Natera, Inc. Financial Ratios — NTRA Stock

Profitability (USD)

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-5.62	-36.14	-42.16	-64.72	-53.09	-29.34	-30.33	-43.5	-41.64	-30.66	-12.28	-10.26
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	32.44	50.78	40.72	36.2	33.41	35.55	41.96	47.92	49.09	44.37	45.52	60.3	64.75
EBITDA Margin (%)	-41.22	3.65	-28.53	-44.64	-61.16	-41.58	-40.67	-53.11	-73.05	-63.93	-38.99	-11.27	-11.55
Operating Margin (%)	-45.8	0.42	-31.43	-47.55	-64.56	-44.49	-43.22	-55.31	-74.85	-65.96	-41.22	-13.1	-13.44
Incremental Operating Margin (%)	- -	24.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-67.26	-3.23	-36.92	-47.14	-65.44	-49.61	-40.63	-58.73	-75.32	-66.67	-40.14	-11.18	-11.63
Profit Margin (%)	-67.26	-3.23	-36.92	-47.21	-65.65	-49.74	-41.29	-58.76	-75.42	-66.79	-40.16	-11.22	-9.03
Net Income to Common Margin (%)	-67.26	-3.23	-36.92	-47.21	-65.65	-49.74	-41.29	-58.76	-75.42	-66.79	-40.16	-11.22	-9.03
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	24	27	42	50	123	124	156	281	397	446	442	187	214
ST Debt	2	2	42	50	50	50	56	57	56	88	92	91	96
LT Debt	22	24	- -	- -	73	73	100	224	341	358	350	97	118
Total Debt/EBITDA	-1.07	4.61	-0.78	-0.52	-0.96	-1.15	-1.27	-1.35	-0.87	-0.85	-1.05	-0.98	-0.8
Net Debt/EBITDA	0.27	-10.38	-0.24	-0.36	-0.86	-0.72	-0.5	-0.98	-0.54	0.2	0.66	4.52	3.74
Total Debt/EBIT	-0.96	40.32	-0.7	-0.49	-0.91	-1.08	-1.19	-1.3	-0.85	-0.82	-0.99	-0.84	-0.69
Net Debt/EBIT	0.24	-90.77	-0.22	-0.34	-0.82	-0.67	-0.47	-0.94	-0.53	0.19	0.62	3.89	3.21
EBITDA to Interest Expense	-1.9	1.38	-15.49	-178	-30.43	-8.11	-11.5	-13.77	-55.02	-56.27	-33.4	-17.91	-65.48
EBITDA-CapEx/Interest Expense	-2.6	-0.98	-17.73	-221.41	-32.77	-8.41	-11.96	-15.07	-59.96	-61.38	-36.5	-25.1	-99.68
EBIT to Interest Expense	-2.12	0.16	-17.07	-189.59	-32.12	-8.68	-12.22	-14.34	-56.37	-58.06	-35.31	-20.8	-76.16
Interest Expense	12	4	4	1	4	13	11	15	8	9	13	11	4
Common Equity/Total Assets	-292.44	-145.45	-94.28	-164.16	-207.99	-214.24	-120	-99.69	-112.81	-139.31	-164.9	-154.62	-115.75
Long-Term Debt/Equity (%)	- -	- -	- -	- -	287.47	228.09	35.86	46.01	52.26	50.76	45.73	8.08	6.92
Long-Term Debt/Capital (%)	-14.94	-16	- -	- -	-22.61	-16.26	-18.4	-34.52	-34.23	-23.94	-18.08	-4.06	-4.62
Long-Term Debt/Total Assets (%)	37.61	19.8	- -	- -	34.05	27.35	17.15	24	27.61	25.69	24.27	5.82	4.94
Total Debt/Equity (%)	-14.17	-15.65	22.78	46.61	484.62	384.02	55.91	57.81	60.8	63.23	57.75	15.65	12.52
Total Debt/Capital (%)	-16.17	-17.53	-20.24	-16.75	-38.11	-27.39	-28.68	-43.36	-39.82	-29.82	-22.84	-7.86	-8.37
Total Debt/Total Assets (%)	40.7	21.69	15.87	23.55	57.39	46.06	26.74	30.16	32.13	32	30.66	11.27	8.94
Net Debt to Equity	3.61	35.23	7.11	32.28	434.97	239.73	22.19	41.93	37.66	-14.75	-36.42	-72.38	-58.15
Net Debt/Capital (%)	3.42	25.13	-5.55	-11.03	-32.92	-15.5	-10.22	-29.26	-22.74	5.3	10.81	26.01	27.37
EBITDA	-23	6	-54	-95	-128	-107	-123	-208	-457	-524	-422	-191	-266
EBITDA-CapEx	-31	-4	-62	-118	-138	-111	-128	-227	-498	-572	-461	-268	-406
Operating Income (Loss)	-25	1	-60	-101	-135	-115	-131	-216	-468	-541	-446	-222	-310

Liquidity (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.29	2.92	2.86	1.52	1.13	1.35	2.45	3.7	4.18	2.89	2.86	2.81	2.44
Current Ratio	2.08	3.56	3.12	1.81	1.71	2.11	2.91	4.33	4.99	3.9	4.1	4	3.39
Quick Ratio	1.58	3.12	2.94	1.65	1.54	1.9	2.75	4.1	4.73	3.68	3.77	3.73	3.11
CFO/Avg Current Liab	- -	0.39	-0.69	-0.84	-0.97	-0.64	-0.43	-0.96	-1.6	-1.63	-0.8	0.42	0.55
Common Equity/Total Assets	-292.44	-145.45	-94.28	-164.16	-207.99	-214.24	-120	-99.69	-112.81	-139.31	-164.9	-154.62	-115.75
Long-Term Debt/Equity (%)	- -	- -	- -	- -	287.47	228.09	35.86	46.01	52.26	50.76	45.73	8.08	6.92
Long-Term Debt/Capital (%)	-14.94	-16	- -	- -	-22.61	-16.26	-18.4	-34.52	-34.23	-23.94	-18.08	-4.06	-4.62
Long-Term Debt/Total Assets (%)	37.61	19.8	- -	- -	34.05	27.35	17.15	24	27.61	25.69	24.27	5.82	4.94
Total Debt/Equity (%)	-14.17	-15.65	22.78	46.61	484.62	384.02	55.91	57.81	60.8	63.23	57.75	15.65	12.52
Total Debt/Capital (%)	-16.17	-17.53	-20.24	-16.75	-38.11	-27.39	-28.68	-43.36	-39.82	-29.82	-22.84	-7.86	-8.37
Total Debt/Total Assets (%)	40.7	21.69	15.87	23.55	57.39	46.06	26.74	30.16	32.13	32	30.66	11.27	8.94
CFO/Total Liabilities	-10.44	3.56	-47.01	-71.06	-51.71	-29.91	-20.87	-40.93	-57.48	-62.65	-36.51	29.16	31.39
CFO/CapEx	-2.93	1.05	-4.82	-3.2	-9.91	-18.19	-12.77	-9.31	-8.17	-9.05	-6.3	1.76	1.55
Altman's Z-Score	-4.05	0.01	1.53	1.05	-2.08	-0.83	3.43	9.96	7.23	1.58	4.6	24.61	26.69

Working Capital (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	25.34	32.25	22.07	7.29	4.85	5.23	5.93	6.23	4.48	4.14	5.73	7.55
Days Sales Outstanding	- -	14.41	11.32	16.54	50.05	75.3	69.77	61.57	58.54	81.54	88.11	63.72	48.33
Inventory Turnover	- -	7.06	11.49	18.69	18.12	14.68	13.48	12.56	13.57	14.64	15.49	15.76	14.36
Days Inventory Outstanding	- -	51.67	31.75	19.53	20.15	24.87	27.07	29.06	26.9	24.93	23.57	23.16	25.41
Accounts Payable Turnover	- -	7.86	13.51	14.24	14.21	14.77	15.03	25.3	18.43	15.93	25.8	27.15	24.58
Accounts Payable Turnover Days	- -	46.41	27.02	25.64	25.68	24.72	24.29	14.43	19.81	22.91	14.15	13.44	14.85
Cash Conversion Cycle	- -	19.66	16.05	10.43	44.51	75.46	72.54	76.21	65.64	83.55	97.53	73.44	58.89
Inventory to Cash Days	- -	-37.26	-20.44	-2.99	29.9	50.43	42.7	32.51	31.64	56.61	64.55	40.56	22.92
Inventories	11	12	8	6	9	14	12	20	27	35	41	45	68
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	11	12	8	6	9	14	12	20	27	35	41	45	68

Enterprise Value (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	283	604	479	808	2,343	8,062	8,457	3,953	7,203	19,743	31,321
- Cash & Cash Equivalents	30	87	29	15	13	46	62	49	84	466	642	946	1,076
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	24	27	42	50	123	124	156	281	397	446	442	187	214
Enterprise Value	-6	-60	95	507	484	777	2,058	7,606	7,940	3,501	6,766	18,962	30,460
Total Capital	-150	-153	-208	-296	-323	-451	-543	-648	-998	-1,496	-1,935	-2,381	-2,562
Total Debt/Capital (%)	-16.17	-17.53	-20.24	-16.75	-38.11	-27.39	-28.68	-43.36	-39.82	-29.82	-22.84	-7.86	-8.37
Total Debt / EV	-3.93	-0.44	0.45	0.1	0.25	0.16	0.08	0.04	0.05	0.13	0.07	0.01	0.01
EV/Sales	- -	- -	0.5	2.39	2.31	3.02	6.81	19.45	12.69	4.27	6.25	11.17	13.21
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	129.53	139.43
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	84.91	85.17
Diluted Market Cap	- -	- -	283	604	482	808	2,343	8,062	8,457	3,953	7,203	19,743	31,321
Diluted Enterprise Value	-6	-60	296	638	592	885	2,437	8,295	8,770	3,933	7,003	18,984	30,460
EV per Share	- -	- -	3.61	9.84	9.07	13.44	29.59	93.89	87.68	35.58	58.84	152.04	222.79
TTM Sales	55	159	190	213	210	258	302	391	625	820	1,083	1,697	2,306
TTM EBITDA	-23	6	-54	-95	-128	-107	-123	-208	-457	-524	-422	-191	-266
TTM Operating Income	-25	1	-60	-101	-135	-115	-131	-216	-468	-541	-446	-222	-310
TTM Cash Flow to Firm	-12	15	-34	-74	-94	-57	-53	-167	-327	-422	-234	146	218
TTM Free Cash Flow to Firm	-4	25	-26	-50	-84	-53	-48	-148	-286	-374	-195	223	358

Multiples (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	-9.44	-11.86	-5.48	-12.11	-40.07	-49.49	-28.75	-10.3	-34.67	92.87	88.36
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-6	-60	95	507	484	777	2,058	7,606	7,940	3,501	6,766	18,962	30,460
Low Price	- -	- -	7.74	6.52	7.35	8.6	11.08	16.87	82.63	26.1	35.02	58.53	125.38
EV/Sales	- -	- -	0.5	2.39	2.31	3.02	6.81	19.45	12.69	4.27	6.25	11.17	13.21
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	-4.94	-5.39	-3.99	-7.28	-14.59	-18.94	-20.65	-8.35	-13.22	-71.88	-112.39
Price/Earnings High	- -	- -	-9.08	-7.09	-5.72	-13.37	-22.8	-39.82	-24.78	-16.54	-16.91	-115.03	-162.17
Price/Earnings Low	- -	- -	-2.89	-3.35	-2.85	-3.88	-6.17	-5.95	-15.86	-4.69	-9.26	-38.33	-82.35
Price/Book Value	- -	- -	-1.13	-1.75	-1.07	-1.41	-3.35	-8.68	-6.06	-2.03	-3.03	-7.69	-11.28
Price/Book Value Average	- -	- -	-1.39	-1.56	-1.23	-1.62	-2.6	-4.68	-6.98	-2.35	-2.42	-5.33	-8.43
Price/Book Value High	- -	- -	-2.55	-2.06	-1.76	-2.98	-4.07	-9.84	-8.38	-4.66	-3.09	-8.53	-12.16
Price/Book Value Low	- -	- -	-0.81	-0.97	-0.88	-0.87	-1.1	-1.47	-5.36	-1.32	-1.69	-2.84	-6.18
Price/Tangible Book Value	- -	- -	1.53	5.67	18.86	25.11	8.41	16.58	12.95	5.6	9.41	16.67	26.15
Price/Tangible Book Value Average	- -	- -	1.88	5.08	21.6	29.02	6.53	8.95	14.91	6.48	7.51	11.56	19.54
Price/Tangible Book Value High	- -	- -	3.45	6.68	30.96	53.28	10.21	18.82	17.89	12.84	9.61	18.49	28.19
Price/Tangible Book Value Low	- -	- -	1.1	3.16	15.42	15.47	2.77	2.81	11.45	3.64	5.26	6.16	14.31
Price/Sales	- -	- -	1.49	2.84	2.29	3.13	7.75	20.62	13.52	4.82	6.65	11.63	13.58
Price/Sales Average	- -	- -	1.82	2.55	2.62	3.62	6.02	11.13	15.57	5.57	5.31	8.07	10.15
Price/Sales High	- -	- -	3.35	3.35	3.75	6.65	9.41	23.4	18.69	11.05	6.79	12.91	14.64
Price/Sales Low	- -	- -	1.07	1.58	1.87	1.93	2.55	3.5	11.96	3.13	3.72	4.3	7.43
Price/Cash Flow	- -	- -	-7.48	-8.16	-4.9	-11.44	-36.94	-44.17	-25.23	-9.16	-29.17	145.53	145.48
Price/Cash Flow Average	- -	- -	-9.17	-7.31	-5.61	-13.22	-28.7	-23.84	-29.06	-10.6	-23.28	100.9	108.67
Price/Cash Flow High	- -	- -	-16.87	-9.61	-8.04	-24.28	-44.86	-50.13	-34.87	-21	-29.77	161.46	156.79
Price/Cash Flow Low	- -	- -	-5.36	-4.54	-4.01	-7.05	-12.15	-7.49	-22.32	-5.95	-16.31	53.81	79.62
Price/Free Cash Flow Average	- -	- -	-11.57	-10.62	-6.28	-13.99	-31.14	-26.71	-33.11	-11.91	-27.67	64.39	66
Price/Free Cash Flow High	- -	- -	-21.29	-13.98	-9	-25.69	-48.67	-56.16	-39.73	-23.61	-35.39	103.04	95.23
Price/Free Cash Flow Low	- -	- -	-6.77	-6.6	-4.48	-7.46	-13.18	-8.39	-25.43	-6.69	-19.38	34.34	48.36
EV/Sales Average	- -	- -	1.89	2.71	3.15	3.92	6.33	11.72	16.07	5.55	5.13	7.62	9.77
EV/Sales High	- -	- -	3.42	3.51	4.28	6.95	9.72	23.99	19.19	11.02	6.61	12.46	14.26
EV/Sales Low	- -	- -	1.13	1.74	2.4	2.23	2.86	4.09	12.46	3.11	3.54	3.85	7.06
EV/EBITDA Average	0.27	-10.38	-6.63	-6.06	-5.15	-9.43	-15.57	-22.07	-22	-8.68	-13.15	-67.58	-84.58
EV/EBITDA High	0.27	-10.38	-12	-7.86	-7	-16.71	-23.91	-45.17	-26.27	-17.24	-16.94	-110.52	-123.47
EV/EBITDA Low	0.27	-10.38	-3.98	-3.91	-3.92	-5.36	-7.03	-7.7	-17.06	-4.86	-9.07	-34.19	-61.11
EV/EBIT Average	0.24	-90.77	-6.02	-5.69	-4.87	-8.81	-14.65	-21.19	-21.47	-8.41	-12.44	-58.16	-72.71
EV/EBIT High	0.24	-90.77	-10.89	-7.38	-6.63	-15.62	-22.5	-43.37	-25.64	-16.71	-16.03	-95.13	-106.14
EV/EBIT Low	0.24	-90.77	-3.61	-3.67	-3.71	-5.01	-6.62	-7.39	-16.65	-4.71	-8.58	-29.43	-52.53
Last Price	- -	- -	10.8	11.71	8.99	13.96	33.69	99.52	93.39	40.17	62.64	158.3	229.09
High Price	- -	- -	24.36	13.8	14.76	29.62	40.92	112.93	129.09	92.06	63.94	175.63	246.9
Enterprise Value Average	-6	-60	360	575	660	1,010	1,915	4,583	10,054	4,553	5,549	12,930	22,534
Enterprise Value High	-6	-60	651	746	897	1,791	2,940	9,381	12,003	9,040	7,153	21,146	32,895
Enterprise Value Low	-6	-60	216	371	502	575	865	1,599	7,796	2,549	3,827	6,541	16,280

Shares Outstanding	45	45	50	53	54	62	78	86	95	111	120	133	140
Diluted Weighted Avg Shares	37	37	26	52	54	58	70	81	91	98	115	125	137
Basic Weighted Avg Shares	37	37	26	52	53	58	70	81	91	98	115	125	137
Revenue per Share	1.5	4.34	7.26	4.12	3.93	4.45	4.35	4.83	6.91	8.33	9.41	13.61	16.87
EBITDA per Share	-0.62	0.16	-2.07	-1.84	-2.4	-1.85	-1.77	-2.56	-5.05	-5.33	-3.67	-1.53	-1.95
Operating Income per Share	-0.69	0.02	-2.28	-1.96	-2.54	-1.98	-1.88	-2.67	-5.17	-5.5	-3.88	-1.78	-2.27
Basic EPS, GAAP	-1.01	-0.14	-2.68	-1.95	-2.58	-2.22	-1.79	-2.84	-5.21	-5.57	-3.78	-1.53	-1.52
Basic EPS from Cont Ops	-1.01	-0.14	-2.68	-1.95	-2.58	-2.22	-1.79	-2.84	-5.21	-5.57	-3.78	-1.53	-1.52
Diluted EPS, GAAP	-1.01	-0.14	-2.68	-1.95	-2.57	-2.22	-1.79	-2.84	-5.21	-5.57	-3.78	-1.53	-1.52
Diluted EPS from Cont Ops	-1.01	-0.14	-2.68	-1.95	-2.57	-2.22	-1.79	-2.84	-5.21	-5.57	-3.78	-1.53	-1.52
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.66	0.29	-1.44	-1.44	-1.83	-1.22	-0.91	-2.25	-3.7	-4.38	-2.15	1.09	1.57
Free Cash Flow per Basic Share	-0.88	0.01	-1.74	-1.88	-2.02	-1.29	-0.98	-2.49	-4.15	-4.87	-2.49	0.47	0.56
Cash & Equivalents per Share	0.83	2.38	8.8	2.83	2.23	2.66	6.34	9.1	10.1	9.13	7.64	7.76	7.87
Book Value per Share	-4.76	-4.9	-9.54	-6.71	-8.37	-9.93	-10.05	-11.47	-15.4	-19.74	-20.67	-20.59	-20.3
Tangible Book Value per Share	-4.68	-4.67	7.05	2.06	0.48	0.56	4.01	6	7.21	7.17	6.66	9.5	8.76

Natera, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)