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

• Market Cap: $4.32B
• Dividend Yield: N/A
• Average Volume (3M): 303.79K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.21
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: N/A
• EPS (TTM): N/A
• Shares Outstanding: 41,216,110
• 10 Day Avg. Volume: 190,095
• 30 Day Avg. Volume: 303,792
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $137.83
• Price Target Upside: 31.70% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $87.00 ▼(-16.87% Downside)

The score is held down primarily by weak financial performance (ongoing losses and cash burn) and soft technical momentum. These are partially offset by a very strong earnings-call outlook with rapid growth, major margin expansion, and guidance pointing to sustained GAAP operating profitability; valuation remains challenged due to negative earnings and no dividend.

Positive Factors

Rapid revenue and test-volume growth

Sustained high revenue and test-volume growth demonstrates strong commercial traction and accelerating market adoption of the platform. Continued double‑digit organic demand provides a durable revenue runway and supports scaling investments in sales, EMR integration, and oncology expansion over the next 2–6 months.

Material gross margin improvement

Substantial margin expansion reflects improved unit economics via higher ASPs and lower cost per test. Higher sustainable gross margins enhance the company's ability to convert revenue into operating profitability and finance growth, reducing dependence on external capital as volumes scale.

Stronger capital structure post-IPO

A successful IPO and markedly improved leverage materially increase financial flexibility to fund commercialization, EMR integration, and R&D. Lower debt burden and larger equity base reduce refinancing risk and better position the company to execute its multi-year growth plan without near-term liquidity strain.

Negative Factors

Ongoing negative operating and free cash flow

Persistent cash burn, even if reduced, is a structural pressure that requires sustained operating improvement or fresh capital. Negative cash flow limits strategic optionality, increases dependence on financing for growth initiatives, and elevates execution risk if revenue/margin progress stalls.

Continued net losses despite improvement

While losses have narrowed, ongoing negative net income indicates the company has not fully converted operational improvements into sustained profitability. Until consistent multi-quarter net profits and positive free cash flow are achieved, equity holders face execution and capital‑raise dilution risks.

Reimbursement, coverage, and EMR integration risks

Structural payor coverage uncertainty and required EMR investments can slow adoption, especially for oncology tests that need payer mix expansion. These are durable operational risks that can constrain revenue realization and margin sustainability until coverage and health‑system integrations are secured.

BillionToOne, Inc. Class A Business Overview & Revenue Model

Company Description

How the Company Makes Money

BillionToOne, Inc. Class A Financial Statement Overview

Summary

Income Statement

Balance Sheet

Cash Flow

Breakdown	Dec 2024	Dec 2023
Income Statement
Total Revenue	152.58M	71.73M
Gross Profit	80.92M	17.31M
EBITDA	-27.47M	-72.94M
Net Income	-41.57M	-82.68M
Balance Sheet
Total Assets	302.06M	191.68M
Cash, Cash Equivalents and Short-Term Investments	191.48M	97.27M
Total Debt	109.38M	146.35M
Total Liabilities	134.31M	161.20M
Stockholders Equity	167.75M	30.47M
Cash Flow
Free Cash Flow	-46.78M	-59.85M
Operating Cash Flow	-41.38M	-53.67M
Investing Cash Flow	-5.43M	82.84M
Financing Cash Flow	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	73 Outperform	$33.09B	-105.22	-29.02%	―	38.17%	-28.77%
GRAL	70 Outperform	$4.08B	-8.39	-16.83%	―	20.53%	82.91%
GH	58 Neutral	$14.05B	-34.85	―	―	30.38%	24.17%
FLGT	53 Neutral	$864.62M	-20.44	-3.80%	―	13.60%	74.64%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BLLN	48 Neutral	$4.32B	-297.49	―	―	―	―
MYGN	41 Neutral	$569.54M	―	-72.52%	―	0.21%	-233.51%

BillionToOne, Inc. Class A Corporate Events

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.

BillionToOne Appoints Anthony Pagano as Audit Chair

On December 8, 2025, BillionToOne’s board of directors expanded by appointing Anthony Pagano as a Class III director and chairperson of the Audit Committee, effective January 1, 2026. This strategic move is expected to strengthen the company’s governance as it continues its growth trajectory. In its third quarter of 2025, BillionToOne reported a significant financial performance with a 117% increase in total revenue compared to the previous year, driven by substantial growth in prenatal and oncology testing revenues. The company also achieved a positive operating income and cash flow, marking a turnaround from the previous year’s losses. BillionToOne’s successful IPO and strong financial results underscore its commitment to innovation and market expansion.

The most recent analyst rating on (BLLN) stock is a Hold with a $117.00 price target. To see the full list of analyst forecasts on BillionToOne, Inc. Class A stock, see the BLLN Stock Forecast page.

BillionToOne, Inc. Completes Successful IPO Raising $314 Million

On November 7, 2025, BillionToOne, Inc. completed its initial public offering (IPO) of 5,233,765 shares of Class A common stock at a price of $60.00 per share, raising approximately $314.0 million in gross proceeds. This significant financial milestone, marked by the filing of amended and restated corporate documents, positions the company for future growth and impacts its market presence by enhancing its capital structure.