The company has successfully strengthened its financial position by reducing total debt from $442.0 million in 2023Q4 to $240.1 million in 2026Q1, lowering the debt-to-equity ratio to 0.14.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 1.65B | 1.5B | 1.38B | 1.26B | 1.21B | 1.09B | 862.66M | 523.17M | 240.52M | 180.63M | 174.12M | 250.73M | 106.48M | 49.11M | 9.01M |
| Cash & Short-Term Investments | 1.09B | 1.08B | 968.28M | 878.98M | 898.39M | 914.28M | 737.27M | 440.99M | 153.87M | 118.87M | 146.12M | 230.53M | 87.18M | 30.5M | 5.76M |
| Cash Only | 1.09B | 1.08B | 945.59M | 642.1M | 466.09M | 84.39M | 48.67M | 61.93M | 46.41M | 12.62M | 15.26M | 28.95M | 87.18M | 30.5M | 5.76M |
| Short-Term Investments | 0 | 0 | 22.69M | 236.88M | 432.3M | 829.9M | 688.61M | 379.06M | 107.46M | 106.25M | 130.86M | 201.59M | 0 | 0 | 0 |
| Accounts Receivable | 417.6M | 296.53M | 314.17M | 278.29M | 244.38M | 122.07M | 78.56M | 53.35M | 62.22M | 44.09M | 13.4M | 5.86M | 5.94M | 6.63M | 1.31M |
| Days Sales Outstanding | 47.79 | 46.93 | 67.58 | 93.83 | 108.75 | 71.24 | 73.34 | 64.41 | 88.15 | 76.29 | 22.52 | 11.24 | 13.62 | 43.88 | 33.61 |
| Inventory | 70.72M | 68.44M | 44.74M | 40.76M | 35.41M | 26.91M | 20.03M | 12.39M | 13.63M | 9M | 6.41M | 8.09M | 11.54M | 10.65M | 1.6M |
| Days Inventory Outstanding | 27.03 | 30.82 | 24.24 | 25.22 | 28.32 | 30.85 | 35.91 | 25.78 | 29.97 | 23.53 | 17.27 | 26.18 | 53.74 | 104.31 | 52.3 |
| Other Current Assets | 75.56M | 55.83M | 48.63M | 60.52M | 33.63M | 228K | 187K | 55K | 4.6M | 59K | 1.09M | 901K | 503K | 150K | 340K |
| Total Non-Current Assets | 962.59M | 1.01B | 284.92M | 183.15M | 182.66M | 143.35M | 69.49M | 59.49M | 27.65M | 33.99M | 36.56M | 14.51M | 17.15M | 10.62M | 4.28M |
| Property, Plant & Equipment | 403.37M | 349.73M | 248.19M | 167.75M | 164.33M | 124.53M | 54.75M | 47.01M | 24.34M | 29.67M | 32.29M | 12.71M | 14.57M | 9.79M | 4.07M |
| Fixed Asset Turnover | 7.46x | 6.59x | 6.84x | 6.45x | 4.99x | 5.02x | 7.14x | 6.43x | 10.59x | 7.11x | 6.72x | 14.98x | 10.93x | 5.63x | 3.50x |
| Goodwill | 140.86M | 141.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 367.36M | 373.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 207K |
| Other Non-Current Assets | 51M | 36.9M | 36.72M | 15.4M | 18.33M | 18.82M | 14.74M | 12.48M | 3.32M | 4.32M | 4.28M | 1.8M | 2.57M | 825K | -1 |
| Total Assets | 2.61B | 2.51B | 1.66B | 1.44B | 1.39B | 1.24B | 932.15M | 582.66M | 268.17M | 214.61M | 210.68M | 265.24M | 123.62M | 59.72M | 13.29M |
| Asset Turnover | 1.15x | 0.92x | 1.02x | 0.75x | 0.59x | 0.51x | 0.42x | 0.52x | 0.96x | 0.98x | 1.03x | 0.72x | 1.29x | 0.92x | 1.07x |
| Asset Growth % | 132.25% | 51.02% | 15.19% | 3.39% | 12.78% | 32.65% | 59.98% | 117.27% | 24.96% | 1.87% | -20.57% | 114.56% | 106.99% | 349.28% | - |
| Total Current Liabilities | 558.26M | 441.23M | 344.05M | 307.27M | 310.5M | 218.96M | 199.05M | 179.87M | 113.98M | 105.56M | 96.42M | 80.47M | 29.87M | 23.57M | 138.9M |
| Accounts Payable | 62.4M | 33.16M | 34.92M | 15M | 31.15M | 27.21M | 8.1M | 8.6M | 14.59M | 8.53M | 11.48M | 7.33M | 8.87M | 11.3M | 4.5M |
| Days Payables Outstanding | 18.74 | 14.93 | 18.92 | 9.28 | 24.92 | 31.19 | 14.51 | 17.9 | 32.06 | 22.3 | 30.9 | 23.72 | 41.28 | 110.62 | 147.41 |
| Short-Term Debt | 95.13M | 95.9M | 80.36M | 80.4M | 80.35M | 50.05M | 50.05M | 50.12M | 50.15M | 50.11M | 49.62M | 42.09M | 2.34M | 1.84M | 131.75M |
| Deferred Revenue (Current) | 105.11M | 24.91M | 19.75M | 16.61M | 10.78M | 7.4M | 50.13M | 56.02M | 4.13M | 1.42M | 574K | 144K | 112K | 970K | 314K |
| Other Current Liabilities | 210.68M | 186.29M | 73.39M | 69.1M | 62.96M | 58.15M | 47.74M | 25.5M | 22.68M | 19.04M | 22.39M | 12.24M | 8.31M | 3.71M | 952K |
| Current Ratio | 2.96x | 3.39x | 4.00x | 4.10x | 3.90x | 4.99x | 4.33x | 2.91x | 2.11x | 1.71x | 1.81x | 3.12x | 3.56x | 2.08x | 0.06x |
| Quick Ratio | 2.83x | 3.24x | 3.87x | 3.96x | 3.79x | 4.87x | 4.23x | 2.84x | 1.99x | 1.63x | 1.74x | 3.02x | 3.18x | 1.63x | 0.05x |
| Cash Conversion Cycle | 56.08 | 62.82 | 72.9 | 109.77 | 112.16 | 70.9 | 94.73 | 72.29 | 86.05 | 77.52 | 8.89 | 13.7 | 26.07 | 37.56 | -61.51 |
| Total Non-Current Liabilities | 282.12M | 354.4M | 121.27M | 369.1M | 378.23M | 364.23M | 246.86M | 124.07M | 122.03M | 83.64M | 7.79M | 0 | 265.09M | 207.66M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 282.94M | 281.65M | 280.39M | 202.49M | 73.66M | 73.36M | 73.06M | 0 | 0 | 24.47M | 22.46M | 0 |
| Capital Lease Obligations | 470.55M | 118.47M | 96.59M | 67.03M | 76.58M | 61.04M | 21.25M | 26.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 111.09M | 110.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 119.47M | 108.47M | 0 | 0 | 0 | 1.48M | 320K | 310K | 8.61M | 10.57M | 7.79M | 0 | 240.61M | 185.2M | 0 |
| Total Liabilities | 840.38M | 795.62M | 465.31M | 676.37M | 688.73M | 583.18M | 445.92M | 303.94M | 236.01M | 189.2M | 104.2M | 80.47M | 294.96M | 231.23M | 138.9M |
| Total Debt | 240.08M | 214.38M | 187.12M | 441.99M | 446.22M | 397.23M | 281.09M | 155.81M | 123.51M | 123.18M | 49.62M | 42.09M | 26.81M | 24.31M | 131.75M |
| Net Debt | -847.85M | -861.76M | -758.47M | -200.1M | -19.87M | 312.85M | 232.43M | 93.89M | 77.1M | 110.56M | 34.37M | 13.14M | -60.36M | -6.19M | 125.99M |
| Debt / Equity | 0.14x | 0.13x | 0.16x | 0.58x | 0.63x | 0.61x | 0.58x | 0.56x | 3.84x | 4.85x | 0.47x | 0.23x | - | - | - |
| Debt / EBITDA | -0.77x | - | - | - | - | - | - | - | - | - | - | - | 4.61x | - | - |
| Net Debt / EBITDA | 2.71x | - | - | - | - | - | - | - | - | - | - | - | -10.38x | - | - |
| Interest Coverage | -34.29x | -64.89x | -16.76x | -33.38x | -57.68x | -55.72x | -14.23x | -10.49x | -10.94x | -31.56x | -186.96x | -19.05x | 0.16x | -2.11x | - |
| Total Equity | 1.77B | 1.71B | 1.2B | 765.33M | 705.74M | 653.3M | 486.24M | 278.71M | 32.16M | 25.42M | 106.48M | 184.76M | -171.34M | -171.51M | -125.61M |
| Equity Growth % | 177.86% | 43.25% | 56.2% | 8.44% | 8.03% | 34.36% | 74.46% | 766.58% | 26.54% | -76.13% | -42.37% | 207.84% | 0.1% | -36.54% | - |
| Book Value per Share | 12.54 | 12.52 | 9.58 | 6.66 | 7.17 | 7.21 | 6.00 | 4.01 | 0.56 | 0.47 | 2.06 | 3.87 | -4.67 | -4.68 | -40.18 |
| Total Shareholders' Equity | 1.77B | 1.71B | 1.2B | 765.33M | 705.74M | 653.3M | 486.24M | 278.71M | 32.16M | 25.42M | 106.48M | 184.76M | -171.34M | -171.51M | -125.61M |
| Common Stock | 14K | 14K | 12K | 11K | 11K | 10K | 9K | 8K | 7K | 6K | 5K | 5K | 1K | 1K | 1K |
| Retained Earnings | -2.86B | -2.78B | -2.57B | -2.38B | -1.94B | -1.39B | -929.32M | -699.17M | -574.53M | -446.38M | -345.85M | -250.08M | -179.81M | -174.66M | -137.55M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -202K | -258K | -344K | -3.08M | -16.36M | -2.29M | 4.26M | 919K | -552K | -766K | -725K | -1.42M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Reimbursement and litigation exposure
As reported in financial statements, Natera has significantly bolstered its total asset base from $1.4 billion in 2023Q4 to $2.6 billion by 2026Q1, reflecting a consistent expansion trajectory that appears to be driven by both operational scaling and successful capital management strategies over the observed period.
The steady increase in total assets suggests that the company is effectively deploying capital to support its oncology and organ health initiatives. Investors should monitor whether this asset growth continues to outpace liability accumulation, as the current trend indicates a strengthening balance sheet despite ongoing operational losses.
Based on Natera's reported figures, the company has successfully reduced its total debt from $442.0 million in 2023Q4 to $240.1 million in 2026Q1, effectively lowering its debt-to-equity ratio from 0.58 to 0.14, which signals a significant improvement in the firm's overall financial risk profile.
This reduction in leverage appears to be a strategic move to minimize interest burdens and improve the company's resilience against potential regulatory or market-driven shocks. The lower debt load suggests that management is prioritizing a cleaner balance sheet as they scale the Signatera platform toward long-term profitability.
According to recent SEC filings, Natera maintains a strong liquidity position with $1.1 billion in cash as of 2026Q1, providing a substantial buffer that is well-supported by a current ratio of 2.96, which indicates ample capacity to meet short-term obligations without requiring immediate external financing.
The consistent maintenance of over $1 billion in cash reserves provides the company with significant operational runway to navigate the high-cost environment of clinical diagnostics. This liquidity profile appears to mitigate concerns regarding the company's ability to fund ongoing litigation and research-intensive oncology product development.
As disclosed in quarterly financial data, Natera's equity base has grown to $1.8 billion in 2026Q1, yet this figure remains heavily burdened by a persistent accumulated deficit in retained earnings of $2.9 billion, which highlights the long-term cost of scaling the company's diagnostic testing infrastructure.
While the growth in total equity is positive, the reliance on external capital to offset historical losses warrants further investigation into the sustainability of the current business model. Investors should consider that the equity structure remains sensitive to the ongoing impact of stock-based compensation and operational cash burn.
Based on the most recent quarterly data, the emergence of $140.9 million in goodwill on the balance sheet in 2026Q1 represents a notable departure from the company's historically asset-light structure, suggesting potential inorganic growth or strategic acquisitions that may introduce new valuation risks for shareholders.
The appearance of goodwill warrants close monitoring, as it may indicate that future earnings could be subject to impairment charges if acquired assets fail to meet performance expectations. This shift suggests that Natera is moving beyond organic development, which may complicate the assessment of its long-term capital allocation efficiency.
Quick answers to the most common questions about buying NTRA stock.
As of 2025, Natera, Inc. (NTRA) had total assets of $2.51B including $1.50B in current assets.
Natera, Inc. (NTRA) carries total debt of $214.4M, offset by $1.08B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Natera, Inc. (NTRA) has total shareholders' equity (book value) of $1.71B ($12.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Natera, Inc. (NTRA) reported a current ratio of 3.39x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.