The company maintains a conservative capital structure with a debt-to-equity ratio of 0.29 and a robust liquidity position evidenced by a current ratio of 10.92 as of 2026Q1.
| Total Current Assets | 624.14M | 560.56M | 227.82M | 115.5M |
| Cash & Short-Term Investments | 537.45M | 495.98M | 191.48M | 97.27M |
| Cash Only | 537.45M | 495.98M | 191.48M | 97.27M |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 61.3M | 41.62M | 24.71M | 9.09M |
| Days Sales Outstanding | 43.24 | 49.79 | 59.11 | 46.26 |
| Inventory | 19.22M | 17.55M | 8.73M | 7.2M |
| Days Inventory Outstanding | 59.02 | 66.26 | 44.48 | 48.28 |
| Other Current Assets | 6.17M | 5.42M | 2.9M | 1.94M |
| Total Non-Current Assets | 76.59M | 72.1M | 74.24M | 76.18M |
| Property, Plant & Equipment | 71.67M | 67.1M | 68.85M | 73.87M |
| Fixed Asset Turnover | 5.18x | 4.55x | 2.22x | 0.97x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.92M | 4.99M | 5.39M | 2.31M |
| Total Assets | 700.73M | 632.65M | 302.06M | 191.68M |
| Asset Turnover | 0.72x | 0.48x | 0.51x | 0.37x |
| Asset Growth % | 233.58% | 109.45% | 57.59% | - |
| Total Current Liabilities | 57.16M | 47.96M | 28.39M | 66.8M |
| Accounts Payable | 8.7M | 7.18M | 4.3M | 3.21M |
| Days Payables Outstanding | 27.51 | 27.13 | 21.92 | 21.54 |
| Short-Term Debt | 6.24M | 5.6M | 6.22M | 53.74M |
| Deferred Revenue (Current) | 9.88M | 2.19M | 2.81M | 3.02M |
| Other Current Liabilities | 17.56M | 20.44M | 6.64M | 4.26M |
| Current Ratio | 10.92x | 11.69x | 8.03x | 1.73x |
| Quick Ratio | 10.58x | 11.32x | 7.72x | 1.62x |
| Cash Conversion Cycle | 74.75 | 88.91 | 81.66 | 73 |
| Total Non-Current Liabilities | 137.94M | 104.59M | 105.92M | 94.4M |
| Long-Term Debt | 90M | 57.23M | 51.48M | 35M |
| Capital Lease Obligations | 190.33M | 46.07M | 51.68M | 57.6M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 2.76M | 1.8M |
| Total Liabilities | 195.11M | 152.55M | 134.31M | 161.2M |
| Total Debt | 144.19M | 108.89M | 109.38M | 146.35M |
| Net Debt | -393.26M | -387.08M | -82.1M | 49.08M |
| Debt / Equity | 0.29x | 0.23x | 0.65x | 4.80x |
| Debt / EBITDA | 3.29x | 6.80x | - | - |
| Net Debt / EBITDA | -8.97x | -24.16x | - | - |
| Interest Coverage | 516.43x | 168.66x | -16.41x | -24.27x |
| Total Equity | 505.62M | 480.11M | 167.75M | 30.47M |
| Equity Growth % | 384.66% | 186.2% | 450.48% | - |
| Book Value per Share | 9.53 | 10.48 | 3.75 | 0.68 |
| Total Shareholders' Equity | 505.62M | 480.11M | 167.75M | 30.47M |
| Common Stock | 0 | 0 | 0 | 0 |
| Retained Earnings | -256.78M | -274.75M | -282.2M | -240.63M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.79M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
Rapid Scaling Execution Risk
According to recent financial filings, BillionToOne has significantly bolstered its total asset base from $302.1 million in 2024Q4 to $700.7 million by 2026Q1, reflecting a rapid accumulation of resources as the company scales its diagnostic operations to meet increasing market demand for its testing services.
The substantial growth in total assets appears to be driven by a deliberate strategy to strengthen the company's financial position during a period of aggressive revenue expansion. This trajectory suggests that management is successfully leveraging capital to support operational scaling, which may provide a more robust foundation for future diagnostic volume growth.
As reported in quarterly balance sheets, BillionToOne maintains a robust liquidity profile with cash reserves reaching $537.5 million in 2026Q1, resulting in a current ratio of 10.92, which indicates a significant buffer against short-term operational shocks and provides ample flexibility for ongoing diagnostic research and development investments.
The exceptionally high current ratio suggests that the company is well-positioned to manage its working capital requirements without immediate reliance on external financing. Investors should monitor whether this liquidity remains elevated as the company continues to scale, or if management intends to deploy this capital toward further infrastructure expansion.
Based on the provided figures, BillionToOne has maintained a conservative capital structure with a debt-to-equity ratio of 0.29 as of 2026Q1, demonstrating that the company has successfully funded its rapid expansion while avoiding excessive reliance on debt financing during this critical phase of market penetration.
The modest leverage profile suggests that the company retains significant financial flexibility to navigate potential market volatility. This disciplined approach to debt management appears to align with the company's transition toward profitability, potentially reducing the risk of interest-related cash flow pressures in the near term.
As indicated by the financial statements, BillionToOne's equity position has improved to $505.6 million in 2026Q1, driven by a narrowing of accumulated deficits as the company transitions toward consistent net income and reduces its reliance on external equity financing to support its diagnostic testing business model.
The improvement in equity quality suggests that the company is beginning to generate internal value, which may reduce the need for dilutive capital raises in the future. This trend warrants further investigation to determine if the current pace of retained earnings improvement can be sustained as the company scales.
Quick answers to the most common questions about buying BLLN stock.
As of 2025, BillionToOne, Inc. (BLLN) had total assets of $632.7M including $560.6M in current assets.
BillionToOne, Inc. (BLLN) carries total debt of $108.9M, offset by $496.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BillionToOne, Inc. (BLLN) has total shareholders' equity (book value) of $480.1M ($10.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BillionToOne, Inc. (BLLN) reported a current ratio of 11.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.