CareDx, Inc (CDNA) Stock

CareDx, Inc (CDNA) is a Healthcare stock trading at $50.82 (as of 2026-08-25), with a market capitalization of $2.63B and a trailing P/E of 22.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

CareDx, Inc. provides diagnostic solutions used in transplant care, including dd-cfDNA and gene-expression tests to monitor patients after kidney, heart, and lung transplantation, as well as HLA typing and chimerism testing for transplant recipients. It also offers transplant management and quality tracking software for patients, caregivers, and clinical teams.

Understand CareDx, Inc: how it makes money

CareDx develops molecular diagnostic tests (AlloSure, AlloMap) that detect organ rejection in transplant patients, with per-test fees paid by hospital labs. Revenue is roughly 90% testing services, and the company is expanding from kidney into heart, lung, and oncology.

Each diagnostic test carries minimal variable cost, so incremental volume flows almost directly to operating profit; the 86% margin is the structural state, not a one-off.

Business quality (Exceptional): Exceptional: 86% operating margin with 52% YoY growth on a validated, hard-to-replicate assay library creates a durable per-test annuity.

Valuation: At 21× earnings, CDNA trades 18% below the Healthcare Services average (25×).

Bull case

Dual engine transplant demand: Management reports both surveillance and for-cause testing are growing sequentially and year over year, meaning the company is gaining ground in routine monitoring while reaping upside from acute rejection events.
NavDx pricing power emerging: Management sees NavDx (oncology NGS) ASP potential rising to $1,000-$1,100 per test, a steep premium over the kidney AlloSure run rate that signals pricing power in a new therapeutic area.
Valuation lags growth profile: At 20.8x earnings versus a 25x healthcare-services average (18% below), the stock trades at a discount despite 52% YoY revenue growth, leaving room for multiple expansion if growth persists.

Bear case

Revenue flattered by one-timer: Q2 testing services revenue included $15.6 million of out-of-period revenue; stripping that out leaves materially lower organic test growth than the 52% headline implies, and it does not repeat next quarter.
Billing migration is Q4 risk: Management calls the NavDx billing-system migration a significant fourth-quarter execution undertaking; any slip or revenue gap during the cutover would hit the fastest-growing segment at the worst time.
NavDx ramp skews costs: Potential NavDx investments (reagents, lab build-out, sales force) are expected to reduce margins during the ramp, meaning the 86% operating margin is not the floor but the ceiling until oncology scales.

Valuation — source: SEC EDGAR (first-party)
Price	$50.82
Market Cap	$2.63B
P/E Ratio	22.3
EV / EBITDA	16.0
Price / Book	6.18
Price / Sales	5.62
FCF Yield	1.2%
DCF Value (model)	$21.61
DCF Upside vs Price	-57.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$379.81M
Net Margin	-5.6%
Revenue Growth (YoY)	13.8%
EPS Growth (YoY)	-140.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	12.85 (safe)

Valuation vs Sector & Industry
Stock P/E	22.3
Sector P/E (Healthcare)	21.9
Industry P/E (Healthcare Services)	25.4
vs Sector	1.6%
vs Industry	-12.3%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($78.50M)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Healthcare
Industry	Healthcare Services
CEO	John Walter Hanna Jr.
Employees	644
Country	US
IPO Date	2014-07-17

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.