WallStSmart

BillionToOne, Inc. Class A Common Stock (BLLN)vsWaters Corporation (WAT)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Waters Corporation generates 963% more annual revenue ($3.77B vs $354.54M). WAT leads profitability with a 11.9% profit margin vs 7.0%. WAT trades at a lower P/E of 45.2x. WAT earns a higher WallStSmart Score of 50/100 (C-).

BLLN

Hold

40

out of 100

Grade: F

Growth: 8.0Profit: 5.5Value: 4.0Quality: 7.8
Piotroski: 4/9

WAT

Buy

50

out of 100

Grade: C-

Growth: 5.3Profit: 5.0Value: 3.3Quality: 7.0
Piotroski: 2/9Altman Z: 4.85
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

Intrinsic value data unavailable for BLLN.

WATSignificantly Overvalued (-84.6%)

Margin of Safety

-84.6%

Fair Value

$178.29

Current Price

$365.36

$187.07 premium

UndervaluedFair: $178.29Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

BLLN2 strengths · Avg: 9.5/10
Revenue GrowthGrowth
83.8%10/10

Revenue surging 83.8% year-over-year

Debt/EquityHealth
0.299/10

Conservative balance sheet, low leverage

WAT2 strengths · Avg: 10.0/10
Revenue GrowthGrowth
91.4%10/10

Revenue surging 91.4% year-over-year

Altman Z-ScoreHealth
4.8510/10

Safe zone — low bankruptcy risk

Areas to Watch

BLLN4 concerns · Avg: 3.5/10
Price/BookValuation
8.8x4/10

Trading at 8.8x book value

EPS GrowthGrowth
0.0%4/10

0.0% earnings growth

Return on EquityProfitability
5.0%3/10

ROE of 5.0% — below average capital efficiency

Profit MarginProfitability
7.0%3/10

7.0% margin — thin

WAT4 concerns · Avg: 3.5/10
PEG RatioValuation
1.604/10

Expensive relative to growth rate

Price/BookValuation
8.5x4/10

Trading at 8.5x book value

Return on EquityProfitability
2.9%3/10

ROE of 2.9% — below average capital efficiency

Operating MarginProfitability
2.8%3/10

Operating margin of 2.8%

Comparative Analysis Report

WallStSmart Research

Bull Case : BLLN

The strongest argument for BLLN centers on Revenue Growth, Debt/Equity. Revenue growth of 83.8% demonstrates continued momentum.

Bull Case : WAT

The strongest argument for WAT centers on Revenue Growth, Altman Z-Score. Revenue growth of 91.4% demonstrates continued momentum.

Bear Case : BLLN

The primary concerns for BLLN are Price/Book, EPS Growth, Return on Equity. A P/E of 182.2x leaves little room for execution misses.

Bear Case : WAT

The primary concerns for WAT are PEG Ratio, Price/Book, Return on Equity. A P/E of 45.2x leaves little room for execution misses.

Key Dynamics to Monitor

BLLN profiles as a hypergrowth stock while WAT is a growth play — different risk/reward profiles.

WAT is growing revenue faster at 91.4% — sustainability is the question.

BLLN generates stronger free cash flow (11M), providing more financial flexibility.

Monitor DIAGNOSTICS & RESEARCH industry trends, competitive dynamics, and regulatory changes.

Bottom Line

WAT scores higher overall (50/100 vs 40/100) and 91.4% revenue growth. Both earn "Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

BillionToOne, Inc. Class A Common Stock

HEALTHCARE · DIAGNOSTICS & RESEARCH · USA

BillionToOne, Inc., a precision diagnostics company, quantifies biology to create molecular diagnostics. The company is headquartered in Menlo Park, California.

Waters Corporation

HEALTHCARE · DIAGNOSTICS & RESEARCH · USA

Waters Corporation is a publicly traded Analytical Laboratory instrument and software company headquartered in Milford, Massachusetts.

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