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BillionToOne, Inc. Class A
(NASDAQ:BLLN)
Select Model
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Rating:71Outperform
Price Target:
$166.00
▲(78.04% Upside)
Action:Upgraded
Date:08/06/26
Overall score reflects strong operating momentum and improved fundamentals (turn to profitability, expanding margins, de-risked balance sheet) reinforced by upbeat guidance and solid Q2 execution. Technicals are supportive but look overbought, and the largest constraint on the score is the very expensive valuation (high P/E with no dividend yield provided).
Positive Factors
Revenue and Volume Growth
Sustained high revenue and test-volume growth signal durable commercial traction across prenatal and oncology lines. Faster volume and ASP expansion indicate product-market fit and scalable demand, supporting multi-quarter revenue visibility and the company’s ability to leverage fixed lab costs.
Negative Factors
Thin Net Margins / Low ROE
Although profitability has turned positive, margins and returns remain modest; a ~2% net margin and low ROE imply limited buffer against cost increases or slower-than-expected revenue growth. Sustained improvement requires continued operating leverage and disciplined opex management.
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Positive Factors
Negative Factors
Revenue and Volume Growth
Sustained high revenue and test-volume growth signal durable commercial traction across prenatal and oncology lines. Faster volume and ASP expansion indicate product-market fit and scalable demand, supporting multi-quarter revenue visibility and the company’s ability to leverage fixed lab costs.
Read all positive factors
BillionToOne, Inc. Class A (BLLN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.40B
Dividend YieldN/A
Average Volume (3M)678.97K
Price to Earnings (P/E)135.1
Beta (1Y)0.07
Revenue Growth90.12%
EPS GrowthN/A
CountryUS
Employees713
SectorGeneral
Sector StrengthN/A
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)0.69
Shares Outstanding42,644,386
10 Day Avg. Volume580,370
30 Day Avg. Volume678,966
Financial Highlights & Ratios
PEG Ratio-12.02
Price to Book (P/B)7.81
Price to Sales (P/S)12.29
P/FCF Ratio238.56
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$123.33Price Target Upside32.28% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.81
Revenue Forecast (FY)$456.05M
BillionToOne, Inc. Class A Business Overview & Revenue Model
Company Description
BillionToOne, Inc. is a specialized diagnostics company that innovates by precisely quantifying biological data to create advanced molecular diagnostic solutions. Central to their operations is a cutting-edge molecular counting platform, meticulou...
How the Company Makes Money
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BillionToOne, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Dec 15, 2026
Earnings Call Sentiment Positive
The earnings call presented a predominantly positive operational and financial picture: strong year-over-year revenue growth (64%), rapid test volume expansion (35%), material oncology growth (+176% YoY), sustained high gross margins (~70.5%), GAAP profitability, and a large cash balance ($549M). Management highlighted multiple product launches, supportive clinical data (NorthStar Response publication), low QC failure rates, and investments to scale commercial and lab capacity. Principal near-term headwinds are timing-related: reduced true-up revenue in the quarter, >$10M of claims held pending payer in‑network implementation, elevated operating expense from hiring and R&D, and potential short-term gross margin variability as oncology mix shifts. Given the strength of growth, profitability, product momentum and balance sheet versus the described timing and execution risks, the positives materially outweigh the negatives.Positive Updates
Strong Top-Line Growth
Total revenue of $109.0M in Q2 2026, up 64% year-over-year; annualized revenue run rate of $438M.
Negative Updates
True-Up Timing and Revenue Volatility
True-up revenue declined to $2.8M in Q2 from $9.2M in Q1, creating sequential volatility; management excluded future true-ups from guidance, creating potential upside but short-term uncertainty.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total revenue of $109.0M in Q2 2026, up 64% year-over-year; annualized revenue run rate of $438M.
Read all positive updates
Company Guidance
Management reiterated 2026 revenue guidance of $450–$465 million (≈48%–52% growth vs. 2025) and said they expect to continue generating profitability at roughly current levels even while investing in commercial and R&D; Q2 metrics cited on the call included GAAP operating income of $5.5M (5% operating margin), adjusted EBITDA margin of 15%, net income of $8.1M ($0.15/diluted share), gross profit of $77.1M and a gross margin of 70.5%, approximately 196k tests in Q2 (+35% YoY) with an ASP of $551 (+21% YoY), free cash flow of $5.1M (operating cash flow $9.1M, capex $4M) and cash & equivalents of $549M; management noted they are not modeling incremental true‑up revenue in guidance, highlighted catalysts including expected MolDX coverage for North Star Response and a tumor‑naive MRD launch by year‑end, and plans a 62k sq ft oncology production lab (targeted production by end of 2027).BillionToOne, Inc. Class A Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
74
Positive
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 397.41M | 305.11M | 152.58M | 71.73M |
| Gross Profit | 283.22M | 208.46M | 80.92M | 17.31M |
| EBITDA | 50.24M | 19.76M | -27.47M | -72.94M |
| Net Income | 33.51M | 7.45M | -41.57M | -82.68M |
Balance Sheet | ||||
| Total Assets | 729.70M | 632.65M | 302.06M | 191.68M |
| Cash, Cash Equivalents and Short-Term Investments | 548.63M | 495.98M | 191.48M | 97.27M |
| Total Debt | 143.92M | 108.89M | 109.38M | 146.35M |
| Total Liabilities | 192.89M | 152.55M | 134.31M | 161.20M |
| Stockholders Equity | 536.81M | 480.11M | 167.75M | 30.47M |
Cash Flow | ||||
| Free Cash Flow | 33.17M | 15.71M | -46.78M | -59.85M |
| Operating Cash Flow | 45.35M | 24.59M | -41.38M | -53.67M |
| Investing Cash Flow | -12.22M | -8.92M | -5.43M | 82.84M |
| Financing Cash Flow | 326.54M | 288.82M | 141.02M | 13.40M |
BillionToOne, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $4.40B | 135.11 | 7.87% | ― | 90.12% | ― | |
67 Neutral | $47.03B | -239.90 | -11.73% | ― | 37.82% | 28.02% | |
60 Neutral | $21.67B | -46.28 | 211.46% | ― | 42.74% | -4.60% | |
56 Neutral | $3.57B | -8.21 | -15.88% | ― | 23.07% | 24.60% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | $539.57M | -6.95 | -7.87% | ― | 6.83% | -69.59% | |
44 Neutral | $302.25M | -2.65 | -32.59% | ― | -3.16% | 72.02% |
* General Sector Average
BLLN
BillionToOne, Inc. Class A
93.24
-15.70
-14.41%
MYGN
Myriad Genetics
3.16
-3.74
-54.20%
NTRA
Natera
326.26
156.92
92.67%
FLGT
Fulgent Genetics
19.61
-2.70
-12.10%
GH
Guardant Health
161.50
94.99
142.82%
GRAL
GRAIL Inc
80.00
48.39
153.08%
BillionToOne, Inc. Class A Corporate Events
Business Operations and Strategy
BillionToOne Expands Oncology Lab Capacity with New Lease
Positive
Jun 29, 2026
On June 23, 2026, BillionToOne, Inc. signed a lease with Whipple Road Portfolio, LLC for about 62,659 square feet of office and laboratory space in Union City, California, to expand its laboratory capacity. The new premises will be dedicated to th...
Executive/Board ChangesShareholder Meetings
BillionToOne Stockholders Back Directors and Auditor at Meeting
Positive
Jun 16, 2026
On June 10, 2026, BillionToOne, Inc. held its Annual Meeting of Stockholders, where investors owning both Class A and high-vote Class B shares cast ballots as a single class on corporate governance matters. Shareholders elected Oguzhan Atay and Ak...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.