BillionToOne, Inc.

BLLN
About the company

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.

Country: United StatesPrice: $105.15Market Cap: $5.0B

Investment snapshot

12%positive consensus
Scored 1d ago

Positive

2

BUY / PASS

Neutral / negative

3 / 11

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

All 12 investors pass BLLN's debt & leverage

Key risk

All 13 investors flag BLLN's valuation

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILPASSFAILFAIL · Rank #1293 (Top 41.8%)NEUTRALFAILPASSFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

TTM ended 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-11

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-11

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-11-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-11

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-11-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-11-01–2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage100% pass✓ 15▾

    All 12 investors pass BLLN's debt & leverage

    LT Debt vs Net Current AssetsLT Debt $89.0M vs NCA $621.5M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: 1655.3x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt$472.5M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change17.04% -> 9.05%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities11.25
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=1655.3x, D/EBITDA=0.0x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0008; #351/4210 (top 8.3%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✗ 28▾

    All 13 investors flag BLLN's valuation

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)P/E 751.1x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value1.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=1.0%, ROC=51.5%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS751.1x
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)
    ✗Dreman< 8x
    Price / Book Value per Share
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessP/E=751.1x
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=751.1x, FCF Yield=0.3%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=751.1x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low140% of trailing low ($75.05)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+0.98%; #2983/6340 (top 47.1%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.1128; #4677/6449 (top 72.5%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS751.1x
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.0870; #4402/5247 (top 83.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+0.67%; #2440/4519 (top 54.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+29.61%; #1031/6202 (top 16.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)P/E 751.1x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 100.9% vs Rev: 100.0%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth106.3%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 24.1% -> 68.3%, operating margin -96.9% -> 5.3%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Profitability6% pass✓ 8✗ 27▾

    15 of 16 flag BLLN's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)1/4 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/4 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)1.6%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$7.5M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)P/E 751.1x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE8.7%
    ✗Lynch> 15%
    EBIT / Enterprise Value1.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=1.0%, ROC=51.5%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets1.18%
    ✓PiotroskiROA > 0
    ROA Change YoY-13.76% -> 1.18% (delta: +14.94%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=3.89%, ROA=1.18%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY53.0% -> 68.3%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue11.4%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity8.7%
    ✗Dreman> 12%
    Margin of SafetyP/E=751.1x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity1.6% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue10.2%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity8.7%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-96.9% (2023) -> 5.3% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 24.1% -> 68.3%, operating margin -96.9% -> 5.3%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+0.98%; #2983/6340 (top 47.1%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+41.02%; #920/3702 (top 24.9%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity+8.72%; #2000/5226 (top 38.3%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts14% pass✓ 2✗ 12▾

    Split decision: 11 FAIL · 3 NEUTRAL · 2 PASS

    Overall verdict
    ✗GrahamFAIL (3/9)✓BuffettPASS (4/9)✗LynchFAIL (3/7)✗GreenblattRank #1293•PiotroskiNEUTRAL (F-Score 7)✗DremanFAIL (4/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Cash Flow40% pass✓ 5✗ 7▾

    6 of 10 flag BLLN's cash flow — Dreman, Pabrai, Marks +3 more

    Free Cash Flow Proxy$7.5M
    ✓BuffettPositive and growing
    FCF Positive and Growing$15.7M
    ✓LynchPositive and growing
    Operating Cash Flow$24.6M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=3.89%, ROA=1.18%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)
    ✗Dreman< 8x
    P/E or FCF YieldP/E=751.1x, FCF Yield=0.3%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive1/3 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency1/3 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$33.9M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+0.67%; #2440/4519 (top 54.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Efficiency50% pass✓ 6✗ 5▾

    4 of 8 pass — Piotroski, Munger, Akre +1 more object

    Current Ratio11.25
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)30.6%
    ✓Buffett> 10%
    ROIC - WACC+20.6%
    ✓BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)51.5%
    ✓Greenblatt> 25%
    Current Ratio Change YoY8.03 -> 11.69
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.51x -> 0.48x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities11.25
    ✓Dreman> 1.5
    Return on Invested Capital6.2%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=2.4%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC2.4% (RR=100% x ROIC=2.4%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/1 years above 12% (latest 2.4%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Healthcare
SIC Sector: Health Services
Size: Mid Cap($5.0B)
Revenue: $305.1M+100.0% YoY
Net Income: $7.5M+117.9% YoY

Financial Snapshot

Operating Margin5.3%
Return on Equity1.6%
Debt / Equity0.12
Current Ratio11.69
EPS (Diluted)$0.14
Buybacks (1y)$0
Buybacks (2y)$546.0K

Similar Companies

HCAHCA Healthcare, Inc.
$104.2B
THCTENET HEALTHCARE CORP
$22.8B
GHGuardant Health, Inc.
$20.5B
EXASEXACT SCIENCES CORP
$20.0B

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
$0
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex, buybacks.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-11
FY 2024
Sources
  • 10-K · 2026-03-11
FY 2023
Sources
  • 10-K · 2026-03-11
FY 2022
Sources
  • 10-K · 2026-03-11
Market Cap$5.0Bcurrent--------$1.3Best.----
Revenue$436.9M$123.0M↑47%$109.4M$108.4M$305.1M↑100%$152.6M↑113%$71.7M--
Operating Income$44.7M$11.0M↑14%$5.5M$17.8M$16.0M↑134%-$47.1M↑32%-$69.5M--
Net Income$49.4M$17.4M↑205%$8.1M$18.0M$7.5M↑118%-$41.6M↑50%-$82.7M--
EPS (Diluted)--$0.32↑220%$0.15$0.34$0.14↑103%$-4.12↑51%$-8.45--
Gross Margin71.4%70.9%↑1%70.5%73.0%68.3%↑29%53.0%↑120%24.1%—
Operating Margin10.2%9.0%↓22%5.0%16.5%5.3%↑117%-30.9%↑68%-96.9%—
ROE8.7%———1.6%↓91%16.5%↓56%37.7%—
Total Debt$460.0K$460.0K↓62%$566.0K$669.0K$57.2M↑11%$51.5M----
Shareholders' Equity$566.5M$566.5M↑337%$536.8M$505.6M$480.1M↑291%-$251.7M↓15%-$219.1M↓54%-$141.8M
Current Ratio11.2511.25↑82%11.6910.9211.69↑46%8.03——
Debt / Equity0.000.00↑116%0.000.000.12↑158%-0.20——
Operating Cash Flow$47.9M$12.5M$9.1M$15.4M$24.6M↑159%-$41.4M↑23%-$53.7M--
Free Cash Flow$33.9M$8.6M$5.1M$11.0M$15.7M↑134%-$46.8M↑22%-$59.8M--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Healthcare

BLLN vs Peers — Financial Grading

Revenue$305.1MBottom 25%
Net Income$7.5MBottom 25%
ROE1.6%Median
D/E0.12Median
Op. Margin5.3%Bottom 25%
Curr. Ratio11.69Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
HCA Healthcare, Inc.HCA$104.2B$499.05$75.6B$6.8B-112.6%-7.7113.0%0.971/95/93/71/3F-Score 64/11
TENET HEALTHCARE CORPTHC$22.8B$286.03$21.3B$2.4B56.1%3.1216.5%1.761/94/93/73/3F-Score 65/11
Guardant Health, Inc.GH$20.5B$151.70$982.0M$416.3M419.2%-15.14-44.5%4.842/91/91/70/3F-Score 52/11
EXACT SCIENCES CORPEXAS$20.0B$104.91$3.2B$207.9M-8.7%0.00-6.4%2.432/91/93/70/3F-Score 73/11
Fresenius Medical Care AGFMS$11.4B$22.03$23.1B$1.1B7.4%0.819.3%1.265/92/91/70/3F-Score 85/11
UNIVERSAL HEALTH SERVICES INCUHS$11.2B$194.07$17.4B$1.5B20.5%0.6511.5%1.054/96/95/71/3F-Score 76/11
DAVITA INC.DVA$11.0B$174.56$13.6B$746.8M-114.7%-15.7815.0%1.291/94/92/71/3F-Score 73/11
CHEMED CORPCHE$7.1B$548.20$2.5B$265.2M27.1%—13.4%1.054/97/93/71/3F-Score 66/11