Grail
GRAL on Nasdaq. GRAIL sells a blood test for many cancers to doctors and employers. Market value $6.9bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$137.28 a share, 231% above its 1-year low
Over the past year the price has ranged from $41.50 to $166.48.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $126m | $147m |
| Operating margin | ||
| Operating margin | -1743.0% | -382.0% |
| Debt to equity | ||
| Debt to equity | 0.00 | 0.00 |
| Shares outstanding | ||
| Shares outstanding | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 15% more shares since 2024
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $45 million last quarter, up 26% on a year ago.
- A loss of $110 million, compared with a loss of $114 million a year ago.
- It loses 338 cents on each $1 of sales, compared with 471 cents a year earlier.
- 20% more shares than a year ago. Each share owns a bit less of the company.
- It has $56 million more cash than debt, down from $127 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $29m |
| December 2024 | $38m |
| March 2025 | $32m |
| June 2025 | $36m |
| September 2025 | $36m |
| December 2025 | $44m |
| March 2026 | $41m |
| June 2026 | $45m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$126m |
| December 2024 | -$97m |
| March 2025 | -$106m |
| June 2025 | -$114m |
| September 2025 | -$89m |
| December 2025 | -$99m |
| March 2026 | -$93m |
| June 2026 | -$110m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 373 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $5m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $5m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Added |
Largest holders overall
- Farallon Capital Management, L.L.C.$284mAdded
- Baker Bros. Advisors LP$275m
- BlackRock$244mAdded
- State Street$163mAdded
- Primecap Management$149mAdded
- Arbiter Partners Capital Management$141mAdded
- Sessa Capital IM, L.P.$139mAdded
- Deep Track Capital, LP$125mAdded
- Vanguard Capital Management$112mAdded
- Morgan Stanley$100mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- Baker Bros. Advisors LPPassive investorat least 9.8%+4.5 pts(filed with 3 related holders)Since 31 March 2026
- Farallon Capital Management, L.L.C.Passive investorat least 9.6%+1.8 pts(filed with 28 related holders)Since 30 June 2026
- BlackRock, Inc.Passive investor7.9%+1.4 ptsSince 30 June 2026
- STATE STREET CORPORATIONPassive investor5.6%Since 30 June 2026
- PRIMECAP MANAGEMENT CO/CA/Passive investor5.1%+0.4 ptsSince 30 June 2026
- CRCM LLCPassive investorat least 5.0%−0.1 pts(filed with 7 related holders)Since 6 October 2025
- Sessa Capital (Master), L.P.Passive investorat least 4.3%(filed with 4 related holders)Since 30 April 2025
- Illumina, Inc.Passive investorSold down below 5%Since 31 December 2025
- Farallon Capital Partners, L.P.Passive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Fried, Richard BPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Baker Bros. Advisors LP Passive investor | at least 9.8%+4.5 pts (filed with 3 related holders) | 31 March 2026 | |
Farallon Capital Management, L.L.C. Passive investor | at least 9.6%+1.8 pts (filed with 28 related holders) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 7.9%+1.4 pts | 30 June 2026 | |
STATE STREET CORPORATION Passive investor | 5.6% | 30 June 2026 | |
PRIMECAP MANAGEMENT CO/CA/ Passive investor | 5.1%+0.4 pts | 30 June 2026 | |
CRCM LLC Passive investor | at least 5.0%−0.1 pts (filed with 7 related holders) | 6 October 2025 | |
Sessa Capital (Master), L.P. Passive investor | at least 4.3% (filed with 4 related holders) | 30 April 2025 | |
Illumina, Inc. Passive investor | Sold down below 5% | 31 December 2025 | |
Farallon Capital Partners, L.P. Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Fried, Richard B Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $32m, $9m of it under preset trading plans.
- Freidin AaronChief Financial OfficerSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 4,100
- Price
- $93.34
- Value
- $382,679
- Ofman Joshua J.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 61,452
- Price
- $97.74
- Value
- $6m
- Ofman Joshua J.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 27 August 2026
- Shares
- 5,000
- Price
- $85.02
- Value
- $425,098
- Freidin AaronChief Financial OfficerSoldunder a preset trading plan
- Date
- 27 August 2026
- Shares
- 7,900
- Price
- $85.01
- Value
- $671,579
- Partridge Andrew JohnChief Growth OfficerSold
- Date
- 4 June 2026
- Shares
- 1,491
- Price
- $61.08
- Value
- $91,070
- Freidin AaronChief Financial OfficerSold
- Date
- 8 April 2026
- Shares
- 45,806
- Price
- $49.92
- Value
- $2m
- RAGUSA ROBERT PChief Executive Officer, DirectorSold
- Date
- 8 April 2026
- Shares
- 123,502
- Price
- $49.92
- Value
- $6m
- Ofman Joshua J.President, DirectorSold
- Date
- 8 April 2026
- Shares
- 61,665
- Price
- $49.92
- Value
- $3m
- Freidin AaronChief Financial OfficerSold
- Date
- 9 March 2026
- Shares
- 2,492
- Price
- $47.89
- Value
- $119,340
- Ofman Joshua J.PresidentSold
- Date
- 9 March 2026
- Shares
- 2,937
- Price
- $47.89
- Value
- $140,650
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Freidin Aaron Chief Financial Officer | Sold under a preset trading plan | 4,100 | $93.34 | $382,679 |
| 21 September 2026 | Ofman Joshua J. Chief Executive Officer, Director | Sold under a preset trading plan | 61,452 | $97.74 | $6m |
| 27 August 2026 | Ofman Joshua J. Chief Executive Officer, Director | Sold under a preset trading plan | 5,000 | $85.02 | $425,098 |
| 27 August 2026 | Freidin Aaron Chief Financial Officer | Sold under a preset trading plan | 7,900 | $85.01 | $671,579 |
| 4 June 2026 | Partridge Andrew John Chief Growth Officer | Sold | 1,491 | $61.08 | $91,070 |
| 8 April 2026 | Freidin Aaron Chief Financial Officer | Sold | 45,806 | $49.92 | $2m |
| 8 April 2026 | RAGUSA ROBERT P Chief Executive Officer, Director | Sold | 123,502 | $49.92 | $6m |
| 8 April 2026 | Ofman Joshua J. President, Director | Sold | 61,665 | $49.92 | $3m |
| 9 March 2026 | Freidin Aaron Chief Financial Officer | Sold | 2,492 | $47.89 | $119,340 |
| 9 March 2026 | Ofman Joshua J. President | Sold | 2,937 | $47.89 | $140,650 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.