GRAL

MKT CAP:$2B

GRAIL, Inc.

Market Cap

$2B

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$51.05-$37.82 (-42.56%)

Apr 21, 2026

Company Details

GRAIL, Inc., a biotechnology company, focuses on developing technologies for early cancer detection. The company develops Galleri, a screening test for asymptomatic individuals over 50 years of age; and DAC, a diagnostic aid for cancer test...

CEO

Robert Ragusa

IPO Date

Jun 12, 2024

Website

grail.com

Key Metrics TTM

Revenue

$147M

+26.8% YoY

Net Income

-$408M

EPS (Diluted)

-$11.18

Free Cash Flow

-$299M

Revenue / Share

$3.61

Gross Margin

-42.5%

Operating Margin

-382.0%

Net Margin

-277.5%

FCF Margin

-203.2%

P/S

15.2x

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 12, 2026

$147MEPS -$11.11

Q4 2025

Mar 12, 2026

$44M+14.0%EPS -$2.44

Q3 2025

Nov 13, 2025

$36M+26.3%EPS -$2.46

Q2 2025

Aug 13, 2025

$36MEPS -$3.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 23	$22M	-$24M	-$204M
Q1 24	$27M	-$22M	-$227M
Q3 24	$29M	-$22M	-$184M
Q4 24	$38M	-$16M	-$137M
Q1 25	$32M	-$20M	-$154M
Q2 25	$36M	-$18M	-$159M
Q3 25	$36M	-$14M	-$125M
Q4 25	$44M	-$11M	-$124M

Valuation

Quarter	P/S	P/E
Q2 23	—	—
Q1 24	—	—
Q3 24	—	—
Q4 24	5.4x	—
Q1 25	6.8x	—
Q2 25	13.1x	—
Q3 25	14.5x	—
Q4 25	21.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$170M	-$174M
Q2 23	-$139M	-$142M
Q3 23	-$158M	-$161M
Q1 24	-$207M	-$210M
Q2 24	-$172M	-$173M
Q3 24	-$105M	-$106M
Q4 24	-$93M	-$94M
Q1 25	-$95M	-$95M
Q2 25	-$77M	-$77M
Q3 25	-$63M	-$64M
Q4 25	-$64M	-$63M

Capital Expenditures

Quarter	CapEx
Q1 23	$3M
Q2 23	$3M
Q3 23	$3M
Q1 24	$3M
Q2 24	$1M
Q3 24	$971.0K
Q4 24	$303.0K
Q1 25	$62.0K
Q2 25	$369.0K
Q3 25	$384.0K
Q4 25	$815.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 25	+42.0%	-18.2%
Q2 25	+33.0%	-23.5%
Q3 25	+26.3%	-23.9%
Q4 25	+14.0%	-4.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$22M	—
Q2 23	$26M	114.0%
Q3 23	$25M	—
Q1 24	$29M	108.9%
Q2 24	$26M	—
Q3 24	$17M	60.9%
Q4 24	$14M	35.5%
Q1 25	$16M	50.9%
Q2 25	$14M	39.9%
Q3 25	$14M	39.1%
Q4 25	-$45M	-102.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 23	$89M	$51M	$41M	—
Q1 24	$102M	$57M	$47M	—
Q3 24	$78M	$47M	$36M	—
Q4 24	$48M	$42M	$31M	—
Q1 25	$54M	$45M	$35M	—
Q2 25	$47M	$38M	$29M	—
Q3 25	$49M	—	—	$63M
Q4 25	$47M	$39M	$28M	—

Revenue by Geography

Quarter	Americas	Non-US	United States
Q1 25	$29M	$2M	—
Q2 25	—	$1M	$34M
Q3 25	—	$3M	$33M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 23	$97M	$0	$97M
Q1 24	$974M	$0	$974M
Q2 24	$959M	$0	$959M
Q3 24	$854M	$0	$854M
Q4 24	$214M	$549M	$763M
Q1 25	$134M	$541M	$675M
Q2 25	$127M	$475M	$603M
Q3 25	$127M	$413M	$540M
Q4 25	$250M	$655M	$904M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 23	31M	—	—
Q1 24	31M	+0.0%	—
Q3 24	32M	+2.7%	—
Q4 24	32M	+0.1%	—
Q1 25	34M	+7.5%	+10.5%
Q2 25	35M	+2.2%	+12.9%
Q3 25	36M	+3.1%	+13.3%
Q4 25	41M	+12.7%	+27.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 23	—	—
Q1 24	—	—
Q3 24	—	—
Q4 24	$219	175K
Q1 25	$182	175K
Q2 25	$203	175K
Q3 25	$207	175K
Q4 25	$6.6K	7K

Revenue / Employee