NTRA · Healthcare · $36.6B mkt cap · FY2025 filings · · not refreshed in 35 days · Shallow moat ·
Doesn't clear the bar
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $625M to $2.3B, increasing; diluted EPS -5.21 to -1.52, increasing.
Median gross margin 36.7% over 3y, very stable.
Median ROIC -49.0%, above the 12% hurdle in 0% of years.
Net cash position — no leverage risk.
Owner earnings changed trend unclear over up to the ten most recent annual observations.
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
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Missing a usable price or zero-growth estimate: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
Across the filed record, revenue grew from $55.2M (FY2013) to $2.3B (FY2025) — about 36.5% a year compounded over 12 years.
It earned −34.2% on invested capital in the latest filed year, FY2025. Across the full 11-year measurable filed record, median ROIC was −44.9%. Over the v3 recent window (10 measurable filed years), median ROIC was −49.0%. The Returns on Capital filter above scores it 0/100.
The balance sheet carried $80.3M of total debt in FY2025. Balance-Sheet Safety scores it 55/100.
Put together: Business Trend is the strongest of the five filters (65/100) and Returns on Capital the weakest (0/100), which is how NTRA lands at 41/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in NTRA’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
NATERA, INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
| Filed line | Value | % of revenue | Source |
|---|---|---|---|
| $2.3B | 100% |
| |
| −$310M | −13% |
| |
| Income before tax | −$268M | −12% |
|
| Income tax | −$59.9M | −3% |
|
| −$208M | −9% |
|
Flagship explainer
NATERA, INC.'s filing tags don't support a full breakdown — here's what is filed:
| Filed line | Value | % of assets | Source |
|---|---|---|---|
| Total assets | $2.4B | 100% |
|
| Cash and equivalents | $1.1B | 45% |
|
| $80.3M | 3% |
| |
| Stockholders’ equity | $1.7B | 71% |
|
Flagship explainer
ROE is five filed business factors multiplied together.
| Input | Value | Fiscal year | Source |
|---|---|---|---|
| −$208M | FY2025 |
| |
| Income before tax | −$268M | FY2025 |
|
| Operating income | −$310M | FY2025 |
|
| $2.3B | FY2025 |
| |
| Ending assets | $2.4B | FY2025 |
|
| Beginning assets | $1.7B | FY2024 |
|
| $1.7B | FY2025 |
| |
| $1.2B | FY2024 |
|
Flagship explainer
NATERA, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:
| Filed line | Value | % of cash from operations | Source |
|---|---|---|---|
| Cash from operations | $215M | 100% |
|
| Depreciation and amortization | $41.8M | 19% |
|
Curated 19-manager tier
Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.
0 holding0 exited1 not holding1/19 resolved18 not retrieved
| Manager | Reported position | Quarter-over-quarter | Filing accession |
|---|---|---|---|
| Markel / Markel-Gayner | No position reported | No position reported |
|
| Abrams Capital | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Akre Capital | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Baupost Group | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Berkshire Hathaway | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Brave Warrior Advisors | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Dodge & Cox | Not retrieved | Comparison not retrieved | Filing not retrieved |
| First Eagle | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Fundsmith | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Gardner Russo & Quinn | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Gates Foundation Trust | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Mairs & Power | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Oakmark / Harris Associates | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Pershing Square | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Polen Capital | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Sequoia / Ruane Cunniff | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Southeastern Asset Management | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Tweedy, Browne | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Yacktman Asset Management | Not retrieved | Comparison not retrieved | Filing not retrieved |
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Flagship explainer
We could not retrieve insider activity for this rendering; no zero-activity claim is shown.
Unavailable: Form 4 activity could not be retrieved for this rendering.
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for NTRA.
#333 of 710 scored Healthcare companies, ranked by Moat Score.
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