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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and Ladder Capital Corp (LADR). Click either name above to swap in a different company.
GRAIL, Inc. is the larger business by last-quarter revenue ($43.6M vs $22.3M, roughly 2.0× Ladder Capital Corp). Ladder Capital Corp runs the higher net margin — 71.0% vs -227.5%, a 298.5% gap on every dollar of revenue. On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs -18.0%). Ladder Capital Corp produced more free cash flow last quarter ($78.7M vs $-63.9M). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs -22.5%).
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.
Ladder Capital Corp is a leading commercial real estate finance firm operating primarily across the United States. It originates and manages a diversified portfolio of senior secured commercial mortgage loans, mezzanine debt, commercial mortgage-backed securities, and direct real estate assets, serving property owners, operators and developers across major market segments.
GRAL vs LADR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $22.3M |
| Net Profit | $-99.2M | $15.9M |
| Gross Margin | — | — |
| Operating Margin | -285.4% | 69.5% |
| Net Margin | -227.5% | 71.0% |
| Revenue YoY | 14.0% | -18.0% |
| Net Profit YoY | -2.2% | -49.4% |
| EPS (diluted) | $-2.37 | $0.13 |
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 | $22.3M | ||
| Q3 25 | $36.2M | $27.8M | ||
| Q2 25 | $35.5M | $21.5M | ||
| Q1 25 | $31.8M | $20.3M | ||
| Q4 24 | $38.3M | $27.2M | ||
| Q3 24 | $28.7M | $38.4M | ||
| Q2 24 | $32.0M | $34.3M | ||
| Q1 24 | $26.7M | $37.1M |
| Q4 25 | $-99.2M | $15.9M | ||
| Q3 25 | $-89.0M | $19.2M | ||
| Q2 25 | $-114.0M | $17.1M | ||
| Q1 25 | $-106.2M | $11.6M | ||
| Q4 24 | $-97.1M | $31.3M | ||
| Q3 24 | $-125.7M | $27.6M | ||
| Q2 24 | $-1.6B | $32.1M | ||
| Q1 24 | $-218.9M | $16.4M |
| Q4 25 | -285.4% | 69.5% | ||
| Q3 25 | -346.2% | 72.4% | ||
| Q2 25 | -446.9% | 96.7% | ||
| Q1 25 | -482.5% | 52.7% | ||
| Q4 24 | -358.0% | — | ||
| Q3 24 | -640.5% | 74.1% | ||
| Q2 24 | -5133.8% | 90.4% | ||
| Q1 24 | -851.1% | 49.4% |
| Q4 25 | -227.5% | 71.0% | ||
| Q3 25 | -245.8% | 69.0% | ||
| Q2 25 | -320.7% | 79.5% | ||
| Q1 25 | -333.6% | 56.8% | ||
| Q4 24 | -253.8% | 115.1% | ||
| Q3 24 | -438.7% | 71.7% | ||
| Q2 24 | -4958.8% | 93.6% | ||
| Q1 24 | -819.3% | 44.2% |
| Q4 25 | $-2.37 | $0.13 | ||
| Q3 25 | $-2.46 | $0.15 | ||
| Q2 25 | $-3.18 | $0.14 | ||
| Q1 25 | $-3.10 | $0.09 | ||
| Q4 24 | $-1.49 | $0.25 | ||
| Q3 24 | $-3.94 | $0.22 | ||
| Q2 24 | $-51.06 | $0.26 | ||
| Q1 24 | $-7.05 | $0.13 |
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 | $38.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $1.5B |
| Total Assets | $2.9B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $38.0M | ||
| Q3 25 | $126.9M | $49.4M | ||
| Q2 25 | $127.4M | $134.9M | ||
| Q1 25 | $133.9M | $479.8M | ||
| Q4 24 | $214.2M | $1.3B | ||
| Q3 24 | $853.6M | $1.6B | ||
| Q2 24 | $958.8M | $1.2B | ||
| Q1 24 | $199.7M | $1.2B |
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $2.2B | $1.5B | ||
| Q2 25 | $2.3B | $1.5B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $2.5B | $1.5B | ||
| Q3 24 | $2.6B | $1.5B | ||
| Q2 24 | $2.7B | $1.5B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | $2.9B | $5.2B | ||
| Q3 25 | $2.6B | $4.7B | ||
| Q2 25 | $2.7B | $4.5B | ||
| Q1 25 | $2.8B | $4.5B | ||
| Q4 24 | $3.0B | $4.8B | ||
| Q3 24 | $3.1B | $4.8B | ||
| Q2 24 | $3.3B | $4.8B | ||
| Q1 24 | — | $5.3B |
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 | $87.0M |
| Free Cash FlowOCF − Capex | $-63.9M | $78.7M |
| FCF MarginFCF / Revenue | -146.5% | 352.4% |
| Capex IntensityCapex / Revenue | 0.2% | 37.4% |
| Cash ConversionOCF / Net Profit | — | 5.49× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $118.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $87.0M | ||
| Q3 25 | $-63.2M | $26.3M | ||
| Q2 25 | $-77.0M | $44.0M | ||
| Q1 25 | $-95.0M | $-28.7M | ||
| Q4 24 | — | $133.9M | ||
| Q3 24 | $-104.6M | $169.0M | ||
| Q2 24 | $-171.8M | $45.4M | ||
| Q1 24 | $-207.3M | $-20.4M |
| Q4 25 | $-63.9M | $78.7M | ||
| Q3 25 | $-63.6M | $25.9M | ||
| Q2 25 | $-77.3M | $43.4M | ||
| Q1 25 | $-95.1M | $-29.6M | ||
| Q4 24 | — | $127.4M | ||
| Q3 24 | $-105.6M | $166.0M | ||
| Q2 24 | $-173.2M | $44.9M | ||
| Q1 24 | $-209.8M | $-21.7M |
| Q4 25 | -146.5% | 352.4% | ||
| Q3 25 | -175.8% | 93.1% | ||
| Q2 25 | -217.6% | 201.6% | ||
| Q1 25 | -298.6% | -145.6% | ||
| Q4 24 | — | 468.2% | ||
| Q3 24 | -368.4% | 432.1% | ||
| Q2 24 | -541.7% | 131.0% | ||
| Q1 24 | -785.3% | -58.6% |
| Q4 25 | 0.2% | 37.4% | ||
| Q3 25 | 1.1% | 1.7% | ||
| Q2 25 | 1.0% | 2.9% | ||
| Q1 25 | 0.2% | 4.3% | ||
| Q4 24 | — | 23.9% | ||
| Q3 24 | 3.4% | 7.8% | ||
| Q2 24 | 4.3% | 1.3% | ||
| Q1 24 | 9.5% | 3.7% |
| Q4 25 | — | 5.49× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 2.57× | ||
| Q1 25 | — | -2.49× | ||
| Q4 24 | — | 4.27× | ||
| Q3 24 | — | 6.13× | ||
| Q2 24 | — | 1.41× | ||
| Q1 24 | — | -1.24× |
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% |
LADR
Segment breakdown not available.
