NTRA financial statements

The full income statement, balance sheet, and cash-flow statement for Natera Inc. (NTRA), 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)

2024-03 122.8M2024-06 123.7M2024-09 132.0M2024-12 135.2M2025-03 136.5M2025-06 137.2M2025-09 138.0M2025-12 141.7M2026-03 143.2M+16.6% over 8 periods

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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	2.31B YoY+35.9%	1.70B YoY+56.7%	1.08B YoY+32.0%	820M YoY+31.1%	625M YoY+60.0%
Research & development	624M YoY+54.4%	404M YoY+26.0%	321M YoY+1.3%	316M YoY+19.8%	264M YoY+164.1%
Selling, general & administrative	1.18B YoY+39.9%	841M YoY+36.1%	618M YoY+5.0%	589M YoY+15.2%	511M YoY+68.3%
Restructuring	—	—	—	—	400K
Amortization of intangibles	3.90M YoY+290.0%	1.00M	0.00	—	—
Provision for credit losses	1.61M YoY+25.6%	1.28M YoY-51.6%	2.65M YoY+49.4%	1.77M YoY+1034.6%	156K YoY-88.5%
Operating income	-310M YoY-39.4%	-222M YoY+50.2%	-446M YoY+17.5%	-541M YoY-15.6%	-468M YoY-116.5%
Interest expense	4.07M YoY-61.9%	10.7M YoY-15.5%	12.6M YoY+35.6%	9.32M YoY+12.2%	8.30M YoY-44.9%
Gain (loss) on equity securities	—	—	—	2.00K YoY-81.8%	11.0K
Pre-tax income	-268M YoY-41.3%	-190M YoY+56.3%	-435M YoY+20.5%	-547M YoY-16.1%	-471M YoY-105.1%
Income tax	-59.9M YoY-8722.9%	695K YoY+156.5%	271K YoY-72.3%	978K YoY+58.3%	618K YoY+530.6%
	-208M YoY-9.3%	-190M YoY+56.2%	-435M YoY+20.6%	-548M YoY-16.1%	-472M YoY-105.3%
Net income to common	—	—	—	-548M YoY-16.1%	-472M YoY-105.3%
	-$1.52 YoY+0.7%	-$1.53 YoY+59.5%	-$3.78 YoY+32.1%	-$5.57 YoY-6.9%	-$5.21 YoY-83.5%
EPS (basic)	-$1.52 YoY+0.7%	-$1.53 YoY+59.5%	-$3.78 YoY+32.1%	-$5.57 YoY-6.9%	-$5.21 YoY-83.5%
	137M YoY+9.6%	125M YoY+8.5%	115M YoY+16.9%	98.4M YoY+8.7%	90.6M YoY+11.8%
	137M YoY+9.6%	125M YoY+8.5%	115M YoY+16.9%	98.4M YoY+8.7%	90.6M YoY+11.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.50B YoY+8.8%	1.38B YoY+9.3%	1.26B YoY+3.9%	1.21B YoY+10.9%	1.09B YoY+26.7%
Cash & equivalents	1.08B YoY+13.8%	946M YoY+47.3%	642M YoY+37.8%	466M YoY+452.2%	84.4M YoY+73.4%
Short-term investments	—	22.7M YoY-90.4%	237M YoY-45.2%	432M YoY-47.9%	830M YoY+20.5%
Accounts receivable	297M YoY-5.6%	314M YoY+12.9%	278M YoY+13.9%	244M YoY+100.2%	122M YoY+55.4%
Inventory	68.4M YoY+53.0%	44.7M YoY+9.8%	40.8M YoY+15.1%	35.4M YoY+31.6%	26.9M YoY+34.3%
Prepaid expenses	55.8M YoY+14.8%	48.6M YoY-19.6%	60.5M YoY+79.9%	33.6M YoY+13.5%	29.6M YoY+11.4%
	2.40B YoY+44.4%	1.66B YoY+15.2%	1.44B YoY+3.4%	1.39B YoY+12.8%	1.24B YoY+32.6%
Property, plant & equipment	241M YoY+48.8%	162M YoY+45.7%	111M YoY+20.3%	92.5M YoY+41.1%	65.5M YoY+96.5%
Operating lease right-of-use	109M YoY+26.0%	86.1M YoY+52.4%	56.5M YoY-21.3%	71.9M YoY+21.8%	59.0M YoY+175.8%
Goodwill	141M	—	—	—	—
Intangible assets	374M YoY+3318.2%	10.9M	—	—	—
Other non-current assets	36.9M YoY+43.1%	25.8M YoY+67.4%	15.4M YoY-16.0%	18.3M YoY-2.6%	18.8M YoY+27.7%
	441M YoY+28.2%	344M YoY+12.0%	307M YoY-1.0%	310M YoY+41.8%	219M YoY+10.0%
Accounts payable	33.2M YoY-5.1%	34.9M YoY+132.8%	15.0M YoY-51.8%	31.1M YoY+14.5%	27.2M YoY+236.0%
Deferred revenue	24.9M YoY+26.1%	19.8M YoY+18.9%	16.6M YoY+54.1%	10.8M YoY+45.6%	7.40M YoY-85.2%
Short-term & current debt	80.3M YoY-0.0%	80.4M YoY-0.0%	80.4M YoY+0.1%	80.3M YoY+60.5%	50.1M YoY-0.0%
Current lease liability	15.6M YoY+53.2%	10.2M YoY-12.5%	11.6M YoY+52.1%	7.64M YoY+32.8%	5.75M YoY-21.2%
Other current liabilities	189M YoY+28.4%	147M YoY-1.7%	149M YoY+3.6%	144M YoY+54.5%	93.4M YoY+54.5%
	686M YoY+47.4%	465M YoY-31.2%	676M YoY-1.8%	689M YoY+18.1%	583M YoY+30.8%
Long-term debt	—	—	283M YoY+0.5%	282M YoY+0.4%	280M
Deferred revenue (non-current)	17.1M YoY+1.3%	16.8M YoY-12.0%	19.1M YoY-4.4%	20.0M YoY-6.2%	21.3M YoY-6.5%
Non-current lease liability	118M YoY+22.7%	96.6M YoY+44.1%	67.0M YoY-12.5%	76.6M YoY+25.5%	61.0M YoY+187.3%
Operating lease liability (total)	134M YoY+25.6%	107M YoY+35.7%	78.6M YoY-6.6%	84.2M YoY+26.1%	66.8M YoY+134.0%
Other non-current liabilities	11.7M YoY+49.0%	7.84M	—	—	1.48M YoY+362.2%
	1.71B YoY+43.2%	1.20B YoY+56.2%	765M YoY+8.4%	706M YoY+8.0%	653M YoY+34.4%
Common stock	14.0K YoY+16.7%	12.0K YoY+9.1%	11.0K YoY+0.0%	11.0K YoY+10.0%	10.0K YoY+11.1%
Additional paid-in capital	4.49B YoY+19.3%	3.76B YoY+19.6%	3.15B YoY+18.1%	2.66B YoY+30.0%	2.05B YoY+45.3%
Retained earnings	-2.78B YoY-8.1%	-2.57B YoY-8.0%	-2.38B YoY-22.4%	-1.94B YoY-39.3%	-1.39B YoY-50.1%
Accumulated other comprehensive income	-258K YoY+25.0%	-344K YoY+88.8%	-3.08M YoY+81.1%	-16.4M YoY-615.4%	-2.29M YoY-153.7%
Total liabilities & equity	2.40B YoY+44.4%	1.66B YoY+15.2%	1.44B YoY+3.4%	1.39B YoY+12.8%	1.24B YoY+32.6%
	140M YoY+5.3%	133M YoY+10.9%	120M YoY+7.5%	111M YoY+16.9%	95.1M YoY+10.3%
	140M YoY+5.3%	133M YoY+10.9%	120M YoY+7.5%	111M YoY+16.9%	95.1M YoY+10.3%
	142M YoY+4.8%	135M YoY+11.9%	121M YoY+6.6%	113M YoY+18.7%	95.5M YoY+10.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	215M YoY+58.7%	136M YoY+154.9%	-247M YoY+42.8%	-432M YoY-28.7%	-335M YoY-83.7%
Depreciation & amortization	41.8M YoY+34.9%	31.0M YoY+28.5%	24.1M YoY+44.3%	16.7M YoY+48.4%	11.3M YoY+30.7%
Intangible amortization	3.90M YoY+290.0%	1.00M	0.00	—	—
Share-based compensation	354M YoY+29.1%	274M YoY+43.1%	192M YoY+25.9%	152M YoY+32.3%	115M YoY+129.7%
Change in receivables	-20.8M YoY-157.8%	35.9M YoY+5.8%	33.9M YoY-72.3%	122M YoY+181.1%	43.5M YoY+68.4%
Change in inventory	20.9M YoY+423.7%	3.98M YoY-25.6%	5.35M YoY-37.0%	8.50M YoY+23.5%	6.88M YoY-8.0%
Change in payables	753K YoY-94.3%	13.2M YoY+185.5%	-15.5M YoY-383.0%	5.46M YoY-71.6%	19.2M YoY+16389.8%
	-132M YoY-196.1%	138M YoY-18.3%	168M YoY-49.0%	330M YoY+261.0%	-205M YoY+38.1%
Capital expenditure	106M YoY+59.9%	66.4M YoY+69.5%	39.2M YoY-17.8%	47.7M YoY+16.2%	41.0M YoY+109.3%
Free cash flow	109M YoY+57.6%	69.2M YoY+124.2%	-286M YoY+40.3%	-479M YoY-27.4%	-376M YoY-86.2%
Acquisitions	16.0M	0.00	0.00	0.00 YoY-100.0%	8.56M
Sales/maturities of investments	23.0M YoY-92.7%	314M YoY+2.7%	306M YoY+41.3%	217M YoY-59.4%	533M YoY+55.2%
	47.5M YoY+57.1%	30.2M YoY-88.1%	254M YoY-47.3%	483M YoY-16.2%	576M YoY+15.0%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Interest paid	4.07M YoY-48.5%	7.90M YoY-30.4%	11.3M YoY+40.8%	8.06M YoY+13.9%	7.08M YoY+114.7%
Income taxes paid	499K YoY-61.8%	1.31M YoY+343.1%	295K YoY-46.3%	549K YoY+94.0%	283K YoY+322.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	32.5B YoY+51.7%	21.4B YoY+184.3%	7.53B YoY+92.0%	3.92B YoY-56.0%	8.92B YoY+3.5%
P/S	14.1× YoY+11.6%	12.6× YoY+65.7%	7.6× YoY+50.7%	5.1× YoY-64.6%	14.3× YoY-35.3%
P/B	19.0× YoY+5.9%	17.9× YoY+86.6%	9.6× YoY-11.5%	10.8× YoY-20.6%	13.6× YoY-23.0%
P/FCF	297.6× YoY-3.7%	309.1×	—	—	—
	0.34% YoY+3.9%	0.32%	—	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: NTRA'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 NTRA filings on SEC EDGAR → Not investment advice.