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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and P10, Inc. (PX). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $43.6M, roughly 1.9× GRAIL, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -227.5%, a 239.1% gap on every dollar of revenue. On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-63.9M). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs 10.7%).
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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
GRAL vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $81.0M |
| Net Profit | $-99.2M | $9.5M |
| Gross Margin | — | — |
| Operating Margin | -285.4% | 31.9% |
| Net Margin | -227.5% | 11.7% |
| Revenue YoY | 14.0% | -4.7% |
| Net Profit YoY | -2.2% | 79.0% |
| EPS (diluted) | $-2.37 | $0.08 |
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 | $81.0M | ||
| Q3 25 | $36.2M | $75.9M | ||
| Q2 25 | $35.5M | $72.7M | ||
| Q1 25 | $31.8M | $67.7M | ||
| Q4 24 | $38.3M | $85.0M | ||
| Q3 24 | $28.7M | $74.2M | ||
| Q2 24 | $32.0M | $71.1M | ||
| Q1 24 | $26.7M | $66.1M |
| Q4 25 | $-99.2M | $9.5M | ||
| Q3 25 | $-89.0M | $2.1M | ||
| Q2 25 | $-114.0M | $3.4M | ||
| Q1 25 | $-106.2M | $4.5M | ||
| Q4 24 | $-97.1M | $5.3M | ||
| Q3 24 | $-125.7M | $1.4M | ||
| Q2 24 | $-1.6B | $7.0M | ||
| Q1 24 | $-218.9M | $5.0M |
| Q4 25 | -285.4% | 31.9% | ||
| Q3 25 | -346.2% | 14.1% | ||
| Q2 25 | -446.9% | 24.4% | ||
| Q1 25 | -482.5% | 16.6% | ||
| Q4 24 | -358.0% | 26.9% | ||
| Q3 24 | -640.5% | 11.9% | ||
| Q2 24 | -5133.8% | 23.7% | ||
| Q1 24 | -851.1% | 18.3% |
| Q4 25 | -227.5% | 11.7% | ||
| Q3 25 | -245.8% | 2.8% | ||
| Q2 25 | -320.7% | 4.7% | ||
| Q1 25 | -333.6% | 6.7% | ||
| Q4 24 | -253.8% | 6.2% | ||
| Q3 24 | -438.7% | 1.9% | ||
| Q2 24 | -4958.8% | 9.8% | ||
| Q1 24 | -819.3% | 7.6% |
| Q4 25 | $-2.37 | $0.08 | ||
| Q3 25 | $-2.46 | $0.02 | ||
| Q2 25 | $-3.18 | $0.03 | ||
| Q1 25 | $-3.10 | $0.04 | ||
| Q4 24 | $-1.49 | $0.05 | ||
| Q3 24 | $-3.94 | $0.01 | ||
| Q2 24 | $-51.06 | $0.06 | ||
| Q1 24 | $-7.05 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $2.6B | $403.5M |
| Total Assets | $2.9B | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $28.2M | ||
| Q3 25 | $126.9M | $40.0M | ||
| Q2 25 | $127.4M | $33.4M | ||
| Q1 25 | $133.9M | $74.4M | ||
| Q4 24 | $214.2M | $67.5M | ||
| Q3 24 | $853.6M | $61.5M | ||
| Q2 24 | $958.8M | $31.2M | ||
| Q1 24 | $199.7M | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | — | $314.0M |
| Q4 25 | $2.6B | $403.5M | ||
| Q3 25 | $2.2B | $396.8M | ||
| Q2 25 | $2.3B | $388.9M | ||
| Q1 25 | $2.4B | $374.3M | ||
| Q4 24 | $2.5B | $386.9M | ||
| Q3 24 | $2.6B | $394.1M | ||
| Q2 24 | $2.7B | $396.9M | ||
| Q1 24 | — | $400.1M |
| Q4 25 | $2.9B | $928.3M | ||
| Q3 25 | $2.6B | $936.0M | ||
| Q2 25 | $2.7B | $932.2M | ||
| Q1 25 | $2.8B | $877.4M | ||
| Q4 24 | $3.0B | $869.3M | ||
| Q3 24 | $3.1B | $857.0M | ||
| Q2 24 | $3.3B | $823.2M | ||
| Q1 24 | — | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-63.9M | $18.1M |
| FCF MarginFCF / Revenue | -146.5% | 22.3% |
| Capex IntensityCapex / Revenue | 0.2% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $23.0M | ||
| Q3 25 | $-63.2M | $-8.6M | ||
| Q2 25 | $-77.0M | $13.4M | ||
| Q1 25 | $-95.0M | $-4.7M | ||
| Q4 24 | — | $101.0M | ||
| Q3 24 | $-104.6M | $27.5M | ||
| Q2 24 | $-171.8M | $34.8M | ||
| Q1 24 | $-207.3M | $11.0M |
| Q4 25 | $-63.9M | $18.1M | ||
| Q3 25 | $-63.6M | $-9.5M | ||
| Q2 25 | $-77.3M | $11.6M | ||
| Q1 25 | $-95.1M | $-6.0M | ||
| Q4 24 | — | $96.6M | ||
| Q3 24 | $-105.6M | $25.2M | ||
| Q2 24 | $-173.2M | $33.9M | ||
| Q1 24 | $-209.8M | $10.7M |
| Q4 25 | -146.5% | 22.3% | ||
| Q3 25 | -175.8% | -12.6% | ||
| Q2 25 | -217.6% | 15.9% | ||
| Q1 25 | -298.6% | -8.9% | ||
| Q4 24 | — | 113.6% | ||
| Q3 24 | -368.4% | 34.0% | ||
| Q2 24 | -541.7% | 47.7% | ||
| Q1 24 | -785.3% | 16.2% |
| Q4 25 | 0.2% | 6.0% | ||
| Q3 25 | 1.1% | 1.2% | ||
| Q2 25 | 1.0% | 2.5% | ||
| Q1 25 | 0.2% | 1.9% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | 3.4% | 3.0% | ||
| Q2 24 | 4.3% | 1.3% | ||
| Q1 24 | 9.5% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | — | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
