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Friday 6 November 2026
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GRAIL, Inc.
GRAL Healthcare Diagnostics & Research
GRAIL, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $147.2 million, up 17.2% from fiscal 2024.
- Revenue
- +3.71%
- EPS
- +10.2%
- Free cash flow
- −24.9%
Quarter to September 2026, against a year earlier
124.40
19.26
−13.41%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 56 | 93 | 126 | 147 | 167 | +38.4% | 181 | 227 | 287 | +24.9% | |
| Gross margin, % | — | — | — | — | — | — | (209.63) | (102.69) | (62.12) | (42.52) | 0.00 | +167.1 pt | ||||||
| EBT | — | — | — | — | — | — | (5,441) | (1,508) | (2,162) | (535) | (548) | (53.9%) | ||||||
| EBT margin, % | — | — | — | — | — | — | (9,795.48) | (1,619.29) | (1,721.69) | (363.18) | (328.97) | +9,432.3 pt | ||||||
| Net income | — | — | — | — | — | — | (5,399) | (1,466) | (2,027) | (408) | (406) | (57.7%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 1.79 | 3.00 | 3.94 | 4.00 | 3.56 | +30.8% | |||||
| Earnings | — | — | — | — | — | — | (173.89) | (47.21) | (63.54) | (11.11) | (9.50) | (60.0%) | ||||||
| Cash flow | — | — | — | — | — | — | (18.08) | (19.19) | (18.09) | (8.14) | (6.55) | (23.4%) | ||||||
| Capex | — | — | — | — | — | — | (0.74) | (0.42) | (0.16) | (0.02) | (0.12) | (67.7%) | ||||||
| Free cash flow | — | — | — | — | — | — | (18.81) | (19.60) | (18.26) | (8.16) | (6.67) | (24.3%) | ||||||
| Book value | — | — | — | — | — | — | 0.00 | 117.43 | 78.47 | 70.14 | 52.45 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | 31 | 31 | 32 | 37 | 42 | +5.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | 0.00 | 0.00 | 4.53 | 21.37 | 34.93 | 6.5 | ||||||
| P/B | — | — | — | — | — | — | 0.12 | 0.12 | 0.23 | 1.22 | 2.37 | 0.4 | ||||||
| EV/Sales | — | — | — | — | — | — | 0.00 | 0.00 | (1.54) | 15.23 | 29.76 | 3.4 | ||||||
| EV/FCF | — | — | — | — | — | — | (0.40) | (0.40) | 0.33 | (7.47) | (15.89) | (2.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | (561) | (596) | (577) | (299) | (306) | (18.9%) | |||||
| Capex | — | — | — | — | — | — | (23) | (13) | (5) | (1) | (6) | (65.9%) | ||||||
| Free cash flow | — | — | — | — | — | — | (584) | (609) | (582) | (300) | (312) | (19.9%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | (8) | 743 | 874 | 748 | n/m | |||||
| Net debt | — | — | — | — | — | — | — | (97) | (763) | (904) | (862) | +204.9% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | 3,646 | 2,503 | 2,578 | 2,454 | (15.9%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | (74.90) | (58.78) | (13.83) | (15.24) | (13.8) pt | |||||
| ROIC | — | — | — | — | — | — | 0.00 | (26.69) | (78.64) | (21.00) | (14.74) | (21.0) pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | 0.00 | (65.92) | (16.07) | (17.31) | (16.1) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 1,360 | 1,000 | 910 | — | (18.2%) | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.07 | 0.13 | 0.16 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
GRAIL, Inc. vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ICLR ICON PLC | $15.1B | 34.5× | 34.6× | −2.86% (below 0%: shrinking) | n/m | −8.01% (below 0%: shrinking) | 24.29% | 9.82% | Compare |
| QGEN QIAGEN N.V. | $10.5B | 26.1× | 26.0× | +0.28% (above 0%: growing) | +7.94% (above 0%: growing) | +30.45% (above 0%: growing) | 63.62% | 24.75% | Compare |
| RDNT RadNet, Inc. | $6.1B | — (loss-making) | 1,050× | +24.99% (above 0%: growing) | −47.37% (below 0%: shrinking) | −43.22% (below 0%: shrinking) | 14.14% | 6.34% | Compare |
| GRAL GRAIL, Inc. | $5.3B | — (loss-making) | — (loss-making) | +3.71% (above 0%: growing) | n/m | −24.90% (below 0%: shrinking) | 0.00% | (385.29%) | |
| BLLN BillionToOne, Inc. | $5.3B | 88.7× | 146× | +47.24% (above 0%: growing) | +164.29% (above 0%: growing) | +9.25% (above 0%: growing) | 70.86% | 8.96% | Compare |
| SHC Sotera Health Company | $4.5B | 26.3× | 26.4× | +4.36% (above 0%: growing) | +20.12% (above 0%: growing) | +64.98% (above 0%: growing) | 55.65% | 34.98% | Compare |
| ADPT Adaptive Biotechnologies Corporation | $4.3B | — (loss-making) | — (loss-making) | −10.72% (below 0%: shrinking) | −66.67% (below 0%: shrinking) | +201.86% (above 0%: growing) | 76.24% | (0.54%) | Compare |
| CDNA CareDx, Inc. | $4.0B | 30.9× | 36.2× | +39.29% (above 0%: growing) | +1,133.33% (above 0%: growing) | −68.62% (below 0%: shrinking) | 71.09% | 5.82% | Compare |
| VCYT Veracyte, Inc. | $1.9B | 15.2× | 45.2× | +15.08% (above 0%: growing) | +62.50% (above 0%: growing) | −9.63% (below 0%: shrinking) | 70.58% | 10.92% | Compare |
| Median of peers | $4.9B | 28.6× | 36.2× | +9.72% | +20.12% | +0.62% | 67.10% | 9.39% |
From the latest earnings call
- CEO Joshua Ofman said Galleri sales volume rose in the second quarter, while self-pay customers accounted for about 70% of sales.
- Ofman said GRAIL expected an FDA advisory committee for Galleri and continued to anticipate potential approval in the first part of 2027.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
87.51%
Held by the ten largest
58.51%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| FARALLON CAPITAL MANAGEMENT, L.L.C. | 4.16m | 9.32% | +907.90k |
| BAKER BROS. ADVISORS LP | 4.03m | 9.02% | 0.00 |
| BlackRock | 3.58m | 8.01% | +608.54k |
| Vanguard | 2.40m | 5.37% | +286.66k |
| State Street | 2.39m | 5.34% | +493.62k |
| PRIMECAP Management | 2.18m | 4.88% | +336.33k |
| Arbiter Partners Capital Management LLC | 2.07m | 4.63% | +1.03m |
| Sessa Capital IM, L.P. | 2.04m | 4.56% | +318.20k |
| Deep Track Capital, LP | 1.83m | 4.11% | +112.15k |
| Morgan Stanley | 1.46m | 3.27% | −170.03k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 28 April 2026
Ownership
Directors and executive officers, together
1.83%
Farallon Capital Management, L.L.C.
5.46%
BlackRock, Inc.
5.43%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
GRAIL, Inc. (GRAL) Latest News
5 Nov
4 Nov
3 Nov
4 Oct
30 Sep
GRAL metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Shares outstanding
- Book value per share
- Revenue growth
GRAIL is a healthcare company focused on early cancer detection. Its main product, Galleri, is a blood test that screens for signals associated with multiple cancers. The company was founded in 2015 and is headquartered in Menlo Park. Joshua Ofman is its chief executive officer.
Galleri looks for fragments of DNA shed by tumors into the blood. It examines chemical patterns on that DNA, called methylation patterns, to identify a cancer signal and predict the organ or tissue where the signal originated. A healthcare provider can use that prediction to guide follow-up testing. Galleri is a screening test, not a diagnosis: a detected signal requires further investigation.