Invitae's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Invitae (NVTA) 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: Invitae vs Its Competitors
- TTM: Trailing 12-month revenue of 482M vs 23,221M combined for its competitors (2.0% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (+0.7% annualized vs trailing 12 months), vs decelerating (-16.6%) for its tracked peer group.
- Growth: Invitae generated -9.2% revenue growth year over year in Q3 2023, vs 46.3% for its competitors combined.
- Profitability: Its -777.1% net margin compares with -29.7% for the peer group.
- Peer revenue share: Invitae accounted for 2.4% of combined revenue among its tracked peer group, down from 3.9% a year earlier.
- Peer differentiation: Revenue per employee of $0.40M compares with $0.36M for the peer group (1.1x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NVTA Sales vs. its Competitors, Q3 2023
Invitae reported revenue contraction of 9.21 % year on year in Q3 2023, below its competitors' combined revenue growth of 46.32 %.
With a net margin of -777.05 %, Invitae reported lower profitability than its competitors (-29.69 %).
Invitae generated 2.44 % of the combined sales of its peer group, down from 3.88 % a year earlier.
API endpoints for this dataset
Invitae vs. its Competitors, Q3 2023
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 Invitae 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 Invitae and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Invitae Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Invitae's competitor groups requires a Commercial License.
For context: the Medical Laboratories industry grew revenue 9.0% year over year, combined, vs -9.2% for Invitae. Invitae's share of combined industry revenue moved from 0.24% to 0.20%, a loss of 0.04 percentage points.
Invitae's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Invitae Corporation | - | No | No | No |
| Competitors combined (30) | ||||
| High-Confidence Competitors (6) |
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.
NVTA Stock Performance relative to its Competitors
NVTA Stock Performance relative to High-Confidence 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 | Capforce Inc | 282.9% | Outperformed |
| 3 | Exact Sciences Corporation | 282.9% | Outperformed |
| 4 | Fortrea Holdings Inc | 282.9% | Outperformed |
| 5 | Adaptive Biotechnologies Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Invitae's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Invitae Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Invitae Corporation |
5.37 | 481.58 |
 Natera Inc |
45,905.16 | 2,707.08 |
 Illumina Inc |
34,000.12 | 4,538.00 |
 Guardant Health Inc |
21,097.95 | 1,183.11 |
 Exact Sciences Corporation |
19,599.02 | 3,245.31 |
 Theralink Technologies Inc |
9,596.34 | 0.51 |
| SUBTOTAL | 164,033.20 | 23,860.31 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Invitae Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Invitae's Competitors Named by the Company
Competitive relationships identified from Invitae reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Guardant Health Inc | Company report | 85% |
| Genetic Technologies Limited | Company report | 85% |
| Prenetics Global Limited | Company report | 85% |
| Genedx Holdings Corp | Company report | 85% |
| Volitionrx Limited | Company report | 85% |
| Personalis Inc | Company report | 85% |
| Myriad Genetics Inc | Company report | 85% |
| Natera Inc | Company report | 85% |
| Accustem Sciences Inc | Company report | 85% |
| Fulgent Genetics Inc | Company report | 85% |
| Exact Sciences Corporation | Company report | 85% |
| Illumina Inc | Company report | 85% |
| Mdxhealth Sa | Company report | 85% |
| Quantum Cyber N v | Company report | 85% |
| Centogene N v | Company report | 85% |
| Adaptive Biotechnologies Corporation | Company report | 85% |
| Theralink Technologies Inc | Company report | 85% |
| Grail Inc | Company report | 85% |
| Insight Molecular Diagnostics Inc | Company report | 85% |
| Veracyte Inc | Company report | 85% |
| Precipio inc | Company report | 85% |
| Biodesix Inc | Company report | 85% |
| Burning Rock Biotech Limited | Company report | 85% |
Company report basis, confidence, active dates and source counts for Invitae's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Invitae'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 % |
| Guardant Health Inc | Reportable 100.00 % |
| Grail Inc | Reportable 100.00 % |
| Adaptive Biotechnologies Corporation | Mrd Business Segment 86.49 % |
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).
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Invitae'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 |
|---|---|---|---|
| Invitae Corporation | 5 | 401,319 | -1,200,515 |
| Natera Inc | 45,905 | 440,892 | -31,327 |
| Illumina Inc | 34,000 | 3,545,313 | 699,219 |
| Guardant Health Inc | 21,098 | 472,109 | -180,940 |
| Exact Sciences Corporation | 19,599 | 450,738 | -28,882 |
| Theralink Technologies Inc | 9,596 | - | - |
| PEERS TOTAL | 164,028 | 355,246 | -19,129 |
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Invitae'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 |
|---|---|
| Invitae Corporation | United States 93.80 % |
| 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 % |
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.
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Invitae'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 | 27.13 % | 33.04 % (avg) | -5.9 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | - | -4.66 % (avg) | - |
| Capital Intensity (Capex / Revenue) | 1.99 % | 7.45 % (avg) | -5.5 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.
Invitae'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 | -0.9x | 4.3x | -5.2x |
| Return on Equity | - | industry aggregate | - |
| Return on Invested Capital | -151.57 % | -7.64 % (avg) | -143.93 % |
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.
Invitae's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|
| Revenue Growth | 198.97 % | 172.36 % | 116.50 % | 46.80 % | 28.95 % | 64.68 % | 12.13 % |
| Operating Margin | -396.24 % | -177.77 % | -82.98 % | -112.59 % | - | -85.06 % | - |
| Return on Invested Capital | -42.07 % | -43.45 % | -33.82 % | -25.97 % | -29.35 % | -5.24 % | -88.81 % |
| 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.
Invitae'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 |
|---|---|---|
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 1.99 % vs industry average 7.45 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Invitae's dedicated Suppliers and Customers pages, not here.
Invitae'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
No rule matched.
Weaknesses
No rule matched.
Opportunities
No rule matched.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-16.6% annualized).
Methodology: see Methodology: SWOT Analysis.
Invitae'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 |
|---|---|---|---|
| Invitae Corporation | 1.31 | 3.33 | - |
| Natera Inc | - | 3.14 | 0.05 |
| Illumina Inc | - | 2.02 | 0.68 |
| Guardant Health Inc | 2.56 | 4.29 | - |
| Exact Sciences Corporation | 1.22 | 2.68 | 0.95 |
| Theralink Technologies Inc | 0.01 | 0.01 | - |
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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.
Invitae'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 |
|---|---|---|---|
| Invitae Corporation | Q3 2023 | -9.2 % | - |
| Natera Inc | Q2 2026 | +37.7 % | - |
| Illumina Inc | Q3 2026 | +4.2 % | +46.7 % |
| Guardant Health Inc | Q2 2026 | +44.3 % | - |
| Exact Sciences Corporation | Q4 2025 | +23.1 % | - |
| Theralink Technologies Inc | Q4 2023 | -72.5 % | - |
| PEERS TOTAL | +11.5 % | - |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Invitae'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 |
|---|---|---|---|
| Invitae Corporation | Q3 2023 | -29.7 % | -83.1 % |
| Natera Inc | Q2 2026 | -99.3 % | +144.9 % |
| Illumina Inc | Q3 2026 | -14.8 % | +29.0 % |
| Guardant Health Inc | Q2 2026 | +42.8 % | +108.2 % |
| Exact Sciences Corporation | Q4 2025 | +19.5 % | - |
| Theralink Technologies Inc | Q4 2023 | -18.1 % | - |
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Invitae's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Invitae Corporation | - | - | - |
| Natera Inc | - | - | - |
| Illumina Inc | 13.43% | 18.74% | 31.45% |
| Guardant Health Inc | - | - | - |
| Exact Sciences Corporation | - | - | - |
| Theralink Technologies Inc | - | - | - |
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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).
Invitae's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Invitae Corporation | - | 0.01 |
| Natera Inc | - | 16.96 |
| Illumina Inc | 38.13 | 7.49 |
| Guardant Health Inc | - | 17.83 |
| Exact Sciences Corporation | - | 6.04 |
| Theralink Technologies Inc | - | 18,761.98 |
| PEERS AVERAGE | - | 6.87 |
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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.