Grail Inc Financials
Grail Inc (GRAL) reported $147.2M in revenue for fiscal year 2025, up 17.2% from the prior fiscal year. 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’s dominant mechanic is a sharp loss-reduction program that still relies on external financing while operations consume cash.
Operating margin improved from-17.4% in FY2024 to-3.8% in FY2025 while losses narrowed; this points to a lower expense burden per dollar sold rather than revenue growth alone. Operating cash flow was-$299M , while financing supplied$423M ; the increase in cash therefore came from capital raised, not operating self-funding.
SG&A fell from
Debt-to-equity was 0.1x and total liabilities were
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 scores 1.08, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.6B) relative to total liabilities ($344.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
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 $147.2M in revenue in fiscal year 2025. This represents an increase of 17.2% from the prior year.
Grail Inc's EBITDA was -$410.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 79.8% from the prior year.
Grail Inc reported -$408.4M in net income in fiscal year 2025. This represents an increase of 79.9% from the prior year.
Grail Inc earned -$11.11 per diluted share (EPS) in fiscal year 2025. This represents an increase of 82.5% from the prior year.
Cash & Balance Sheet
Grail Inc recorded an outflow of $299.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 48.5% from the prior year.
Grail Inc held $249.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Grail Inc's ROE was -15.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 65.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Grail Inc invested $195.8M in research and development in fiscal year 2025. This represents a decrease of 39.3% from the prior year.
Grail Inc invested $909K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 82.5% from the prior year.
Not reported for fiscal year 2025.
GRAL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY23 |
|---|---|---|---|---|---|
| Revenue | $165.3M | $147.2M+17.2% | $125.6M+34.9% | $93.1M | $55.5M |
| R&D Expenses | $191.0M | $195.8M-39.3% | $322.4M-4.8% | $338.7M | $329.6M |
| SG&A Expenses | $169.6M | $159.1M-25.6% | $213.9M+6.8% | $200.3M | $174.1M |
| Operating Income | -$559.3M | -$562.2M+74.3% | -$2.2B-44.5% | -$1.5B | -$5.4B |
| Income Tax | -$137.9M | -$126.2M+6.8% | -$135.4M-222.7% | -$42.0M | -$42.3M |
| Net Income | -$391.6M | -$408.4M+79.9% | -$2.0B-38.3% | -$1.5B | -$5.4B |
| EPS (Diluted) | — | -$11.11+82.5% | -$63.54-34.6% | -$47.21 | -$173.89 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GRAL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY23 |
|---|---|---|---|---|
| Total Assets | $2.9B-2.1% | $3.0B-23.8% | $3.9B | N/A |
| Current Assets | $953.8M+16.3% | $819.9M+425.3% | $156.1M | N/A |
| Cash & Equivalents | $249.7M+16.6% | $214.2M+120.2% | $97.3M | $241.6M |
| Accounts Receivable | $18.3M-9.9% | $20.3M+19.9% | $16.9M | N/A |
| Goodwill | N/A | $0-100.0% | $888.9M | $1.5B |
| Total Liabilities | $344.2M-28.3% | $479.9M+79.3% | $267.6M | N/A |
| Current Liabilities | $79.7M+3.6% | $76.9M-53.0% | $163.6M | N/A |
| Total Equity | $2.6B+3.0% | $2.5B-31.3% | $3.6B | N/A |
| Retained Earnings | -$10.2B-4.2% | -$9.8B-26.1% | -$7.8B | N/A |
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.
| Metric | TTM | FY25 | FY24 | FY23 | FY23 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$294.7M | -$299.0M+48.2% | -$577.2M+3.1% | -$595.8M | -$561.3M |
| Capital Expenditures | $1.4M | $909K-82.5% | $5.2M-59.6% | $12.9M | $22.9M |
| Free Cash Flow | -$296.2M | -$299.9M+48.5% | -$582.4M+4.3% | -$608.7M | -$584.2M |
| Investing Cash Flow | -$310.0M | -$85.0M+84.6% | -$551.0M-4175.7% | -$12.9M | -$22.9M |
| Financing Cash Flow | N/A | $423.3M-66.0% | $1.2B+168.3% | $463.8M | $604.8M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GRAL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY23 |
|---|---|---|---|---|
| Operating Margin | -382.0% | -1743.0% | -1627.6% | -9798.2% |
| Net Margin | -277.5% | -1613.9% | -1574.2% | -9719.4% |
| Return on Equity | -15.8%+65.1pp | -81.0%-40.8pp | -40.2% | N/A |
| Return on Assets | -14.0%+54.0pp | -67.9%-30.5pp | -37.5% | N/A |
| Current Ratio | 11.97+1.3x | 10.66+9.7x | 0.95 | N/A |
| Debt-to-Equity | 0.13-0.1x | 0.19+0.1x | 0.07 | N/A |
| FCF Margin | -203.8% | -463.7% | -653.8% | -1051.6% |
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.
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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 cash runway?
Based on fiscal year 2025 data, Grail Inc (GRAL) had $249.7M in cash against an annual operating cash burn of $299.0M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Grail Inc's Altman Z-Score?
Grail Inc (GRAL) has an Altman Z-Score of 1.08, placing it in the Distress Zone (elevated 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 58 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.