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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and NATIONAL RESEARCH CORP (NRC). Click either name above to swap in a different company.
GRAIL, Inc. is the larger business by last-quarter revenue ($43.6M vs $35.2M, roughly 1.2× NATIONAL RESEARCH CORP). NATIONAL RESEARCH CORP runs the higher net margin — 5.1% vs -227.5%, a 232.6% gap on every dollar of revenue. On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs -4.6%). NATIONAL RESEARCH CORP produced more free cash flow last quarter ($6.1M vs $-63.9M). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs -0.2%).
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.
National Research Corporation, doing business as NRC Health, is an American healthcare company which provides healthcare products and subscription-based solutions in United States and Canada. It was founded in 1981, and is based in Lincoln, Nebraska.
GRAL vs NRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $35.2M |
| Net Profit | $-99.2M | $1.8M |
| Gross Margin | — | — |
| Operating Margin | -285.4% | 13.3% |
| Net Margin | -227.5% | 5.1% |
| Revenue YoY | 14.0% | -4.6% |
| Net Profit YoY | -2.2% | -72.6% |
| EPS (diluted) | $-2.37 | $49.58 |
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 | $35.2M | ||
| Q3 25 | $36.2M | $34.6M | ||
| Q2 25 | $35.5M | $34.0M | ||
| Q1 25 | $31.8M | $33.6M | ||
| Q4 24 | $38.3M | $36.9M | ||
| Q3 24 | $28.7M | $35.8M | ||
| Q2 24 | $32.0M | $35.0M | ||
| Q1 24 | $26.7M | $35.3M |
| Q4 25 | $-99.2M | $1.8M | ||
| Q3 25 | $-89.0M | $4.1M | ||
| Q2 25 | $-114.0M | $-106.0K | ||
| Q1 25 | $-106.2M | $5.8M | ||
| Q4 24 | $-97.1M | $6.6M | ||
| Q3 24 | $-125.7M | $5.7M | ||
| Q2 24 | $-1.6B | $6.2M | ||
| Q1 24 | $-218.9M | $6.4M |
| Q4 25 | -285.4% | 13.3% | ||
| Q3 25 | -346.2% | 22.4% | ||
| Q2 25 | -446.9% | 4.7% | ||
| Q1 25 | -482.5% | 25.6% | ||
| Q4 24 | -358.0% | 26.0% | ||
| Q3 24 | -640.5% | 22.3% | ||
| Q2 24 | -5133.8% | 25.3% | ||
| Q1 24 | -851.1% | 24.8% |
| Q4 25 | -227.5% | 5.1% | ||
| Q3 25 | -245.8% | 11.9% | ||
| Q2 25 | -320.7% | -0.3% | ||
| Q1 25 | -333.6% | 17.2% | ||
| Q4 24 | -253.8% | 17.8% | ||
| Q3 24 | -438.7% | 15.9% | ||
| Q2 24 | -4958.8% | 17.6% | ||
| Q1 24 | -819.3% | 18.0% |
| Q4 25 | $-2.37 | $49.58 | ||
| Q3 25 | $-2.46 | $0.18 | ||
| Q2 25 | $-3.18 | $-0.01 | ||
| Q1 25 | $-3.10 | $0.25 | ||
| Q4 24 | $-1.49 | $0.27 | ||
| Q3 24 | $-3.94 | $0.24 | ||
| Q2 24 | $-51.06 | $0.26 | ||
| Q1 24 | $-7.05 | $0.27 |
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 | $4.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $14.0M |
| Total Assets | $2.9B | $134.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $4.1M | ||
| Q3 25 | $126.9M | $2.2M | ||
| Q2 25 | $127.4M | $5.3M | ||
| Q1 25 | $133.9M | $2.5M | ||
| Q4 24 | $214.2M | $4.2M | ||
| Q3 24 | $853.6M | $3.5M | ||
| Q2 24 | $958.8M | $485.0K | ||
| Q1 24 | $199.7M | $1.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $48.7M | ||
| Q2 24 | — | $33.3M | ||
| Q1 24 | — | $35.2M |
| Q4 25 | $2.6B | $14.0M | ||
| Q3 25 | $2.2B | $14.3M | ||
| Q2 25 | $2.3B | $21.3M | ||
| Q1 25 | $2.4B | $29.7M | ||
| Q4 24 | $2.5B | $31.3M | ||
| Q3 24 | $2.6B | $34.6M | ||
| Q2 24 | $2.7B | $40.2M | ||
| Q1 24 | — | $36.9M |
| Q4 25 | $2.9B | $134.9M | ||
| Q3 25 | $2.6B | $135.7M | ||
| Q2 25 | $2.7B | $141.4M | ||
| Q1 25 | $2.8B | $135.2M | ||
| Q4 24 | $3.0B | $132.5M | ||
| Q3 24 | $3.1B | $131.8M | ||
| Q2 24 | $3.3B | $119.1M | ||
| Q1 24 | — | $120.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | 0.95× |
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 | $7.2M |
| Free Cash FlowOCF − Capex | $-63.9M | $6.1M |
| FCF MarginFCF / Revenue | -146.5% | 17.2% |
| Capex IntensityCapex / Revenue | 0.2% | 3.2% |
| Cash ConversionOCF / Net Profit | — | 3.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $15.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $7.2M | ||
| Q3 25 | $-63.2M | $13.8M | ||
| Q2 25 | $-77.0M | $-1.1M | ||
| Q1 25 | $-95.0M | $6.6M | ||
| Q4 24 | — | $6.4M | ||
| Q3 24 | $-104.6M | $9.4M | ||
| Q2 24 | $-171.8M | $6.8M | ||
| Q1 24 | $-207.3M | $12.0M |
| Q4 25 | $-63.9M | $6.1M | ||
| Q3 25 | $-63.6M | $10.2M | ||
| Q2 25 | $-77.3M | $-4.1M | ||
| Q1 25 | $-95.1M | $3.7M | ||
| Q4 24 | — | $1.9M | ||
| Q3 24 | $-105.6M | $7.8M | ||
| Q2 24 | $-173.2M | $1.5M | ||
| Q1 24 | $-209.8M | $7.9M |
| Q4 25 | -146.5% | 17.2% | ||
| Q3 25 | -175.8% | 29.4% | ||
| Q2 25 | -217.6% | -12.2% | ||
| Q1 25 | -298.6% | 10.9% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | -368.4% | 21.8% | ||
| Q2 24 | -541.7% | 4.3% | ||
| Q1 24 | -785.3% | 22.4% |
| Q4 25 | 0.2% | 3.2% | ||
| Q3 25 | 1.1% | 10.4% | ||
| Q2 25 | 1.0% | 8.8% | ||
| Q1 25 | 0.2% | 8.9% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | 3.4% | 4.5% | ||
| Q2 24 | 4.3% | 15.0% | ||
| Q1 24 | 9.5% | 11.7% |
| Q4 25 | — | 3.99× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | — | 0.97× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 1.10× | ||
| Q1 24 | — | 1.89× |
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% |
NRC
Segment breakdown not available.
