Natera
NTRA on Nasdaq. Natera sells genetic tests for cancer, prenatal, and transplant care to doctors and patients. Market value $61.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.14 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -71 cents a year. Above 10 is good.
Quality score: 38 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$425.64 a share, 155% above its 1-year low
Over the past year the price has ranged from $167.21 to $427.47.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $625m | $820m | $1.1bn | $1.7bn | $2.3bn |
| Operating margin | |||||
| Operating margin | -74.8% | -66.0% | -41.2% | -13.1% | -13.4% |
| Debt to equity | |||||
| Debt to equity | 0.51 | 0.51 | 0.47 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.12bn | 0.13bn | 0.14bn | 0.14bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 42.6% a year
- Buying back its own sharesNo, 48% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $753 million last quarter, up 38% on a year ago.
- A loss of $67 million, compared with a loss of $101 million a year ago.
- It loses 11 cents on each $1 of sales, compared with 15 cents a year earlier.
- Spare cash over the past 12 months: $84 million, down from $105 million.
- 5% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $440m |
| December 2024 | $476m |
| March 2025 | $502m |
| June 2025 | $547m |
| September 2025 | $592m |
| December 2025 | $665m |
| March 2026 | $697m |
| June 2026 | $753m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$32m |
| December 2024 | -$54m |
| March 2025 | -$67m |
| June 2025 | -$101m |
| September 2025 | -$88m |
| December 2025 | $47m |
| March 2026 | -$85m |
| June 2026 | -$67m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
4 long-term investors we follow own it, up from 3 last quarter. 846 funds in all.
- Torray Investment PartnersRobert Torray (founder)
- Value
- $3m
- Share of fund
- 0.4%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Viking Global InvestorsAndreas Halvorsen | $106m | 0.3% | New |
| Gotham Asset ManagementJoel Greenblatt | $28m | <0.1% | Added |
| Torray Investment PartnersRobert Torray (founder) | $3m | 0.4% | |
| Polen CapitalDan Davidowitz | $441,649 | <0.1% | Added |
Largest holders overall
- JPMorgan Chase$3.5bnCut
- BlackRock$3.0bnAdded
- Price T Rowe Associates$2.4bnCut
- Vanguard Capital Management$1.7bnAdded
- Vanguard Portfolio Management$1.6bnAdded
- FMR$1.5bnAdded
- Wellington Management Group LLP$1.1bnCut
- State Street$992mAdded
- Duquesne Family Office$865mAdded
- Geode Capital Management$745m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- JPMORGAN CHASE & CO.Passive investor9.1%+1.4 ptsSince 31 December 2025
- T. Rowe Price Associates, Inc.Passive investor6.3%−1.5 ptsSince 30 June 2026
- BlackRock, Inc.Passive investor5.6%Since 31 March 2025
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
JPMORGAN CHASE & CO. Passive investor | 9.1%+1.4 pts | 31 December 2025 | |
T. Rowe Price Associates, Inc. Passive investor | 6.3%−1.5 pts | 30 June 2026 | |
BlackRock, Inc. Passive investor | 5.6% | 31 March 2025 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 12 sold $380m, $330m of it under preset trading plans.
- Moshkevich SolomonPRESIDENT, CLINICALDIAGNOSTICSSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 3,000
- Price
- $414.22
- Value
- $1m
- Chapman Steven LeonardCEO AND PRESIDENT, DirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 1,273
- Price
- $413.31
- Value
- $526,144
- Sheena JonathanDirectorSoldunder a preset trading plan
- Date
- 23 September 2026
- Shares
- 18,064
- Price
- $388.01
- Value
- $7m
- Sheena JonathanDirectorSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 3,150
- Price
- $354.19
- Value
- $1m
- Sheena JonathanDirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 6,000
- Price
- $350.07
- Value
- $2m
- Rabinowitz MatthewEXECUTIVE CHAIRMAN, DirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 52,000
- Price
- $347.29
- Value
- $18m
- Rabinowitz MatthewEXECUTIVE CHAIRMAN, DirectorSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 50,000
- Price
- $334.76
- Value
- $17m
- Rabinowitz MatthewEXECUTIVE CHAIRMAN, DirectorSoldunder a preset trading plan
- Date
- 11 September 2026
- Shares
- 50,000
- Price
- $327.97
- Value
- $16m
- Moshkevich SolomonPRESIDENT, CLINICALDIAGNOSTICSSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 15,160
- Price
- $326.89
- Value
- $5m
- Moshkevich SolomonPRESIDENT, CLINICALDIAGNOSTICSSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 3,000
- Price
- $320.73
- Value
- $962,194
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Moshkevich Solomon PRESIDENT, CLINICALDIAGNOSTICS | Sold under a preset trading plan | 3,000 | $414.22 | $1m |
| 1 October 2026 | Chapman Steven Leonard CEO AND PRESIDENT, Director | Sold under a preset trading plan | 1,273 | $413.31 | $526,144 |
| 23 September 2026 | Sheena Jonathan Director | Sold under a preset trading plan | 18,064 | $388.01 | $7m |
| 16 September 2026 | Sheena Jonathan Director | Sold under a preset trading plan | 3,150 | $354.19 | $1m |
| 15 September 2026 | Sheena Jonathan Director | Sold under a preset trading plan | 6,000 | $350.07 | $2m |
| 15 September 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN, Director | Sold under a preset trading plan | 52,000 | $347.29 | $18m |
| 14 September 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN, Director | Sold under a preset trading plan | 50,000 | $334.76 | $17m |
| 11 September 2026 | Rabinowitz Matthew EXECUTIVE CHAIRMAN, Director | Sold under a preset trading plan | 50,000 | $327.97 | $16m |
| 2 September 2026 | Moshkevich Solomon PRESIDENT, CLINICALDIAGNOSTICS | Sold under a preset trading plan | 15,160 | $326.89 | $5m |
| 1 September 2026 | Moshkevich Solomon PRESIDENT, CLINICALDIAGNOSTICS | Sold under a preset trading plan | 3,000 | $320.73 | $962,194 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.