% and profit margin of 8.3%. Quarterly revenue growth was 64.4% year-over-year.

As of June 30, 2026, BillionToOne held $548.6M in cash and short-term investments against $143.9M in total debt, resulting in net cash of $404.7M. The company maintains solid liquidity with a current ratio of 11.69 and a debt-to-equity ratio of 0.27 on shareholders' equity of $536.8M. Operating cash flow improved from -$53.7M in FY2023 to $24.6M in FY2025, supporting free cash flow of $15.7M after capital expenditures of $8.9M.

At a last close of $98.12, BillionToOne trades at a market cap of $4.63B and enterprise value of $4.99B. Its trailing P/E of 155.7x and forward P/E of 69.9x stand well above the median of its US-listed Healthcare peers at 24.6x and 17.3x, respectively. The company's price-to-sales ratio is 11.7x compared to the peer median of 4.1x, and its EV/EBITDA is 99.3x versus the peer median of 12.0x. Year-to-date, BLLN shares have gained 19.9%, compared to a 1-year return of 16.8% for SPY.

Wall Street coverage includes 5 Strong Buy, 2 Buy, and 1 Hold ratings, with 0 Sell or Strong Sell ratings. The mean price target is $129.00, representing a 31.5% premium to the last close of $98.12. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $454.8M and EPS of $1.50, implying 186.1% EPS growth. BillionToOne has beat EPS estimates in 2 of the last 4 quarters, and its next earnings report date is November 4, 2026.

This page is an AI-written research summary of BillionToOne, Inc. (BLLN). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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