Natera Inc
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+ FollowMarket Cap$44.78B
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Earnings Call Q3 2026
November 5, 2026 - AI Summary
Strong Q3 operating momentum + record scale (good/surprising): Natera processed ~1.1M tests in Q3 2026 (up >22% YoY from ~894k), including ~262k tests processed reported as the “overall volumes” figure and ~1.09M described as the company record processing level in the quarter. Clinical MRD units reached ~316k vs ~202k in Q3 2025 (+56% YoY) and +33k sequentially (after weather distortion in prior periods). This was called their best quarter ever for MRD growth.
Revenue, margins, cash losses improving (good): Revenue = $794M (+34% YoY); >40% growth excluding “true ups.” Gross margin ~65%; ~63.2% ex-true-ups, +140 bps sequentially. “True ups” fell to ~$32M from ~$52M in Q2. Management said losses narrowed significantly while continuing to invest aggressively—signaling improving scale economics.
Guidance raised; 2026 expected to exceed $3B (forecast/outlook): CFO raised full-year 2026 revenue guidance by ~$140M at the midpoint to $3.05B–$3.35B (vs prior $2.85B–$2.91B). Guidance excludes true ups; CFO expects some true ups in Q4 but keeps them out of the model. Gross margin guided ~64%–66%. OpEx: R&D and SG&A were both adjusted upward (R&D top-end + $25M; SG&A top-end to ~$1.3B), reflecting expanded pharma/data services buildout and FIND trial spend.
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$-180.72
158% downside
Current Fair Value
158% downsideOvervalued by 158% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $44.78 Billion |
|---|---|
| Enterprise Value | $43.96 Billion |
| Earnings per Share | $-1.52 |
| Beta | 1.53 |
| Outstanding Shares | 144,067,000 |
Return
| Return on Equity | -8.81% |
|---|---|
| Return on Assets | -5.99% |
| Return on Invested Capital | -10.52% |
Valuation & Multiples
| P/E Ratio | -272.52 |
|---|---|
| PEG | 863.39 |
| Price to Sales | 15.59 |
| Price to Book Ratio | 25.98 |
| Enterprise Value to Revenue | 15.11 |
| Enterprise Value to EBIT | -195.6 |
| Enterprise Value to Net Income | -267 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.15 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS
-$0.42
Est. -$0.28Revenue
$793.98 M
Est. $707.54 MNext Earnings Call
Expected Date
February 25, 2027
EPS Estimate
-$0.14
Consensus analyst estimateRevenue Estimate
$772.79 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.41, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.4122▼ 28.56% |
|---|---|
| Total Calls | 13,100▼ 99.08% |
| Total Puts | 5,400▼ 99.46% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 8.11%▼ 88.15% |
|---|---|
| Total Invested | $4.26B▼ 88.62% |
| Investors Holding | 453▼ 433.00% |
About Natera Inc
Naterais a pioneer and global leader in cell-free DNA testing from a simple blood draw. The mission of the company is to change the management of disease worldwide with a focus on women's health, oncology, and organ health. Natera operat...