Latest Ratios: P/E Ratio -11.9x · EV/EBITDA N/A · ROE -16.1%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.7B | $3.1B | $569M | — | — | — | — | — | — |
| Enterprise Value | $5.5B | $3.0B | $423M | — | — | — | — | — | — |
| P/E Ratio → | -11.93 | — | — | — | — | — | — | — | — |
| P/S Ratio | 38.65 | 21.37 | 4.53 | — | — | — | — | — | — |
| P/B Ratio | 1.89 | 1.22 | 0.23 | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 20.34 | 3.37 | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -42.5% | -42.5% | -62.1% | -102.7% | -209.6% | -684.4% | — | — | — |
| Operating Margin | -363.0% | -363.0% | -1743.0% | -1627.6% | -9798.2% | -8659.6% | — | — | — |
| Net Profit Margin | -277.5% | -277.5% | -1613.9% | -1574.2% | -9719.3% | -8539.4% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -16.1% | -16.1% | -65.9% | -35.4% | -76.7% | -25.0% | -56.1% | -42.6% | -45.9% |
| ROA | -13.8% | -13.8% | -53.8% | -28.9% | -70.4% | -23.9% | -46.5% | -37.0% | -40.1% |
| ROIC | -16.8% | -16.8% | -54.8% | -27.9% | -59.1% | -19.4% | -52.5% | -40.1% | -42.5% |
| ROCE | -18.6% | -18.6% | -60.0% | -30.7% | -72.1% | -24.7% | -52.2% | -42.5% | -46.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.03 | 0.02 | 0.02 | 0.01 | 0.11 | 0.08 | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.06 | -0.06 | -0.00 | -0.03 | -0.01 | -0.19 | -0.18 | -0.15 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($250M) exceeds total debt ($98M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 11.97 | 11.97 | 10.66 | 0.95 | 2.19 | 2.48 | 7.10 | 12.41 | 8.75 |
| Quick Ratio | 11.77 | 11.77 | 10.42 | 0.82 | 2.04 | 2.48 | 7.10 | 12.41 | 8.75 |
| Cash Ratio | 11.35 | 11.35 | 9.92 | 0.59 | 1.79 | 2.26 | 6.95 | 12.12 | 8.65 |
| Asset Turnover | — | 0.05 | 0.04 | 0.02 | 0.01 | 0.00 | — | — | — |
| Inventory Turnover | 13.10 | 13.10 | 10.93 | 8.70 | 8.71 | — | — | — | — |
| Days Sales Outstanding | — | 45.37 | 71.61 | 87.63 | 122.31 | 171.91 | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $37M | $32M | $31M | $31M | $31M | $124M | $123M | $114M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GRAL stock.
GRAIL Inc.'s current P/E ratio is -11.9x. This places it at the 50th percentile of its historical range.
GRAIL Inc.'s return on equity (ROE) is -16.1%. The historical average is -45.5%.
Based on historical data, GRAIL Inc. is trading at a P/E of -11.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
GRAIL Inc. has -42.5% gross margin and -363.0% operating margin.
Key Metrics
Top Statement Risk
Reimbursement and cash burn
Metrics are mathematically derived from official filings.
Negative Gross Margins Persist
Gross margin swung to -28.1% in 2026Q2 from +47.9% in 2026Q1, per reported financials, indicating volatile unit economics as sequencing costs outpace realized pricing.
The gross margin has been negative in eight of the last ten quarters, with the only positive quarter (2026Q1) likely reflecting a one-time benefit. This suggests that the cost of goods sold, primarily sequencing consumables and lab overhead, consistently exceeds the price realized per test. Operating margin improved to -3.9% in 2026Q2 from -4.5% a year earlier, but the improvement is marginal relative to the scale of losses, indicating that R&D and SG&A spending continue to outpace revenue growth. Investors should monitor whether gross margin can turn sustainably positive as volume scales, which would be a prerequisite for any path to profitability.
Returns on Capital Deeply Negative
ROIC averaged -5.2% in 2026Q2, per reported figures, with cumulative losses of $2.5B over ten quarters, indicating that capital invested is not yet generating returns.
ROIC has remained deeply negative across all quarters, ranging from -4.1% to -50.1%, with the extreme outlier in 2024Q2 reflecting spin-off charges. The negative returns are driven by both negative operating margins and minimal asset turnover (0.01-0.02), indicating that the company is not efficiently converting its asset base into revenue. The large goodwill balance of $1.8B, representing 64% of total assets, inflates the capital base and further depresses ROIC. This suggests that the company is in a heavy investment phase, and returns will only improve if the clinical data translates into commercial adoption and reimbursement.
Working Capital Cycle Lengthens
Cash conversion cycle widened to 59 days in 2026Q2 from 61 days in 2025Q4, per balance sheet data, as DSO rose to 41 days and DPO fell to 9 days.
The cash conversion cycle has been volatile, ranging from 59 to 99 days over the past year, with a notable spike in 2026Q1 to 99 days driven by a DIO of 70 days. The low DPO of 9 days in 2026Q2 suggests that GRAIL is paying suppliers quickly, possibly to secure favorable terms or due to the nature of its lab supplies. Asset turnover remains extremely low at 0.02, reflecting the high asset base relative to revenue. This indicates that working capital management is not yet a source of cash, and the company's efficiency will only improve as revenue scales and payment terms are optimized.
Liquidity Cushion Narrows Rapidly
Current ratio remains high at 10.95 in 2026Q2, per balance sheet data, but cash of $55.6M covers only a fraction of quarterly operating losses, which averaged -$80M in free cash flow.
The current ratio is misleadingly high because it is driven by a large cash balance that is rapidly depleting. Cash fell from $974.1M in 2024Q1 to $55.6M in 2026Q2, indicating a burn rate that will exhaust the remaining cushion within a few quarters. The quick ratio of 10.74 suggests that inventory is not a significant liquidity concern, but the company's ability to fund operations without additional capital raises is limited. Investors should monitor the company's ability to secure reimbursement or additional financing, as the current liquidity position is not sustainable.
Low Debt Masks Refinancing Risk
Debt-to-equity is minimal at 0.04 in 2026Q2, per balance sheet data, with total debt of $91.3M, but negative operating margins and cash burn suggest future borrowing could be costly.
The low leverage is a positive, but it does not reflect the company's true financial risk, which is driven by its cash burn and lack of profitability. Interest coverage is not calculable due to minimal interest expense, but the company's ability to service debt would be strained if it needed to borrow at current rates. The lack of forward guidance and the need for future capital raises suggest that refinancing risk is a growing concern. Investors should monitor the company's cash runway and any potential equity or debt offerings, as the current capital structure is not sustainable.
Misapplied P/S Multiple
The price-to-sales ratio of 22.01, per current valuation multiples, is often used for high-growth biotech, but it obscures the negative gross margins and cash burn that make revenue growth value-destructive.
For a company with negative gross margins, revenue growth directly increases losses, so a high P/S multiple is not justified without evidence of improving unit economics. The more relevant metric is the gross margin trend and the path to reimbursement, which would determine whether revenue growth can eventually translate into profitability. Investors should focus on the gross margin per test and the cash burn rate relative to revenue, rather than the P/S multiple, to assess the company's true value.