# BillionToOne, Inc. (BLLN)

> Source: Nexqual · https://nexqual.com/BLLN · data as of 2026-10-29 17:20 UTC · cite as "Nexqual, BillionToOne, Inc. (BLLN), nexqual.com/BLLN" · informational, not investment advice.

**Price:** USD 114.54 (+0.47% today) · US market open, as of October 29, 2026 at 17:20 UTC; quotes may be delayed. Prev close 114 · day 112.69–115.19 · 52w 61.96–150.44 · market cap $5.40B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $397M, net income $37.7M (9.5% margin), free cash flow $33.2M (SEC filings).
- Valuation: P/E 143.3x (avg 233.1x at the last 1 fiscal year-ends), EV/EBITDA 98.5x, net cash $458M.
- 1 of 80 tracked superinvestors hold BLLN (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.88 on a 1–5 scale) (8 analysts), mean target USD 129 (range 110–145).
- Total return with dividends: 1Y +5.1% vs S&P 500 +13.0%; 5Y +14.5% vs S&P 500 +78.9%.
- Next earnings: 2026-11-04, EPS estimate USD 0.3, revenue estimate $116M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $71.7M | $153M | $305M | $397M |
| Gross profit | $17.3M | $80.9M | $208M | — |
| Operating income | -$69.5M | -$47.1M | $16.0M | $43.3M |
| Net income | -$82.7M | -$41.6M | $7.5M | $37.7M |
| EPS (diluted) | -$8.45 | -$4.12 | $0.14 | — |
| Free cash flow | -$59.8M | -$46.8M | $15.7M | $33.2M |
| Gross margin | 24.1% | 53.0% | 68.3% | — |
| Operating margin | -96.9% | -30.9% | 5.3% | 10.9% |
| Net margin | -115.3% | -27.2% | 2.4% | 9.5% |
| Revenue growth | — | +112.7% | +100.0% | — |
| Cash + short-term investments | $97.3M | $191M | $496M | — |
| Total debt | — | $51.5M | $57.2M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 143.3x · P/S 13.6x · EV/EBITDA 98.5x · EV/Sales 12.4x · P/FCF 162.9x · P/B 10.1x · FCF yield 0.61% · Earnings yield 0.70% · Net cash $458M · EV $4.95B
P/E at fiscal year-ends: Dec 2025 233.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BLLN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $2.0M | New position |

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 8 analysts; mean target USD 129 (low 110, high 145).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-01 | Guggenheim | Target raised | Buy | $125 → $128 |
| 2026-09-02 | Canaccord Genuity | Initiated | Buy | $120 |
| 2026-08-06 | JP Morgan | Target lowered | Overweight | $145 → $130 |
| 2026-08-06 | BTIG | Target lowered | Buy | $142 → $130 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-06) | 5Y (from 2025-11-03) |
|---|---|---|
| Total return | +5.1% | +14.5% |
| S&P 500 (SPY) | +13.0% | +78.9% |
| Per year | — | +14.7% |
| Volatility (annualized) | 93.5% | 74.3% |
| Max drawdown | -50.8% (Nov 2025→Mar 2026) | -46.9% (Nov 2025→Mar 2026) |

## Peers (Diagnostics & Research)
SHC (Sotera Health Company) USD 18.68 +0.16% · RDNT (RadNet, Inc.) USD 74.37 +1.13% · ADPT (Adaptive Biotechnologies Corpor) USD 28.22 -0.55% · VCYT (Veracyte, Inc.) USD 51.37 +2.11% · GRAL (GRAIL, Inc.) USD 159.72 +1.16% · CDNA (CareDx, Inc.) USD 72.24 +0.15%

## More
Full page: https://nexqual.com/BLLN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.30 | $0.24 | +22.4% | $115.8M | 2 |
| Next quarter (ends 2026-12-31) | $0.30 | $0.20 | +56.4% | $121.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $1.50 | $0.87 | +71.8% | $454.8M | 2 |
| Next fiscal year (ends 2027-12-31) | $1.49 | $1.03 | +44.2% | $573.8M | 2 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.36 | $0.16 | Beat +125.0% | — |
| — | Quarter ended Dec 31, 2025 | $0.15 | $0.17 | Miss −11.8% | — |
| — | Quarter ended Sep 30, 2025 | $0.91 | $0.16 | Beat +468.8% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/2070849/000207084926000050/0002070849-26-000050-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/2070849/000207084926000048/0002070849-26-000048-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.