Natera, Inc. (NTRA) intrinsic value & 10-year financials
Natera, Inc. (NTRA) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 30.3% a year to $2.3B, with an average return on invested capital of -100.2%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $393.44
- Market cap
- $53.8B
- Revenue (FY2025)
- $2.3B
- Revenue growth (10-yr CAGR)
- 30.3%
- ROIC (10-yr avg)
- -100.2%
- Free cash flow (FY2025)
- $109.1M
NTRA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.3B | -$208.2M | -$1.52 | $109.1M | -13.4% | -38.1% |
| FY2024 | $1.7B | -$190.4M | -$1.53 | $69.2M | -13.1% | -45.3% |
| FY2023 | $1.1B | -$434.8M | -$3.78 | -$286.2M | -41.2% | -72.4% |
| FY2022 | $820.2M | -$547.8M | -$5.57 | -$479.2M | -66.0% | -66.0% |
| FY2021 | $625.5M | -$471.7M | -$5.21 | -$376.3M | -74.8% | -63.7% |
| FY2020 | $391.0M | -$229.7M | -$2.84 | -$202.1M | -55.3% | -53.9% |
| FY2019 | $302.3M | -$124.8M | -$1.79 | -$68.4M | -38.5% | -70.7% |
| FY2018 | $257.7M | -$128.2M | -$2.22 | -$74.5M | -44.5% | -363.7% |
| FY2017 | $209.6M | -$136.3M | -$2.56 | -$106.7M | -63.9% | -159.6% |
| FY2016 | $212.5M | -$95.8M | -$1.86 | -$97.0M | -45.4% | -68.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Natera, Inc. is a consistent compounder, expanding top-line revenue at 30.3% annually over the past decade.
Natera, Inc. has historically struggled to out-earn its cost of capital, averaging just -48.4% ROIC.
Natera, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Natera, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-50.49 per share.