| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 8 | 139.8x | 17.8x | Bottom tier | |
Growth | 96 | 90.1% | 7.1% | Top tier | |
Quality | 72 | — | 4.5% | Top tier | |
Safety | 85 | — | 2.6x | Top tier | |
Capital Return | 72 | — | 2.12% | Top tier | |
Momentum | 71 | — | 2.9% | Top tier | |
Sentiment | 34 | 5 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
BillionToOne is a molecular diagnostics company that uses QCT technology to count molecules through genetic sequencing and sells tests in two main areas: prenatal testing under the UNITY brand and oncology testing under the NorthStar brand. Most of its revenue comes from prenatal testing, while oncology represents a smaller but faster-growing business; in Q2 fiscal 2026, prenatal revenue was $95.8 million, compared with $13.7 million for oncology, representing approximately 88% and 12% of total revenue, respectively.
In Q2 fiscal 2026, BillionToOne generated revenue of $109 million, up 64% year over year, with test volume growing 35% to approximately 196 thousand tests and the average price per test rising 21% to $551. Gross profit was $77.1 million, and gross margin increased to 70.5% from 65.3% in Q2 fiscal 2025, while the company reported operating income of $5.5 million and an operating margin of 5%.
Net income available to common shareholders was $8.1 million, or $0.15 per diluted share, compared with a net loss of $0.2 million in Q2 fiscal 2025. The company also generated $9.1 million in operating cash flow and $5.1 million in free cash flow, and ended the quarter with $549 million in cash and cash equivalents, despite operating expenses rising 59% to $71.6 million due to increased commercial and research spending.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $127.5, within a narrow range of $125 to $130, against a consensus rating of “Buy”; the average target is approximately 15% below the 52-week range high of $150.44. The 52-week range extends from $61.96 to $150.44, and no price-to-earnings ratio is available in the data, limiting the ability to value the stock on an earnings basis despite the company's transition to net profitability. The positive consensus should be weighed against the risks of declining operating margin, uncertainty regarding the more than $10 million in claims, and the execution required to convert Epic Aura integrations into actual volumes.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Revenue increased to $109 million from $66.6 million in Q2 fiscal 2025. Test volume grew 35% to approximately 196 thousand tests, and the average price rose 21% to $551. Prenatal revenue also increased 56% to $95.8 million, while oncology revenue jumped 176% to $13.7 million.
BillionToOne launched the UnityConfirm test on May 28, 2026, as a noninvasive confirmatory test for high-risk cases identified by UNITY aneuploidy. By the August 5, 2026, call, healthcare providers were ordering it for more than 50% of eligible patients. Management believes the product helps open doors to health systems and reduce the division of testing volumes among multiple laboratories, but described it as a long-term driver because converting health systems requires additional integrations and workflows.
Oncology revenue reached $13.7 million in Q2 fiscal 2026, up 176% year over year, with an annualized run rate of approximately $55 million. Management said sequential growth came almost entirely from higher test volumes because average oncology prices did not change materially. NorthStar Response also represents approximately two-thirds of oncology test volumes, making MolDX Medicare coverage an important factor in the economics of this business.
Gross margin was 70.5% in Q2 fiscal 2026, compared with 65.3% in Q2 fiscal 2025. Management said the underlying margin, excluding settlements, remained close to 70% over the previous four quarters despite the mix shifting toward the less mature oncology business. However, it explained that oncology growth exceeding the plan or the launch of initially low-margin products could temporarily push the margin below 70%.
The company reiterated its fiscal 2026 revenue range of $450 million to $465 million, representing growth of approximately 48% to 52% compared with fiscal 2025. This guidance does not include future settlements beyond those already recorded, and management did not assume full collection of the more than $10 million in held claims. Management expected to maintain profitability near current levels while continuing substantial commercial and research investments.
BillionToOne completed its integration with the Epic Aura platform in less than five months and completed the first connection with a health system within two weeks from the start to the first test order. Each activated health system could generate between one thousand and three thousand tests per quarter, according to management's estimate. However, placing the integration on each health system's technology roadmap may take between two and four quarters, so the actual impact depends on how many systems prioritize the project.
