BillionToOne Inc. Class A Common Stock (BLLN)

FairStock Score: 35/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach BillionToOne as a diagnostician of businesses: it sells precision molecular diagnostics, including UNITY Complete prenatal screening and Northstar Select liquid biopsy. The filed numbers show real traction: revenue increased from $152.6 million in fiscal year 2024, the period ended 2024-12-31, to $305.1 million in fiscal year 2025, the period ended 2025-12-31, and net income went from a $41.6 million loss to $7.5 million profit over those same years. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $109.4 million with net income of $8.1 million and diluted EPS of $0.15, versus a net loss of $246,000 in fiscal Q2 2025, the quarter ended 2025-06-30. That is a genuine turnaround, matching FairStock's Lynch category: TURNAROUND, returned to profit after a loss within the last three years. But improvement is not the same as investment merit. At the 2026-10-13 close of $94.44, market cap is $5.1 billion. FairStock calculations show P/E 133.01, P/B 8.24, EV/EBITDA 94.30, and FCF yield only 0.6%. The Graham Number is $13.53, a margin of safety of -598%. High multiples can be justified only by durable growth, yet ROCE is 5.19% and ROE 10.68%, not wide-moat economics. Altman Z-Score of 16.67 and D/E of 0.27 suggest balance-sheet strength, but Piotroski F-Score 5/9 and FairStock Score 35/100 say quality is not exceptional. Diagnostics can be competitive and reimbursement-dependent. I see a promising but expensive turnaround; the price already reflects much success.

In plain English: BillionToOne is a healthcare company that makes blood tests for pregnancy risks and cancer. The business is growing quickly and recently became profitable, but the stock price looks very high compared with its profits and cash flow. It is a promising company whose shares already seem to reflect a lot of success.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer