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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and Orion Properties Inc. (ONL). 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× Orion Properties Inc.). Orion Properties Inc. runs the higher net margin — -101.7% vs -227.5%, a 125.8% gap on every dollar of revenue. On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs -8.2%). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs -6.3%).
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 ONL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $35.2M |
| Net Profit | $-99.2M | $-35.8M |
| Gross Margin | — | — |
| Operating Margin | -285.4% | -40.2% |
| Net Margin | -227.5% | -101.7% |
| Revenue YoY | 14.0% | -8.2% |
| Net Profit YoY | -2.2% | -9.3% |
| EPS (diluted) | $-2.37 | $-0.64 |
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.
| Q1 26 | — | $35.2M | ||
| Q4 25 | $43.6M | $35.2M | ||
| Q3 25 | $36.2M | $37.1M | ||
| Q2 25 | $35.5M | $37.3M | ||
| Q1 25 | $31.8M | $38.0M | ||
| Q4 24 | $38.3M | $38.4M | ||
| Q3 24 | $28.7M | $39.2M | ||
| Q2 24 | $32.0M | $40.1M |
| Q1 26 | — | $-35.8M | ||
| Q4 25 | $-99.2M | $-35.8M | ||
| Q3 25 | $-89.0M | $-69.0M | ||
| Q2 25 | $-114.0M | $-25.1M | ||
| Q1 25 | $-106.2M | $-9.4M | ||
| Q4 24 | $-97.1M | $-32.8M | ||
| Q3 24 | $-125.7M | $-10.2M | ||
| Q2 24 | $-1.6B | $-33.8M |
| Q1 26 | — | -40.2% | ||
| Q4 25 | -285.4% | -101.5% | ||
| Q3 25 | -346.2% | -185.8% | ||
| Q2 25 | -446.9% | -67.1% | ||
| Q1 25 | -482.5% | -24.4% | ||
| Q4 24 | -358.0% | -85.4% | ||
| Q3 24 | -640.5% | -25.9% | ||
| Q2 24 | -5133.8% | -84.1% |
| Q1 26 | — | -101.7% | ||
| Q4 25 | -227.5% | -101.7% | ||
| Q3 25 | -245.8% | -186.0% | ||
| Q2 25 | -320.7% | -67.3% | ||
| Q1 25 | -333.6% | -24.6% | ||
| Q4 24 | -253.8% | -85.4% | ||
| Q3 24 | -438.7% | -26.1% | ||
| Q2 24 | -4958.8% | -84.2% |
| Q1 26 | — | $-0.64 | ||
| Q4 25 | $-2.37 | $-0.63 | ||
| Q3 25 | $-2.46 | $-1.23 | ||
| Q2 25 | $-3.18 | $-0.45 | ||
| Q1 25 | $-3.10 | $-0.17 | ||
| Q4 24 | $-1.49 | $-0.59 | ||
| Q3 24 | $-3.94 | $-0.18 | ||
| Q2 24 | $-51.06 | $-0.60 |
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 | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $623.2M |
| Total Assets | $2.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $22.4M | ||
| Q4 25 | $249.7M | $22.4M | ||
| Q3 25 | $126.9M | $32.6M | ||
| Q2 25 | $127.4M | $17.4M | ||
| Q1 25 | $133.9M | $9.4M | ||
| Q4 24 | $214.2M | $15.6M | ||
| Q3 24 | $853.6M | $16.6M | ||
| Q2 24 | $958.8M | $24.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $465.0M | ||
| Q3 25 | — | $483.0M | ||
| Q2 25 | — | $483.0M | ||
| Q1 25 | — | $505.0M | ||
| Q4 24 | — | $492.0M | ||
| Q3 24 | — | $485.0M | ||
| Q2 24 | — | $462.0M |
| Q1 26 | — | $623.2M | ||
| Q4 25 | $2.6B | $623.2M | ||
| Q3 25 | $2.2B | $658.8M | ||
| Q2 25 | $2.3B | $728.0M | ||
| Q1 25 | $2.4B | $753.5M | ||
| Q4 24 | $2.5B | $763.9M | ||
| Q3 24 | $2.6B | $800.9M | ||
| Q2 24 | $2.7B | $816.1M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | $2.6B | $1.2B | ||
| Q2 25 | $2.7B | $1.3B | ||
| Q1 25 | $2.8B | $1.3B | ||
| Q4 24 | $3.0B | $1.3B | ||
| Q3 24 | $3.1B | $1.4B | ||
| Q2 24 | $3.3B | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.73× | ||
| Q2 25 | — | 0.66× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | — | 0.61× | ||
| Q2 24 | — | 0.57× |
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 | — |
| Free Cash FlowOCF − Capex | $-63.9M | — |
| FCF MarginFCF / Revenue | -146.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | 50.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-63.8M | $23.6M | ||
| Q3 25 | $-63.2M | $5.7M | ||
| Q2 25 | $-77.0M | $11.6M | ||
| Q1 25 | $-95.0M | $-2.2M | ||
| Q4 24 | — | $54.3M | ||
| Q3 24 | $-104.6M | $13.8M | ||
| Q2 24 | $-171.8M | $17.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | 50.5% | ||
| 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% | — |
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% |
ONL
| Rental | $35.0M | 99% |
| Fee income from unconsolidated joint venture | $209.0K | 1% |
