What is BillionToOne, Inc.'s earnings per share (EPS)?

BillionToOne, Inc. (BLLN) reported diluted earnings per share of $0.14 for fiscal year 2025. This represents a 103.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

BillionToOne, Inc. Financials

BLLN

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows BillionToOne, Inc. (BLLN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BLLN FY2025 2026-04-22

Rapid revenue scaling and gross-margin expansion flipped the model to profitability, while fresh financing made the balance sheet cash-heavy.

Gross margin moved from 24.1% to 68.3%, which means the turnaround was driven by much richer unit economics rather than a small trim in overhead. That operating improvement also needs a balance-sheet caveat: cash reached $496.0M after $288.8M of financing inflow, so liquidity improved much faster than the business itself was generating cash.

Earnings quality improved with the turnaround: operating cash flow of $24.6M exceeded net income of $7.5M. That suggests working capital was not swallowing the reported profit and that the first profitable year was backed by cash, not just accrual accounting.

Capital intensity still looks modest because only $8.9M of capital spending was needed against $24.6M of operating cash flow. Separately, equity swung from negative to positive even though retained earnings remained negative, which points to new invested capital resetting the balance sheet more than cumulative profits repairing it.

Financial Health Signals

Financial Profile 52/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of BillionToOne, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

BillionToOne, Inc. has an operating margin of 5.3%, meaning the company retains $5 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -30.9% the prior year.

Growth

100

BillionToOne, Inc.'s revenue surged 100.0% year-over-year to $305.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

BillionToOne, Inc. carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 11.69, BillionToOne, Inc. holds $11.69 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

BillionToOne, Inc.'s free cash flow margin of 5.1% results in a low score of 0/100. Capital expenditures of $8.9M absorb a large share of operating cash flow.

Returns

BillionToOne, Inc. generates a 1.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 15/100.

Altman Z-Score Safe

16.11

BillionToOne, Inc. scores 16.11, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.9B) relative to total liabilities ($152.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong

7/9

BillionToOne, Inc. passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

3.30x

For every $1 of reported earnings, BillionToOne, Inc. generates $3.30 in operating cash flow ($24.6M OCF vs $7.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

168.7x

BillionToOne, Inc. earns $168.7 in operating income for every $1 of interest expense ($16.0M vs $95K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$305.1M

YoY+100.0%

BillionToOne, Inc. generated $305.1M in revenue in fiscal year 2025. This represents an increase of 100.0% from the prior year.

EBITDA

$22.9M

YoY+157.1%

BillionToOne, Inc.'s EBITDA was $22.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 157.1% from the prior year.

Net Income

$7.5M

YoY+117.9%

BillionToOne, Inc. reported $7.5M in net income in fiscal year 2025. This represents an increase of 117.9% from the prior year.

EPS (Diluted)

$0.14

YoY+103.4%

BillionToOne, Inc. earned $0.14 per diluted share (EPS) in fiscal year 2025. This represents an increase of 103.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$15.7M

YoY+133.6%

BillionToOne, Inc. generated $15.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 133.6% from the prior year.

Cash & Debt

$496.0M

YoY+159.0%

BillionToOne, Inc. held $496.0M in cash against $57.2M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

68.3%

YoY+15.3pp

BillionToOne, Inc.'s gross margin was 68.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 15.3 percentage points from the prior year.

Operating Margin

5.3%

YoY+36.1pp

BillionToOne, Inc.'s operating margin was 5.3% in fiscal year 2025, reflecting core business profitability. This is up 36.1 percentage points from the prior year.

Net Margin

2.4%

YoY+29.7pp

BillionToOne, Inc.'s net profit margin was 2.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 29.7 percentage points from the prior year.

Return on Equity

1.6%

BillionToOne, Inc.'s ROE was 1.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

$49.4M

YoY+34.9%

BillionToOne, Inc. invested $49.4M in research and development in fiscal year 2025. This represents an increase of 34.9% from the prior year.

Share Buybacks

YoY-100.0%

BillionToOne, Inc. spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

$8.9M

YoY+64.4%

BillionToOne, Inc. invested $8.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 64.4% from the prior year.

BLLN Income Statement

Metric	FY25	FY24	FY23
Revenue	$305.1M+100.0%	$152.6M+112.7%	$71.7M
Cost of Revenue	$96.7M+34.9%	$71.7M+31.7%	$54.4M
Gross Profit	$208.5M+157.6%	$80.9M+367.5%	$17.3M
R&D Expenses	$49.4M+34.9%	$36.6M+63.3%	$22.4M
SG&A Expenses	$143.1M+56.4%	$91.5M+42.1%	$64.4M
Operating Income	$16.0M+134.0%	-$47.1M+32.2%	-$69.5M
Interest Expense	$95K-96.0%	$2.4M-27.1%	$3.3M
Income Tax	$305K+951.7%	$29K+222.2%	$9K
Net Income	$7.5M+117.9%	-$41.6M+49.7%	-$82.7M
EPS (Diluted)	$0.14+103.4%	$-4.12+51.2%	$-8.45

Metric	Q4'25	Q3'25	Q4'24	Q3'24
Revenue	N/A	$83.5M	N/A	$38.4M
Cost of Revenue	N/A	$25.1M	N/A	$18.2M
Gross Profit	N/A	$58.4M	N/A	$20.2M
R&D Expenses	N/A	$13.0M	N/A	$9.6M
SG&A Expenses	N/A	$35.8M	N/A	$23.3M
Operating Income	N/A	$9.6M	N/A	-$12.6M
Interest Expense	N/A	$20K	N/A	$422K
Income Tax	N/A	-$129K	N/A	$0
Net Income	N/A	$5.7M	N/A	-$14.9M
EPS (Diluted)	N/A	$0.10	N/A	$-1.47

BLLN Balance Sheet

Metric	FY25	FY24	FY23
Total Assets	$632.7M+109.4%	$302.1M	N/A
Current Assets	$560.6M+146.1%	$227.8M	N/A
Cash & Equivalents	$496.0M+159.0%	$191.5M+96.9%	$97.3M
Inventory	$17.5M+100.9%	$8.7M	N/A
Accounts Receivable	$41.6M+68.4%	$24.7M	N/A
Goodwill	N/A	N/A	N/A
Total Liabilities	$152.5M-72.4%	$553.7M	N/A
Current Liabilities	$48.0M+69.0%	$28.4M	N/A
Long-Term Debt	$57.2M+11.2%	$51.5M	N/A
Total Equity	$480.1M+290.8%	-$251.7M-14.9%	-$219.1M
Retained Earnings	-$274.7M+2.6%	-$282.2M	N/A

Metric	Q4'25	Q3'25	Q4'24	Q3'24
Total Assets	$632.7M+93.2%	$327.5M+8.4%	$302.1M	N/A
Current Assets	$560.6M+122.7%	$251.7M+10.5%	$227.8M	N/A
Cash & Equivalents	$496.0M+154.1%	$195.2M+1.9%	$191.5M-5.3%	$202.3M
Inventory	$17.5M+0.9%	$17.4M+99.1%	$8.7M	N/A
Accounts Receivable	$41.6M+20.1%	$34.6M+40.2%	$24.7M	N/A
Goodwill	N/A	N/A	N/A	N/A
Total Liabilities	$152.5M-73.1%	$567.0M+2.4%	$553.7M	N/A
Current Liabilities	$48.0M+17.6%	$40.8M+43.7%	$28.4M	N/A
Long-Term Debt	$57.2M+4.1%	$55.0M+6.8%	$51.5M	N/A
Total Equity	$480.1M+300.5%	-$239.5M+4.8%	-$251.7M-3.6%	-$242.9M
Retained Earnings	-$274.7M+2.1%	-$280.7M+0.5%	-$282.2M	N/A

BLLN Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	$24.6M+159.4%	-$41.4M+22.9%	-$53.7M
Capital Expenditures	$8.9M+64.4%	$5.4M-12.5%	$6.2M
Free Cash Flow	$15.7M+133.6%	-$46.8M+21.8%	-$59.8M
Investing Cash Flow	-$8.9M-64.2%	-$5.4M-106.6%	$82.8M
Financing Cash Flow	$288.8M+104.8%	$141.0M+952.0%	$13.4M
Dividends Paid	$0	N/A	N/A
Share Buybacks	$0-100.0%	$546K	$0

Metric	Q4'25	Q3'25	Q4'24	Q3'24
Operating Cash Flow	$10.8M	N/A	-$8.4M	N/A
Capital Expenditures	$1.5M	N/A	$2.1M	N/A
Free Cash Flow	$9.3M	N/A	-$10.5M	N/A
Investing Cash Flow	-$1.6M	N/A	-$2.1M	N/A
Financing Cash Flow	$291.6M	N/A	-$288K	N/A
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	$0	N/A	$0	N/A

BLLN Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	68.3%+15.3pp	53.0%+28.9pp	24.1%
Operating Margin	5.3%+36.1pp	-30.9%+66.0pp	-96.9%
Net Margin	2.4%+29.7pp	-27.2%+88.0pp	-115.3%
Return on Equity	1.6%	N/A	N/A
Return on Assets	1.2%+14.9pp	-13.8%	N/A
Current Ratio	11.69+3.7	8.03	N/A
Debt-to-Equity	0.12+0.3	-0.20	N/A
FCF Margin	5.1%+35.8pp	-30.7%+52.8pp	-83.4%

Metric	Q4'25	Q3'25	Q4'24	Q3'24
Gross Margin	N/A	69.9%	N/A	52.6%
Operating Margin	N/A	11.5%	N/A	-32.9%
Net Margin	N/A	6.8%	N/A	-38.8%
Return on Equity	N/A	N/A	N/A	N/A
Return on Assets	N/A	1.7%	N/A	N/A
Current Ratio	11.69+5.5	6.17-1.9	8.03	N/A
Debt-to-Equity	0.12+0.3	-0.23-0.0	-0.20	N/A
FCF Margin	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is BillionToOne, Inc.'s annual revenue?

BillionToOne, Inc. (BLLN) reported $305.1M in total revenue for fiscal year 2025. This represents a 100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is BillionToOne, Inc.'s revenue growing?

BillionToOne, Inc. (BLLN) revenue grew by 100% year-over-year, from $152.6M to $305.1M in fiscal year 2025.

Is BillionToOne, Inc. profitable?

Yes, BillionToOne, Inc. (BLLN) reported a net income of $7.5M in fiscal year 2025, with a net profit margin of 2.4%.

What is BillionToOne, Inc.'s EBITDA?

BillionToOne, Inc. (BLLN) had EBITDA of $22.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does BillionToOne, Inc. have?

As of fiscal year 2025, BillionToOne, Inc. (BLLN) had $496.0M in cash and equivalents against $57.2M in long-term debt.

What is BillionToOne, Inc.'s gross margin?

BillionToOne, Inc. (BLLN) had a gross margin of 68.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is BillionToOne, Inc.'s operating margin?

BillionToOne, Inc. (BLLN) had an operating margin of 5.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is BillionToOne, Inc.'s net profit margin?

BillionToOne, Inc. (BLLN) had a net profit margin of 2.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is BillionToOne, Inc.'s return on equity (ROE)?

BillionToOne, Inc. (BLLN) has a return on equity of 1.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is BillionToOne, Inc.'s free cash flow?

BillionToOne, Inc. (BLLN) generated $15.7M in free cash flow during fiscal year 2025. This represents a 133.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is BillionToOne, Inc.'s operating cash flow?

BillionToOne, Inc. (BLLN) generated $24.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are BillionToOne, Inc.'s total assets?

BillionToOne, Inc. (BLLN) had $632.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are BillionToOne, Inc.'s capital expenditures?

BillionToOne, Inc. (BLLN) invested $8.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does BillionToOne, Inc. spend on research and development?

BillionToOne, Inc. (BLLN) invested $49.4M in research and development during fiscal year 2025.

What is BillionToOne, Inc.'s current ratio?

BillionToOne, Inc. (BLLN) had a current ratio of 11.69 as of fiscal year 2025, which is generally considered healthy.

What is BillionToOne, Inc.'s debt-to-equity ratio?

BillionToOne, Inc. (BLLN) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is BillionToOne, Inc.'s return on assets (ROA)?

BillionToOne, Inc. (BLLN) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is BillionToOne, Inc.'s Altman Z-Score?

BillionToOne, Inc. (BLLN) has an Altman Z-Score of 16.11, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is BillionToOne, Inc.'s Piotroski F-Score?

BillionToOne, Inc. (BLLN) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are BillionToOne, Inc.'s earnings high quality?

BillionToOne, Inc. (BLLN) has an earnings quality ratio of 3.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can BillionToOne, Inc. cover its interest payments?

BillionToOne, Inc. (BLLN) has an interest coverage ratio of 168.7x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is BillionToOne, Inc.?

BillionToOne, Inc. (BLLN) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.