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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
Repay Holdings Corp is the larger business by last-quarter revenue ($78.6M vs $43.6M, roughly 1.8× GRAIL, Inc.). Repay Holdings Corp runs the higher net margin — -178.3% vs -227.5%, a 49.2% gap on every dollar of revenue. On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs 0.4%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-63.9M). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs -1.3%).
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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
GRAL vs RPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $78.6M |
| Net Profit | $-99.2M | $-140.1M |
| Gross Margin | — | 74.2% |
| Operating Margin | -285.4% | -182.2% |
| Net Margin | -227.5% | -178.3% |
| Revenue YoY | 14.0% | 0.4% |
| Net Profit YoY | -2.2% | -3304.1% |
| EPS (diluted) | $-2.37 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $36.2M | $77.7M | ||
| Q2 25 | $35.5M | $75.6M | ||
| Q1 25 | $31.8M | $77.3M | ||
| Q4 24 | $38.3M | $78.3M | ||
| Q3 24 | $28.7M | $79.1M | ||
| Q2 24 | $32.0M | $74.9M | ||
| Q1 24 | $26.7M | $80.7M |
| Q4 25 | $-99.2M | $-140.1M | ||
| Q3 25 | $-89.0M | $-6.4M | ||
| Q2 25 | $-114.0M | $-102.3M | ||
| Q1 25 | $-106.2M | $-7.9M | ||
| Q4 24 | $-97.1M | $-4.1M | ||
| Q3 24 | $-125.7M | $3.2M | ||
| Q2 24 | $-1.6B | $-4.1M | ||
| Q1 24 | $-218.9M | $-5.2M |
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
| Q4 25 | -285.4% | -182.2% | ||
| Q3 25 | -346.2% | -3.9% | ||
| Q2 25 | -446.9% | -138.7% | ||
| Q1 25 | -482.5% | -4.7% | ||
| Q4 24 | -358.0% | -1.5% | ||
| Q3 24 | -640.5% | -0.9% | ||
| Q2 24 | -5133.8% | -4.6% | ||
| Q1 24 | -851.1% | -3.1% |
| Q4 25 | -227.5% | -178.3% | ||
| Q3 25 | -245.8% | -8.3% | ||
| Q2 25 | -320.7% | -135.2% | ||
| Q1 25 | -333.6% | -10.3% | ||
| Q4 24 | -253.8% | -5.3% | ||
| Q3 24 | -438.7% | 4.1% | ||
| Q2 24 | -4958.8% | -5.4% | ||
| Q1 24 | -819.3% | -6.5% |
| Q4 25 | $-2.37 | $-1.68 | ||
| Q3 25 | $-2.46 | $-0.08 | ||
| Q2 25 | $-3.18 | $-1.15 | ||
| Q1 25 | $-3.10 | $-0.09 | ||
| Q4 24 | $-1.49 | $-0.04 | ||
| Q3 24 | $-3.94 | $0.03 | ||
| Q2 24 | $-51.06 | $-0.04 | ||
| Q1 24 | $-7.05 | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | — | $280.1M |
| Stockholders' EquityBook value | $2.6B | $484.4M |
| Total Assets | $2.9B | $1.2B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $115.7M | ||
| Q3 25 | $126.9M | $95.7M | ||
| Q2 25 | $127.4M | $162.6M | ||
| Q1 25 | $133.9M | $165.5M | ||
| Q4 24 | $214.2M | $189.5M | ||
| Q3 24 | $853.6M | $168.7M | ||
| Q2 24 | $958.8M | $147.1M | ||
| Q1 24 | $199.7M | $128.3M |
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
| Q4 25 | $2.6B | $484.4M | ||
| Q3 25 | $2.2B | $616.9M | ||
| Q2 25 | $2.3B | $633.7M | ||
| Q1 25 | $2.4B | $755.7M | ||
| Q4 24 | $2.5B | $761.3M | ||
| Q3 24 | $2.6B | $754.7M | ||
| Q2 24 | $2.7B | $815.4M | ||
| Q1 24 | — | $813.8M |
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | $2.6B | $1.3B | ||
| Q2 25 | $2.7B | $1.4B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $3.0B | $1.6B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $3.3B | $1.5B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-63.9M | $23.2M |
| FCF MarginFCF / Revenue | -146.5% | 29.6% |
| Capex IntensityCapex / Revenue | 0.2% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $23.3M | ||
| Q3 25 | $-63.2M | $32.2M | ||
| Q2 25 | $-77.0M | $33.1M | ||
| Q1 25 | $-95.0M | $2.5M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | $-104.6M | $60.1M | ||
| Q2 24 | $-171.8M | $31.0M | ||
| Q1 24 | $-207.3M | $24.8M |
| Q4 25 | $-63.9M | $23.2M | ||
| Q3 25 | $-63.6M | $32.1M | ||
| Q2 25 | $-77.3M | $33.0M | ||
| Q1 25 | $-95.1M | $2.4M | ||
| Q4 24 | — | $34.0M | ||
| Q3 24 | $-105.6M | $59.8M | ||
| Q2 24 | $-173.2M | $30.5M | ||
| Q1 24 | $-209.8M | $24.7M |
| Q4 25 | -146.5% | 29.6% | ||
| Q3 25 | -175.8% | 41.3% | ||
| Q2 25 | -217.6% | 43.6% | ||
| Q1 25 | -298.6% | 3.0% | ||
| Q4 24 | — | 43.5% | ||
| Q3 24 | -368.4% | 75.6% | ||
| Q2 24 | -541.7% | 40.7% | ||
| Q1 24 | -785.3% | 30.6% |
| Q4 25 | 0.2% | 0.1% | ||
| Q3 25 | 1.1% | 0.2% | ||
| Q2 25 | 1.0% | 0.1% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | 3.4% | 0.3% | ||
| Q2 24 | 4.3% | 0.6% | ||
| Q1 24 | 9.5% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
