BillionToOne Inc
BLLNBuild a strategy around BLLN
BillionToOne Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity of -239.5M with 3.7B market cap - valuation entirely on growth expectations, not assets[Common Stockholders Equity]
- Gross profit TTM grew 189% YoY while gross margin at 65% is 1.5x industry median (42%)[Gross Profit 1Y Growth]
- P/S ratio of 14.7x vs industry median 1.7x - priced for hypergrowth that must materialize[P/S Ratio]
Watch Triggers
- Gross Profit 1Y Growth: Falls below 50% — At 14.7x P/S, growth deceleration would trigger multiple compression
- Free Cash Flow TTM: Turns positive — Would validate operating leverage thesis and reduce dilution risk
- Operating Margin TTM: Turns positive — Currently -2.4%; crossing zero confirms scalability of business model
Bull Case
189% gross profit growth with 65% margins and positive operating cash flow (10M TTM) suggests business model is scaling toward profitability
195M cash (60% of assets) with minimal interest expense (139K) provides 3+ years runway without dilution at current burn
Bear Case
P/S of 14.7x (9x industry median) with negative equity requires flawless execution - any growth deceleration crushes valuation
FCF negative (-4.1M TTM) despite positive EBITDA; 108M debt on negative equity creates refinancing risk
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Path to profitability hinges on operating leverage as revenue scales against fixed R&D base
- R&D at 46M (18% of revenue) is high but fixed-cost nature
- Gross margin of 65% provides room for OpEx absorption
- Operating loss narrowed to -6M despite growth investments
Valuation Context
Caveats
Public Strategies Rankings
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BLLN Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$4.05B | — | ||
$3.97B | — | ||
0.00 | — | ||
$254.14M | — | ||
$-0.25 | — | ||
-2.36% | — | ||
-3.93% | — | ||
$-4.07M | — | ||
0.00 | — | ||
Beta 5Y (Monthly) | unknown | — |
BLLN Dividend History
BLLN Stock Splits
BLLN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/10/25 | 09/30/25 | 10-Q | |
11/06/25 | 06/30/25 | 424B4 | |
10/07/25 | 06/30/25 | S-1 | |
10/07/25 | 12/31/24 | S-1 | |
11/06/25 | 12/31/24 | 424B4 | |
12/10/25 | 09/30/24 | 10-Q |