Latest Ratios: P/E Ratio 1662.5x · EV/EBITDA 160.5x · ROE 2.3%. (2023–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Market Cap | $4.9B | $3.7B | — | — |
| Enterprise Value | $4.5B | $3.4B | — | — |
| P/E Ratio → | 1662.48 | 1284.77 | — | — |
| P/S Ratio | 15.96 | 12.29 | — | — |
| P/B Ratio | 10.10 | 7.81 | — | — |
| P/FCF | 309.97 | 238.56 | — | — |
| P/OCF | 198.05 | 152.42 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| EV / Revenue | — | 11.02 | — | — |
| EV / EBITDA | 160.54 | 120.36 | — | — |
| EV / EBIT | 279.84 | 428.01 | — | — |
| EV / FCF | — | 213.92 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Gross Margin | 68.3% | 68.3% | 53.0% | 24.1% |
| Operating Margin | 5.3% | 5.3% | -30.9% | -96.9% |
| Net Profit Margin | 2.4% | 2.4% | -27.2% | -115.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | 2.3% | 2.3% | -41.9% | -271.3% |
| ROA | 1.6% | 1.6% | -16.8% | -43.1% |
| ROIC | 13.5% | 13.5% | -42.8% | -65.5% |
| ROCE | 3.7% | 3.7% | -23.7% | -55.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.65 | 4.80 |
| Debt / EBITDA | 3.90 | 3.90 | — | — |
| Net Debt / Equity | — | -0.81 | -0.49 | 1.61 |
| Net Debt / EBITDA | -13.86 | -13.86 | — | — |
| Debt / FCF | — | -24.63 | — | — |
| Interest Coverage | 82.67 | 82.67 | -16.41 | -24.27 |
Net cash position: cash ($496M) exceeds total debt ($109M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 11.69 | 11.69 | 8.03 | 1.73 |
| Quick Ratio | 11.32 | 11.32 | 7.72 | 1.62 |
| Cash Ratio | 10.34 | 10.34 | 6.75 | 1.46 |
| Asset Turnover | — | 0.48 | 0.51 | 0.37 |
| Inventory Turnover | 5.51 | 5.51 | 8.21 | 7.56 |
| Days Sales Outstanding | — | 49.79 | 59.11 | 46.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | 0.1% | 0.1% | — | — |
| FCF Yield | 0.3% | 0.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $46M | $45M | $45M |
Includes 30+ ratios · 3 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BLLN stock.
BillionToOne, Inc.'s current P/E ratio is 1662.5x. This places it at the 50th percentile of its historical range.
BillionToOne, Inc.'s current EV/EBITDA is 160.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
BillionToOne, Inc.'s return on equity (ROE) is 2.3%. The historical average is -103.7%.
Based on historical data, BillionToOne, Inc. is trading at a P/E of 1662.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BillionToOne, Inc. has 68.3% gross margin and 5.3% operating margin.
BillionToOne, Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Thin margins despite rapid growth
Premium Pricing on Hypergrowth
BLLN trades at 14.7x sales and 146.6x EV/EBITDA, per reported TTM figures, reflecting expectations of sustained triple-digit growth, though forward multiples suggest a sharp normalization.
The current P/E of 1529.8 and EV/EBITDA of 146.6 are extreme, but forward P/E of 114.9 and forward EV/EBITDA of 10.4 imply the market expects a dramatic earnings inflection. This pricing appears to embed a rapid margin expansion that has not yet materialized, as operating margin is only 5.3%. Compared to peers like NTRA (negative earnings) and ILMN (35x P/E), BLLN's valuation is justified only if growth persists and margins scale; otherwise, de-rating risk is substantial.
Margin Expansion with Volatility
Gross margin improved from 57.1% in Q4 2024 to 70.5% in Q2 2026, per financial statements, yet operating margin swung from -25.9% to 5.0%, indicating uneven operating leverage.
The gross margin trend suggests strong pricing power or cost efficiencies, but the operating margin volatility—dropping from 16.5% in Q1 2026 to 5.0% in Q2 2026—highlights that SG&A and R&D investments are not yet yielding consistent scale benefits. Net margin of 2.4% on a TTM basis is thin, and the inclusion of $8.2M in stock-based compensation in Q2 2026 suggests reported profitability may overstate cash earnings. Investors should monitor whether operating leverage can convert top-line growth into sustainable bottom-line expansion.
Low Returns on Growing Capital
ROIC improved from -10.2% in Q4 2024 to 3.4% in Q2 2026, per reported data, but remains below cost of capital, indicating capital deployment is not yet generating adequate returns.
Despite a massive equity infusion that lifted the balance sheet, ROE is only 2.3% and ROIC is 3.4%, reflecting that the company is still in an investment phase. The improvement from negative returns is encouraging, but the absolute levels are low relative to the growth rate and peer ROICs (e.g., ILMN at 16.8%). This suggests that while the business is scaling, it has not yet demonstrated the capital efficiency needed to justify its valuation. Continued monitoring of ROIC as revenue grows will be critical.
Working Capital Drag Intensifies
Cash conversion cycle lengthened from 64 days in Q3 2025 to 84 days in Q2 2026, per reported figures, driven by rising DSO and DIO, indicating increased working capital absorption.
DSO rose from 36 days in Q3 2025 to 57 days in Q2 2026, and DIO remained elevated at 57 days, while DPO stayed around 29 days. This suggests that as revenue grows, the company is tying up more cash in receivables and inventory, which may strain liquidity despite a strong cash position. The negative working capital changes noted in cash flow analysis corroborate this trend. If DSO continues to climb, it could signal collection issues or a shift in payer mix, warranting close attention.
Conservative Leverage, Comfortable Coverage
Debt-to-equity fell to 0.27 in Q2 2026 from 0.65 in Q4 2024, per balance sheet data, while interest coverage of 940.8x indicates debt service is highly comfortable.
The company's leverage is modest, and the interest coverage ratio is exceptionally high, suggesting that debt obligations are not a near-term concern. However, D/EBITDA of 16.2x in Q2 2026 is elevated because EBITDA is still thin, though this is a function of the growth stage rather than excessive debt. The conservative leverage provides financial flexibility, but the low ROE implies that the equity base is not yet generating strong returns, which may pressure future capital allocation decisions.
Fortress Liquidity Buffer
Current ratio stands at 11.69 and quick ratio at 11.31 in Q2 2026, per reported data, with cash of $548.6M covering total liabilities nearly three times over.
The liquidity position is exceptionally strong, providing a substantial cushion against operational shocks or investment needs. Even under severe stress, the company could fund operations for an extended period without external financing. However, the low asset turnover of 0.15 suggests that the large cash balance is not being deployed efficiently, which may weigh on returns. The ample liquidity supports the growth strategy but also highlights the opportunity cost of holding excess cash.
Misapplied P/E on Early-Stage Growth
The trailing P/E of 1529.8 is misleading for BLLN, per reported figures, as it obscures the company's hypergrowth and margin inflection; forward EV/EBITDA or EV/Sales may be more appropriate.
For a company with 100% revenue growth and rapidly improving margins, trailing earnings are not representative of future earning power. The P/E ratio is distorted by the low current net income and significant stock-based compensation, which understate cash earnings. Investors should instead focus on forward EV/EBITDA (10.4x) or EV/Sales, which better capture the growth trajectory and capital structure. Additionally, adjusting for SBC would provide a clearer picture of underlying profitability, as the reported net margin may overstate true cash generation.