BillionToOne, Inc.

BLLNNasdaq

Healthcare · Services-Medical Laboratories · DE · SEC filings ↗ · Compare ⊕

Financials

SEC XBRL · annual

	FY25	FY24	FY23
Revenue	$305.1M	$152.6M	$71.7M
Operating income	$16.0M	−$47.1M	−$69.5M
Net income	$7.5M	−$41.6M	−$82.7M
Total assets	$632.7M	$302.1M	—
Total liabilities	$152.5M	$134.3M	—
Equity	$480.1M	−$251.7M	−$219.1M
EPS (diluted)	$0.14	$-4.12	$-8.45
Shares out.	21.2M	10.1M	9.8M

Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.

Key ratios

from filings · FY2025

Operating margin: 5.3%
Net margin: 2.4%
Return on equity: 1.6%
Return on assets: 1.2%
Return on capital (ROCE): 2.7%
Liabilities / assets: 24.1%
Debt / equity: 0.32×
Book value / share: $22.61
Revenue growth (YoY): 100.0%
Net income growth (YoY): —

Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.

Financial health

forensic scores · FY2025

Altman Z″ (distress): 7.37safe
Accruals / assets: −2.7%clean
Beneish M-Score: -2.00normal
Piotroski F-Score: 7/9strong

Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.

Quality score

EDS Score

/ 100

Our own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →

Signs

● 6 good

Operating margin is positive
Revenue is growing year-over-year
Conservative leverage (liabilities < 50% of assets)
Positive operating cash flow
Clean earnings (low accruals)
Altman Z″ in the safe zone

Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.

5%+ owners

SEC Schedule 13D / 13G · last 3 yrs

Tsao DavidPassive (13G)Feb 17, 2026
Atay OguzhanPassive (13G)Feb 17, 2026
Neotribe Ventures I, L.P.Passive (13G)Feb 13, 2026
Humming Bird Ventures Management NvActivist (13D)Jan 20, 2026

Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.

Short interest

FINRA · bi-monthly

Settlement	Shares short	Days to cover	Δ vs prior
May 15, 2026	1.5M	1.6	-36.2%
Apr 30, 2026	2.3M	5.9	+18.5%
Apr 15, 2026	1.9M	4.6	+18.2%
Mar 31, 2026	1.6M	6.5	+25.3%
Mar 13, 2026	1.3M	3.2	+12.1%

Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.

Material events

SEC Form 8-K · most recent

Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.

Recent SEC filings

All filings ↗

4OWNERSHIP DOCUMENTMay 13, 2026
4OWNERSHIP DOCUMENTMay 13, 2026
10-QMay 6, 2026
8-KMay 6, 2026
ARSApr 21, 2026
DEFA14AApr 21, 2026
DEF 14AApr 21, 2026
10-KMar 11, 2026
8-KMar 4, 2026
SCHEDULE 13GFeb 17, 2026
SCHEDULE 13GFeb 17, 2026
SCHEDULE 13GFeb 13, 2026
SCHEDULE 13DJan 20, 2026
4OWNERSHIP DOCUMENTJan 20, 2026
3OWNERSHIP DOCUMENTJan 20, 2026

Event-driven situations (2)

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