BillionToOne, Inc. (BLLN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1225.6%

$1,463.63

vs $110.41 price

Levered DCF

$1,415.51

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

17.31

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	1,284.77×	-117.14×	-58.89×
P/B	7.81×	29.04×	159.87×
P/S	12.29×	31.93×	67.92×
EV / EBITDA	170.11×	-174.38×	-67.47×
Gross margin	68.3%	53.0%	24.1%
Operating margin	5.3%	-30.9%	-96.9%
Net margin	2.4%	-27.2%	-115.3%
Current ratio	11.69×	8.03×	1.73×
Debt / equity	0.23×	0.65×	4.8×
Interest coverage	168.66×	-19.76×	-21.24×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	1.6%	-24.8%	-271.3%
Return on invested capital	2.6%	-16.8%	-38.9%
Return on assets	1.2%	-13.8%	-43.1%
Free cash flow yield	0.4%	-1.0%	-1.2%
Earnings yield	0.2%	-0.9%	-1.7%
Enterprise value	$3.4B	$4.8B	$4.9B
Net debt / EBITDA	-19.59×	2.99×	-0.67×
Cash conversion cycle (days)	89	82	73