GRAIL, Inc. (GRAL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GRAL SEC filings page.
GRAIL, Inc. (GRAL) reported $165.3M in revenue over the twelve months to Jun 30, 2026, up 23.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
GRAIL remains a development-stage business: revenue is growing, but research spending and operating cash use remain larger than sales.
Revenue reached$147M while R&D fell to$196M from FY2024, showing that the 2025 improvement was partly an investment-spending shift rather than a mature revenue model. Operating cash flow of-$299M nearly matched free cash flow of-$300M , indicating that reported losses were translating directly into cash use rather than being offset by working-capital gains.
R&D exceeded revenue in FY2025, so development spending still consumes more than the business collects from customers. Yet the operating margin improved to
The balance sheet shows limited reliance on debt: debt-to-equity was just 0.1x, while the current ratio reached 12.0x. Financing supplied
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of GRAIL, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
GRAIL, Inc. held $904.4M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $299.0M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and GRAIL, Inc. scores 60/100 among other emerging companies.
GRAIL, Inc. had 41M shares outstanding at the end of fiscal year 2025, against 34M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and GRAIL, Inc. scores 35/100 among other emerging companies.
GRAIL, Inc. spent $195.8M on research and development in fiscal year 2025, which was 27.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and GRAIL, Inc. scores 60/100 among other emerging companies.
GRAIL, Inc. reported revenue of $147.2M in fiscal year 2025, against $125.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and GRAIL, Inc. scores 69/100 among other emerging companies.
GRAIL, Inc.'s operations used $299.0M of cash in fiscal year 2025, against $577.2M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and GRAIL, Inc. scores 72/100 among other emerging companies.
GRAIL, Inc.'s cash, cash equivalents and investments came to $904.4M at the end of fiscal year 2025, against $344.2M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and GRAIL, Inc. scores 80/100 among other emerging companies.
GRAIL, Inc. scores 5.57, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.1B) relative to total liabilities ($344.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
GRAIL, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
GRAIL, Inc. reported a net loss of $408.4M while operations used $299.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
GRAIL, Inc. generated $44.7M in revenue in Q2 2026. This represents an increase of 25.7% from the same quarter a year earlier. Against the prior quarter it is up 9.6%.
GRAIL, Inc.'s EBITDA was -$136.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 12.8% from the same quarter a year earlier. Against the prior quarter it is down 38.9%.
GRAIL, Inc. reported -$110.2M in net income in Q2 2026. This represents an increase of 3.3% from the same quarter a year earlier. Against the prior quarter it is down 18.3%.
GRAIL, Inc. earned -$2.56 per diluted share (EPS) in Q2 2026. This represents an increase of 19.5% from the same quarter a year earlier. Against the prior quarter it is down 11.8%.
Cash & Balance Sheet
GRAIL, Inc. recorded an outflow of $81.2M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 4.9% from the same quarter a year earlier. Against the prior quarter it is up 7.2%.
GRAIL, Inc. held $55.6M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
GRAIL, Inc.'s ROE was -4.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.6 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
GRAIL, Inc. invested $47.4M in research and development in Q2 2026. This represents an increase of 1.7% from the same quarter a year earlier. Against the prior quarter it is down 1.2%.
GRAIL, Inc. invested $432K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 17.1% from the same quarter a year earlier. Against the prior quarter it is down 14.1%.
Not reported for Q2 2026.
GRAL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $44.7M+25.7% | $40.8M+28.1% | $43.6M+14.0% | $36.2M+26.3% | $35.5M+11.2% | $31.8M+19.1% | $38.3M+84.6% | $28.7M |
| R&D Expenses | $47.4M+1.7% | $48.0M-10.5% | $46.9M-3.0% | $48.6M-37.8% | $46.6M-50.5% | $53.6M-47.2% | $48.3M | $78.2M |
| SG&A Expenses | $50.7M+33.7% | $42.8M-5.1% | $38.7M-8.1% | $37.4M-21.1% | $37.9M-43.6% | $45.1M-21.0% | $42.1M | $47.4M |
| Operating Income | -$173.8M-9.4% | -$135.8M+11.6% | -$124.4M+9.1% | -$125.3M+31.7% | -$158.9M+90.3% | -$153.6M+32.5% | -$136.9M+85.0% | -$183.5M |
| EBITDA | -$136.2M-12.8% | -$98.1M+15.0% | -$87.7M+14.0% | -$86.3M+40.2% | -$120.8M+92.5% | -$115.4M+38.4% | -$102.0M+88.3% | -$144.3M |
| Income Tax | -$56.5M-45.3% | -$34.3M+14.6% | -$17.3M+42.1% | -$29.7M+36.3% | -$38.9M+26.9% | -$40.2M-622.4% | -$29.9M-60.8% | -$46.7M |
| Net Income | -$110.2M+3.3% | -$93.2M+12.3% | -$99.2M-2.2% | -$89.0M+29.2% | -$114.0M+92.8% | -$106.2M+51.5% | -$97.1M+89.1% | -$125.7M |
| EPS (Basic) | -$2.56+19.5% | -$2.29+26.1% | -$2.38-23.3% | -$2.46+37.6% | -$3.18+93.8% | -$3.10+56.0% | -$1.93+93.3% | -$3.94 |
| EPS (Diluted) | -$2.56+19.5% | -$2.29+26.1% | -$2.38-23.3% | -$2.46+37.6% | -$3.18+93.8% | -$3.10+56.0% | -$1.93 | -$3.94 |
| Diluted Shares (Avg) | 43M+20.4% | 41M+18.5% | N/A | 36M+13.3% | 36M+15.3% | 34M+10.5% | N/A | 32M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
GRAL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.8B+5.2% | $2.8B-1.5% | $2.9B-2.1% | $2.6B-16.6% | $2.7B-17.3% | $2.8B | $3.0B | $3.1B |
| Current Assets | $914.7M+40.3% | $877.3M+20.6% | $953.8M+16.3% | $589.4M-35.2% | $651.8M-36.0% | $727.7M | $819.9M | $909.7M |
| Cash & Equivalents | $55.6M-56.3% | $69.3M-48.2% | $249.7M+16.6% | $126.9M-85.1% | $127.4M-86.7% | $133.9M-33.0% | $214.2M+48.9% | $853.6M |
| Short-Term Investments | $806.0M+69.6% | $753.8M+39.4% | $654.7M+19.2% | $413.2M | $475.3M | $540.7M | $549.2M | $0 |
| Accounts Receivable | $19.8M+21.1% | $20.3M+5.4% | $18.3M-9.9% | $16.3M | $16.3M | $19.3M | $20.3M | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Total Liabilities | $301.0M-22.4% | $302.8M-30.2% | $344.2M-28.3% | $361.1M-31.9% | $387.9M-32.5% | $433.9M | $479.9M | $530.3M |
| Current Liabilities | $83.5M+18.3% | $74.7M-0.4% | $79.7M+3.6% | $77.4M-17.9% | $70.6M-19.9% | $75.0M | $76.9M | $94.3M |
| Non-Current Liabilities | $217.5M-31.4% | $228.1M-36.5% | $264.5M-34.4% | $283.6M-35.0% | $317.3M-34.8% | $359.0M | $403.0M | $436.1M |
| Total Equity | $2.5B+9.9% | $2.5B+3.6% | $2.6B+3.0% | $2.2B-13.4% | $2.3B-14.1% | $2.4B | $2.5B | $2.6B |
| Retained Earnings | -$10.4B-3.9% | -$10.3B-4.0% | -$10.2B-4.2% | -$10.1B-4.2% | -$10.0B-4.6% | -$9.9B | -$9.8B | -$9.7B |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
GRAL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$80.7M-4.9% | -$87.0M+8.4% | -$63.8M+31.8% | -$63.2M+39.5% | -$77.0M+55.2% | -$95.0M+54.2% | -$93.5M+40.6% | -$104.6M |
| Depreciation & Amortization | $37.6M-1.3% | $37.7M-1.3% | $34.5M-1.5% | $39.0M-0.6% | $38.1M-3.4% | $38.2M-4.6% | $35.0M-12.1% | $39.2M |
| Stock-Based Compensation | N/A | $16.8M+3.6% | N/A | $14.1M-19.0% | $14.2M-45.4% | $16.2M-44.3% | N/A | $17.4M |
| Capital Expenditures | $432K+17.1% | $503K+711.3% | $94K-69.0% | $384K-60.5% | $369K-73.4% | $62K-97.6% | $303K | $971K |
| Free Cash Flow | -$81.2M-4.9% | -$87.5M+8.0% | -$63.9M+31.9% | -$63.6M+39.7% | -$77.3M+55.3% | -$95.1M+54.7% | -$93.8M | -$105.6M |
| Investing Cash Flow | -$46.6M-166.2% | -$93.4M-739.5% | -$236.7M+56.7% | $66.7M+6966.4% | $70.4M+5177.1% | $14.6M+673.4% | -$546.1M-17694.3% | -$971K |
| Financing Cash Flow | N/A | N/A | $423.3M | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0 |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
GRAL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -388.9% | -332.9% | -285.4% | -346.2% | -446.9% | -482.5% | -358.0% | -640.5% |
| Net Margin | -246.7% | -228.5% | -227.5% | -245.8% | -320.7% | -333.6% | -253.8% | -438.7% |
| Return on Equity | -4.3%+0.6pp | -3.7%+0.7pp | -3.8%0.0pp | -4.0%+0.9pp | -4.9%+53.9pp | -4.4% | -3.9% | -4.9% |
| Return on Assets | -3.9%+0.3pp | -3.3%+0.4pp | -3.4%-0.1pp | -3.4%+0.6pp | -4.2%+44.3pp | -3.7% | -3.3% | -4.0% |
| Current Ratio | 10.95+1.7x | 11.74+2.0x | 11.97+1.3x | 7.61-2.0x | 9.23-2.3x | 9.71 | 10.66 | 9.65 |
| Debt-to-Equity | 0.120.0x | 0.12-0.1x | 0.13-0.1x | 0.160.0x | 0.170.0x | 0.18 | 0.19 | 0.20 |
| Asset Turnover | 0.020.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.01 | 0.01 | 0.01 |
| FCF Margin | -181.6% | -214.5% | -146.5% | -175.8% | -217.6% | -298.6% | -245.2% | -368.4% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| GRAIL, Inc. GRAL | FY2025 | $147.2M | -$408.4M | N/A | $6.1B | 63/100 |
| Twist Bioscience Corporation TWST | FY2025 | $376.6M | -$77.7M | -20.6% | $13.6B | 50/100 |
| Neogen Corp NEOG | FY2026 | $870.4M | -$7.9M | -0.9% | $2.8B | 27/100 |
| Opko Health Inc. OPK | FY2025 | $606.9M | N/A | N/A | $1.2B | 40/100 |
| NeoGenomics, Inc. NEO | FY2025 | $727.3M | -$108.0M | -14.8% | $2.5B | 51/100 |
| CareDx, Inc. CDNA | FY2025 | $379.8M | -$21.4M | -5.6% | $3.6B | 43/100 |
Where GRAIL, Inc. Ranks
Frequently Asked Questions
What is GRAIL, Inc.'s annual revenue?
GRAIL, Inc. (GRAL) reported $147.2M in total revenue for fiscal year 2025. This represents a 17.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is GRAIL, Inc.'s revenue growing?
GRAIL, Inc. (GRAL) revenue grew by 17.2% year-over-year, from $125.6M to $147.2M in fiscal year 2025.
Is GRAIL, Inc. profitable?
No, GRAIL, Inc. (GRAL) reported a net income of -$408.4M in fiscal year 2025.
What is GRAIL, Inc.'s EBITDA?
GRAIL, Inc. (GRAL) had EBITDA of -$410.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is GRAIL, Inc.'s return on equity (ROE)?
GRAIL, Inc. (GRAL) has a return on equity of -15.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is GRAIL, Inc.'s free cash flow?
GRAIL, Inc. (GRAL) recorded an outflow of $299.9M in free cash flow during fiscal year 2025. This represents a 48.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is GRAIL, Inc.'s operating cash flow?
GRAIL, Inc. (GRAL) recorded an outflow of $299.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are GRAIL, Inc.'s total assets?
GRAIL, Inc. (GRAL) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are GRAIL, Inc.'s capital expenditures?
GRAIL, Inc. (GRAL) invested $909K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does GRAIL, Inc. spend on research and development?
GRAIL, Inc. (GRAL) invested $195.8M in research and development during fiscal year 2025.
What is GRAIL, Inc.'s current ratio?
GRAIL, Inc. (GRAL) had a current ratio of 11.97 as of fiscal year 2025, which is generally considered healthy.
What is GRAIL, Inc.'s debt-to-equity ratio?
GRAIL, Inc. (GRAL) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is GRAIL, Inc.'s return on assets (ROA)?
GRAIL, Inc. (GRAL) had a return on assets of -14.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is GRAIL, Inc.'s P/E ratio?
GRAIL, Inc. (GRAL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $6.1B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is GRAIL, Inc.'s price-to-sales ratio?
GRAIL, Inc. (GRAL) trades at 37.1x sales, its market capitalization divided by revenue of $165.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $6.1B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does GRAIL, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, GRAIL, Inc. (GRAL) held $904.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $299.0M over that year. Dividing the one by the other, the reported balance equals about 36 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is GRAIL, Inc.'s Altman Z-Score?
GRAIL, Inc. (GRAL) has an Altman Z-Score of 5.57, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is GRAIL, Inc.'s Piotroski F-Score?
GRAIL, Inc. (GRAL) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are GRAIL, Inc.'s earnings high quality?
GRAIL, Inc. (GRAL) reported a net loss of $408.4M while operations used $299.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is GRAIL, Inc.?
GRAIL, Inc. (GRAL) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.