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Natera, Inc. NTRA Royalty — Deferred Revenue

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Other financials

Income statement

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Revenue$752.8M+37.7%
Operating income-$75.8M+31.3%
Net income-$67.0M+33.7%
EPS (diluted)-$0.47+36.5%

Balance sheet

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Cash & equivalents$1.1B+9.1%
Total debt$223.4M+13.9%
Total equity$1.8B+46.2%
Total assets$2.7B+51.2%

Cash flow

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Operating cash flow$40.2M-9.6%
CapEx$22.1M+1.5%
Free cash flow$18.0M-20.3%

Valuation

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Market cap$39.33B+109%
Enterprise value$38.46B+113%
P/S14.5×+4.9×

Profitability

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Gross margin42.9%
Operating margin-10.7%-2.4pp
Net margin-14.6%+0.6pp
FCF margin4.2%-0.5pp

Returns & leverage

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Return on equity-29%+4.1pp
Debt / equity0.1×0.0×
Current ratio-0.7×

Where this comes from

Reported directly by Natera, Inc. in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerLiability.

The source filing: Natera, Inc.’s 10-K, filed February 27, 2026.

Filed
Feb 26, 2026, 7:00 PM EST
Fiscal year
FY2025
Accession
0001104659-26-020881

The Company has a single remaining performance obligation related to oncology assay interpretation services to be provided to BGI Genomics, to which $20.0 million of transaction consideration was allocated and prepaid by BGI Genomics. During the years ended December 31, 2025 and 2024, the Company recognized $0.5 million and $1.6 million, respectively, related to oncology assay interpretation services, of which $0.5 million and $1.4 million, respectively, were recognized against deferred royalties. The Company has $16.8 million in deferred revenue as of December 31, 2025.

Item 8. Financial Statements and Supplementary Data

FAQ

What is Natera, Inc.'s royalty — deferred revenue?
Natera, Inc. (NTRA) reported royalty — deferred revenue of $500K in Q4 2025.
What does royalty — deferred revenue mean?
This metric represents the deferred revenue or contract liability arising from royalty-based arrangements where the company has received consideration but has not yet satisfied the performance obligations. It reflects the portion of royalty-related payments that must be recognized as revenue in future periods as the underlying contractual services or milestones are delivered. This is a key indicator of future revenue potential tied to intellectual property licensing and royalty agreements.

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