BLLNBillionToOne, Inc.
Is the business good?
A genuinely good business: 7 of 9 health tests passed and earnings fully cash-backed (1.1×).
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash.
A balanced mix of margins, efficiency, and leverage. ROE 5% = margin × turnover × leverage.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BLLN?
BillionToOne, Inc. earns 43% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 34 points above what the capital costs: growth creates value
- Operating margin
- 11%
Operating margin · Diagnostics & Research median 3.6% · 12 months to Q2 2026
- Cash conversion
- 1.05×
Cash conversion · operating cash flow covers the operating profit after tax
- Share count, year on year
- +424%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2023 | −97% |
| FY2024 | −31% |
| FY2025 | 5.3% |
Details›
- Gross margin12 months to Q2 2026
- 71%
- Operating margin12 months to Q2 2026
- 11%
- Net margin12 months to Q2 2026
- 9.5%
- Free cash flow margin
- 8.3%
- R&D as % of revenue
- 15%
- Revenue, trailing twelve months
- $397M
- Free cash flow, trailing twelve months
- $33M
- Net income, trailing twelve months
- $38M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 43%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Diagnostics & Research
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