BillionToOne, Inc. (BLLN): fair value, margin of safety and Wheel Score

Is BLLN undervalued?

BillionToOne, Inc. (BLLN) closed at 102.73 on 16 Oct 2026. The GLS average fair value - the simple average of the 8 valuation models that produced a positive number - is 191.05, which puts the price 46% below it. 1 of the 8 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.

The 8 models disagree widely: EPV gives 8.02 while DCF gives 1,358.84. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.

The nightly engine files BLLN under High Growth: revenue and earnings growing fast enough that the growth-based models carry the valuation.

Nine valuation models for BLLN

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

On financial health BLLN scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is 6.8 out of 10: a ten-year record that is consistent in some of the metrics the score tracks (revenue, earnings, margins, cash flow, returns on capital) and patchy in others.

Returns on capital are thin or negative - ROIC 1.3%, ROE 1.6%, ROA 1.2% - with debt at 0.23 times equity and a free-cash-flow yield of 0.7%.

BillionToOne, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Oncology 100% (quarter Q2 FY2026).

Institutional ownership scores 3/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 12 Oct 2026.

Wheel Score 81: Prime

BLLN scores 81 out of 100 on the Wheel Score, in the Prime band (80 and above), which fewer than one stock in twenty reaches on any night. The score blends five things a wheel trader checks before selling a cash-secured put: the margin of safety (Value, 25/25), Piotroski health (16/20), the GLS moat (10/15), the option premium on offer (16/20) and how easily the stock trades (15/20).

Implied volatility is 76% on the near-the-money contracts 20-60 days out - above the 60% ceiling of the sweet spot. Premiums are large, but the Wheel Score tapers the Premium points (16 of 20) because volatility this high usually comes with a reason. Chain open interest is 9,676 contracts across all expiries - enough for the wheel at normal size.

Volume runs at 426k shares a day on a market cap of $4.8B, with a beta of 0.34 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 15 of 20.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.

Upcoming events

The next earnings report is due on 4 Nov 2026 (after the close), 19 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

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