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Stock research / United States / GRAL · Services-Medical Laboratories · Nasdaq

Grail, Inc. (GRAL)

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Grail, Inc. (GRAL) reported revenue of $45 million for Q2 FY2026, the quarter ended 30 June 2026, up 25.7% on the same quarter a year earlier. Net income was -$110 million, and diluted earnings per share $-2.56. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue$45 millionup 25.7%
Net income-$110 million
Diluted EPS$-2.56
QuarterQ2 FY2026ended 30 June 2026

Grail (GRAL) in brief

Grail (GRAL) reported revenue of $147 million for fiscal 2025, the year ended 31 December 2025, up 17.2% on the year before.
Read moreNet loss was $408 million and the diluted loss per share $11.11. Revenue was $126 million in fiscal 2024, $93 million in fiscal 2023 and $56 million in fiscal 2022. Net income in the same years was a loss of $2.0 billion, a loss of $1.5 billion and a loss of $5.4 billion. Over the twelve months to 30 June 2026, Grail reported revenue of $165 million and net loss of $392 million. Grail had 45 million shares outstanding at the latest filed count. At 30 June 2026 it carried $0 million of debt and $56 million of cash. At the close of 27 October 2026 the market cap of Grail was $6.7 billion.

Ratios

From the filings

ROE-15.4%
ROCE-22.0%
Operating margin-338.4%
Net margin-236.9%
FCF margin-179.2%
Interest covern/a
Debt to equity0.00
Cash conversionn/a
Share count, last 12 months23.9%
Sales CAGR, 3 years38.4%
Profit CAGR, 3 yearsn/a
EPS, TTM-$9.75

At the close of 27 October 2026

Price$150.55
Market cap$6.7 billion
Stock P/En/a
Price to book2.64
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales40.69
52-week high$153.92
52-week low$43.03
Price, 1 year77.1%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Grail, Inc.'s balance sheet shows no borrowings, so debt here is nil; lease liabilities are a separate line. Nothing here is a valuation or a view.
GRALgreeksoup.ai
Daily prices to 27 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on GRAL

Dividendsno dividend in its filings for fiscal 2022 onward
Filings16 in twelve months: 8 current reports (8-K), about 5 results of operations; 3 other events; 1 shareholder vote; 1 officer or director change
Planned insider sales20 Form 144 notices in twelve months, $38.1 million; latest 15 October 2026
Options tapeput/call 0.71 by open interest at the 27 October 2026 close; the straddle prices a 18.3% move to 20 November 2026
13F holders375 funds reported a position for the quarter to 30 June 2026; largest Farallon Capital Management, L.l.c.
Insider trading48 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest8.2 million shares short, 8.01 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q2 FY2023Q3 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025 †Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue22.420.726.732.028.738.331.835.536.243.640.844.7
R&Dn/an/a10294.278.248.353.646.648.646.948.047.4
Operating income-204-912-227-1,641-184-137-154-159-125-124-136-174
Operating margin-912%-4403%-851%-5134%-640%-358%-482%-447%-346%-285%-333%-389%
Pre-tax income-203-910-224-1,638-172-127-146-153-119-117-128-167
Net income-193-891-219-1,585-126-97.1-106-114-89.0-99.2-93.2-110
Net margin-861%-4302%-819%-4959%-439%-254%-334%-321%-246%-227%-228%-247%
Diluted EPS-$6.22-$28.71-$7.05-$51.06-$3.94-$2.89-$3.10-$3.18-$2.46-$2.44-$2.29-$2.56
Operating cash flown/a-158-207-172-105-93.5-95.0-77.0-63.2-63.8-87.0-80.7
Capital expendituren/an/a2.51.41.00.30.10.40.40.10.50.4
Free cash flown/an/a-210-173-106-93.8-95.1-77.3-63.6-63.9-87.5-81.2
Shares outstanding31m34m36m31m33m34m35m36m36m40m41m45m
Filing10-Q10-Q10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 4 fiscal years and the trailing twelve months

FY2022FY2023FY2024 †FY2025TTM
Revenue55.593.1126147165
Research and development330339322196191
Operating income-5,443-1,515-2,189-562-559
Operating margin-9798.2%-1627.6%-1743.0%-382.0%-338.4%
Pre-tax income-5,441-1,508-2,162-535-529
Income tax-42.3-42.0-135-126-138
Net income-5,399-1,466-2,027-408-392
Net margin-9719.3%-1574.2%-1613.9%-277.5%-236.9%
Diluted EPS-$173.89-$47.21-$63.54-$11.11-$9.75
Filing10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service FY2023 to FY2025

FY2023FY2024FY2025Share
of the parts, latest year
Screening revenue75.010913994.2%
Development Services18.117.08.65.8%
Screening revenueDevelopment Services
93.1FY2023126FY2024147FY2025

$ million; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2022FY2023FY2024 †FY2025TTM
Operating cash flow-561-596-577-299-295
Capital expenditure22.912.95.20.91.4
Free cash flow-584-609-582-300-296
Free cash flow margin-1051.6%-653.8%-463.7%-203.8%-179.2%
Cash from investing-22.9-12.9-551-85.0-310
Cash from financing6054641,244423n/a
Depreciation and amortisation155154154152n/a
Share-based compensation75.797.286.158.364.3
Diluted shares, weighted31m31m32m37m43m
Shares outstanding at period endn/a034m40m45m
Filing10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2022FY2023FY2024 †FY2025TTM
Funded by
Shareholders' equityn/an/a2,5032,5782,543
Debtn/a0.00.00.00.0
Operating lease liabilitiesn/a69.654.943.180.6
Other liabilitiesn/an/a425301220
Total liabilities and equityn/a3,9142,9832,9222,844
Owned
Fixed assetsn/a85.069.151.844.3
Goodwill1,4978890.0n/an/a
Intangible assetsn/a2,6872,0171,8511,781
Securities held for sale or to maturityn/an/a761902860
Cash and equivalents24297.321425055.6
Receivablesn/a16.920.318.319.8
Other assetsn/a138n/an/a83.0
Total assetsn/a3,9142,9832,9222,844
Filing10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/an/a38.4%23.1%
Profit growth, compoundedn/an/an/an/a
Return on equity, averagen/an/a-48.4%-15.8%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Grail's revenue in fiscal 2025?

Grail (GRAL) reported revenue of $147 million for fiscal 2025, the year ended 31 December 2025, up 17.2% on the year before.

How much did Grail earn in fiscal 2025?

Net loss was $408 million for fiscal 2025, and the diluted loss per share $11.11.

What is Grail's market cap?

The market cap of Grail was $6.7 billion at the close of 27 October 2026.

How much debt does Grail have?

At 30 June 2026 Grail carried $0 million of debt and $56 million of cash.

Peers: Healthcare

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Natera, Inc. NTRA$59.0 billionn/a-10.6%-10.7%37.8%0.04n/a
Labcorp Holdings Inc. LH$26.8 billion27.4011.6%10.4%6.4%0.680.9%
Quest Diagnostics Inc. DGX$26.7 billion24.1614.8%14.6%9.1%0.731.4%
Guardant Health, Inc. GH$23.8 billionn/an/a-39.7%42.7%n/an/a
Caris Life Sciences, Inc. CAI$9.5 billion93.5617.8%15.5%n/a0.66n/a
Grail, Inc. GRAL$6.7 billionn/a-15.4%-338.4%23.1%0.00n/a
Chemed Corp. CHE$6.7 billion25.5833.1%13.5%3.3%0.170.5%
RadNet, Inc. RDNT$5.8 billionn/a-1.9%3.1%18.9%1.22n/a
Veracyte, Inc. VCYT$4.1 billion35.768.2%18.8%17.3%0.00n/a
CareDx, Inc. CDNA$3.6 billion34.0926.1%23.6%34.4%0.00n/a
Fortrea Holdings Inc. FTRE$2.3 billionn/a-16.3%-0.4%-2.1%2.01n/a
Personalis, Inc. PSNL$1.7 billionn/a-45.6%-164.1%-13.3%n/an/a
All 41 in Healthcare
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
HCA Healthcare, Inc. HCA$98.1 billion15.06n/a12.7%7.3%n/a0.7%
Natera, Inc. NTRA$59.0 billionn/a-10.6%-10.7%37.8%0.04n/a
Labcorp Holdings Inc. LH$26.8 billion27.4011.6%10.4%6.4%0.680.9%
Quest Diagnostics Inc. DGX$26.7 billion24.1614.8%14.6%9.1%0.731.4%
Guardant Health, Inc. GH$23.8 billionn/an/a-39.7%42.7%n/an/a
Tenet Healthcare Corp. THC$21.1 billion10.1148.1%20.8%5.4%2.84n/a
Encompass Health Corp. EHC$12.0 billion19.7923.9%18.0%9.5%1.010.6%
Davita Inc. DVA$11.6 billion14.87n/a15.2%6.4%n/an/a
BrightSpring Health Services, Inc. BTSG$11.5 billionn/an/an/an/a1.07n/a
Universal Health Services Inc. UHS$10.6 billion7.2220.3%11.4%10.0%0.650.5%
Ensign Group, Inc. ENSG$9.9 billion25.2115.6%9.0%17.5%0.080.2%
Caris Life Sciences, Inc. CAI$9.5 billion93.5617.8%15.5%n/a0.66n/a
Pacs Group, Inc. PACS$7.6 billion28.6324.2%7.4%16.6%0.220.5%
Grail, Inc. GRAL$6.7 billionn/a-15.4%-338.4%23.1%0.00n/a
Chemed Corp. CHE$6.7 billion25.5833.1%13.5%3.3%0.170.5%
Hims & Hers Health, Inc. HIMS$6.5 billionn/a-43.8%-6.0%28.0%4.21n/a
RadNet, Inc. RDNT$5.8 billionn/a-1.9%3.1%18.9%1.22n/a
Sotera Health Co. SHC$5.3 billion32.4624.6%n/a8.1%3.21n/a
Concentra Group Holdings Parent, Inc. CON$5.1 billion25.8241.7%16.4%14.0%3.300.6%
LifeStance Health Group, Inc. LFST$5.0 billion100.923.4%4.9%20.4%0.19n/a
Option Care Health, Inc. OPCH$4.7 billion23.5316.6%5.9%5.9%0.92n/a
Veracyte, Inc. VCYT$4.1 billion35.768.2%18.8%17.3%0.00n/a
CareDx, Inc. CDNA$3.6 billion34.0926.1%23.6%34.4%0.00n/a
National Healthcare Corp. NHC$3.3 billion23.8612.5%9.3%6.9%0.001.2%
Surgery Partners, Inc. SGRY$3.1 billionn/a-5.3%11.4%4.0%2.25n/a
Aveanna Healthcare Holdings, Inc. AVAH$2.8 billion10.3395.6%10.5%19.5%4.52n/a
Privia Health Group, Inc. PRVA$2.8 billion103.983.6%1.9%24.1%0.00n/a
Acadia Healthcare Company, Inc. ACHC$2.7 billionn/a-56.9%-32.6%4.3%1.22n/a
Pediatrix Medical Group, Inc. MD$2.3 billion13.8019.8%11.0%0.5%0.66n/a
Fortrea Holdings Inc. FTRE$2.3 billionn/a-16.3%-0.4%-2.1%2.01n/a
Brookdale Senior Living Inc. BKD$2.3 billionn/an/a3.5%-4.4%n/a0.0%
Addus HomeCare Corp. ADUS$2.3 billion21.279.2%10.0%15.9%0.05n/a
Progyny, Inc. PGNY$2.1 billion30.1417.3%8.6%5.5%0.00n/a
GeneDx Holdings Corp. WGS$1.9 billionn/a-43.5%-20.3%25.4%0.41n/a
Personalis, Inc. PSNL$1.7 billionn/a-45.6%-164.1%-13.3%n/an/a
Ardent Health, Inc. ARDT$1.7 billion21.535.8%3.2%3.3%0.82n/a
Healthcare Services Group Inc. HCSG$1.6 billion16.3519.7%n/a4.0%0.003.5%
Sonida Senior Living, Inc. SNDA$1.6 billionn/a-14.2%-13.6%49.4%1.82n/a
agilon health, Inc. AGL$1.5 billion27.83-102.1%-5.2%0.3%0.13n/a
U S Physical Therapy Inc. USPH$1.3 billion98.927.2%9.4%11.3%0.492.1%
AdaptHealth Corp. AHCO$797 millionn/a-16.6%-4.5%-0.4%1.37n/a
10 companies share its SEC industry code (Services-Medical Laboratories); the rest are the names nearest in size in its wider industry, Healthcare, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20266 August 2026EDGAR
10-Q31 March 20267 May 2026EDGAR
10-K31 December 202512 March 2026EDGAR
10-Q30 September 202513 November 2025EDGAR
10-Q30 June 202513 August 2025EDGAR
10-Q31 March 202514 May 2025EDGAR
10-K31 December 20245 March 2025EDGAR
10-Q30 September 202413 November 2024EDGAR
10-Q30 June 202413 August 2024EDGAR