What is BillionToOne, Inc. 's operating margin?

BillionToOne, Inc. (BLLN) reported operating margin of -96.9% in Q4 2023.

What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

BillionToOne, Inc. BLLN Operating margin

Operating margin at other companies

Labcorp HoldingsLH

10.2%+1.9pp

IlluminaILMN

19.4%—

Guardant HealthGH

-41.4%-9.4pp

Natera, Inc.NTRA

-13%+0.6pp

Tempus AI, Inc.TEM

-19.7%-8.6pp

Lantheus HoldingsLNTH

18.8%-10.7pp

Other financials

Income statement

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Revenue$108.4M+83.8%

Gross profit$79.1M+108%

Operating income$17.8M+870%

Net income$18.0M+551%

EPS (diluted)$0.34+187%

Balance sheet

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Cash & equivalents$537.5M+181%

Total debt$144.2M—

Total equity$505.6M+300%

Total assets$700.7M—

Cash flow

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Operating cash flow$15.4M+488%

CapEx$4.5M+90.5%

Free cash flow$11.0M+3,842%

Valuation

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Market cap$4.84B—

Enterprise value$4.44B—

P/E163.1×—

P/S13.6×—

Profitability

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Gross margin70.4%—

Net margin8.4%—

FCF margin-83.4%—

Returns & leverage

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Return on equity23.5%—

Debt / equity0.3×—

Current ratio10.9×—

Where this comes from

Calculated from BillionToOne, Inc. ’s reported figures.

operating income/total revenue=-96.9%

Based on trailing twelve months.

The official record: BillionToOne, Inc. ’s 10-K, filed March 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is BillionToOne, Inc. 's operating margin?: BillionToOne, Inc. (BLLN) reported operating margin of -96.9% in Q4 2023.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.