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BillionToOne

BLLN
65
Medical - Diagnostics & Research · Healthcare
Price
$130.31
+2.13 (+1.66%)
Market Cap
$5.99B
Exchange
NASDAQ
Winston Score
65
Winston is curious
A decent business — some strong pillars, some weaker.

Share count rising — dilution

+2.4% over 2y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 44.7M (2023) → 45.8M (2025)

BillionToOne, Inc., a precision diagnostics company, quantifies biology to create molecular diagnostics. The company provides molecular counting platform, which is designed to detect and measure DNA molecules at the single-count level to help enhance disease detection. It offers UNITY Complete, a non-invasive prenatal screen that assesses fetal risk for aneuploidies, recessive conditions, and fetal antigens from a maternal blood draw; Northstar Select, a liquid biopsy test that provides a list o

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+83.8% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+537.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$49M/ year

↑ Rising (+35% vs prior year)

16.2% of revenue

In line with sector average (18%)

Investing heavily in future products and technology

Insider Activity

88.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$537M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

BillionToOne is growing revenue at 84% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
73.0%
Premium pricing power — 73.0% gross margin
Operating Margin
16.5%
Healthy — 16.5% operating margin
ROCE
3.0%
Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+98.5%
Fast-growing sales (98.5% YoY)
EPS YoY
N/A
—
Data not available
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
144%
Turns 144% of profit into real cash
FCF Margin
7.9%
Modest free cash flow (7.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.19
Conservative — low debt load (0.19)
Interest Cover
556.49x
Comfortably covers interest (556.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
253.2x
Expensive — P/E 253.2

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+186.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (253.2 → 66.8)

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Dividends

Not applicable for this business.
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