Share count
21Mpeak FY2025
← All companies ← BLKB Manual BLMN → ← BIO Life Sciences Tools & Services BNR →
BLLN, BillionToOne Inc.
Our novel smNGS platform technologies combined with our AI-enhanced integrated workflow, allows us to push the technology frontier forward and deliver on the full promise of non-invasive liquid biopsy.
At the heart of this technological breakthrough lies our patented Quantitative Counting Templates (QCTs), enabling measurements at the physical limit of detection—the single DNA molecule.
Our superior technology platform has enabled us to build category-defining prenatal and oncology products.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$305M
+100.0% YoY
Vital signs · TTM, with 3-yr average
Revenue $355M 3-yr avg $176M
ROIC 61%
Revenue $108M +83.8% vs yr-ago qtr
Operating margin 16.5% yr-ago −3.9%
Net income $18M yr-ago ($4M)
Net margin 16.6% yr-ago −6.8%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- Operating margin has run around −31% through the cycle on a 53% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Stock-based pay runs about 5.5% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on volume, payer mix and reimbursement. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $72M | $153M | $305M | $355M | RevenueRevenue |
| 24% | 53% | 68% | 70% | Gross marginGross mgn |
| 90% | 60% | 47% | 45% | SG&A / revenueSG&A/rev |
| 31% | 24% | 16% | 15% | R&D / revenueR&D/rev |
| ($69M) | ($47M) | $16M | $36M | Operating incomeOp. inc. |
| −96.9% | −30.9% | 5.3% | 10.2% | Operating marginOp. mgn |
| ($83M) | ($42M) | $7M | $29M | Net incomeNet inc. |
| — | — | 4% | 2% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| ($54M) | ($41M) | $25M | $37M | Operating cash flowOp. cash |
| $6M | $7M | $7M | $7M | DepreciationDeprec. |
| $18M | ($15M) | ($6M) | ($19M) | Working capital & otherWC & other |
| $6M | $5M | $9M | $11M | CapexCapex |
| 8.6% | 3.5% | 2.9% | 3.1% | Capex / revenueCapex/rev |
| ($60M) | ($47M) | $18M | $31M | Owner earningsOwner earn. |
| −83.4% | −30.7% | 5.8% | 8.6% | Owner earnings marginOE mgn |
| ($60M) | ($47M) | $16M | $26M | Free cash flowFCF |
| −83.4% | −30.7% | 5.2% | 7.4% | Free cash flow marginFCF mgn |
| $0 | $546K | $0 | — | BuybacksBuybacks |
| — | — | 2% | 6% | Return on equityROE |
| — | — | 2% | 6% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $97M | $191M | $496M | $537M | Cash & investmentsCash+inv |
| — | $25M | $42M | $61M | ReceivablesReceiv. |
| — | $9M | $18M | $19M | InventoryInvent. |
| — | $4M | $7M | $9M | Accounts payablePayables |
| — | $29M | $52M | $72M | Operating working capitalOper. WC |
| — | $228M | $561M | $624M | Current assetsCur. assets |
| — | $28M | $48M | $57M | Current liabilitiesCur. liab. |
| — | 8.0× | 11.7× | 10.9× | Current ratioCurr. ratio |
| — | $302M | $633M | $701M | Total assetsAssets |
| — | $51M | $57M | $90M | Total debtDebt |
| — | ($140M) | ($439M) | ($447M) | Net debt / (cash)Net debt |
| -21.2× | -19.8× | 168.7× | 556.5× | Interest coverageInt. cov. |
| ($219M) | ($252M) | $480M | $506M | Shareholders’ equityEquity |
| 6.8% | 5.5% | 5.2% | 5.7% | Stock comp / revenueSBC/rev |
| Per share | ||||
| 9.8M | 10.1M | 21.2M | 53.0M | Shares out (diluted)Shares |
| $7.33 | $15.14 | $14.37 | $6.69 | Revenue / shareRev/sh |
| $-8.45 | $-4.12 | $0.35 | $0.55 | EPS (diluted)EPS |
| $-6.12 | $-4.64 | $0.83 | $0.58 | Owner earnings / shareOE/sh |
| $-6.12 | $-4.64 | $0.74 | $0.50 | Free cash flow / shareFCF/sh |
| $0.63 | $0.54 | $0.42 | $0.21 | Cap. spending / shareCapex/sh |
| $-22.39 | $-24.97 | $22.61 | $9.53 | Book value / shareBVPS |
The diluted share count moved ×2.11 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×2.5 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
68%low FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$18Mowner earningsvs.$7Mnet incomelow FY2023
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned $18M of owner earnings, the operating cash left after the $7M it takes just to hold its position. It put $2M more into growth; free cash flow, after that spending, was $16M.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | $7M | ($42M) | ($83M) |
| Depreciation & amortizationnon-cash charge added back | +$7M | +$7M | +$6M |
| Stock-based compensationreal costnon-cash, but a real cost | +$16M | +$8M | +$5M |
| Working capital & othertiming of cash in and out, other non-cash items | −$6M | −$15M | +$18M |
| Cash from operations | $25M | ($41M) | ($54M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$7M | −$5M | −$6M |
| Owner earnings | $18M | ($47M) | ($60M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$2M | — | — |
| Free cash flow | $16M | ($47M) | ($60M) |
| Owner-earnings marginowner earnings ÷ revenue | 6% | -31% | -83% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $7M, roughly its depreciation, the rate its assets wear out). The other $2M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $16M), owner earnings is nearer $2M.
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Material weakness in financial controls
“We have identified material weaknesses in our internal control over financial reporting.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? 168.7×ComfortableOperating income $16M ÷ interest expense $95K
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Net cashCash $496M − debt $57M
What this means
Cash and short-term investments exceed every dollar of debt by $439M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 50 + DIO 66 − DPO 27 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median -26%
What this means
The filing data didn't include the inputs for this check.
- Positive this year, negative across the cyclelatest $18M = operating cash $25M − maintenance capex $7M (positive this year), after an earlier loss stretch (3-yr median -31%)Industry peers: median -30%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 6% of revenue this year, a -31% median across 3 years. Treating stock comp as the real expense it is (less $16M of SBC) leaves $2M.
- Cash-backedCash from ops $25M ÷ net income $7M
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks $0 ÷ Owner Earnings $18M
What this means
Of $18M Owner Earnings, $0 (0%) went back to shareholders, $0 dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 1.29×ExpandingCapex $9M ÷ depreciation $7M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $305M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 11.69×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $57M vs $513M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.85/share (latest year $0.16), the averaged base the calculator's gate runs on, and book value is $10.45/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“If we do not update our product offerings to reflect new scientific knowledge about disease biology, information about new therapies or relevant clinical studies, or insights regarding the current treatment landscape for applicable indications and advances in computational biology, software development and AI, our prod…”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$624M
- Cash & short-term investments$537M
- Receivables$61M
- Inventory$19M
- Other current assets$6M
Current liabilities$57M
- Accounts payable$9M
- Other current liabilities$48M
Current ratio10.92×all current assets ÷ what's due · Graham looked for 2×
Quick ratio10.58×stricter: inventory excluded
Cash ratio9.40×strictest: cash alone against what's due
Working capital$567Mthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago+83.8%the freshest read on whether the business is still growing
Current ratio, recent quarters8.0× → 10.9×
Deeper floors
Tangible book value$506Mequity stripped of goodwill & intangibles
Net current asset value$429MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$144M$54M of it operating leases
Deferred revenue$3Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership42.7%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$16M
The slice of the business handed to employees in shares this year, 5% of revenue, equal to 99% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Life Sciences Tools & Services
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| EXASExact Sciences | $3.2B | 70% | -36.6% | -13% | -13% |
| GHGuardant Health Inc. | $982M | 61% | -101.3% | -30% | -62% |
| CDNACareDx Inc. | $380M | 61% | -19.8% | -26% | -30% |
| BLLNBillionToOne Inc. | $305M | 53% | -30.9% | — | -31% |
| Group median | — | 61% | -33.7% | — | -30% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what BillionToOne Inc. has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow $26M on 46M shares outstanding (a weighted basic average, the only count this filer tags); net cash $447M. The if-converted diluted count is 53M, 15% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($11M) runs well above depreciation ($7M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $31M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "BillionToOne Inc. (BLLN), the owner's record," https://ownerscorecard.com/c/BLLN, data as of 2026-07-09.
Manual order: ← BLKB its page in the Manual BLMN →
Industry order: ← BIO the Life Sciences Tools & Services chapter BNR →