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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and Ouster, Inc. (OUST). Click either name above to swap in a different company.
Ouster, Inc. is the larger business by last-quarter revenue ($62.2M vs $43.6M, roughly 1.4× GRAIL, Inc.). On growth, Ouster, Inc. posted the faster year-over-year revenue change (106.6% vs 14.0%). Ouster, Inc. produced more free cash flow last quarter ($-37.2M vs $-63.9M). Over the past eight quarters, Ouster, Inc.'s revenue compounded faster (54.8% 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.
Ouster, Inc. is an American lidar technology company headquartered in San Francisco, California. It builds high-resolution, digital 3D lidar sensors for use in autonomous vehicles, industrial, robotics, drones, mapping, defense, and security systems.
GRAL vs OUST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $62.2M |
| Net Profit | $-99.2M | — |
| Gross Margin | — | 60.2% |
| Operating Margin | -285.4% | 1.5% |
| Net Margin | -227.5% | — |
| Revenue YoY | 14.0% | 106.6% |
| Net Profit YoY | -2.2% | — |
| EPS (diluted) | $-2.37 | $0.10 |
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 | $62.2M | ||
| Q3 25 | $36.2M | $39.5M | ||
| Q2 25 | $35.5M | $35.0M | ||
| Q1 25 | $31.8M | $32.6M | ||
| Q4 24 | $38.3M | $30.1M | ||
| Q3 24 | $28.7M | $28.1M | ||
| Q2 24 | $32.0M | $27.0M | ||
| Q1 24 | $26.7M | $25.9M |
| Q4 25 | $-99.2M | — | ||
| Q3 25 | $-89.0M | $-21.7M | ||
| Q2 25 | $-114.0M | $-20.6M | ||
| Q1 25 | $-106.2M | $-22.0M | ||
| Q4 24 | $-97.1M | — | ||
| Q3 24 | $-125.7M | $-25.6M | ||
| Q2 24 | $-1.6B | $-23.9M | ||
| Q1 24 | $-218.9M | $-23.8M |
| Q4 25 | — | 60.2% | ||
| Q3 25 | — | 42.1% | ||
| Q2 25 | — | 45.2% | ||
| Q1 25 | — | 41.3% | ||
| Q4 24 | — | 43.8% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 33.7% | ||
| Q1 24 | — | 28.6% |
| Q4 25 | -285.4% | 1.5% | ||
| Q3 25 | -346.2% | -61.4% | ||
| Q2 25 | -446.9% | -76.5% | ||
| Q1 25 | -482.5% | -73.0% | ||
| Q4 24 | -358.0% | -85.1% | ||
| Q3 24 | -640.5% | -98.0% | ||
| Q2 24 | -5133.8% | -93.6% | ||
| Q1 24 | -851.1% | -99.5% |
| Q4 25 | -227.5% | — | ||
| Q3 25 | -245.8% | -55.0% | ||
| Q2 25 | -320.7% | -58.8% | ||
| Q1 25 | -333.6% | -67.5% | ||
| Q4 24 | -253.8% | — | ||
| Q3 24 | -438.7% | -91.1% | ||
| Q2 24 | -4958.8% | -88.4% | ||
| Q1 24 | -819.3% | -91.9% |
| Q4 25 | $-2.37 | $0.10 | ||
| Q3 25 | $-2.46 | $-0.37 | ||
| Q2 25 | $-3.18 | $-0.38 | ||
| Q1 25 | $-3.10 | $-0.42 | ||
| Q4 24 | $-1.49 | $-0.46 | ||
| Q3 24 | $-3.94 | $-0.54 | ||
| Q2 24 | $-51.06 | $-0.53 | ||
| Q1 24 | $-7.05 | $-0.55 |
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 | $208.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $261.7M |
| Total Assets | $2.9B | $349.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $208.6M | ||
| Q3 25 | $126.9M | $244.5M | ||
| Q2 25 | $127.4M | $226.5M | ||
| Q1 25 | $133.9M | $168.2M | ||
| Q4 24 | $214.2M | $172.0M | ||
| Q3 24 | $853.6M | $151.4M | ||
| Q2 24 | $958.8M | $184.2M | ||
| Q1 24 | $199.7M | $187.8M |
| Q4 25 | $2.6B | $261.7M | ||
| Q3 25 | $2.2B | $247.4M | ||
| Q2 25 | $2.3B | $221.0M | ||
| Q1 25 | $2.4B | $167.9M | ||
| Q4 24 | $2.5B | $180.9M | ||
| Q3 24 | $2.6B | $171.7M | ||
| Q2 24 | $2.7B | $170.6M | ||
| Q1 24 | — | $167.2M |
| Q4 25 | $2.9B | $349.5M | ||
| Q3 25 | $2.6B | $353.8M | ||
| Q2 25 | $2.7B | $321.8M | ||
| Q1 25 | $2.8B | $268.6M | ||
| Q4 24 | $3.0B | $276.1M | ||
| Q3 24 | $3.1B | $255.2M | ||
| Q2 24 | $3.3B | $309.9M | ||
| Q1 24 | — | $317.7M |
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 | $-15.4M |
| Free Cash FlowOCF − Capex | $-63.9M | $-37.2M |
| FCF MarginFCF / Revenue | -146.5% | -59.8% |
| Capex IntensityCapex / Revenue | 0.2% | 35.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $-64.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $-15.4M | ||
| Q3 25 | $-63.2M | $-18.3M | ||
| Q2 25 | $-77.0M | $-1.3M | ||
| Q1 25 | $-95.0M | $-4.9M | ||
| Q4 24 | — | $-2.6M | ||
| Q3 24 | $-104.6M | $-3.8M | ||
| Q2 24 | $-171.8M | $-21.6M | ||
| Q1 24 | $-207.3M | $-5.7M |
| Q4 25 | $-63.9M | $-37.2M | ||
| Q3 25 | $-63.6M | $-20.0M | ||
| Q2 25 | $-77.3M | $-2.2M | ||
| Q1 25 | $-95.1M | $-5.4M | ||
| Q4 24 | — | $-4.0M | ||
| Q3 24 | $-105.6M | $-4.3M | ||
| Q2 24 | $-173.2M | $-22.0M | ||
| Q1 24 | $-209.8M | $-7.1M |
| Q4 25 | -146.5% | -59.8% | ||
| Q3 25 | -175.8% | -50.7% | ||
| Q2 25 | -217.6% | -6.3% | ||
| Q1 25 | -298.6% | -16.6% | ||
| Q4 24 | — | -13.3% | ||
| Q3 24 | -368.4% | -15.4% | ||
| Q2 24 | -541.7% | -81.5% | ||
| Q1 24 | -785.3% | -27.4% |
| Q4 25 | 0.2% | 35.0% | ||
| Q3 25 | 1.1% | 4.3% | ||
| Q2 25 | 1.0% | 2.5% | ||
| Q1 25 | 0.2% | 1.7% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | 3.4% | 2.0% | ||
| Q2 24 | 4.3% | 1.3% | ||
| Q1 24 | 9.5% | 5.3% |
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% |
OUST
Segment breakdown not available.
