BLLN financial statements
The full income statement, balance sheet, and cash-flow statement for BillionToOne Inc. (BLLN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Revenue | 305M+100.0% | 153M+112.7% | 71.7M | |
| 208M+157.6% | 80.9M+367.5% | 17.3M | ||
| Cost of revenue | 96.7M+34.9% | 71.7M+31.7% | 54.4M | |
| 192M+50.3% | 128M+47.5% | 86.8M | ||
| Research & development | 49.4M+34.9% | 36.6M+63.3% | 22.4M | |
| Selling, general & administrative | 143M+56.4% | 91.5M+42.1% | 64.4M | |
| Operating income | 16.0M+134.0% | -47.1M+32.2% | -69.5M | |
| Interest expense | 95.0K-96.0% | 2.39M-27.1% | 3.27M | |
| Interest & investment income | 7.75M+33.2% | 5.82M+68.4% | 3.46M | |
| Other non-operating income | -7.41M-547.2% | -1.15M-159.0% | -442K | |
| Pre-tax income | 7.76M+118.7% | -41.5M+49.8% | -82.7M | |
| Income tax | 305K+951.7% | 29.0K+222.2% | 9.00K | |
| 7.45M+117.9% | -41.6M+49.7% | -82.7M | ||
| Preferred dividends | 0.00 | — | — | |
| Net income to common | 2.92M+107.0% | -41.6M+49.7% | -82.7M | |
| $0.14+103.4% | -$4.12+51.2% | -$8.45 | ||
| EPS (basic) | $0.18+104.4% | -$4.12+51.2% | -$8.45 | |
| Weighted-avg shares (basic) | 15.9M+57.5% | 10.1M+3.0% | 9.78M | |
| Weighted-avg shares (diluted) | 21.2M+110.6% | 10.1M+3.0% | 9.78M | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 561M+146.1% | 228M | — | ||
| Cash & equivalents | 496M+159.0% | 191M+96.9% | 97.3M | |
| Accounts receivable | 41.6M+68.4% | 24.7M | — | |
| Inventory | 17.5M+100.9% | 8.73M | — | |
| Prepaid expenses | 5.42M+87.1% | 2.90M | — | |
| 633M+109.4% | 302M | — | ||
| Property, plant & equipment | 20.4M+19.0% | 17.1M | — | |
| Operating lease right-of-use | 46.7M-9.7% | 51.7M | — | |
| Other non-current assets | 4.99M-7.4% | 5.39M | — | |
| 48.0M+69.0% | 28.4M | — | ||
| Accounts payable | 7.18M+66.9% | 4.30M | — | |
| Deferred revenue | 2.19M-22.0% | 2.81M | — | |
| Short-term & current debt | 0.00 | 0.00 | — | |
| Current lease liability | 5.08M+15.6% | 4.39M | — | |
| Finance lease liability (current) | 519K-71.6% | 1.83M | — | |
| 153M+13.6% | 134M | — | ||
| Long-term debt | 57.2M+11.2% | 51.5M | — | |
| Deferred revenue (non-current) | 1.29M | 0.00 | — | |
| Non-current lease liability | 45.7M-10.0% | 50.8M | — | |
| Operating lease liability (total) | 50.8M | — | — | |
| Finance lease liability (total) | 867K | — | — | |
| Finance lease liability | 348K-60.2% | 874K | — | |
| Other non-current liabilities | 0.00-100.0% | 2.76M | — | |
| 480M+290.8% | -252M-14.9% | -219M | ||
| Common stock | — | 0.00 | — | |
| Additional paid-in capital | 757M+2377.1% | 30.5M | — | |
| Retained earnings | -275M+2.6% | -282M | — | |
| Accumulated other comprehensive income | -1.79M | 0.00 | — | |
| Total liabilities & equity | 633M+109.4% | 302M | — | |
| Common shares issued | — | 10.9M | — | |
| Common shares outstanding | — | 10.9M | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 24.6M+159.4% | -41.4M+22.9% | -53.7M | ||
| Depreciation & amortization | 6.90M-1.4% | 7.00M+18.6% | 5.90M | |
| Share-based compensation | 15.9M+90.3% | 8.36M+72.3% | 4.85M | |
| Deferred income taxes | 0.00 | 0.00 | 0.00 | |
| Change in receivables | 16.9M+8.3% | 15.6M+503.5% | 2.59M | |
| Change in inventory | 8.81M+474.1% | 1.53M+8.7% | 1.41M | |
| Change in payables | 1.77M+102.4% | 877K+480.8% | 151K | |
| -8.92M-64.2% | -5.43M-106.6% | 82.8M | ||
| Capital expenditure | 8.88M+64.4% | 5.40M-12.5% | 6.17M | |
| Free cash flow | 15.7M+133.6% | -46.8M+21.8% | -59.8M | |
| Acquisitions | 0.00 | 0.00 | 0.00 | |
| 289M+104.8% | 141M+952.0% | 13.4M | ||
| Long-term debt issued | 0.00-100.0% | 49.8M+231.8% | 15.0M | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00-100.0% | 546K | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | |
| Net change in cash | 304M+223.2% | 94.2M+121.3% | 42.6M | |
| Interest paid | 4.65M+18.8% | 3.92M+51.5% | 2.58M | |
| Income taxes paid | 487K+5311.1% | 9.00K | 0.00 | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Market cap | 3.24B | — | — | |
| P/E | 434.5× | — | — | |
| P/S | 10.6× | — | — | |
| P/B | 6.7× | — | — | |
| P/FCF | 206.1× | — | — | |
| Earnings yield | 0.23% | — | — | |
| FCF yield | 0.49% | — | — | |
| Source filing | 10-K | 10-K | 10-K |
About this data
Source: BLLN’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BLLN filings on SEC EDGAR → Not investment advice.