Natera Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Natera Inc (NTRA) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Natera Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 2,707M vs 39,523M combined for its competitors (6.4% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+11.2% annualized vs trailing 12 months), vs accelerating (+3.3%) for its tracked peer group.
- Growth: Natera Inc generated 37.7% revenue growth year over year in Q2 2026, vs 8.9% for its competitors combined.
- Profitability: Its -8.9% net margin compares with 5.4% for the peer group.
- Scale: Natera Inc ranks #1 of 46 companies by market capitalization in the Medical Laboratories industry, holding 14.6% of industry market cap.
- Peer revenue share: Natera Inc accounted for 6.9% of combined revenue among its tracked peer group, up from 5.5% a year earlier.
- Peer differentiation: Revenue per employee of $0.44M compares with $0.26M for the peer group (1.7x).
- Structure: Natera Inc operates in the following segments: Reportable.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NTRA Sales vs. its Competitors, Q2 2026
Natera Inc reported revenue growth of 37.71 % year on year in Q2 2026, above its competitors' combined revenue growth of 8.86 %.
With a net margin of -8.90 %, Natera Inc reported lower profitability than its competitors (5.42 %).
Natera Inc generated 6.87 % of the combined sales of its peer group, up from 5.51 % a year earlier.
API endpoints for this dataset
Natera Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Natera Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Natera Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Natera Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (16) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (4) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Natera Inc's competitor groups requires a Commercial License.
For context: the Medical Laboratories industry grew revenue 9.0% year over year, combined, vs 37.7% for Natera Inc. Natera Inc's share of combined industry revenue moved from 1.00% to 1.26%, a gain of 0.26 percentage points.
Natera Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Natera Inc | No | Yes | Yes | No |
| Competitors combined (32) | ||||
| High-Confidence Competitors (18) | ||||
| Similar-Size Competitors (5) | ||||
| Similar Growth & Profitability (8) | 12.50 % (1 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 25.00 % (2 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
NTRA Stock Performance relative to its Competitors
NTRA Stock Performance relative to High-Confidence Competitors
NTRA Stock Performance relative to Similar-Size Competitors
NTRA Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Caredx Inc | 282.9% | Outperformed |
| 2 | Biodesix Inc | 282.9% | Outperformed |
| 3 | Exact Sciences Corporation | 282.9% | Outperformed |
| 4 | Capforce Inc | 282.9% | Outperformed |
| 5 | Fortrea Holdings Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Natera Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Natera Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Natera Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Natera Inc |
52,119.17 | 2,707.08 |
 Illumina Inc |
32,032.00 | 4,538.00 |
 Labcorp Holdings Inc |
29,645.28 | 14,594.50 |
 Quest Diagnostics Inc |
28,530.88 | 11,841.00 |
 Guardant Health Inc |
20,385.78 | 1,183.11 |
 Exact Sciences Corporation |
19,599.02 | 3,245.31 |
| SUBTOTAL | 209,059.99 | 45,829.48 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Natera Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Natera Inc's Competitors Named by the Company
Competitive relationships identified from Natera Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Caredx Inc | Company report | 85% |
| Fulgent Genetics Inc | Company report | 85% |
| Personalis, Inc. | Company report | 85% |
| Guardant Health Inc | Company report | 85% |
| Myriad Genetics, Inc. | Company report | 85% |
| Quest Diagnostics Incorporated | Company report | 85% |
| Exact Sciences Corp. | Company report | 85% |
| Illumina | Company report | 85% |
| Veracyte Inc | Company report | 85% |
| Caris Life Sciences Inc | Company report | 85% |
| BillionToOne Inc. | Company report | 85% |
| Tempus Labs, Inc. | Company report | 85% |
| Grail Inc | Company report | 85% |
| Labcorp | Company report | 85% |
| Volitionrx Limited | Company report | 85% |
| Verinata | Company report | 85% |
| BGI | Company report | 85% |
| Laboratory Corporation of America Holdings | Company report | 85% |
| Revvity Inc. | Company report | 85% |
| Quest | Company report | 85% |
| Genedx Holdings Corp | Company report | 85% |
| Opko Health Inc | Company report | 85% |
| Accustem Sciences Inc | Company report | 85% |
| Neogenomics Inc | Company report | 85% |
| Invitae Corporation | Company report | 85% |
| Mdxhealth Sa | Company report | 85% |
| Burning Rock Biotech Limited | Company report | 85% |
| Centogene N v | Company report | 85% |
| Insight Molecular Diagnostics Inc | Company report | 85% |
| Biodesix Inc | Company report | 85% |
| Sophia Genetics Sa | Company report | 85% |
| Sera Prognostics Inc | Company report | 85% |
| Prenetics Global Limited | Company report | 85% |
| Biocept Inc | Company report | 85% |
| Cardio Diagnostics Holdings Inc | Company report | 85% |
| Adaptive Biotechnologies Corporation | Company report | 85% |
| Htg Molecular Diagnostics Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Natera Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Natera Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Natera Inc | Reportable 100.00 % |
| Illumina Inc | Sequencing 90.43 % |
| Labcorp Holdings Inc | Diagnostics 77.40 % |
| Quest Diagnostics Inc | Diagnostic Information Services Business 98.00 % |
| Guardant Health Inc | Reportable 100.00 % |
| Grail Inc | Reportable 100.00 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Natera Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Natera Inc | 52,119 | 440,892 | -31,327 |
| Illumina Inc | 32,032 | 3,545,313 | 699,219 |
| Labcorp Holdings Inc | 29,645 | 208,493 | 14,354 |
| Quest Diagnostics Inc | 28,531 | 207,737 | 20,456 |
| Guardant Health Inc | 20,386 | 472,109 | -180,940 |
| Exact Sciences Corporation | 19,599 | 450,738 | -28,882 |
| PEERS TOTAL | 156,941 | 258,077 | 7,711 |
Natera Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Natera Inc | United States 98.02 % |
| Illumina Inc | United States and Canada 56.42 % |
| Guardant Health Inc | United States 95.67 % |
| Exact Sciences Corporation | United States 93.11 % |
| Caredx Inc | United States 99.60 % |
| Fortrea Holdings Inc | North America 47.14 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Natera Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 41 companies in Natera Inc's industry classification, broader than the peer set above. Market cap in millions of $.Natera Inc ranks #1 of 41 companies by market capitalization in its industry, holding 14.62 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 833, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Natera Inc | 52,119 | 14.62 % |
| 2 | Iqvia Holdings Inc | 44,314 | 12.43 % |
| 3 | Ge Healthcare Technologies Inc | 38,023 | 10.67 % |
| 4 | Labcorp Holdings Inc | 29,791 | 8.36 % |
| 5 | Quest Diagnostics Inc | 1,234 | 5.2% |
| 6 | Koninklijke Philips Nv | 1,234 | 5.2% |
| 7 | Incyte Corporation | 1,234 | 5.2% |
| 8 | Guardant Health Inc | 1,234 | 5.2% |
| 9 | Medpace Holdings Inc | 1,234 | 5.2% |
| 10 | Icon Plc | 1,234 | 5.2% |
Market cap and industry share for the rest of Natera Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-05.
Natera Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Natera Inc | 52,119 | 86.30 % |
| 2 | Iqvia Holdings Inc | 44,314 | 24.15 % |
| 3 | Ge Healthcare Technologies Inc | 1,234 | 12.3% |
| 4 | Labcorp Holdings Inc | 1,234 | 12.3% |
| 5 | Quest Diagnostics Inc | 1,234 | 12.3% |
| 6 | Koninklijke Philips Nv | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Natera Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-05. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Natera Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Medical Laboratories industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (77 companies). See the full Medical Laboratories industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 47.38 % | 33.08 % (avg) | +14.3 pp |
| Operating Margin | -10.70 % | industry median | -9.4 pp |
| EBITDA Margin | -6.85 % | -4.77 % (avg) | -2.1 pp |
| Capital Intensity (Capex / Revenue) | 6.54 % | 7.47 % (avg) | -0.9 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Natera Inc's Valuation vs Competitive Position
Valuation multiples vs the Medical Laboratories industry average (77 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Medical Laboratories industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 39.0x | - |
| EV / EBITDA | - | 20.9x | - |
| P/B | 18.6x | 4.3x | +14.4x |
| Return on Equity | -11.73 % | industry aggregate | -23.04 % |
| Return on Invested Capital | -8.22 % | -7.66 % (avg) | -0.56 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Natera Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 22.15 % | 17.34 % | 29.33 % | 59.97 % | 31.13 % | 31.99 % | 56.75 % | 35.90 % |
| Operating Margin | -44.49 % | -38.46 % | -55.31 % | -74.85 % | -65.96 % | -41.22 % | -13.10 % | -13.44 % |
| Return on Invested Capital | -71.30 % | -30.29 % | -21.11 % | -32.95 % | -38.03 % | -24.90 % | -10.25 % | -10.74 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Natera Inc's Strategic Group Map
Natera Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Natera Inc's trailing-12-month revenue growth of 37.8% and operating margin of -10.7% compares with an average of 35.7% growth and -12.9% margin across its 8 closest peers by combined growth, margin and ROIC -- Natera Inc sits above that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Natera Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Natera Inc falls in the Cash Cow quadrant: relative market share of 1.18x vs its largest competitor, in an industry growing revenue 6.0% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Natera Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 833 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Moderate, in line with the industry | Capital intensity (capex / revenue) of 6.54 % vs industry average 7.47 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Natera Inc's dedicated Suppliers and Customers pages, not here.
Natera Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Natera Inc falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Natera Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Market leader by capitalization in its industry (#1 of 41, 14.62 % share).
- Latest-quarter revenue run-rate is accelerating (+11.2% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Operating margin 9.4 points below the industry median.
- Return on equity 23.0 points below the industry aggregate.
Opportunities
- A meaningful share of competitors (32.30 %) show financial-distress signals, a possible opening to gain share.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Natera Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Natera Inc | - | 3.14 | 0.05 |
| Illumina Inc | - | 2.02 | 0.68 |
| Labcorp Holdings Inc | 0.18 | 1.57 | 0.68 |
| Quest Diagnostics Inc | 0.28 | 1.35 | 0.74 |
| Guardant Health Inc | 2.56 | 4.29 | - |
| Exact Sciences Corporation | 1.22 | 2.68 | 0.95 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Natera Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Natera Inc | Q2 2026 | +37.7 % | - |
| Illumina Inc | Q3 2026 | +4.2 % | +46.7 % |
| Labcorp Holdings Inc | Q3 2026 | +6.9 % | +0.5 % |
| Quest Diagnostics Inc | Q3 2026 | +10.0 % | +20.5 % |
| Guardant Health Inc | Q2 2026 | +44.3 % | - |
| Exact Sciences Corporation | Q4 2025 | +23.1 % | - |
| PEERS TOTAL | +11.8 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Natera Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Natera Inc | Q2 2026 | -99.3 % | +144.9 % |
| Illumina Inc | Q3 2026 | -14.8 % | +29.0 % |
| Labcorp Holdings Inc | Q3 2026 | +6.4 % | +56.1 % |
| Quest Diagnostics Inc | Q3 2026 | +10.1 % | +15.3 % |
| Guardant Health Inc | Q2 2026 | +42.8 % | +108.2 % |
| Exact Sciences Corporation | Q4 2025 | +19.5 % | - |
Natera Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Natera Inc | - | - | - |
| Illumina Inc | 13.43% | 18.74% | 31.45% |
| Labcorp Holdings Inc | 5.36% | 6.07% | 11.55% |
| Quest Diagnostics Inc | 6.96% | 8.01% | 15.22% |
| Guardant Health Inc | - | - | - |
| Exact Sciences Corporation | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Natera Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Natera Inc | - | 19.25 |
| Illumina Inc | 35.92 | 7.06 |
| Labcorp Holdings Inc | 29.83 | 2.03 |
| Quest Diagnostics Inc | 25.65 | 2.41 |
| Guardant Health Inc | - | 17.23 |
| Exact Sciences Corporation | - | 6.04 |
| PEERS AVERAGE | 190.74 | 4.56 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.