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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and HORIZON BANCORP INC (HBNC). Click either name above to swap in a different company.
HORIZON BANCORP INC is the larger business by last-quarter revenue ($63.5M vs $43.6M, roughly 1.5× GRAIL, Inc.). HORIZON BANCORP INC runs the higher net margin — 42.4% vs -227.5%, a 269.9% gap on every dollar of revenue. On growth, HORIZON BANCORP INC posted the faster year-over-year revenue change (19.5% vs 14.0%). HORIZON BANCORP INC produced more free cash flow last quarter ($74.3M vs $-63.9M). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs 9.2%).
GRAIL, Inc. is an American biotechnology company based in Menlo Park, California founded in 2015 seeking to develop an early cancer screening test for people who do not have symptoms. As a startup it was a subsidiary of Illumina, which bought it outright in 2021.
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
GRAL vs HBNC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $63.5M |
| Net Profit | $-99.2M | $26.9M |
| Gross Margin | — | — |
| Operating Margin | -285.4% | 51.5% |
| Net Margin | -227.5% | 42.4% |
| Revenue YoY | 14.0% | 19.5% |
| Net Profit YoY | -2.2% | 347.4% |
| EPS (diluted) | $-2.37 | $0.44 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.6M | $63.5M | ||
| Q3 25 | $36.2M | $58.4M | ||
| Q2 25 | $35.5M | $66.3M | ||
| Q1 25 | $31.8M | $68.8M | ||
| Q4 24 | $38.3M | $53.1M | ||
| Q3 24 | $28.7M | $58.4M | ||
| Q2 24 | $32.0M | $55.8M | ||
| Q1 24 | $26.7M | $53.2M |
| Q4 25 | $-99.2M | $26.9M | ||
| Q3 25 | $-89.0M | $-222.0M | ||
| Q2 25 | $-114.0M | $20.6M | ||
| Q1 25 | $-106.2M | $23.9M | ||
| Q4 24 | $-97.1M | $-10.9M | ||
| Q3 24 | $-125.7M | $18.2M | ||
| Q2 24 | $-1.6B | $14.1M | ||
| Q1 24 | $-218.9M | $14.0M |
| Q4 25 | -285.4% | 51.5% | ||
| Q3 25 | -346.2% | -490.4% | ||
| Q2 25 | -446.9% | 36.8% | ||
| Q1 25 | -482.5% | 40.8% | ||
| Q4 24 | -358.0% | -41.3% | ||
| Q3 24 | -640.5% | 31.0% | ||
| Q2 24 | -5133.8% | 28.5% | ||
| Q1 24 | -851.1% | 28.8% |
| Q4 25 | -227.5% | 42.4% | ||
| Q3 25 | -245.8% | -380.2% | ||
| Q2 25 | -320.7% | 31.1% | ||
| Q1 25 | -333.6% | 34.8% | ||
| Q4 24 | -253.8% | -20.5% | ||
| Q3 24 | -438.7% | 31.1% | ||
| Q2 24 | -4958.8% | 25.4% | ||
| Q1 24 | -819.3% | 26.3% |
| Q4 25 | $-2.37 | $0.44 | ||
| Q3 25 | $-2.46 | $-4.69 | ||
| Q2 25 | $-3.18 | $0.47 | ||
| Q1 25 | $-3.10 | $0.54 | ||
| Q4 24 | $-1.49 | $-0.25 | ||
| Q3 24 | $-3.94 | $0.41 | ||
| Q2 24 | $-51.06 | $0.32 | ||
| Q1 24 | $-7.05 | $0.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $249.7M | $139.5M |
| Total DebtLower is stronger | — | $248.6M |
| Stockholders' EquityBook value | $2.6B | $688.3M |
| Total Assets | $2.9B | $6.4B |
| Debt / EquityLower = less leverage | — | 0.36× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $139.5M | ||
| Q3 25 | $126.9M | $458.3M | ||
| Q2 25 | $127.4M | $137.9M | ||
| Q1 25 | $133.9M | $169.7M | ||
| Q4 24 | $214.2M | $293.4M | ||
| Q3 24 | $853.6M | $234.8M | ||
| Q2 24 | $958.8M | $146.1M | ||
| Q1 24 | $199.7M | — |
| Q4 25 | — | $248.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.6B | $688.3M | ||
| Q3 25 | $2.2B | $660.8M | ||
| Q2 25 | $2.3B | $790.9M | ||
| Q1 25 | $2.4B | $776.1M | ||
| Q4 24 | $2.5B | $763.6M | ||
| Q3 24 | $2.6B | $754.8M | ||
| Q2 24 | $2.7B | $726.7M | ||
| Q1 24 | — | $721.3M |
| Q4 25 | $2.9B | $6.4B | ||
| Q3 25 | $2.6B | $6.7B | ||
| Q2 25 | $2.7B | $7.7B | ||
| Q1 25 | $2.8B | $7.6B | ||
| Q4 24 | $3.0B | $7.8B | ||
| Q3 24 | $3.1B | $7.9B | ||
| Q2 24 | $3.3B | $7.9B | ||
| Q1 24 | — | $7.9B |
| Q4 25 | — | 0.36× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-63.8M | $79.2M |
| Free Cash FlowOCF − Capex | $-63.9M | $74.3M |
| FCF MarginFCF / Revenue | -146.5% | 117.0% |
| Capex IntensityCapex / Revenue | 0.2% | 7.8% |
| Cash ConversionOCF / Net Profit | — | 2.94× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $115.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $79.2M | ||
| Q3 25 | $-63.2M | $10.9M | ||
| Q2 25 | $-77.0M | $19.5M | ||
| Q1 25 | $-95.0M | $15.2M | ||
| Q4 24 | — | $6.4M | ||
| Q3 24 | $-104.6M | $32.3M | ||
| Q2 24 | $-171.8M | $15.9M | ||
| Q1 24 | $-207.3M | $6.5M |
| Q4 25 | $-63.9M | $74.3M | ||
| Q3 25 | $-63.6M | $9.4M | ||
| Q2 25 | $-77.3M | $18.1M | ||
| Q1 25 | $-95.1M | $14.1M | ||
| Q4 24 | — | $1.3M | ||
| Q3 24 | $-105.6M | $31.0M | ||
| Q2 24 | $-173.2M | $15.1M | ||
| Q1 24 | $-209.8M | $5.4M |
| Q4 25 | -146.5% | 117.0% | ||
| Q3 25 | -175.8% | 16.1% | ||
| Q2 25 | -217.6% | 27.3% | ||
| Q1 25 | -298.6% | 20.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | -368.4% | 53.1% | ||
| Q2 24 | -541.7% | 27.1% | ||
| Q1 24 | -785.3% | 10.1% |
| Q4 25 | 0.2% | 7.8% | ||
| Q3 25 | 1.1% | 2.6% | ||
| Q2 25 | 1.0% | 2.1% | ||
| Q1 25 | 0.2% | 1.6% | ||
| Q4 24 | — | 9.6% | ||
| Q3 24 | 3.4% | 2.2% | ||
| Q2 24 | 4.3% | 1.5% | ||
| Q1 24 | 9.5% | 2.2% |
| Q4 25 | — | 2.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.64× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.78× | ||
| Q2 24 | — | 1.13× | ||
| Q1 24 | — | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GRAL
| Screening Revenue | $42.3M | 97% |
| Developmental Services Revenue | $1.3M | 3% |
HBNC
Segment breakdown not available.
