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BillionToOne, Inc. (BLLN)

Nasdaq: BLLN · Services-Medical Laboratories · Menlo Park, CA · filing with the SEC since 2025
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Grade6.8
◀ Past 6.7● Present 7.0▶ Future 6.7
3 est.
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The grade of BillionToOne, Inc.

Nine metrics read from its own filings, by tense
Headline grade
6.8/10
◀ Past6.730% of the headline
● Present7.040% of the headline
▶ Future6.730% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 6 read as filed from the record and 3 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.7/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
7.8/10

Has it survived what it has been through?

No warning events in its filings since 2025.

weight 33% of this tense · 78th percentile among 27 sector filers · read for itself

From the record

BillionToOne, Inc.'s filings since 2025 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
8.4/10

What has it actually done, year after year?

+106.1% a year over 3 filed years; profitable in 1 of 3.

weight 45% of this tense · 84th percentile among 23 sector filers · read for its customers

From the record

BillionToOne, Inc.'s 3 filed years say what it did: revenue went from $72 million in fiscal 2023 to $305 million in fiscal 2025, up 106.1% a year; it rose in 2 of 2 years; it never fell from a peak; net income was positive in 1 of 3 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span106.1%top 2% of its family
  • the share of years revenue rosetop 15% of its family
  • the share of filed years with a profittop 33% of its family
  • the deepest fall from a revenue peak0.0%top 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
1.6/10

How has it treated the people who own it?

SI estimate 1.6/10, confidence 35 of 100 (one part).

weight 22% of this tense · 16th percentile among 24 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the bottom 16% of 24 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 24 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: BillionToOne, Inc.'s shareholder treatment is put at 1.6 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 16% of 24 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

7.0/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
5.7/10

Is it financially healthy right now?

ROE 2%: 2¢ of profit per shareholder dollar. Leverage 24%: owes 24¢ per asset dollar.

weight 33% of this tense · 57th percentile among 25 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, BillionToOne, Inc. earned about 2 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 33 cents per dollar of everything the company owns. Leverage: it owed about 24 cents per dollar of assets, and net share issuance: its share count grew 110.6% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 33% of its family
  • return on equitytop 21% of its family
  • gross profit against assetstop 28% of its family
  • the share count against the year beforebottom 11% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
7.8/10

How strong is its position in its industry?

top 22% of 24 in its family; net margin 2.4%.

weight 45% of this tense · 78th percentile among 24 sector filers · read for its customers

From the record

BillionToOne, Inc.'s standing among 24 graded names in its industry family: revenue of $305 million in fiscal 2025 ranks in the top 46% by size; a net margin of 2.4% ranks in the top 19%; revenue growth of 106.1% a year over the last 2 filed years ranks in the top 2% (its annual reports).

What it rests on

  • revenue against the family$305Mtop 46% of its family
  • net margin2.4%top 19% of its family
  • three-year revenue growth106.1%top 2% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
7.3/10

What are the people in charge doing?

SI estimate 7.3/10, confidence 35 of 100 (one part).

weight 22% of this tense · 73rd percentile among 22 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the top 27% of 22 in its family; the record of its people begins on 2025-11-05 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 1 years and cannot see past it; a floor under five years is not read as years in charge.
What the record cannot read
The record of its people begins on 2025-11-05 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 1 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned
one part: officer and director changes on Form 8-K, against the people in charge, the one part on file, ranked among 22 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: BillionToOne, Inc.'s leadership is put at 7.3 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the top 27% of 22 in its family; the record of its people begins on 2025-11-05 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 1 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

6.7/1030% of the headline grade · 2 of 3 filed, 1 estimated

Room to expand

as filed
7.1/10

How much room does it have to grow?

top 29% of 24 in its family for room to expand.

weight 22% of this tense · 71st percentile among 24 sector filers · read for itself

From the record

BillionToOne, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $496 million against debt of $57 million leaves 69.4% of its assets as net cash, top 6% of its family; cash from operations less capital spending is 5.2% of revenue (top 31%); a gross margin of 68.3% (top 22%); research spending of 16.2% of revenue (bottom 42%) (its annual report).

What it rests on

  • cash less debt against assets69.4%top 6% of its family
  • cash from operations less capital spending against revenue5.2%top 31% of its family
  • gross margin68.3%top 22% of its family
  • research spending against revenue16.2%bottom 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
8.1/10

What could actually drive growth from here?

top 19% of 23 in its family for growth drivers.

weight 45% of this tense · 81st percentile among 23 sector filers · read for its customers

From the record

BillionToOne, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 106.1% a year over the last three filed years against 106.1% over all 3, speeding up (top 43% of its family); the newest year grew 100.1% (top 2%); research spending grew 48.4% a year (top 8%); capital spending grew 19.9% a year (top 21%) (its annual reports). BillionToOne, Inc. reported 3 product lines in fiscal 2025: Prenatal at $277 million (91%), Oncology at $25 million (8%), Clinical Trial Support and Other Services at $3 million (1%); 2 of 3 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span+0.0 points a yeartop 43% of its family
  • the newest year's revenue growth100.1%top 2% of its family
  • three-year growth of research spending48.4%top 8% of its family
  • three-year growth of capital spending19.9%top 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

SI estimate
4.7/10

Did its newest year beat what its own record pointed to?

SI estimate 4.7/10, confidence 20 of 100 (family median).

weight 33% of this tense · 50th percentile among 20 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 20 members with one.
What the record cannot read
The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned
family median, 20 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: BillionToOne, Inc.'s expectations vs reality is put at 4.7 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 20 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton BLLN · research, not advice