BLLN · Nasdaq · Healthcare
BillionToOne, Inc. (BLLN) — Rank #228 by gross profitability (GP/assets 0.29) · ROE 1.4% · Piotroski F-Score 7 / 9.
As-of 2026-10-30 · 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
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
713
Industry
Diagnostics & Research
Exchange
Nasdaq
11/12
Flags passed
BLLN passes 11/12 quality flags
1 caution to review
- CAUTIONDilution above 2%
Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
- PASSGross margin holding
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSRevenue not declining
- PASSOperating margin holding
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo valuation convergence
Strengths Sequential beat (rev + EPS)
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passRevenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Does it make money well?
No warning flags · GP/assets 0.29
Gross profitability (GP / assets)
0.29
Primary signal (Novy-Marx).
6th of 7 SIC 80 peers
Return on equity
1.4%
Gross margin
68.3%
3rd of 7 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 |
Cash Flow Health
Is the cash real?
No warning flags · FCF 111% above net income
Free cash flow
$15.71M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
110.8%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
5.2%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
Caution: Dilution above 2% · net cash $491.40M, F-Score 7/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.36
2nd of 6 SIC 80 peers (best = lowest)
Current ratio
11.69×
1st of 7 SIC 80 peers
Quick ratio
11.19×
Net cash
$491.40M
Cash & equivalents minus total debt.
Piotroski F-Score
7 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
No warning flags
Capital allocation quality
Composite score
2.0 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports