Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $213M | $210M | $258M | $302M | $391M | $625M | $820M | $1.08B | $1.70B | $2.31B |
| Revenue growth | — | -1.4% | 22.9% | 17.3% | 29.3% | 60.0% | 31.1% | 32.0% | 56.7% | 35.9% |
| Operating income | -$101M | -$135M | -$115M | -$116M | -$216M | -$468M | -$541M | -$446M | -$222M | -$310M |
| Operating margin | -47.6% | -64.6% | -44.5% | -38.5% | -55.3% | -74.8% | -66.0% | -41.2% | -13.1% | -13.4% |
| Net income | -$100M | -$138M | -$128M | -$125M | -$230M | -$472M | -$548M | -$435M | -$190M | -$208M |
| Net margin | -47.2% | -65.7% | -49.7% | -41.3% | -58.8% | -75.4% | -66.8% | -40.2% | -11.2% | -9.0% |
| EPS (diluted) | -$1.95 | -$2.59 | -$2.22 | -$1.79 | -$2.84 | -$5.21 | -$5.57 | -$3.78 | -$1.53 | -$1.52 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$74.1M | -$97.8M | -$70.6M | -$63.4M | -$183M | -$335M | -$432M | -$247M | $136M | $215M |
| Capital expenditures | $23.1M | $9.87M | $3.88M | $4.97M | $19.6M | $41.0M | $47.7M | $39.2M | $66.4M | $106M |
| Free cash flow | -$97.2M | -$108M | -$74.5M | -$68.4M | -$202M | -$376M | -$479M | -$286M | $69.2M | $109M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $16.7M | $13.0M | $51.0M | $62.0M | $48.9M | $84.6M | $466M | $642M | $946M | $1.08B |
| Total assets | $211M | $215M | $268M | $583M | $932M | $1.24B | $1.39B | $1.44B | $1.66B | $2.40B |
| Total liabilities | $104M | $189M | $236M | $304M | $446M | $583M | $689M | $676M | $465M | $686M |
| Long-term debt | — | — | — | — | — | $280M | $282M | $283M | — | — |
| Shareholders' equity | $144M | $25.4M | $32.2M | $279M | $486M | $653M | $706M | $765M | $1.20B | $1.71B |
| Retained earnings | -$346M | -$446M | -$575M | -$699M | -$929M | -$1.39B | -$1.94B | -$2.38B | -$2.57B | -$2.78B |
| Shares (wtd avg diluted) | 51.6M | 53.6M | 57.8M | 69.6M | 81.0M | 90.6M | 98.4M | 115M | 125M | 137M |
Every figure is extracted from Natera, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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