# GRAIL, Inc. (GRAL)

> Source: Nexqual · https://nexqual.com/GRAL · data as of 2026-10-29 13:56 UTC · cite as "Nexqual, GRAIL, Inc. (GRAL), nexqual.com/GRAL" · informational, not investment advice.

**Price:** USD 160.73 (+1.81% today) · US market open, as of October 29, 2026 at 13:56 UTC; quotes may be delayed. Prev close 157.88 · day 155.69–161.9 · 52w 41.5–166.48 · market cap $7.18B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $165M, net income -$392M (-236.9% margin), free cash flow -$296M (SEC filings).
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $14.9M; 3 not under a Rule 10b5-1 plan ($4.7M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (10 analysts), mean target USD 132.56 (range 74–180).
- Total return with dividends: 1Y +88.6% vs S&P 500 +13.0%; 5Y +999.4% vs S&P 500 +78.9%.
- Next earnings: 2026-11-04, EPS estimate USD -1.9, revenue estimate $44.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $55.5M | $93.1M | $126M | $147M | $165M |
| Operating income | -$5.44B | -$1.52B | -$2.19B | -$562M | -$559M |
| Net income | -$5.40B | -$1.47B | -$2.03B | -$408M | -$392M |
| EPS (diluted) | -$173.89 | -$47.21 | -$63.54 | -$11.11 | — |
| Free cash flow | -$584M | -$609M | -$582M | -$300M | -$296M |
| Operating margin | -9798.2% | -1627.6% | -1743.0% | -382.0% | -338.4% |
| Net margin | -9719.3% | -1574.2% | -1613.9% | -277.5% | -236.9% |
| Revenue growth | — | +67.6% | +34.9% | +17.2% | — |
| Cash + short-term investments | $242M | $97.3M | $761M | $902M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 43.4x · P/B 2.8x · FCF yield -4.13% · Earnings yield -5.45%

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Ofman Joshua J. | Chief Executive Officer | 20,000 | $2.7M | 5.5% | Yes (adopted December 2, 2025) | Too little history (no open-market trades in 2023) |
| 2026-10-05 | Partridge Andrew John | Chief Growth Officer | 7,873 | $1.2M | 4.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-10-05 | Freidin Aaron | Chief Financial Officer | 23,619 | $3.5M | 9.5% | No | Too little history (no open-market trades in 2023) |
| 2026-09-21 | Freidin Aaron | Chief Financial Officer | 4,100 | $383K | 1.6% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-21 | Ofman Joshua J. | Chief Executive Officer | 61,452 | $6.0M | 14.5% | Yes (adopted December 2, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-27 | Ofman Joshua J. | Chief Executive Officer | 5,000 | $425K | 1.2% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-27 | Freidin Aaron | Chief Financial Officer | 7,900 | $672K | 3% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-04 | Partridge Andrew John | Chief Growth Officer | 1,491 | $91K | 0.9% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 10 analysts; mean target USD 132.56 (low 74, high 180).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Morgan Stanley | Target raised | Equal-Weight | $60 → $120 |
| 2026-10-13 | TD Cowen | Target raised | Buy | $88 → $180 |
| 2026-10-02 | UBS | Target raised | Buy | $105 → $175 |
| 2026-10-01 | Guggenheim | Target raised | Buy | $75 → $155 |
| 2026-09-28 | Canaccord Genuity | Target raised | Buy | $80 → $150 |
| 2026-09-25 | Mizuho | Target raised | Neutral | $65 → $100 |
| 2026-09-22 | Baird | Target raised | Outperform | $96 → $118 |
| 2026-09-17 | RBC Capital | Initiated | Sector Perform | $84 |
| 2026-09-09 | UBS | Initiated | Buy | $105 |
| 2026-07-15 | Mizuho | Target raised | Neutral | $58 → $65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2024-06-10) |
|---|---|---|
| Total return | +88.6% | +999.4% |
| S&P 500 (SPY) | +13.0% | +78.9% |
| Per year | +88.7% | +173.2% |
| Volatility (annualized) | 111.0% | 101.4% |
| Max drawdown | -62.9% (Jan 2026→Feb 2026) | -61.0% (Nov 2025→Mar 2026) |

## Peers (Diagnostics & Research)
RDNT (RadNet, Inc.) USD 74.55 +1.37% · BLLN (BillionToOne, Inc.) USD 114.5 +0.44% · SHC (Sotera Health Company) USD 18.82 +0.91% · QGEN (Qiagen N.V.) USD 50.18 -0.30% · ADPT (Adaptive Biotechnologies Corpor) USD 28.57 +0.70% · VCYT (Veracyte, Inc.) USD 50.48 +0.34%

## More
Full page: https://nexqual.com/GRAL · 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 GRAL's own 10-K filed 2026-03-12 (https://www.sec.gov/Archives/edgar/data/1699031/000162828026017319/gral-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | ILLUMINA, INC. (ILMN) | "•We rely on Illumina, Inc. as a sole supplier for our next-generation sequencers and associated reagents, Madison Industries as a sole supplier of blood collection tubes, and Twist Bioscience Corporation as a sole suppli…" |
| Supplier | Twist Biosciences | "•We rely on Illumina, Inc. as a sole supplier for our next-generation sequencers and associated reagents, Madison Industries as a sole supplier of blood collection tubes, and Twist Bioscience Corporation as a sole suppli…" |
| Partner | Samsung Electronics | "We have also begun entering select international markets through distributor partners, including Israel and Canada, and intend to enter South Korea through our partnership with Samsung." |
| Partner | Samsung C&T | "Also in October 2025, we announced subject to final execution of definitive agreements, that we will work with Samsung C&T as exclusive partners to commercialize the Galleri test in South Korea, with a possible extension…" |
| Partner | Ford (F) | "Collaborators include, among others, the Cleveland Clinic, Duke Health, Henry Ford Health System, Mayo Clinic, Oregon Health and Science University (OHSU), Memorial Care, Sutter Health, and the US Oncology Network." |

Other companies that name GRAL in their own reports (relationship from GRAL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | ILLUMINA, INC. (ILMN) | 10-K 2026-02-12 | "Revenue from genotyping and sequencing services, including cancer detection testing services related to the GRAIL business prior to the Spin-Off, is recognized when earned, which is generally at the t…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.90 | $-2.38 | +$0.48 | $44.2M | 4 |
| Next quarter (ends 2026-12-31) | $-2.09 | $-2.45 | +$0.36 | $51.2M | 5 |
| Current fiscal year (ends 2026-12-31) | $-7.52 | $-9.14 | +$1.63 | $180.8M | 5 |
| Next fiscal year (ends 2027-12-31) | $-8.25 | $-9.72 | +$1.47 | $227.2M | 4 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$1.34 | −$2.43 | Beat +44.9% | — |
| — | Quarter ended Mar 31, 2026 | −$1.37 | −$1.96 | Beat +30.1% | — |
| — | Quarter ended Dec 31, 2025 | −$2.44 | −$2.53 | Beat +3.6% | — |
| — | Quarter ended Sep 30, 2025 | −$2.46 | −$3.26 | Beat +24.5% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-13 | Schedule 13G/A | Farallon Capital Management, L.L.C., Farallon Capital Partners, L.P.: 9.6% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1699031/000090883426000399/0000908834-26-000399-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 5.6% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1699031/000009375126000474/0000093751-26-000474-index.htm |
| 2026-08-06 | Schedule 13G/A | PRIMECAP MANAGEMENT CO/CA/: 5.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1699031/000076321226000026/0000763212-26-000026-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1699031/000162828026054307/0001628280-26-054307-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1699031/000162828026053341/0001628280-26-053341-index.htm |
| 2026-07-28 | Schedule 13G/A | BlackRock, Inc.: 7.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1699031/000201238326002582/0002012383-26-002582-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.