BillionToOne, Inc. (BLLN) vs GRAIL, Inc. (GRAL)

BillionToOne, Inc. and GRAIL, Inc. are both Diagnostics & Research companies. BillionToOne, Inc. and GRAIL, Inc. are of similar size ($5.9B and $5.5B). GRAIL, Inc. has negative trailing earnings, so its P/E is not meaningful; BillionToOne, Inc. trades at 119×. BillionToOne, Inc. has the higher net margin (8.35% vs −237.0%) and the higher return on invested capital (34.1% vs −20.8%). Across the 16 metrics below, BillionToOne, Inc. leads on 14 and GRAIL, Inc. on 2.

Valuation

Metric BLLN GRAL Diagnostics & Research median
P/E 119.22 n/m 33.95
P/S 14.37 33.10 4.87
P/B 10.64 2.15 3.12
Price to free cash flow 172.16 n/m 34.02
EV/EBITDA 94.49 n/m 25.20
EV/Sales 13.22 27.89 5.66
Earnings yield 0.84% (7.68%) (1.75%)
Free cash flow yield 0.58% (5.41%) (0.13%)

Profitability

Metric BLLN GRAL Diagnostics & Research median
Gross margin 71.27% (31.31%) 50.89%
Operating margin 10.90% (338.40%) (8.57%)
Net margin 8.35% (236.95%) (6.37%)
Free cash flow margin 8.35% (179.21%) 0.00%
Return on equity 23.27% (16.12%) (2.92%)
Return on assets 9.09% (14.12%) (6.71%)
Return on invested capital 34.10% (20.79%) 0.00%

Growth

Metric BLLN GRAL Diagnostics & Research median
Revenue growth (TTM) — 23.07% 7.69%
EPS growth (last fiscal year) 103.40% 82.51% —
Revenue growth, 5-year CAGR — — 7.40%
Net income growth, 5-year CAGR — — 0.00%

Health

Metric BLLN GRAL Diagnostics & Research median
Debt to equity 0.17 0.00 0.11
Current ratio 11.69 10.95 2.02
Net debt to EBITDA (15.70) 2.27 0.78

Dividend

Metric BLLN GRAL Diagnostics & Research median
Dividend yield — — 0.70%
Payout ratio — — 0.00

Size

Metric BLLN GRAL Diagnostics & Research median
Market cap 5.89b 5.54b 2.56b

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