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GRAIL (GRAL) Financials

GRAIL logo
$71.68 0.00 (0.00%)
Closing price 05/29/2026 04:00 PM Eastern
Extended Trading
$72.74 +1.06 (+1.48%)
As of 05/29/2026 07:55 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for GRAIL

Annual Income Statements for GRAIL

This table shows GRAIL's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 1/1/2023 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -5,399 -1,466 -2,027 -408
Consolidated Net Income / (Loss)		 -5,399 -1,466 -2,027 -408
Net Income / (Loss) Continuing Operations		 -5,399 -1,466 -2,027 -408
Total Pre-Tax Income 		-5,441 -1,508 -2,162 -535
Total Operating Income		 -5,443 -1,515 -2,189 -562
Total Gross Profit		 17 38 56 71
Total Revenue		 56 93 126 147
Operating Revenue		 56 93 126 147
Total Cost of Revenue		 38 55 70 76
Operating Cost of Revenue		 38 55 70 76
Total Operating Expenses		 5,460 1,554 2,245 633
Selling, General & Admin Expense		 174 200 214 159
Marketing Expense		 122 162 154 117
Research & Development Expense		 330 339 322 196
Amortization Expense		 134 134 134 134
Impairment Charge		 4,700 718 1,421 28
Total Other Income / (Expense), net		 1.50 7.75 27 28
Interest & Investment Income		 1.74 7.95 27 29
Other Income / (Expense), net		 -0.24 -0.21 0.06 -0.99
Income Tax Expense		 -42 -42 -135 -126
Basic Earnings per Share		 ($173.89) ($47.21) ($63.54) ($11.11)
Weighted Average Basic Shares Outstanding		 31.05M 31.05M 31.90M 36.75M
Diluted Earnings per Share		 ($173.89) ($47.21) ($63.54) ($11.11)
Weighted Average Diluted Shares Outstanding		 31.05M 31.05M 31.90M 36.75M
Weighted Average Basic & Diluted Shares Outstanding		 - - 33.90M 41.02M

Quarterly Income Statements for GRAIL

This table shows GRAIL's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 10/1/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -193 -891 -219 -1,585 -126 -97 -106 -114 -89 -99 -93
Consolidated Net Income / (Loss)		 -193 -891 -219 -1,585 -126 -97 -106 -114 -89 -99 -93
Net Income / (Loss) Continuing Operations		 -193 -891 -219 -1,585 -126 -97 -106 -114 -89 -99 -93
Total Pre-Tax Income 		-203 -910 -224 -1,638 -172 -127 -146 -153 -119 -117 -128
Total Operating Income		 -204 -912 -227 -1,641 -184 -137 -154 -159 -125 -124 -136
Total Gross Profit		 9.19 6.40 12 16 11 18 14 16 20 22 19
Total Revenue		 22 21 27 32 29 38 32 36 36 44 41
Operating Revenue		 22 21 27 32 29 38 32 36 36 44 41
Total Cost of Revenue		 13 14 15 16 17 21 18 20 16 21 22
Operating Cost of Revenue		 13 14 15 16 17 21 18 20 16 21 22
Total Operating Expenses		 214 919 239 1,657 195 154 167 175 145 147 155
Selling, General & Admin Expense		 51 50 57 67 47 42 45 38 37 39 43
Marketing Expense		 41 37 47 41 36 31 35 29 26 28 31
Research & Development Expense		 89 80 102 94 78 48 54 47 49 47 48
Amortization Expense		 33 33 33 33 33 33 33 33 33 33 33
Total Other Income / (Expense), net		 1.53 2.33 2.94 2.81 11 9.94 7.20 6.00 6.57 7.89 8.24
Interest & Investment Income		 1.85 2.53 2.90 2.81 12 9.37 7.78 6.81 6.11 7.96 7.99
Other Income / (Expense), net		 -0.32 -0.20 0.04 0.01 -0.56 0.58 -0.58 -0.81 0.47 -0.06 0.26
Income Tax Expense		 -9.80 -19 -5.57 -53 -47 -30 -40 -39 -30 -17 -34
Basic Earnings per Share		 ($6.22) ($28.71) ($7.05) ($51.06) ($3.94) ($1.49) ($3.10) ($3.18) ($2.46) ($2.37) ($2.29)
Weighted Average Basic Shares Outstanding		 31.05M 31.05M 31.05M 31.05M 31.88M 31.90M 34.31M 35.79M 36.12M 36.75M 40.64M
Diluted Earnings per Share		 ($6.22) ($28.71) ($7.05) ($51.06) ($3.94) ($1.49) ($3.10) ($3.18) ($2.46) ($2.37) ($2.29)
Weighted Average Diluted Shares Outstanding		 31.05M 31.05M 31.05M 31.05M 31.88M 31.90M 34.31M 35.79M 36.12M 36.75M 40.64M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 31.05M 33.60M 33.90M 35.97M 36.05M 38.98M 41.02M 42.92M

Annual Cash Flow Statements for GRAIL

This table details how cash moves in and out of GRAIL's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 1/1/2023 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 20 -145 116 39
Net Cash From Operating Activities		 -561 -596 -577 -299
Net Cash From Continuing Operating Activities		 -561 -596 -577 -299
Net Income / (Loss) Continuing Operations		 -5,399 -1,466 -2,027 -408
Consolidated Net Income / (Loss)		 -5,399 -1,466 -2,027 -408
Depreciation Expense		 16 20 20 18
Amortization Expense		 138 138 135 117
Non-Cash Adjustments To Reconcile Net Income		 4,737 748 1,453 88
Changes in Operating Assets and Liabilities, net		 -54 -37 -159 -114
Net Cash From Investing Activities		 -23 -13 -551 -85
Net Cash From Continuing Investing Activities		 -23 -13 -551 -85
Purchase of Property, Plant & Equipment		 -23 -13 -5.21 -0.91
Purchase of Investments		 0.00 0.00 -546 -1,308
Sale and/or Maturity of Investments		 - 0.00 0.00 1,224
Net Cash From Financing Activities		 605 464 1,244 423
Net Cash From Continuing Financing Activities		 605 464 1,244 423
Issuance of Common Equity		 609 464 1,244 423
Other Financing Activities, net		 -4.18 -0.23 0.00 0.00

Quarterly Cash Flow Statements for GRAIL

This table details how cash moves in and out of GRAIL's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -87 -47 102 759 -106 -640 -80 -6.47 3.09 123 -180
Net Cash From Operating Activities		 -158 -129 -207 -172 -105 -93 -95 -77 -63 -64 -87
Net Cash From Continuing Operating Activities		 -158 -129 -207 -172 -105 -93 -95 -77 -63 -64 -87
Net Income / (Loss) Continuing Operations		 -891 -188 -219 -1,585 -126 -97 -106 -114 -89 -99 -93
Consolidated Net Income / (Loss)		 -891 -188 -219 -1,585 -126 -97 -106 -114 -89 -99 -93
Depreciation Expense		 5.22 5.35 5.41 4.81 4.65 4.86 4.70 4.59 4.40 4.32 4.21
Amortization Expense		 35 35 35 35 35 31 28 29 30 30 28
Non-Cash Adjustments To Reconcile Net Income		 705 13 -14 1,436 22 11 17 43 15 14 17
Changes in Operating Assets and Liabilities, net		 -11 5.87 -15 -62 -40 -44 -39 -40 -23 -12 -43
Net Cash From Investing Activities		 -3.07 -3.90 -2.55 -1.39 -0.97 -546 15 70 67 -237 -93
Net Cash From Continuing Investing Activities		 -3.07 -3.90 -2.55 -1.39 -0.97 -546 15 70 67 -237 -93
Purchase of Property, Plant & Equipment		 -3.07 -3.90 -2.55 -1.39 -0.97 -0.30 -0.06 -0.37 -0.38 -0.09 -0.50
Purchase of Investments		 - - 0.00 - - - -221 -282 -239 -566 -338
Sale and/or Maturity of Investments		 - - 0.00 - - - 235 353 307 330 245
Net Cash From Financing Activities		 74 86 312 932 - - 0.00 - - 423 0.00
Net Cash From Continuing Financing Activities		 74 86 312 932 - - 0.00 - - 423 0.00
Effect of Exchange Rate Changes		 - - -0.04 0.01 - - 0.06 0.13 -0.34 - 0.04

Annual Balance Sheets for GRAIL

This table presents GRAIL's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets		 3,914 2,983 2,922
Total Current Assets		 156 820 954
Cash & Equivalents		 97 214 250
Short-Term Investments		 0.00 549 655
Accounts Receivable		 17 20 18
Inventories, net		 22 19 16
Prepaid Expenses		 20 17 15
Plant, Property, & Equipment, net		 85 69 52
Total Noncurrent Assets		 3,673 2,094 1,916
Intangible Assets		 2,687 2,017 1,851
Other Noncurrent Operating Assets		 97 77 66
Total Liabilities & Shareholders' Equity		 3,914 2,983 2,922
Total Liabilities		 268 480 344
Total Current Liabilities		 164 77 80
Accounts Payable		 20 4.84 2.08
Accrued Expenses		 74 57 64
Other Current Liabilities		 16 15 14
Total Noncurrent Liabilities		 104 403 264
Noncurrent Deferred & Payable Income Tax Liabilities		 33 346 219
Other Noncurrent Operating Liabilities		 71 57 46
Total Equity & Noncontrolling Interests		 3,646 2,503 2,578
Total Preferred & Common Equity		 0.00 2,503 2,578
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 3,646 2,503 2,578
Common Stock		 11,421 12,305 12,787
Retained Earnings		 -7,776 -9,803 -10,212
Accumulated Other Comprehensive Income / (Loss)		 1.07 1.45 2.66

Quarterly Balance Sheets for GRAIL

This table presents GRAIL's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 3,270 3,118 2,848 2,703 2,601 2,803
Total Current Assets		 1,019 910 728 652 589 877
Cash & Equivalents		 959 854 134 127 127 69
Short-Term Investments		 - - 541 475 413 754
Accounts Receivable		 13 15 19 16 16 20
Inventories, net		 26 21 19 20 18 17
Prepaid Expenses		 21 20 15 13 15 17
Plant, Property, & Equipment, net		 78 74 65 60 56 48
Total Noncurrent Assets		 2,173 2,134 2,055 1,990 1,955 1,878
Intangible Assets		 2,086 2,051 1,982 1,920 1,885 1,816
Other Noncurrent Operating Assets		 87 83 73 71 70 62
Total Liabilities & Shareholders' Equity		 3,270 3,118 2,848 2,703 2,601 2,803
Total Liabilities		 575 530 434 388 361 303
Total Current Liabilities		 88 94 75 71 77 75
Accounts Payable		 16 7.32 5.77 6.28 3.41 4.67
Accrued Expenses		 57 72 54 49 58 58
Other Current Liabilities		 15 15 15 15 16 12
Total Noncurrent Liabilities		 486 436 359 317 284 228
Noncurrent Deferred & Payable Income Tax Liabilities		 422 375 305 266 236 184
Other Noncurrent Operating Liabilities		 64 61 54 51 47 44
Total Equity & Noncontrolling Interests		 2,695 2,588 2,414 2,315 2,240 2,501
Total Preferred & Common Equity		 2,695 2,588 2,414 2,315 2,240 2,501
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,695 2,588 2,414 2,315 2,240 2,501
Common Stock		 12,274 12,292 12,322 12,336 12,350 12,804
Retained Earnings		 -9,581 -9,706 -9,910 -10,024 -10,113 -10,305
Accumulated Other Comprehensive Income / (Loss)		 1.39 2.19 1.67 2.30 2.46 1.87

Annual Metrics And Ratios for GRAIL

This table displays calculated financial ratios and metrics derived from GRAIL's official financial filings.

Metric 2022 2023 2024 2025
Period end date 1/1/2023 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - 38,982,223.00
DEI Adjusted Shares Outstanding		 - - - 38,982,223.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - -10.48
Growth Metrics		 - - - -
Profitability Metrics		 - - - -
Net Operating Profit after Tax (NOPAT)		 -3,810 -1,061 -1,532 -394
Return On Investment Capital (ROIC_SIMPLE)		 - -29.09% -61.21% -15.27%
Earnings before Interest and Taxes (EBIT)		 -5,443 -1,516 -2,189 -563
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -5,288 -1,357 -2,034 -428
Valuation Ratios		 - - - -
Leverage & Solvency		 - - - -
Liquidity Ratios		 - - - -
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -4,610 277 -327
Efficiency Ratios		 - - - -
Capital & Investment Metrics		 - - - -
Invested Capital		 0.00 3,549 1,740 1,673
Increase / (Decrease) in Invested Capital		 0.00 3,549 -1,809 -67
Book Value per Share		 $0.00 $117.43 $74.50 $66.13
Tangible Book Value per Share		 $0.00 $2.26 $14.48 $18.66
Total Capital		 0.00 3,646 2,503 2,578
Total Debt		 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00
Net Debt		 0.00 -97 -763 -904
Capital Expenditures (CapEx)		 23 13 5.21 0.91
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -105 -21 -30
Debt-free Net Working Capital (DFNWC)		 0.00 -7.55 743 874
Net Working Capital (NWC)		 0.00 -7.55 743 874
Net Nonoperating Expense (NNE)		 1,589 405 495 15
Net Nonoperating Obligations (NNO)		 0.00 -97 -763 -904
Total Depreciation and Amortization (D&A)		 155 159 155 135
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($63.54) ($11.11)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 31.90M 36.75M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($63.54) ($11.11)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 31.90M 36.75M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 33.90M 41.02M
Normalized Net Operating Profit after Tax (NOPAT)		 -520 -558 -538 -374
Debt Service Ratios		 - - - -
Payout Ratios		 - - - -

Quarterly Metrics And Ratios for GRAIL

This table displays calculated financial ratios and metrics derived from GRAIL's official financial filings.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 10/1/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - 33,600,772.00 - - - 38,982,223.00 41,020,255.00
DEI Adjusted Shares Outstanding		 - - - - - 33,600,772.00 - - - 38,982,223.00 41,020,255.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -2.89 - - - -2.54 -2.27
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 42.63% 38.27% - 19.15% 11.18% 26.32% - 28.11%
EBITDA Growth		 0.00% 0.00% 0.00% -839.06% 83.41% - 35.27% 92.14% 37.42% - 14.85%
EBIT Growth		 0.00% 0.00% 0.00% -701.85% 79.83% - 32.19% 90.27% 32.19% - 12.12%
NOPAT Growth		 0.00% 0.00% 0.00% -703.11% 79.89% - 32.46% 90.32% 31.72% - 11.62%
Net Income Growth		 0.00% 0.00% 0.00% -721.23% 85.90% - 51.48% 92.81% 29.21% - 12.26%
EPS Growth		 0.00% 0.00% 0.00% -720.90% 86.28% - 56.03% 93.77% 37.56% - 26.13%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% 33.60% - 54.16% 55.20% 39.53% - 8.44%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 96.99% 97.13% - 98.18%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% -1.40% -1.98% - -3.54%
Revenue Q/Q Growth		 0.00% -7.55% 0.00% 0.00% -10.38% - 0.00% 11.64% 1.83% - -6.45%
EBITDA Q/Q Growth		 0.00% -409.76% 0.00% 0.00% 90.99% - 0.00% -3.82% 28.02% - -14.53%
EBIT Q/Q Growth		 0.00% -345.85% 0.00% 0.00% 88.79% - 0.00% -3.55% 21.82% - -8.86%
NOPAT Q/Q Growth		 0.00% -346.45% 0.00% 0.00% 88.82% - 0.00% -3.42% 21.13% - -9.13%
Net Income Q/Q Growth		 0.00% -361.78% 0.00% 0.00% 92.07% - 0.00% -7.32% 21.94% - 6.04%
EPS Q/Q Growth		 0.00% -361.58% 0.00% 0.00% 92.28% - 0.00% -2.58% 22.64% - 3.38%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -60.81% 0.00% 0.00% - -1.63% 18.99% 17.83% - -36.38%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 35.44% - 0.00% 95.30% 38.42% - -62.90%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -0.13% - 0.00% -1.56% -0.70% - 0.25%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 41.02% 30.90% 43.27% 48.67% 39.23% - 42.54% 44.16% 54.54% - 46.99%
EBITDA Margin		 -763.88% -4,211.89% -701.26% -5,029.13% -505.51% - -380.96% -354.28% -250.42% - -253.23%
Operating Margin		 -911.78% -4,403.01% -851.10% -5,133.85% -640.47% - -482.48% -446.92% -346.17% - -332.88%
EBIT Margin		 -913.21% -4,403.95% -850.94% -5,133.83% -642.43% - -484.31% -449.20% -344.88% - -332.25%
Profit (Net Income) Margin		 -861.27% -4,301.94% -819.26% -4,958.83% -438.67% - -333.62% -320.69% -245.83% - -228.48%
Tax Burden Percent		 95.17% 97.96% 97.52% 96.76% 72.90% - 72.54% 74.57% 74.95% - 73.07%
Interest Burden Percent		 99.10% 99.72% 98.72% 99.83% 93.66% - 94.96% 95.74% 95.11% - 94.11%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% - -50.77% -24.37% -20.02% - -21.29%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% - -51.16% -24.01% -19.83% - -21.54%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% - 14.30% 7.48% 5.73% - 6.57%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% 0.00% - -36.47% -16.88% -14.29% - -14.73%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -18.70%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% - -22.23% -20.20% -17.11% - -18.36%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% - -15.31% -14.42% -12.19% - -12.62%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% 0.00% - -36.47% -16.88% -14.29% - -14.73%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% - -79.31% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -143 -639 -159 -1,149 -128 -96 -108 -111 -88 -87 -95
NOPAT Margin		 -638.25% -3,082.10% -595.77% -3,593.69% -448.33% - -337.74% -312.85% -242.32% - -233.02%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% -91.03% 0.65% - 0.39% -0.36% -0.18% - 0.25%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - -3.83% -4.45% -4.80% -3.92% -3.38% -3.80%
Cost of Revenue to Revenue		 58.98% 69.10% 56.73% 51.33% 60.77% - 57.46% 55.84% 45.46% - 53.01%
SG&A Expenses to Revenue		 225.94% 242.17% 213.57% 210.38% 165.50% - 141.58% 106.67% 103.35% - 104.86%
R&D to Revenue		 395.78% 386.43% 380.32% 294.64% 273.04% - 168.44% 131.18% 134.41% - 117.74%
Operating Expenses to Revenue		 952.80% 4,433.91% 894.37% 5,182.52% 679.70% - 525.02% 491.08% 400.70% - 379.87%
Earnings before Interest and Taxes (EBIT)		 -205 -913 -227 -1,641 -184 -136 -154 -160 -125 -124 -136
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -171 -873 -187 -1,608 -145 -100 -121 -126 -91 -90 -103
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.17 - 0.36 0.80 0.95 - 0.85
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.80 - 2.01 4.68 6.01 - 3.10
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 - 6.62 13.77 15.03 - 13.58
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 - 0.11 0.73 0.94 - 0.77
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 - 1.46 9.29 11.22 - 8.31
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Financial Leverage		 0.00 0.00 0.00 -0.36 -0.33 - -0.28 -0.31 -0.29 - -0.30
Leverage Ratio		 0.00 0.00 0.00 1.21 1.20 - 1.18 1.19 1.18 - 1.15
Compound Leverage Factor		 0.00 0.00 0.00 1.21 1.13 - 1.12 1.14 1.13 - 1.08
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 100.00% 100.00% - 100.00% 100.00% 100.00% - 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Altman Z-Score		 0.00 0.00 0.00 0.00 0.00 - -3.53 -2.22 -1.77 - -0.71
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 11.55 9.65 - 9.71 9.23 7.61 - 11.74
Quick Ratio		 0.00 0.00 0.00 11.03 9.22 - 9.25 8.76 7.19 - 11.29
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 -2,885 -1,863 0.00 -1,847 -87 -53 -21 -34
Operating Cash Flow to CapEx		 0.00% -5,132.32% -8,135.24% 0.00% -10,770.44% - -153,245.16% -20,857.72% -16,470.05% - -17,294.04%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 - 0.05 0.05 0.05 - 0.06
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 - 6.77 9.04 9.01 - 7.87
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 - 3.89 3.37 3.80 - 4.41
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 - 2.02 1.94 2.18 - 2.78
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 - 12.63 6.77 14.05 - 15.17
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 - 53.92 40.39 40.52 - 46.35
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 - 93.75 108.22 95.93 - 82.77
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 - 28.90 53.89 25.99 - 24.06
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 - 118.77 94.72 110.47 - 105.07
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 1,736 1,734 1,740 1,739 1,712 1,700 1,673 1,678
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 - 0.15 0.08 0.08 - 0.09
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 1,736 1,734 0.00 1,739 -24 -34 -67 -62
Enterprise Value (EV)		 0.00 0.00 0.00 0.00 -426 - 191 1,247 1,591 - 1,297
Market Capitalization		 0.00 0.00 0.00 0.00 427 - 866 1,850 2,132 - 2,120
Book Value per Share		 $0.00 $0.00 $0.00 $86.80 $83.34 $74.50 $71.21 $64.34 $62.14 $66.13 $60.96
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $19.62 $17.27 $14.48 $12.73 $10.98 $9.84 $18.66 $16.69
Total Capital		 0.00 0.00 0.00 2,695 2,588 2,503 2,414 2,315 2,240 2,578 2,501
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 0.00 0.00 0.00 -959 -854 -763 -675 -603 -540 -904 -823
Capital Expenditures (CapEx)		 0.00 3.07 2.55 0.00 0.97 0.30 0.06 0.37 0.38 0.09 0.50
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 -28 -38 -21 -22 -22 -28 -30 -20
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 931 815 743 653 581 512 874 803
Net Working Capital (NWC)		 0.00 0.00 0.00 931 815 743 653 581 512 874 803
Net Nonoperating Expense (NNE)		 50 253 60 436 -2.77 1.21 -1.31 2.79 1.27 12 -1.85
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 -959 -854 -763 -675 -603 -540 -904 -823
Total Depreciation and Amortization (D&A)		 33 40 40 33 39 36 33 34 34 34 32
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% - -16.76% -16.05% -19.87% - -13.11%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% - 499.33% 432.81% 360.97% - 514.12%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% - 499.33% 432.81% 360.97% - 514.12%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($51.06) ($3.94) ($1.49) ($3.10) ($3.18) ($2.46) ($2.37) ($2.29)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 31.05M 31.88M 31.90M 34.31M 35.79M 36.12M 36.75M 40.64M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($51.06) ($3.94) ($1.49) ($3.10) ($3.18) ($2.46) ($2.37) ($2.29)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 31.05M 31.88M 31.90M 34.31M 35.79M 36.12M 36.75M 40.64M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 31.05M 33.60M 33.90M 35.97M 36.05M 38.98M 41.02M 42.92M
Normalized Net Operating Profit after Tax (NOPAT)		 -143 -136 -159 -154 -128 -96 -108 -92 -88 -87 -95
Normalized NOPAT Margin		 -638.25% -655.09% -595.77% -482.48% -448.33% - -337.74% -257.70% -242.32% - -233.02%
Pre Tax Income Margin		 -904.97% -4,391.75% -840.08% -5,125.06% -601.73% - -459.88% -430.05% -328.00% - -312.67%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

GRAIL, Inc. (GRAL) shows a year-plus of growth in 2025 on the top line, but the company continues to operate at a loss with ongoing cash burn. The fourth quarter of 2025 provided a liquidity boost from equity financing, while the balance sheet remains heavily funded by equity. Below is a concise, four-year view from the quarterly statements, with the most important trends called out for retail investors.

  • Top line momentum in 2025: Operating revenue rose through the year, reaching 43.6 million in Q4 2025, up from 31.8 million in Q1 2025 and higher than the 2024 year-ago levels.
  • Late-2025 gross-margin strength: Q4 2025 gross margin was around 51% (gross profit of 22.34m on 43.60m revenue), consistent with or improving vs mid-2025 levels, signaling better cost control or mix as revenue grows.
  • Liquidity boost from equity financing in Q4 2025: Issuance of common equity brought in about 423.3 million, providing a meaningful liquidity runway to support operations and growth plans.
  • Intangible assets are a large part of noncurrent assets: Intangible assets stood at about 1.885 billion in 2025-Q3, indicating substantial IP capitalization that could carry impairment risk if business fundamentals weaken.
  • Deep cumulative losses on retained earnings: Retained earnings were deeply negative (around -10.1 billion in 2025-Q3), reflecting a long-standing loss position despite growing equity.
  • Balance-sheet leverage is modest in liabilities but equity-rich: Total liabilities are around 360 million (2025-Q3), while total equity remains substantial (roughly 2.2–2.3 billion), indicating a strong equity cushion but not a path to profitability yet.
  • Ongoing net losses in 2025: Net income attributable to common shareholders remained negative across the year, e.g., Q4 2025 was -99.176 million, with other quarters showing similar losses.
  • Operating cash flow remains negative: Net cash from continuing operating activities was -63.785 million in Q4 2025 (and negative in prior 2025 quarters), signaling continued cash burn from core operations.
  • High operating costs relative to revenue: Q4 2025 Total Operating Expenses were 146.747 million vs only 22.336 million gross profit, highlighting a large gap between spending and gross margins.
  • Significant investing activity pressuring cash: Q4 2025 included a substantial purchase of investments (-566.408 million), contributing to negative investing cash flow despite financing inflows.
06/01/26 12:29 AM ETAI Generated. May Contain Errors.

GRAIL Financials - Frequently Asked Questions

According to the most recent income statement we have on file, GRAIL's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

GRAIL's net income appears to be on a downward trend, with a most recent value of -$408.35 million in 2025, falling from -$5.40 billion in 2022. The previous period was -$2.03 billion in 2024. See where experts think GRAIL is headed by visiting GRAIL's forecast page.

GRAIL's total operating income in 2025 was -$562.16 million, based on the following breakdown:
  • Total Gross Profit: $71.32 million
  • Total Operating Expenses: $633.48 million

Over the last 3 years, GRAIL's total revenue changed from $55.55 million in 2022 to $147.17 million in 2025, a change of 164.9%.

GRAIL's total liabilities were at $344.15 million at the end of 2025, a 28.3% decrease from 2024, and a 28.6% increase since 2023.

In the past 2 years, GRAIL's cash and equivalents has ranged from $97.29 million in 2023 to $249.73 million in 2025, and is currently $249.73 million as of their latest financial filing in 2025.

Over the last 3 years, GRAIL's book value per share changed from 0.00 in 2022 to 66.13 in 2025, a change of 6,612.9%.


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Financial statements for NASDAQ:GRAL last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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