BillionToOne, Inc. Class A (BLLN) AI Stock Analysis

• Market Cap: $3.49B
• Dividend Yield: N/A
• Average Volume (3M): 302.25K
• Price to Earnings (P/E): 502.9
• Beta (1Y): -0.09
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 620
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): 0.11
• Shares Outstanding: 41,413,162
• 10 Day Avg. Volume: 289,051
• 30 Day Avg. Volume: 302,254
• PEG Ratio: -4.71
• Price to Book (P/B): 7.81
• Price to Sales (P/S): 12.29
• P/FCF Ratio: 238.56
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 10.72
• Enterprise Value/Gross Profit: 15.69
• Enterprise Value/Ebitda: 178.00
• 1Y Price Target: $124.00
• Price Target Upside: 71.98% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.47
• Revenue Forecast (FY): $436.55M

• Rating: 58 Neutral
• Price Target: $67.00 ▼(-7.07% Downside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

Score is driven primarily by improving fundamentals (rapid growth, margin expansion, and de-leveraging) and a constructive earnings-call outlook. These positives are materially offset by weak technical momentum and an extremely high P/E with no dividend support.

Positive Factors

Rapid Revenue & Volume Growth

Sustained double‑digit topline growth and accelerating test volumes indicate durable commercial adoption of the smNGS platform. Higher volumes improve operating leverage, enable salesforce scalability and payer negotiation, and provide a multi‑quarter tailwind to revenue diversification and market penetration.

Material Gross Margin Expansion

Large, persistent gross margin gains reflect stronger pricing power, lower per‑test costs and improved mix or process efficiency. High unit economics underpin sustainable profitability at scale, providing structural insulation versus cyclical revenue swings and more headroom for reinvestment.

Deleveraging and Positive Cash Generation

A markedly stronger balance sheet and return to positive operating and free cash flow materially improve financial flexibility. Lower leverage reduces solvency risk, supports further commercial investment (EMR, sales) and gives management optionality to fund growth without near‑term refinancing pressure.

Negative Factors

Thin Net Profitability & Low ROE

Although profitability turned positive, margins and ROE remain thin, leaving earnings sensitive to cost inflation, reimbursement shifts or pricing pressure. Low returns imply the balance sheet currently supports limited capital efficiency, constraining durable returns to shareholders absent sustained margin improvement.

Negative Mix Shift Toward Lower‑Margin Oncology

Rapid oncology expansion, while strategically important, risks compressing blended gross margins if lower ASP or higher support costs persist. A structural shift in revenue mix can erode unit economics and require higher commercial or clinical investment to sustain comparable profitability.

EMR Integration & Reimbursement Uncertainty

Execution requires meaningful EMR investment and payer coverage gains; delays or higher costs here can slow large account conversions and extend sales cycles. Uncertain reimbursement, particularly in public programs, is a structural barrier that can cap long‑term demand and margin realization in oncology.

BillionToOne, Inc. Class A Business Overview & Revenue Model

Company Description

BillionToOne, Inc., a precision diagnostics company, quantifies biology to create molecular diagnostics. The company provides molecular counting platform, which is designed to detect and measure DNA molecules at the single-count level to help enhance disease detection. It offers UNITY Complete, a non-invasive prenatal screen that assesses fetal risk for aneuploidies, recessive conditions, and fetal antigens from a maternal blood draw; Northstar Select, a liquid biopsy test that provides a list of mutations that are present in the tumor and types of mutations detected that include deletions, insertions, and point mutations; and Northstar Response, a test that provides longitudinal determination of cancer burden through methylation assessment. The company was incorporated in 2016 and is headquartered in Menlo Park, California.

How the Company Makes Money

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BillionToOne, Inc. Class A Financial Statement Overview

Summary

Strong 2025 inflection: faster revenue growth, major gross margin expansion, and a return to positive EBIT/net income. Balance sheet risk fell meaningfully with much lower leverage. Offsetting this, profitability is still thin (low net margin/ROE) and cash flow data shows volatility/inconsistencies that reduce confidence in cash-conversion quality.

Income Statement

Revenue growth accelerated sharply in 2025 (up ~20% vs ~1% in 2024), and profitability inflected meaningfully: EBIT and net income turned positive after large losses in 2023–2024. Gross margin also improved materially (to ~68% in 2025 from ~53% in 2024 and ~24% in 2023), signaling better unit economics and/or mix. The main weakness is that bottom-line profitability remains thin (net margin ~2% in 2025), so results could be sensitive to cost re-expansion or pricing/volume volatility.

Balance Sheet

Leverage improved dramatically over the last two years. Debt relative to equity fell from very high levels in 2023 (debt-to-equity ~4.8x) to moderate in 2024 (~0.65x) and relatively conservative in 2025 (~0.23x), alongside a large expansion in equity and asset base. A remaining watch item is that returns on equity are still low (about ~1.6% in 2025) after steeply negative returns in prior years, implying the balance sheet is stronger than the current earnings power.

Cash Flow

Cash generation improved substantially in 2025 with operating cash flow turning positive (~$24.6M) and free cash flow also positive (~$15.7M) after sizable cash burn in 2023–2024. However, free cash flow growth is highly volatile (reported as sharply negative in 2025 due to the swing from negative to positive the prior year), and the provided cash-flow-to-earnings coverage fields appear inconsistent (shown as 0.0 in 2025), limiting confidence in cash conversion assessment from the supplied data.

Breakdown	Dec 2025	Dec 2024	Dec 2023
Income Statement
Total Revenue	305.11M	152.58M	71.73M
Gross Profit	208.46M	80.92M	17.31M
EBITDA	16.02M	-27.47M	-72.94M
Net Income	7.45M	-41.57M	-82.68M
Balance Sheet
Total Assets	632.65M	302.06M	191.68M
Cash, Cash Equivalents and Short-Term Investments	495.98M	191.48M	97.27M
Total Debt	108.89M	109.38M	146.35M
Total Liabilities	152.55M	134.31M	161.20M
Stockholders Equity	480.11M	167.75M	30.47M
Cash Flow
Free Cash Flow	15.71M	-46.78M	-59.85M
Operating Cash Flow	24.59M	-41.38M	-53.67M
Investing Cash Flow	-8.92M	-5.43M	82.84M
Financing Cash Flow	288.82M	141.02M	13.40M

BillionToOne, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NTRA	62 Neutral	$27.68B	-150.47	-15.28%	―	38.17%	-28.77%
BLLN	58 Neutral	$3.49B	502.91	1.30%	―	―	―
GH	54 Neutral	$11.17B	-30.76	164.85%	―	30.38%	24.17%
GRAL	54 Neutral	$1.92B	-7.70	-17.11%	―	20.53%	82.91%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FLGT	50 Neutral	$484.39M	-13.36	-5.40%	―	13.60%	74.64%
MYGN	48 Neutral	$428.27M	-1.57	-79.81%	―	0.21%	-233.51%

BillionToOne, Inc. Class A Corporate Events

BillionToOne Raises 2026 Guidance, Aligns Incentive Plan

In 2025, BillionToOne doubled total revenue to $305.1 million and turned to profitability, driven by strong growth in prenatal and oncology testing volumes and higher average selling prices. On March 4, 2026, the company reported fourth-quarter revenue of $96.1 million, gross margin of 71%, operating income of $10.3 million, and net income of $4.4 million, while also raising 2026 revenue guidance to $430–$445 million and expecting positive operating income.

Operationally, the company delivered 170,000 tests in the fourth quarter of 2025, a 47% increase year over year, and expanded its portfolio with new prenatal non-invasive fetal antigen tests for HDFN and FNAIT and oncology add-ons Northstar PGx and Northstar Select CH. Also on March 4, 2026, the board approved an annual incentive bonus plan effective January 1, 2026, aligning executive and employee compensation with performance as BillionToOne scales its diagnostics platform and seeks to reinforce talent retention and execution discipline.

The most recent analyst rating on (BLLN) stock is a Buy with a $93.00 price target. To see the full list of analyst forecasts on BillionToOne, Inc. Class A stock, see the BLLN Stock Forecast page.

BillionToOne Issues Strong 2026 Growth and Profit Outlook

On January 12, 2026, BillionToOne, Inc. announced financial guidance indicating it expects to maintain previously reiterated full-year 2025 revenue in the range of $293 million to $299 million with positive GAAP operating income, and projected that full-year 2026 revenue will rise to between $415 million and $430 million, implying 40% to 45% growth versus the midpoint of its 2025 outlook while remaining GAAP operating income positive. The company framed this guidance as evidence of its ability to scale its differentiated molecular diagnostics platform and deepen its role in addressing significant clinical needs, signaling continued operational momentum and a strengthening growth profile for investors and other stakeholders as it advances its technology and commercial footprint.

The most recent analyst rating on (BLLN) stock is a Hold with a $94.00 price target. To see the full list of analyst forecasts on BillionToOne, Inc. Class A stock, see the BLLN Stock Forecast page.