Natera FY 2025 earnings snapshot

Natera (NTRA) closed FY 2025 with fourth quarter revenue of US$665.5 million and basic EPS of US$0.34, as net income excluding extra items came in at US$47.3 million. The company has seen revenue move from US$476.1 million in Q4 2024 to US$665.5 million in Q4 2025, while trailing twelve month basic EPS over the same period went from a US$1.53 loss to a US$1.52 loss. This points to a story where top line scale is starting to show through in the margin profile.

See our full analysis for Natera.

With the headline numbers on the table, the next step is to see how this earnings print lines up with the widely followed growth, profitability and risk narratives around Natera.

TTM losses still sizeable at US$208.2 million

• Over the trailing twelve months, Natera generated about US$2.3b in revenue alongside a net loss excluding extra items of US$208.2 million and basic EPS of a US$1.52 loss, which keeps the company in loss-making territory despite the profitable Q4 print.
• Consensus narrative highlights heavy investment in AI, clinical trials and new product launches as the engine for future earnings, and these TTM losses show how much is still being spent upfront.
  • Revenue over the same TTM period, at about US$2.3b versus US$1.7b a year earlier, sits alongside TTM net losses that have stayed around the US$190 million to US$300 million range. This lines up with the idea that growth and R&D are still taking priority over near term profitability.
  • Analysts expect earnings growth of 54.57% per year and a path to profitability within three years. The current loss level is therefore the tension point they are watching, balancing higher spend today against the expectation of positive EPS later.

Valuation stretched on 13.6x P/S

• The stock trades on a P/S of 13.6x, which sits above both the peer average of 12.6x and the US Biotechs industry average of 10.9x, while the DCF fair value of US$317.18 is higher than the current share price of US$219.82.
• Bears focus on this premium multiple as a key concern, and the numbers give them as much to question as to support.
  • The premium P/S over peers and the industry lines up with the bearish point that a lot of growth is already priced in, even while the company is still loss making on a TTM basis.
  • At the same time, the DCF fair value being about US$97 above the current share price, and revenue forecasts of 14.3% a year, sit awkwardly with the cautious view that the shares may not offer enough upside for the risks involved.

Skeptics point to the rich P/S multiple and ongoing losses, while others see a gap to DCF fair value worth understanding in more detail 🐻 Natera Bear Case.

Q4 swing to US$47.3 million profit

• In Q4 2025, Natera reported net income excluding extra items of US$47.3 million and basic EPS of US$0.34, compared with a net loss of US$53.8 million and a US$0.41 loss per share in Q4 2024.
• Bulls argue that this type of quarterly profitability is an early sign that growth investments are starting to scale, and Q4 offers some numerical backing, even against a still loss making year.
  • Revenue in Q4 moved from US$476.1 million in 2024 to US$665.5 million in 2025, while the TTM EPS loss narrowed from about US$1.53 to US$1.52. This fits with the bullish view that operating leverage is beginning to show up in the margin profile.
  • Bullish forecasts calling for 18% to 22.9% annual revenue growth and a shift from a 9% loss margin toward positive margins rely on exactly this kind of quarterly step, so investors watching the optimistic case will likely treat Q4 as a proof point to compare against the next few years of results.

Supporters see Q4’s profit as an early taste of the earnings ramp they are forecasting and want to map that against the full bullish playbook 🐂 Natera Bull Case.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Natera on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With bulls and bears both finding support in these numbers, it makes sense to review the figures yourself and decide where you stand, starting with the 2 key rewards and 1 important warning sign.

See What Else Is Out There

Natera still carries sizeable trailing twelve month losses alongside a rich 13.6x P/S multiple, which leaves limited margin for error if expectations soften.

If you want ideas where pricing looks tighter against fundamentals and upside expectations, check out the 51 high quality undervalued stocks to quickly spot potential alternatives.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.