Does NATERA, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NATERA, INC. (NTRA) 34.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 62, returns on capital 0, balance-sheet safety 55, capital discipline 24.

How has NTRA's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 34.4 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NATERA, INC.

NTRA · Healthcare · $37.9B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power62

Median gross margin 36.7% over 3y, very stable.

Returns on capital0

Median ROIC -49.0%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $271.39
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

14 years of fundamentals

The business, in plain English

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 FY2025, with a median of −44.9% across 11 filed years. 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.

The share count rose 1930.7% between FY2014 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (62/100) and Returns on Capital the weakest (0/100), which is how NTRA lands at 34/100 — a None 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.

RevenueSales, as filed$2.3B FY2025

Gross marginRevenue kept after cost of goods38.6% FY2018

Return on invested capitalOperating profit on the capital employed−34.2% FY2025

Owner earningsCash an owner could take out−$208.2M FY2025

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.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale34.4 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — NTRA has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#313 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#311TXMD TherapeuticsMD, Inc.34.4 out of 100, No moatNo moat
#312LNSR LENSAR, Inc.34.4 out of 100, No moatNo moat
#314SIGY SIGYN THERAPEUTICS, INC.34.3 out of 100, No moatNo moat
#315MLAB MESA LABORATORIES, INC.34.2 out of 100, No moatNo moat

Compare NTRA with its nearest peers →All Healthcare companies on the Index →

Common questions about NTRA

Does NATERA, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NATERA, INC. (NTRA) 34.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 62, returns on capital 0, balance-sheet safety 55, capital discipline 24.
How has NTRA's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 34.4 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NTRA. See the disclaimer.