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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
indie Semiconductor, Inc. is the larger business by last-quarter revenue ($58.0M vs $43.6M, roughly 1.3× GRAIL, Inc.). On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs -0.0%). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs 5.3%).
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.
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
GRAL vs INDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $58.0M |
| Net Profit | $-99.2M | — |
| Gross Margin | — | 37.3% |
| Operating Margin | -285.4% | -58.5% |
| Net Margin | -227.5% | — |
| Revenue YoY | 14.0% | -0.0% |
| Net Profit YoY | -2.2% | — |
| EPS (diluted) | $-2.37 | — |
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.
| Q1 26 | — | $58.0M | ||
| Q4 25 | $43.6M | $58.0M | ||
| Q3 25 | $36.2M | $53.7M | ||
| Q2 25 | $35.5M | $51.6M | ||
| Q1 25 | $31.8M | $54.1M | ||
| Q4 24 | $38.3M | $58.0M | ||
| Q3 24 | $28.7M | $54.0M | ||
| Q2 24 | $32.0M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-99.2M | $-31.2M | ||
| Q3 25 | $-89.0M | $-38.3M | ||
| Q2 25 | $-114.0M | $-39.0M | ||
| Q1 25 | $-106.2M | $-34.5M | ||
| Q4 24 | $-97.1M | $-34.4M | ||
| Q3 24 | $-125.7M | $-49.7M | ||
| Q2 24 | $-1.6B | $-19.2M |
| Q1 26 | — | 37.3% | ||
| Q4 25 | — | 37.3% | ||
| Q3 25 | — | 40.1% | ||
| Q2 25 | — | 40.6% | ||
| Q1 25 | — | 41.7% | ||
| Q4 24 | — | 42.6% | ||
| Q3 24 | — | 39.3% | ||
| Q2 24 | — | 42.2% |
| Q1 26 | — | -58.5% | ||
| Q4 25 | -285.4% | -58.5% | ||
| Q3 25 | -346.2% | -71.4% | ||
| Q2 25 | -446.9% | -83.3% | ||
| Q1 25 | -482.5% | -72.0% | ||
| Q4 24 | -358.0% | -58.4% | ||
| Q3 24 | -640.5% | -92.5% | ||
| Q2 24 | -5133.8% | -70.0% |
| Q1 26 | — | — | ||
| Q4 25 | -227.5% | -53.8% | ||
| Q3 25 | -245.8% | -71.3% | ||
| Q2 25 | -320.7% | -75.6% | ||
| Q1 25 | -333.6% | -63.9% | ||
| Q4 24 | -253.8% | -59.2% | ||
| Q3 24 | -438.7% | -92.1% | ||
| Q2 24 | -4958.8% | -36.6% |
| Q1 26 | — | — | ||
| Q4 25 | $-2.37 | $-0.16 | ||
| Q3 25 | $-2.46 | $-0.19 | ||
| Q2 25 | $-3.18 | $-0.20 | ||
| Q1 25 | $-3.10 | $-0.18 | ||
| Q4 24 | $-1.49 | $-0.18 | ||
| Q3 24 | $-3.94 | $-0.28 | ||
| Q2 24 | $-51.06 | $-0.11 |
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 | $145.5M |
| Total DebtLower is stronger | — | $339.8M |
| Stockholders' EquityBook value | $2.6B | $382.7M |
| Total Assets | $2.9B | $840.8M |
| Debt / EquityLower = less leverage | — | 0.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $145.5M | ||
| Q4 25 | $249.7M | $145.5M | ||
| Q3 25 | $126.9M | $160.9M | ||
| Q2 25 | $127.4M | $192.6M | ||
| Q1 25 | $133.9M | $236.6M | ||
| Q4 24 | $214.2M | $274.2M | ||
| Q3 24 | $853.6M | $96.9M | ||
| Q2 24 | $958.8M | $112.3M |
| Q1 26 | — | $339.8M | ||
| Q4 25 | — | $353.4M | ||
| Q3 25 | — | $353.5M | ||
| Q2 25 | — | $352.5M | ||
| Q1 25 | — | $379.0M | ||
| Q4 24 | — | $381.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $382.7M | ||
| Q4 25 | $2.6B | $358.0M | ||
| Q3 25 | $2.2B | $369.2M | ||
| Q2 25 | $2.3B | $390.4M | ||
| Q1 25 | $2.4B | $405.6M | ||
| Q4 24 | $2.5B | $417.9M | ||
| Q3 24 | $2.6B | $458.6M | ||
| Q2 24 | $2.7B | $470.7M |
| Q1 26 | — | $840.8M | ||
| Q4 25 | $2.9B | $840.8M | ||
| Q3 25 | $2.6B | $855.1M | ||
| Q2 25 | $2.7B | $867.6M | ||
| Q1 25 | $2.8B | $909.0M | ||
| Q4 24 | $3.0B | $941.4M | ||
| Q3 24 | $3.1B | $797.5M | ||
| Q2 24 | $3.3B | $797.3M |
| Q1 26 | — | 0.89× | ||
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | — | 0.91× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | $-63.9M | — |
| FCF MarginFCF / Revenue | -146.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-63.8M | $-14.4M | ||
| Q3 25 | $-63.2M | $-6.2M | ||
| Q2 25 | $-77.0M | $-7.6M | ||
| Q1 25 | $-95.0M | $-29.0M | ||
| Q4 24 | — | $-6.7M | ||
| Q3 24 | $-104.6M | $-22.8M | ||
| Q2 24 | $-171.8M | $-19.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-63.9M | $-16.1M | ||
| Q3 25 | $-63.6M | $-10.3M | ||
| Q2 25 | $-77.3M | $-13.6M | ||
| Q1 25 | $-95.1M | $-31.4M | ||
| Q4 24 | — | $-8.6M | ||
| Q3 24 | $-105.6M | $-29.3M | ||
| Q2 24 | $-173.2M | $-23.4M |
| Q1 26 | — | — | ||
| Q4 25 | -146.5% | -27.8% | ||
| Q3 25 | -175.8% | -19.2% | ||
| Q2 25 | -217.6% | -26.4% | ||
| Q1 25 | -298.6% | -58.0% | ||
| Q4 24 | — | -14.8% | ||
| Q3 24 | -368.4% | -54.3% | ||
| Q2 24 | -541.7% | -44.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 3.0% | ||
| Q3 25 | 1.1% | 7.8% | ||
| Q2 25 | 1.0% | 11.6% | ||
| Q1 25 | 0.2% | 4.4% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | 3.4% | 12.1% | ||
| Q2 24 | 4.3% | 7.0% |
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% |
INDI
| Product revenue | $55.7M | 96% |
| Contract revenue | $2.3M | 4% |
