While free cash flow reached $11.0 million in 2026Q1, the operating cash flow to net income ratio of 0.86 suggests that rapid scaling is currently placing pressure on cash conversion efficiency.
| Cash from Operations | 36.22M | 24.59M | -41.38M | -53.67M |
| Operating CF Margin % | - | 8.06% | -27.12% | -74.83% |
| Operating CF Growth % | 228.13% | 159.44% | 22.91% | - |
| Net Income | 25.21M | 2.92M | -41.57M | -82.68M |
| Depreciation & Amortization | 10.65M | 11.91M | 11.69M | 6.46M |
| Stock-Based Compensation | 4.47M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 28.09M | 31.82M | 5.27M | 18.75M |
| Working Capital Changes | -32.96M | -22.05M | -16.77M | 3.79M |
| Change in Receivables | -30.87M | -16.91M | -15.62M | -2.59M |
| Change in Inventory | -5.48M | -8.81M | -1.53M | -1.41M |
| Change in Payables | 149K | 1.77M | 877K | 151K |
| Cash from Investing | -8.17M | -8.92M | -5.43M | 82.84M |
| Capital Expenditures | -8.17M | -8.92M | -5.4M | -6.17M |
| CapEx % of Revenue | 2.3% | 2.92% | 3.54% | 8.61% |
| Acquisitions | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | 0 | 0 | -31K | -988K |
| Cash from Financing | 320.45M | 288.82M | 141.02M | 13.4M |
| Debt Issued (Net) | 29.09M | -1.73M | 10.48M | 12.96M |
| Equity Issued (Net) | 291.36M | 290.55M | 130.53M | 444K |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -546K | 0 |
| Other Financing | 0 | 0 | 0 | 0 |
| Net Change in Cash | 537.45M | 304.5M | 94.21M | 97.27M |
| Free Cash Flow | 28.09M | 15.71M | -46.78M | -59.85M |
| FCF Margin % | 7.92% | 5.15% | -30.66% | -83.43% |
| FCF Growth % | - | 133.59% | 21.84% | - |
| FCF per Share | 0.53 | 0.34 | -1.05 | -1.34 |
| FCF Conversion (FCF/Net Income) | 1.11x | 3.30x | 1.00x | 0.65x |
| Interest Paid | 1.29M | 0 | 0 | 0 |
| Taxes Paid | 16K | 0 | 0 | 0 |
Working Capital Intensity
According to the latest quarterly financial data, BillionToOne's operating cash flow to net income ratio of 0.86 in 2026Q1 suggests that while the company has achieved profitability, cash generation is currently trailing accounting earnings due to significant investments in the underlying business operations and working capital requirements.
The divergence between net income and operating cash flow indicates that earnings growth is currently outpacing immediate cash conversion. Investors should monitor whether this gap narrows as the company matures or if it reflects persistent structural requirements for cash to support ongoing diagnostic volume expansion.
As reported in recent financial statements, BillionToOne has successfully transitioned to positive free cash flow, reaching $11.0 million in 2026Q1 with a 10.1% margin, marking a significant improvement from the negative $10.5 million free cash flow recorded in 2024Q4 as the company scales its operations.
The shift toward positive free cash flow suggests that the company is beginning to realize the benefits of its operating leverage. This trajectory appears sustainable provided that the company maintains its current pace of revenue growth without requiring disproportionate increases in capital expenditures.
Based on the provided quarterly figures, BillionToOne experienced a substantial working capital outflow of $14.5 million in 2026Q1, which highlights the cash-intensive nature of supporting rapid diagnostic volume growth and the potential pressure this places on the company's ability to convert net income into cash.
The consistent negative working capital changes across recent quarters suggest that the company is heavily reinvesting in inventory or facing extended collection cycles. This trend warrants further investigation to determine if these outflows are temporary scaling costs or a permanent feature of the business model.
As indicated by the financial data, BillionToOne's capital expenditure to revenue ratio of 4.1% in 2026Q1 demonstrates that the company is maintaining a relatively asset-light approach to its diagnostic testing business, allowing for efficient conversion of revenue into free cash flow despite the ongoing scaling efforts.
The modest capital intensity suggests that the company does not require massive, lumpy investments in property, plant, and equipment to sustain its current growth trajectory. This appears to provide management with greater flexibility in allocating capital toward other strategic priorities as the business continues to evolve.
Quick answers to the most common questions about buying BLLN stock.
BillionToOne, Inc. (BLLN) generated $24.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BillionToOne, Inc. (BLLN) generated $15.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
BillionToOne, Inc. (BLLN) spent $8.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.