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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Natera, Inc. is the larger business by last-quarter revenue ($665.5M vs $43.6M, roughly 15.3× GRAIL, Inc.). Natera, Inc. runs the higher net margin — 7.1% vs -227.5%, a 234.6% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 14.0%). Natera, Inc. produced more free cash flow last quarter ($37.8M vs $-63.9M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% 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.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
GRAL vs NTRA — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $665.5M |
| Net Profit | $-99.2M | $47.3M |
| Gross Margin | — | — |
| Operating Margin | -285.4% | -3.4% |
| Net Margin | -227.5% | 7.1% |
| Revenue YoY | 14.0% | 39.8% |
| Net Profit YoY | -2.2% | 187.9% |
| EPS (diluted) | $-2.37 | $0.36 |
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 | $665.5M | ||
| Q3 25 | $36.2M | $592.2M | ||
| Q2 25 | $35.5M | $546.6M | ||
| Q1 25 | $31.8M | $501.8M | ||
| Q4 24 | $38.3M | $476.1M | ||
| Q3 24 | $28.7M | $439.8M | ||
| Q2 24 | $32.0M | $413.4M | ||
| Q1 24 | $26.7M | $367.7M |
| Q4 25 | $-99.2M | $47.3M | ||
| Q3 25 | $-89.0M | $-87.5M | ||
| Q2 25 | $-114.0M | $-100.9M | ||
| Q1 25 | $-106.2M | $-66.9M | ||
| Q4 24 | $-97.1M | $-53.8M | ||
| Q3 24 | $-125.7M | $-31.6M | ||
| Q2 24 | $-1.6B | $-37.5M | ||
| Q1 24 | $-218.9M | $-67.6M |
| Q4 25 | -285.4% | -3.4% | ||
| Q3 25 | -346.2% | -16.5% | ||
| Q2 25 | -446.9% | -20.2% | ||
| Q1 25 | -482.5% | -15.8% | ||
| Q4 24 | -358.0% | -13.6% | ||
| Q3 24 | -640.5% | -8.9% | ||
| Q2 24 | -5133.8% | -10.6% | ||
| Q1 24 | -851.1% | -20.2% |
| Q4 25 | -227.5% | 7.1% | ||
| Q3 25 | -245.8% | -14.8% | ||
| Q2 25 | -320.7% | -18.5% | ||
| Q1 25 | -333.6% | -13.3% | ||
| Q4 24 | -253.8% | -11.3% | ||
| Q3 24 | -438.7% | -7.2% | ||
| Q2 24 | -4958.8% | -9.1% | ||
| Q1 24 | -819.3% | -18.4% |
| Q4 25 | $-2.37 | $0.36 | ||
| Q3 25 | $-2.46 | $-0.64 | ||
| Q2 25 | $-3.18 | $-0.74 | ||
| Q1 25 | $-3.10 | $-0.50 | ||
| Q4 24 | $-1.49 | $-0.41 | ||
| Q3 24 | $-3.94 | $-0.26 | ||
| Q2 24 | $-51.06 | $-0.30 | ||
| Q1 24 | $-7.05 | $-0.56 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $1.7B |
| Total Assets | $2.9B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | — | ||
| Q3 25 | $126.9M | $1.0M | ||
| Q2 25 | $127.4M | $16.0M | ||
| Q1 25 | $133.9M | $17.8M | ||
| Q4 24 | $214.2M | $22.7M | ||
| Q3 24 | $853.6M | $29.5M | ||
| Q2 24 | $958.8M | $90.3M | ||
| Q1 24 | $199.7M | $69.1M |
| Q4 25 | $2.6B | $1.7B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $2.3B | $1.2B | ||
| Q1 25 | $2.4B | $1.2B | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.6B | $878.5M | ||
| Q2 24 | $2.7B | $836.5M | ||
| Q1 24 | — | $794.1M |
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $2.6B | $1.8B | ||
| Q2 25 | $2.7B | $1.8B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $3.0B | $1.7B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $3.3B | $1.5B | ||
| Q1 24 | — | $1.5B |
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 | $73.9M |
| Free Cash FlowOCF − Capex | $-63.9M | $37.8M |
| FCF MarginFCF / Revenue | -146.5% | 5.7% |
| Capex IntensityCapex / Revenue | 0.2% | 5.4% |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $73.9M | ||
| Q3 25 | $-63.2M | $59.4M | ||
| Q2 25 | $-77.0M | $37.6M | ||
| Q1 25 | $-95.0M | $44.5M | ||
| Q4 24 | — | $52.9M | ||
| Q3 24 | $-104.6M | $51.8M | ||
| Q2 24 | $-171.8M | $4.0M | ||
| Q1 24 | $-207.3M | $27.0M |
| Q4 25 | $-63.9M | $37.8M | ||
| Q3 25 | $-63.6M | $37.0M | ||
| Q2 25 | $-77.3M | $11.7M | ||
| Q1 25 | $-95.1M | $22.6M | ||
| Q4 24 | — | $34.8M | ||
| Q3 24 | $-105.6M | $35.5M | ||
| Q2 24 | $-173.2M | $-7.7M | ||
| Q1 24 | $-209.8M | $6.7M |
| Q4 25 | -146.5% | 5.7% | ||
| Q3 25 | -175.8% | 6.2% | ||
| Q2 25 | -217.6% | 2.1% | ||
| Q1 25 | -298.6% | 4.5% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | -368.4% | 8.1% | ||
| Q2 24 | -541.7% | -1.9% | ||
| Q1 24 | -785.3% | 1.8% |
| Q4 25 | 0.2% | 5.4% | ||
| Q3 25 | 1.1% | 3.8% | ||
| Q2 25 | 1.0% | 4.7% | ||
| Q1 25 | 0.2% | 4.3% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | 3.4% | 3.7% | ||
| Q2 24 | 4.3% | 2.8% | ||
| Q1 24 | 9.5% | 5.5% |
| Q4 25 | — | 1.56× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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% |
NTRA
Segment breakdown not available.
