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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and OneSpan Inc. (OSPN). Click either name above to swap in a different company.
OneSpan Inc. is the larger business by last-quarter revenue ($65.9M vs $43.6M, roughly 1.5× GRAIL, Inc.). OneSpan Inc. runs the higher net margin — 17.5% vs -227.5%, a 245.0% gap on every dollar of revenue. On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs 4.1%). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs 4.0%).
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.
OneSpan Inc. is an information security company based in Boston, Massachusetts. Services include an internet fraud prevention platform, multi-factor authentication tools and electronic signature software.
GRAL vs OSPN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $65.9M |
| Net Profit | $-99.2M | $11.6M |
| Gross Margin | — | 73.6% |
| Operating Margin | -285.4% | 22.5% |
| Net Margin | -227.5% | 17.5% |
| Revenue YoY | 14.0% | 4.1% |
| Net Profit YoY | -2.2% | — |
| EPS (diluted) | $-2.37 | $0.39 |
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 | — | $65.9M | ||
| Q4 25 | $43.6M | $62.9M | ||
| Q3 25 | $36.2M | $57.1M | ||
| Q2 25 | $35.5M | $59.8M | ||
| Q1 25 | $31.8M | $63.4M | ||
| Q4 24 | $38.3M | $61.2M | ||
| Q3 24 | $28.7M | $56.2M | ||
| Q2 24 | $32.0M | $60.9M |
| Q1 26 | — | $11.6M | ||
| Q4 25 | $-99.2M | $43.5M | ||
| Q3 25 | $-89.0M | $6.5M | ||
| Q2 25 | $-114.0M | $8.3M | ||
| Q1 25 | $-106.2M | $14.5M | ||
| Q4 24 | $-97.1M | $28.8M | ||
| Q3 24 | $-125.7M | $8.3M | ||
| Q2 24 | $-1.6B | $6.6M |
| Q1 26 | — | 73.6% | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 74.3% | ||
| Q4 24 | — | 74.0% | ||
| Q3 24 | — | 73.9% | ||
| Q2 24 | — | 66.2% |
| Q1 26 | — | 22.5% | ||
| Q4 25 | -285.4% | 19.9% | ||
| Q3 25 | -346.2% | 14.4% | ||
| Q2 25 | -446.9% | 17.6% | ||
| Q1 25 | -482.5% | 27.1% | ||
| Q4 24 | -358.0% | 19.3% | ||
| Q3 24 | -640.5% | 20.0% | ||
| Q2 24 | -5133.8% | 12.5% |
| Q1 26 | — | 17.5% | ||
| Q4 25 | -227.5% | 69.2% | ||
| Q3 25 | -245.8% | 11.4% | ||
| Q2 25 | -320.7% | 13.9% | ||
| Q1 25 | -333.6% | 22.9% | ||
| Q4 24 | -253.8% | 47.1% | ||
| Q3 24 | -438.7% | 14.7% | ||
| Q2 24 | -4958.8% | 10.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | $-2.37 | $1.13 | ||
| Q3 25 | $-2.46 | $0.17 | ||
| Q2 25 | $-3.18 | $0.21 | ||
| Q1 25 | $-3.10 | $0.37 | ||
| Q4 24 | $-1.49 | $0.73 | ||
| Q3 24 | $-3.94 | $0.21 | ||
| Q2 24 | $-51.06 | $0.17 |
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 | $49.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $272.0M |
| Total Assets | $2.9B | $383.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $49.8M | ||
| Q4 25 | $249.7M | $70.5M | ||
| Q3 25 | $126.9M | $85.6M | ||
| Q2 25 | $127.4M | $92.9M | ||
| Q1 25 | $133.9M | $105.2M | ||
| Q4 24 | $214.2M | $83.2M | ||
| Q3 24 | $853.6M | $77.5M | ||
| Q2 24 | $958.8M | $63.8M |
| Q1 26 | — | $272.0M | ||
| Q4 25 | $2.6B | $271.8M | ||
| Q3 25 | $2.2B | $238.3M | ||
| Q2 25 | $2.3B | $242.5M | ||
| Q1 25 | $2.4B | $231.1M | ||
| Q4 24 | $2.5B | $212.5M | ||
| Q3 24 | $2.6B | $194.6M | ||
| Q2 24 | $2.7B | $178.6M |
| Q1 26 | — | $383.1M | ||
| Q4 25 | $2.9B | $397.7M | ||
| Q3 25 | $2.6B | $343.5M | ||
| Q2 25 | $2.7B | $357.1M | ||
| Q1 25 | $2.8B | $333.8M | ||
| Q4 24 | $3.0B | $338.7M | ||
| Q3 24 | $3.1B | $289.3M | ||
| Q2 24 | $3.3B | $286.9M |
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 | $28.2M |
| Free Cash FlowOCF − Capex | $-63.9M | — |
| FCF MarginFCF / Revenue | -146.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | — | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $28.2M | ||
| Q4 25 | $-63.8M | $12.6M | ||
| Q3 25 | $-63.2M | $11.3M | ||
| Q2 25 | $-77.0M | $6.2M | ||
| Q1 25 | $-95.0M | $29.4M | ||
| Q4 24 | — | $12.4M | ||
| Q3 24 | $-104.6M | $14.0M | ||
| Q2 24 | $-171.8M | $2.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-63.9M | $9.6M | ||
| Q3 25 | $-63.6M | $8.8M | ||
| Q2 25 | $-77.3M | $4.4M | ||
| Q1 25 | $-95.1M | $27.7M | ||
| Q4 24 | — | $10.5M | ||
| Q3 24 | $-105.6M | $12.0M | ||
| Q2 24 | $-173.2M | $26.0K |
| Q1 26 | — | — | ||
| Q4 25 | -146.5% | 15.3% | ||
| Q3 25 | -175.8% | 15.4% | ||
| Q2 25 | -217.6% | 7.3% | ||
| Q1 25 | -298.6% | 43.8% | ||
| Q4 24 | — | 17.1% | ||
| Q3 24 | -368.4% | 21.4% | ||
| Q2 24 | -541.7% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 4.7% | ||
| Q3 25 | 1.1% | 4.4% | ||
| Q2 25 | 1.0% | 3.1% | ||
| Q1 25 | 0.2% | 2.6% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | 3.4% | 3.5% | ||
| Q2 24 | 4.3% | 3.7% |
| Q1 26 | — | 2.44× | ||
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 1.74× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 2.02× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | — | 0.35× |
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% |
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
