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

• Market Cap: $3.23B
• Dividend Yield: N/A
• Average Volume (3M): 217.76K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.06
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 620
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): 0.10
• Shares Outstanding: 41,216,110
• 10 Day Avg. Volume: 243,173
• 30 Day Avg. Volume: 217,763
• PEG Ratio: 2.36
• Price to Book (P/B): 29.04
• Price to Sales (P/S): 31.93
• P/FCF Ratio: -104.15
• Enterprise Value/Market Cap: 1.05
• Enterprise Value/Revenue: 13.40
• Enterprise Value/Gross Profit: 20.57
• Enterprise Value/Ebitda: -2.18K
• 1Y Price Target: $135.29
• Price Target Upside: 87.64% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 0.24
• Revenue Forecast (FY): $405.05M

• Rating: 48 Neutral
• Price Target: $82.00 ▲(13.73% Upside)
• Action: Reiterated Date: 01/12/26
• Date: Action: Reiterated 01/12/26

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 growth and scale

The company has demonstrated sustained top-line expansion and volume scale, with multi-year revenue growth and a rising annualized run-rate. Such scale supports fixed-cost absorption, broader commercial penetration, and a structural path to profitability if growth sustains and unit economics hold.

Material gross margin expansion

Large margin improvements reflect higher ASPs and lower cost per test, indicating improving unit economics. Sustained high gross margins provide cushion for SG&A investments and make durable operating profitability more achievable as volumes scale and the product mix optimizes.

Strengthened balance sheet and lower leverage

Significantly reduced leverage and a larger equity base improve financial flexibility to fund sales expansion and EMR integration without immediate refinancing. A stronger balance sheet lowers solvency risk and supports multi-quarter investment in commercialization and product development.

Negative Factors

Persistent negative operating and free cash flow

Despite revenue gains, the business remains cash consumptive, requiring capital to fund operations and growth. Continued negative OCF/FCF pressures liquidity and may necessitate further equity or debt funding, diluting returns or increasing leverage if cash burn does not trend toward sustained breakeven.

Ongoing net losses and negative returns on equity

The company remains unprofitable on a net-income basis and delivers negative ROE, indicating shareholder capital is not yet earning positive returns. Without durable margin and cash-flow improvements, cumulative losses could hinder reinvestment and shareholder value creation over the medium term.

Reimbursement, EMR investment needs, and negative mix shift

Structural risks include lower-margin oncology mix outpacing higher-margin prenatal tests, substantial EMR integration costs to win health-system volumes, and uncertain payer coverage for oncology. These factors can compress margins and slow sustainable commercial adoption if unresolved.

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

BillionToOne, Inc. Class A Financial Statement Overview

Summary

Strong 2024 revenue growth and major gross margin improvement, plus a healthier balance sheet with much lower leverage. However, profitability is still negative for 2024 and operating/free cash flow remain meaningfully negative, keeping overall financial quality weak.

Income Statement

Revenue expanded sharply in 2024 (to $152.6M from $71.7M in 2023) and gross margin improved materially (53.0% vs 24.1%), indicating better unit economics and/or mix. However, the business remains meaningfully unprofitable: 2024 net loss was -$41.6M (net margin -27.2%) with negative operating profitability as well. Losses narrowed substantially versus 2023 (net loss -$82.7M; net margin -115.3%), but the company is still in a loss-making phase.

Balance Sheet

Leverage improved significantly year over year: debt-to-equity fell to 0.65 in 2024 from 4.80 in 2023, supported by a much larger equity base ($167.8M vs $30.5M). Total debt also declined ($109.4M vs $146.3M) while assets grew ($302.1M vs $191.7M), which strengthens financial flexibility. The key weakness is ongoing negative returns on equity (2024 ROE -24.8%), reflecting continued losses despite a healthier capital structure.

Cash Flow

Cash generation remains a clear pressure point: operating cash flow was negative in both years (2024: -$41.4M; 2023: -$53.7M) and free cash flow was also negative (2024: -$46.8M; 2023: -$59.8M), though the burn rate improved in 2024. Cash flow quality relative to earnings is mixed—free cash flow was less negative than net income in both years—yet the business is still consuming cash to operate and invest.

Breakdown	TTM	Dec 2024	Dec 2023
Income Statement
Total Revenue	254.14M	152.58M	71.73M
Gross Profit	165.57M	80.92M	17.31M
EBITDA	-1.56M	-27.47M	-72.94M
Net Income	-14.20M	-41.57M	-82.68M
Balance Sheet
Total Assets	327.52M	302.06M	191.68M
Cash, Cash Equivalents and Short-Term Investments	195.15M	191.48M	97.27M
Total Debt	108.14M	109.38M	146.35M
Total Liabilities	147.63M	134.31M	161.20M
Stockholders Equity	179.90M	167.75M	30.47M
Cash Flow
Free Cash Flow	-4.07M	-46.78M	-59.85M
Operating Cash Flow	5.38M	-41.38M	-53.67M
Investing Cash Flow	-9.45M	-5.43M	82.84M
Financing Cash Flow	-3.07M	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	$28.98B	-92.74	-29.02%	―	38.17%	-28.77%
GH	54 Neutral	$12.51B	-28.74	―	―	30.38%	24.17%
GRAL	54 Neutral	$1.96B	-4.63	-16.07%	―	20.53%	82.91%
FLGT	53 Neutral	$713.77M	-16.81	-3.80%	―	13.60%	74.64%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BLLN	48 Neutral	$3.23B	-219.88	―	―	―	―
MYGN	48 Neutral	$412.94M	-1.21	-68.45%	―	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.