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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and LandBridge Co LLC (LB). Click either name above to swap in a different company.
LandBridge Co LLC is the larger business by last-quarter revenue ($56.8M vs $43.6M, roughly 1.3× GRAIL, Inc.). LandBridge Co LLC runs the higher net margin — 14.2% vs -227.5%, a 241.7% gap on every dollar of revenue. On growth, LandBridge Co LLC posted the faster year-over-year revenue change (55.6% vs 14.0%). LandBridge Co LLC produced more free cash flow last quarter ($122.0M vs $-63.9M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (72.8% CAGR vs 27.7%).
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.
GRAL vs LB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $56.8M |
| Net Profit | $-99.2M | $8.1M |
| Gross Margin | — | — |
| Operating Margin | -285.4% | 60.0% |
| Net Margin | -227.5% | 14.2% |
| Revenue YoY | 14.0% | 55.6% |
| Net Profit YoY | -2.2% | -83.7% |
| EPS (diluted) | $-2.37 | $0.24 |
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 | $56.8M | ||
| Q3 25 | $36.2M | $50.8M | ||
| Q2 25 | $35.5M | $47.5M | ||
| Q1 25 | $31.8M | $44.0M | ||
| Q4 24 | $38.3M | $36.5M | ||
| Q3 24 | $28.7M | $28.5M | ||
| Q2 24 | $32.0M | $26.0M | ||
| Q1 24 | $26.7M | $19.0M |
| Q4 25 | $-99.2M | $8.1M | ||
| Q3 25 | $-89.0M | $8.1M | ||
| Q2 25 | $-114.0M | $7.5M | ||
| Q1 25 | $-106.2M | $6.5M | ||
| Q4 24 | $-97.1M | $49.3M | ||
| Q3 24 | $-125.7M | $2.7M | ||
| Q2 24 | $-1.6B | $-57.7M | ||
| Q1 24 | $-218.9M | $10.8M |
| Q4 25 | -285.4% | 60.0% | ||
| Q3 25 | -346.2% | 60.8% | ||
| Q2 25 | -446.9% | 60.0% | ||
| Q1 25 | -482.5% | 57.0% | ||
| Q4 24 | -358.0% | 49.4% | ||
| Q3 24 | -640.5% | 11.2% | ||
| Q2 24 | -5133.8% | -197.4% | ||
| Q1 24 | -851.1% | 71.1% |
| Q4 25 | -227.5% | 14.2% | ||
| Q3 25 | -245.8% | 15.9% | ||
| Q2 25 | -320.7% | 15.8% | ||
| Q1 25 | -333.6% | 14.7% | ||
| Q4 24 | -253.8% | 135.2% | ||
| Q3 24 | -438.7% | 9.3% | ||
| Q2 24 | -4958.8% | -222.1% | ||
| Q1 24 | -819.3% | 56.7% |
| Q4 25 | $-2.37 | $0.24 | ||
| Q3 25 | $-2.46 | $0.26 | ||
| Q2 25 | $-3.18 | $0.24 | ||
| Q1 25 | $-3.10 | $0.20 | ||
| Q4 24 | $-1.49 | — | ||
| Q3 24 | $-3.94 | $-0.04 | ||
| Q2 24 | $-51.06 | — | ||
| Q1 24 | $-7.05 | — |
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 | $30.7M |
| Total DebtLower is stronger | — | $570.7M |
| Stockholders' EquityBook value | $2.6B | $340.3M |
| Total Assets | $2.9B | $1.4B |
| Debt / EquityLower = less leverage | — | 1.68× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $30.7M | ||
| Q3 25 | $126.9M | $28.3M | ||
| Q2 25 | $127.4M | $20.3M | ||
| Q1 25 | $133.9M | $14.9M | ||
| Q4 24 | $214.2M | $37.0M | ||
| Q3 24 | $853.6M | $14.4M | ||
| Q2 24 | $958.8M | $24.6M | ||
| Q1 24 | $199.7M | — |
| Q4 25 | — | $570.7M | ||
| Q3 25 | — | $366.1M | ||
| Q2 25 | — | $370.9M | ||
| Q1 25 | — | $375.5M | ||
| Q4 24 | — | $385.5M | ||
| Q3 24 | — | $242.4M | ||
| Q2 24 | — | $360.8M | ||
| Q1 24 | — | — |
| Q4 25 | $2.6B | $340.3M | ||
| Q3 25 | $2.2B | $272.0M | ||
| Q2 25 | $2.3B | $266.4M | ||
| Q1 25 | $2.4B | $217.0M | ||
| Q4 24 | $2.5B | $211.8M | ||
| Q3 24 | $2.6B | $97.2M | ||
| Q2 24 | $2.7B | $296.4M | ||
| Q1 24 | — | $162.3M |
| Q4 25 | $2.9B | $1.4B | ||
| Q3 25 | $2.6B | $1.1B | ||
| Q2 25 | $2.7B | $1.1B | ||
| Q1 25 | $2.8B | $1.0B | ||
| Q4 24 | $3.0B | $1.0B | ||
| Q3 24 | $3.1B | $689.9M | ||
| Q2 24 | $3.3B | $710.5M | ||
| Q1 24 | — | — |
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | — | 1.39× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 1.82× | ||
| Q3 24 | — | 2.49× | ||
| Q2 24 | — | 1.22× | ||
| 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 | $126.3M |
| Free Cash FlowOCF − Capex | $-63.9M | $122.0M |
| FCF MarginFCF / Revenue | -146.5% | 214.9% |
| Capex IntensityCapex / Revenue | 0.2% | 7.5% |
| Cash ConversionOCF / Net Profit | — | 15.68× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $207.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $126.3M | ||
| Q3 25 | $-63.2M | $34.9M | ||
| Q2 25 | $-77.0M | $37.3M | ||
| Q1 25 | $-95.0M | $15.9M | ||
| Q4 24 | — | $67.6M | ||
| Q3 24 | $-104.6M | $7.5M | ||
| Q2 24 | $-171.8M | $16.0M | ||
| Q1 24 | $-207.3M | $17.2M |
| Q4 25 | $-63.9M | $122.0M | ||
| Q3 25 | $-63.6M | $33.7M | ||
| Q2 25 | $-77.3M | $36.1M | ||
| Q1 25 | $-95.1M | $15.8M | ||
| Q4 24 | — | $66.7M | ||
| Q3 24 | $-105.6M | $7.1M | ||
| Q2 24 | $-173.2M | $15.7M | ||
| Q1 24 | $-209.8M | $17.1M |
| Q4 25 | -146.5% | 214.9% | ||
| Q3 25 | -175.8% | 66.3% | ||
| Q2 25 | -217.6% | 75.9% | ||
| Q1 25 | -298.6% | 36.0% | ||
| Q4 24 | — | 182.6% | ||
| Q3 24 | -368.4% | 25.1% | ||
| Q2 24 | -541.7% | 60.4% | ||
| Q1 24 | -785.3% | 90.1% |
| Q4 25 | 0.2% | 7.5% | ||
| Q3 25 | 1.1% | 2.3% | ||
| Q2 25 | 1.0% | 2.6% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | 3.4% | 1.1% | ||
| Q2 24 | 4.3% | 1.4% | ||
| Q1 24 | 9.5% | 0.5% |
| Q4 25 | — | 15.68× | ||
| Q3 25 | — | 4.31× | ||
| Q2 25 | — | 4.98× | ||
| Q1 25 | — | 2.46× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 2.80× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.60× |
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% |
LB
Segment breakdown not available.
