Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
An independent appraisal written in the spirit of how the two of us think about a business — by its economics first, its price second, and its story not at all. Natera is a genuinely impressive enterprise doing genuinely important work. Its Signatera cancer-monitoring test is the leader in one of the most exciting frontiers in medicine, and the company has grown revenue from under $400 million in 2020 to roughly $2.3 billion in 2025. We tip our hats to that. But our job is not to admire growth — it is to decide whether we would put our own family's money into the whole business at today's price and sleep soundly for a decade. On that test, Natera fails, and not by a small margin.
Recent filings analysed: 10-Q (2026-08-07), 8-K (2026-08-06), 8-K (2026-07-06), 8-K/A (2026-06-16).
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