BillionToOne, Inc. (BLLN) Stock

BillionToOne, Inc. (BLLN) is a Healthcare stock trading at $100.00 (as of 2026-08-25), with a market capitalization of $5.45B and a trailing P/E of 172.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

BillionToOne, Inc. is a precision diagnostics company that performs molecular tests to quantify biological signals for disease detection and monitoring. Its offerings include UNITY Complete non-invasive prenatal screening, Northstar Select liquid biopsy mutation profiling, and Northstar Response for longitudinal cancer burden assessment, serving clinical and research customers.

Understand BillionToOne, Inc.: how it makes money

BillionToOne counts individual DNA molecules to run diagnostic tests, selling prenatal screening and liquid biopsy cancer panels to labs and health systems for a per-test fee. The prenatal line provides the scale base while oncology (Northstar Select and Response) is the faster-growing second engine.

Each test carries a fixed reagent and instrument cost, so the 70% gross margin only converts to operating income once per-test volume outpaces fixed R&D and sales overhead; at 5% operating margin the company is still in the volume-scaling phase.

Business quality (Mixed): Mixed quality: the 70% gross margin validates the platform's cost structure, but a 5% operating margin and a multiple 560% above the industry mean the stock is paying for execution on a path that has not delivered earnings yet.

Valuation: At 167× earnings, BLLN trades 560% above the Healthcare Services average (25×).

Bull case

Payer friction collapsing: UnitedHealthcare in-network status could improve reimbursement and reduce patient-collection friction, lowering the barrier between test order and payment for the prenatal franchise.
Oncology engine accelerating: Oncology revenue is scaling rapidly from Select and Response adoption, adding a second growth vector that does not depend on the prenatal screening cycle.
Platform margin already locked in: A 70% gross margin on the molecular counting platform means each incremental test contributes heavily to operating leverage as fixed costs get spread over growing volume.

Bear case

Medicare decision still pending: NorthStar Response Medicare coverage remains uncertain and targeted for year-end, meaning the oncology revenue thesis hinges on a regulatory outcome management does not control.
EMR adoption outside their control: Health-system adoption depends on EMR integrations outside management's complete control, creating a dependency that can slow volume regardless of the clinical evidence.
Multiple prices in perfection: At 167.3x earnings versus a 25x industry average (560% above), any growth miss or margin compression triggers severe de-rating even if the platform is working.

Valuation — source: SEC EDGAR (first-party)
Price	$100.00
Market Cap	$5.45B
P/E Ratio	172.9
EV / EBITDA	114.3
Price / Book	10.14
Price / Sales	14.80
FCF Yield	0.6%
DCF Value (model)	$112.46
DCF Upside vs Price	12.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$305.11M
Net Margin	2.4%
Revenue Growth (YoY)	64.4%
EPS Growth (YoY)	-950.0%
FCF Growth (YoY)	-1048.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	9.28 (safe)

Valuation vs Sector & Industry
Stock P/E	172.9
Sector P/E (Healthcare)	21.9
Industry P/E (Healthcare Services)	25.4
vs Sector	688.4%
vs Industry	580.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	ADAMS STREET PARTNERS LLC ($135.10M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Healthcare Services
CEO	Oguzhan Atay
Employees	620
Country	US
IPO Date	2025-11-06

Related Companies (Healthcare Services; 8 comparable companies)

Data as of 2026-08-25.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.