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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and MFA FINANCIAL, INC. (MFA). Click either name above to swap in a different company.
MFA FINANCIAL, INC. is the larger business by last-quarter revenue ($55.5M vs $43.6M, roughly 1.3× GRAIL, Inc.). On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs 9.2%). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs 7.7%).
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.
MFA Financial, Inc. is a U.S.-headquartered real estate investment trust (REIT) specializing in investing in and managing residential and commercial mortgage-backed securities, mortgage loans, and other real estate-related financial assets. It caters primarily to institutional and individual investors across the U.S., focusing on delivering stable risk-adjusted returns via rigorous asset screening and risk management frameworks.
GRAL vs MFA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $55.5M |
| Net Profit | $-99.2M | — |
| Gross Margin | — | — |
| Operating Margin | -285.4% | 97.9% |
| Net Margin | -227.5% | — |
| Revenue YoY | 14.0% | 9.2% |
| Net Profit YoY | -2.2% | — |
| EPS (diluted) | $-2.37 | $0.43 |
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 | $55.5M | ||
| Q3 25 | $36.2M | $56.8M | ||
| Q2 25 | $35.5M | $61.3M | ||
| Q1 25 | $31.8M | $57.5M | ||
| Q4 24 | $38.3M | $50.8M | ||
| Q3 24 | $28.7M | $50.6M | ||
| Q2 24 | $32.0M | $53.5M | ||
| Q1 24 | $26.7M | $47.8M |
| Q4 25 | $-99.2M | — | ||
| Q3 25 | $-89.0M | $48.1M | ||
| Q2 25 | $-114.0M | $33.2M | ||
| Q1 25 | $-106.2M | $41.2M | ||
| Q4 24 | $-97.1M | — | ||
| Q3 24 | $-125.7M | $48.2M | ||
| Q2 24 | $-1.6B | $41.9M | ||
| Q1 24 | $-218.9M | $23.2M |
| Q4 25 | -285.4% | 97.9% | ||
| Q3 25 | -346.2% | 84.5% | ||
| Q2 25 | -446.9% | 54.5% | ||
| Q1 25 | -482.5% | 70.0% | ||
| Q4 24 | -358.0% | 6.8% | ||
| Q3 24 | -640.5% | 98.2% | ||
| Q2 24 | -5133.8% | 79.1% | ||
| Q1 24 | -851.1% | 50.7% |
| Q4 25 | -227.5% | — | ||
| Q3 25 | -245.8% | 84.7% | ||
| Q2 25 | -320.7% | 54.2% | ||
| Q1 25 | -333.6% | 71.6% | ||
| Q4 24 | -253.8% | — | ||
| Q3 24 | -438.7% | 95.2% | ||
| Q2 24 | -4958.8% | 78.4% | ||
| Q1 24 | -819.3% | 48.5% |
| Q4 25 | $-2.37 | $0.43 | ||
| Q3 25 | $-2.46 | $0.35 | ||
| Q2 25 | $-3.18 | $0.21 | ||
| Q1 25 | $-3.10 | $0.31 | ||
| Q4 24 | $-1.49 | $-0.01 | ||
| Q3 24 | $-3.94 | $0.37 | ||
| Q2 24 | $-51.06 | $0.32 | ||
| Q1 24 | $-7.05 | $0.14 |
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 | $213.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $1.8B |
| Total Assets | $2.9B | $13.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $213.2M | ||
| Q3 25 | $126.9M | $305.2M | ||
| Q2 25 | $127.4M | $275.7M | ||
| Q1 25 | $133.9M | $253.7M | ||
| Q4 24 | $214.2M | $338.9M | ||
| Q3 24 | $853.6M | $305.6M | ||
| Q2 24 | $958.8M | $289.4M | ||
| Q1 24 | $199.7M | $306.3M |
| Q4 25 | $2.6B | $1.8B | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $2.3B | $1.8B | ||
| Q1 25 | $2.4B | $1.8B | ||
| Q4 24 | $2.5B | $1.8B | ||
| Q3 24 | $2.6B | $1.9B | ||
| Q2 24 | $2.7B | $1.9B | ||
| Q1 24 | — | $1.9B |
| Q4 25 | $2.9B | $13.0B | ||
| Q3 25 | $2.6B | $12.1B | ||
| Q2 25 | $2.7B | $11.7B | ||
| Q1 25 | $2.8B | $11.5B | ||
| Q4 24 | $3.0B | $11.4B | ||
| Q3 24 | $3.1B | $11.2B | ||
| Q2 24 | $3.3B | $11.1B | ||
| Q1 24 | — | $10.9B |
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 | $76.2M |
| 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.
| Q4 25 | $-63.8M | $76.2M | ||
| Q3 25 | $-63.2M | $14.7M | ||
| Q2 25 | $-77.0M | $38.5M | ||
| Q1 25 | $-95.0M | $-14.6M | ||
| Q4 24 | — | $200.1M | ||
| Q3 24 | $-104.6M | $-11.3M | ||
| Q2 24 | $-171.8M | $46.5M | ||
| Q1 24 | $-207.3M | $53.5M |
| Q4 25 | $-63.9M | — | ||
| Q3 25 | $-63.6M | — | ||
| Q2 25 | $-77.3M | — | ||
| Q1 25 | $-95.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-105.6M | — | ||
| Q2 24 | $-173.2M | — | ||
| Q1 24 | $-209.8M | — |
| Q4 25 | -146.5% | — | ||
| Q3 25 | -175.8% | — | ||
| Q2 25 | -217.6% | — | ||
| Q1 25 | -298.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -368.4% | — | ||
| Q2 24 | -541.7% | — | ||
| Q1 24 | -785.3% | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.4% | — | ||
| Q2 24 | 4.3% | — | ||
| Q1 24 | 9.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | -0.35× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.23× | ||
| Q2 24 | — | 1.11× | ||
| Q1 24 | — | 2.30× |
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% |
MFA
Segment breakdown not available.
