NTRANatera, Inc.

Services-Medical Laboratories

Revenue: $2.3B; 36% YoY
Operating margin: -13.4%; 2.6% YoY
EBITDA: −$268M; 40% YoY
Market cap: $59.5B
Employees: 6,140; $376K revenue each
Net debt / EBITDA: —; −$183M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$13M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
15% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$376K · 64th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 41st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$59.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$403M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$625M	$820M	$1.1B	$1.7B	$2.3B	36%
Operating income	−$468M	−$541M	−$446M	−$222M	−$310M	39%
Net income	−$472M	−$548M	−$435M	−$190M	−$208M	9.3%
Operating cash flow	−$335M	−$432M	−$247M	$136M	$215M	59%
Capex	$41M	$48M	$39M	$66M	$106M	60%
Stock-based comp	$115M	$152M	$192M	$274M	$354M	29%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $403M · 512
Net: −$403M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$15M	$61M	230	125
FY2024	$13M	$95M	159	93
FY2023	$13M	$33M	63	94
FY2022	$8M	−$10M	40	90
FY2021	$23M	$18M	94	100