At a glance
Veracyte Inc is worth $4.04B, about 61 times its fiscal 2025 earnings. Revenue grew 16.0% to $517.1M in fiscal 2025, with 12.8% kept as profit; over 5 years it has grown 34.5% a year. It pays no dividend. The stock returned +41.3% over the past year with dividends reinvested and +0.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.7% in the 2020 crash (S&P 500: 33.7%) and 63.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 31 months after the lows.
The business in plain English
Veracyte sells tests that read the genetic activity of tissue samples. Doctors use the results to make cancer decisions, such as whether a growth is likely benign or how likely a tumor is to spread. In the United States, doctors send samples to Veracyte's own certified labs in South San Francisco and San Diego, California. Veracyte then bills insurers, including Medicare and commercial health plans. Outside the US, it sells test kits, called in vitro diagnostics (IVDs), to hospitals and labs that run them locally. That international business centers on Prosigna, a breast cancer test.
Most revenue comes from two tests. Decipher Prostate estimates the risk that prostate cancer will spread and helps guide treatment choices. Afirma helps show which thyroid nodules with unclear biopsy results are benign, so those patients may avoid unneeded surgery. A smaller test, Decipher Bladder, covers bladder cancer. Revenue reached $517.1 million in fiscal 2025, up 16% from the year before.
For future growth, Veracyte plans to launch TrueMRD, a minimal residual disease platform that looks for traces of cancer after treatment. It is built on Veracyte's 2024 purchase of C2i. The company also plans a US lab version of Prosigna. Longer term, it plans more IVD kits and a nasal swab test for people with a lung nodule.
Price history
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VCYT +41.3% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $150.3M, up 15.5% from a year earlier, and net income was $25.5M.
- For fiscal 2025, revenue was $517.1M (+16.0% year over year; +34.5% a year from FY2020 to FY2025) with a 12.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +34.5% good |
|---|---|
| Operating margin | 11.2% watch |
| Free cash flow margin | 24.5% good |
| Return on equity (FY2025) | 5.1% weak |
| Return on assets (FY2025) | 4.7% watch |
| Cash and investments | $299.5M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $117.5M | $-34.9M | $-12.5M |
| FY2021 | $219.5M | $-75.6M | $-37.0M |
| FY2022 | $296.5M | $-36.6M | $-1.0M |
| FY2023 | $361.1M | $-74.4M | $34.3M |
| FY2024 | $445.8M | $24.1M | $63.8M |
| FY2025 | $517.1M | $66.4M | $126.6M |
Valuation snapshot
| Market value | $4.04B |
|---|---|
| P/E ratio | 61.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Veracyte’s market value went from $216.3M at the end of 2016 to $4.04B on Oct 28, 2026, about 18.7 times as much; since the end of 2025 it is up 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.04B | +21.5% |
| 2025 | $3.33B | +8.4% |
| 2024 | $3.07B | +52.7% |
| 2023 | $2.01B | +18.0% |
| 2022 | $1.70B | -41.8% |
| 2021 | $2.93B | +3.3% |
| 2020 | $2.83B | +107.8% |
| 2019 | $1.36B | +167.4% |
| 2018 | $510.0M | +129.4% |
| 2017 | $222.3M | +2.7% |
| 2016 | $216.3M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VCYT price data to Oct 28, 2026 | +19.5% | +41.3% | +36.6% | +0.4% | +20.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +19.5% |
| 2025 | +6.3% |
| 2024 | +44.0% |
| 2023 | +15.9% |
| 2022 | -42.4% |
| 2021 | -15.8% |
| 2020 | +75.3% |
| 2019 | +121.9% |
| 2018 | +92.7% |
| 2017 | -15.6% |
| 2016 | +7.5% |
| 2015 | -25.5% |
| 2014 | -33.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37% over that stretch · deepest drop along the way 39.7%, back to its old high 1.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 62.6% over that stretch · deepest drop along the way 63.7%, back to its old high 30.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 19 sales ($3.4M), 19 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 27, 2026 | Karin Eastham Director | sell (plan) | $743K |
| Sep 4, 2026 | Phillip G. Febbo Chief Scientific & Med Officer | sell (plan) | $446K |
| Oct 27, 2026 | Jens Holstein Director | sell (plan) | $375K |
| Sep 24, 2026 | Jens Holstein Director | sell (plan) | $353K |
| Sep 14, 2026 | Jens Holstein Director | sell (plan) | $205K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.2% | Jul 31, 2025 |
| FMR LLC | 10.1% | May 29, 2026 |
| Artisan Partners Limited Partnership | 8.5% | Dec 31, 2024 |
| Artisan Partners Asset Management Inc. | 6.9% | Mar 31, 2026 |
| STATE STREET CORPORATION | 6.3% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.67% | Mar 31, 2026 |
| Vanguard Capital Management | 5.2% | Mar 31, 2026 |
| ARK Investment Management LLC | 4.92% | Dec 31, 2025 |
| Wellington Management Group LLP | 4.4% | Jun 30, 2025 |
ETFs with the most weight in VCYT
| GNOM Global X Genomics & Biotechnology ETF | 5.48% |
| ARKG ARK Genomic Revolution ETF | 4.2% |
| PBE Invesco Biotechnology & Genome ETF | 2.79% |
| WDNA WisdomTree BioRevolution Fund | 2.39% |
| ARKK ARK Innovation ETF | 1.67% |
| THNQ ROBO Global Artificial Intelligence ETF | 1.49% |
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 1% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 0.65% |
What could go wrong
- Two tests drive most revenue. Decipher Prostate and Afirma bring in most of Veracyte's revenue. If demand, pricing or insurance coverage for either test weakens, its smaller bladder and breast cancer tests may not fill the gap.
- Heavy reliance on a few payers. A small number of payers, the insurers and government programs that reimburse tests, supply a significant share of revenue. If one cuts rates, delays payment, drops coverage or reclaims past payments, revenue could fall.
- Growth depends on new test launches. Growth plans rest on TrueMRD, a US lab version of Prosigna and future IVD kits. Each needs studies, guideline support and insurer coverage. Missing announced timelines could hurt revenue and the stock price.
- Tighter FDA oversight of its tests. The US Food and Drug Administration (FDA) does not regulate some Veracyte tests. If the FDA or foreign regulators begin overseeing them, Veracyte could face large costs and delays seeking clearance or approval.
- Acquisitions may disrupt or dilute. Veracyte grows partly through deals, such as buying C2i in 2024. Acquisitions can disrupt operations, dilute shareholders or drain cash. The company may also fail to integrate them or reach its goals.
- Profitability is recent and may not last. Veracyte posted net losses every year from fiscal 2020 to 2023 before turning profitable in fiscal 2024. Its 10-K warns that losses could return and it may not sustain its level of profitability.
Recent events
- Major agreement signed; Acquisition or sale of assets completed; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Veracyte has never paid a dividend, and its 10-K says it does not expect to pay one in the foreseeable future. It made no share buybacks from fiscal 2021 to 2025, though it produced $126.6 million of free cash flow (cash left after expenses and investment) in fiscal 2025. Instead, the share count rose 13.2%, from 71.0 million on November 3, 2021 to 80.4 million on July 27, 2026, which spread ownership more thinly. For an income investor, any return comes only from the share price, so drawing cash means selling shares, possibly at a low point.
The price has fallen hard in downturns. In the 2020 COVID crash it dropped 39.7% but recovered in about 1.4 months. In the 2022 bear market it fell 63.7% and took about 30.6 months, until November 26, 2024, to recover. Its trading history does not cover the 2008 financial crisis. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Veracyte make money?
Veracyte makes money by running cancer tests that read the genetic activity of tissue samples. In the US, doctors send samples to its certified labs in California, and Veracyte bills Medicare and commercial insurers. Most revenue comes from two tests. Decipher Prostate estimates the risk that prostate cancer will spread. Afirma helps show whether unclear thyroid nodules are benign. Abroad, Veracyte sells Prosigna breast cancer test kits to local labs and hospitals. Revenue was $517.1 million in fiscal 2025.
Does Veracyte pay a dividend?
No. Veracyte has never paid a dividend, and its 10-K says it does not expect to pay one in the foreseeable future. It also made no share buybacks from fiscal 2021 through 2025. The company produced $126.6 million of free cash flow in fiscal 2025 but returned none of it to shareholders. Free cash flow is the cash left after running and investing in the business. Any gain for shareholders comes only from the share price.
Is Veracyte profitable?
Yes, based on its fiscal 2025 results. Veracyte earned net income of $66.4 million on revenue of $517.1 million, a 12.8% net margin, or $0.82 per diluted share. That followed net losses every year from fiscal 2020 to 2023 and a $24.1 million profit in fiscal 2024. In the quarter ended June 30, 2026, it earned $25.5 million as revenue grew 15.5% from a year earlier. At the October 28, 2026 share price, the stock traded at about 61.4 times fiscal 2025 earnings.
Does Veracyte have any debt?
It appears to have none. Veracyte's filings show no reported borrowings as of June 30, 2026. On that date it held $299.5 million in cash and investments, total assets of about $1.49 billion and shareholders' equity of about $1.39 billion. A company without debt has no interest payments to meet in a downturn. Even so, Veracyte's 10-K warns it may not be able to raise more capital on acceptable terms if it needs money for new tests or expansion.
How volatile is Veracyte stock?
Much more than the overall market. As of October 28, 2026, its beta was 1.63, meaning its price has tended to move about 1.6 times as much as the market. Its one-year volatility, a measure of price swings, was 64.1%. In the year to that date it fell as much as 39.2% from a high but still ended up 41.3%. Over five years it gained just 2% in total; over ten years, 568%. Its deepest fall from a peak was 81.2%.