Is the business good?
How good a business is BLLN?
BillionToOne, Inc. earns 49% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
49%
Return on invested capital · cost of capital 9.0% · 40 points above what the capital costs: growth creates value
- Operating margin
- 10%
Operating margin · Diagnostics & Research median 7.1% · 12 months to Q1 2026
- Share count, year on year
- +414%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 15%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2023 | −97% |
| FY2024 | −31% |
| FY2025 | 5.3% |
Details›
- Gross margin12 months to Q1 2026
- 70%
- Operating margin12 months to Q1 2026
- 10%
- Net margin12 months to Q1 2026
- 8.3%
- R&D as % of revenue
- 15%
- Revenue, trailing twelve months
- $355M
- Net income, trailing twelve months
- $29M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 49%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Diagnostics & Research
Ranks #14 of 29 by Smart Score