BillionToOne, Inc.
Rank #237HypergrowthBLLN · Nasdaq · Healthcare
BillionToOne, Inc. (BLLN) — Rank #237 by gross profitability (GP/assets 0.29) · ROE 1.4% · Piotroski F-Score 7 / 9.
As-of 2026-09-15 · CIK 0002070849 · all metrics point-in-time as of the filing date.
About
BillionToOne, Inc., a precision diagnostics company, quantifies biology to create molecular diagnostics.
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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 also 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 methylation-based assay that quantifies the amount of cancer at the single molecule level without requiring a tissue biopsy, enabling real-time monitoring of patient response to therapy with unprecedented precision. BillionToOne, Inc.
was incorporated in 2016 and is headquartered in Menlo Park, California.
- Industry
- Diagnostics & Research
- Sector
- Healthcare
- State
- DE
- Filer Category
- Non-accelerated filerEmerging growth company
- Fiscal Year End
- December 31
- Website
- billiontoone.com
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$4.94B
P/E (annual)
747.1
P/S (annual)
16.2
P/B
9.2
P/OCF (annual)
200.7
Shareholder Yield
-110.6%
Employees
713
Industry
Diagnostics & Research
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
34.9%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 110.6% — per-share value needs a total required return of 145.5% once share-count change is priced in.
vs. own 6-year median revenue growth: 100.0%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
29.1%
r = 10% (base)
34.9%
r = 12%
39.9%
Net debt / market cap: -22.1%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / S
Price / revenue per share
P / GP
Price / gross profit per share
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.29
Primary signal (Novy-Marx).
6th of 8 SIC 80 peers
Return on equity
1.4%
Gross margin
68.3%
4th of 8 SIC 80 peers
Revenue growth (YoY)
100.0%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2023 | 2024 | 2025 | |
|---|---|---|---|
| Revenue vs COGS | |||
| Revenue vs OpEx | |||
| Op. Income vs Revenue |
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.36
2nd of 7 SIC 80 peers (best = lowest)
Current ratio
11.69×
1st of 8 SIC 80 peers
Quick ratio
11.19×
Net cash
$491.40M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$15.71M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
1.11
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
5.2%
Stock-based comp intensity.
Piotroski F-Score
F-Score
7 / 9
Fundamental-strength score (0-9).