# Guardant Health, Inc. (GH)

> Source: Nexqual · https://nexqual.com/GH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Guardant Health, Inc. (GH), nexqual.com/GH" · informational, not investment advice.

**Price:** USD 162.94 (-2.23% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 166.66 · day 158.68–167.25 · 52w 66.59–191.05 · market cap $21.9B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.18B, net income -$453M (-38.3% margin), free cash flow -$241M (SEC filings).
- 1 of 80 tracked superinvestors hold GH (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 1.96 on a 1–5 scale) (26 analysts), mean target USD 201.64 (range 105–240).
- Total return with dividends: 1Y +134.9% vs S&P 500 +14.9%; 5Y +49.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.31, revenue estimate $351M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $374M | $450M | $564M | $739M | $982M | $1.18B |
| Gross profit | — | — | $337M | $449M | $633M | — |
| Operating income | -$411M | -$544M | -$565M | -$444M | -$437M | -$470M |
| Net income | -$385M | -$655M | -$479M | -$436M | -$416M | -$453M |
| EPS (diluted) | -$4.00 | -$6.41 | -$4.28 | -$3.56 | -$3.32 | — |
| Free cash flow | -$284M | -$387M | -$345M | -$275M | -$233M | -$241M |
| Gross margin | — | — | 59.7% | 60.8% | 64.5% | — |
| Operating margin | -110.0% | -121.1% | -100.1% | -60.0% | -44.5% | -39.7% |
| Net margin | -103.0% | -145.6% | -85.0% | -59.0% | -42.4% | -38.3% |
| Revenue growth | +30.3% | +20.3% | +25.5% | +31.0% | +32.9% | — |
| Cash + short-term investments | $933M | $1.01B | $1.17B | $840M | $1.20B | — |
| Total debt | $1.13B | $1.14B | $1.14B | $1.14B | $1.50B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 18.5x · EV/Sales 18.9x · FCF yield -1.10% · Earnings yield -2.07% · Buyback yield (TTM) 0.00% · Net debt $449M · EV $22.3B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold GH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.04% | $5.2M | Reduced -1.0% |

## Analysts
Consensus Buy (mean 1.96 on a 1–5 scale), 26 analysts; mean target USD 201.64 (low 105, high 240).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Morgan Stanley | Target raised | Overweight | $185 → $200 |
| 2026-10-07 | Barclays | Target raised | Overweight | $200 → $220 |
| 2026-10-01 | Guggenheim | Target raised | Buy | $190 → $200 |
| 2026-09-09 | UBS | Target raised | Buy | $175 → $225 |
| 2026-09-08 | Rothschild & Co | Initiated | Buy | $203 |
| 2026-09-02 | BTIG | Reiterated | Buy | $195 |
| 2026-08-04 | Piper Sandler | Target raised | Overweight | $135 → $193 |
| 2026-08-04 | Stephens & Co. | Target raised | Overweight | $170 → $195 |
| 2026-08-04 | Morgan Stanley | Target raised | Overweight | $175 → $185 |
| 2026-08-03 | Stifel | Target raised | Buy | $130 → $180 |
| 2026-07-31 | RBC Capital | Target raised | Outperform | $185 → $200 |
| 2026-07-31 | Mizuho | Target raised | Outperform | $175 → $200 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +134.9% | +49.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +135.6% | +8.3% |
| Volatility (annualized) | 56.9% | 69.3% |
| Max drawdown | -33.0% (Jan 2026→Apr 2026) | -86.2% (Oct 2021→Apr 2024) |

## Peers (Diagnostics & Research)
MEDP (Medpace Holdings, Inc.) USD 653.96 -1.29% · DGX (Quest Diagnostics Incorporated) USD 243.28 +1.82% · LH (Labcorp Holdings Inc.) USD 329.93 +1.91% · RVTY (Revvity, Inc.) USD 157.36 +0.48% · CRL (Charles River Laboratories Inte) USD 339.66 -1.51% · ICLR (ICON plc) USD 185.43 +0.10%

## More
Full page: https://nexqual.com/GH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GH's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1576280/000157628026000013/gh-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | ILLUMINA, INC. (ILMN) | "In September 2014, we entered into a supply agreement with Illumina, Inc., or Illumina, for Illumina to provide products and services that can be used for certain research and clinical activities, including certain seque…" |
| Partner | Adicon Holdings | "In June 2022, we signed a strategic partnership agreement with Adicon Holdings Limited, or Adicon, a leading independent clinical laboratory company based in China, and in December 2023, the blood-based cancer testing se…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Oncology | $219.1M | 65.4% | +38.1% |
| Biopharma Data | $60.9M | 18.2% | +8.8% |
| Screening | $52.9M | 15.8% | +256.9% |
| Licensing Other | $2.1M | 0.6% | -19.8% |
| Total revenue | $335.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $318.0M | 94.9% | +46.8% |
| International | $16.9M | 5.1% | +10.0% |
| Total revenue | $335.0M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 27% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

## Company outlook (8-K filed 2026-07-30)

- "Second quarter 2026 revenue growth of 44% driven by strong performance in Oncology and Screening Raises 2026 revenue guidance to $1.34 to $1.36 billion, representing growth of 36% to 38% PALO ALTO, Calif."

Analysts expect $350.6M for the current quarter, -74.0% vs the guidance midpoint $1.35B. Source: https://www.sec.gov/Archives/edgar/data/1576280/000157628026000036/gh-06302026xexhibit991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.31 | $-0.30 | +4.5% | $350.6M | 17 |
| Next quarter (ends 2026-12-31) | $-0.28 | $-0.27 | +2.1% | $369.1M | 17 |
| Current fiscal year (ends 2026-12-31) | $-1.45 | $-1.39 | +3.8% | $1.36B | 21 |
| Next fiscal year (ends 2027-12-31) | $-0.38 | $-0.43 | -12.5% | $1.84B | 19 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±16.3%; last 8 reports averaged ±9.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 72.2% | ±16.3% |
| 2026-12-18 | 56 | 62.2% | ±19.7% |
| 2027-01-15 | 84 | 58.5% | ±22.5% |
| 2027-03-19 | 147 | 58.6% | ±29.6% |
| 2027-04-16 | 175 | 58.1% | ±32.0% |
| 2027-05-21 | 210 | 58.9% | ±35.5% |
| 2027-06-17 | 237 | 57.8% | ±37.0% |