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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $43.6M, roughly 2.0× GRAIL, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -227.5%, a 228.9% gap on every dollar of revenue. On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-63.9M). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs 1.8%).
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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
GRAL vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $86.0M |
| Net Profit | $-99.2M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | -285.4% | -3.1% |
| Net Margin | -227.5% | 1.4% |
| Revenue YoY | 14.0% | -5.8% |
| Net Profit YoY | -2.2% | -68.5% |
| EPS (diluted) | $-2.37 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $36.2M | $92.8M | ||
| Q2 25 | $35.5M | $85.8M | ||
| Q1 25 | $31.8M | $65.6M | ||
| Q4 24 | $38.3M | $91.4M | ||
| Q3 24 | $28.7M | $63.2M | ||
| Q2 24 | $32.0M | $73.8M | ||
| Q1 24 | $26.7M | $83.1M |
| Q4 25 | $-99.2M | $1.2M | ||
| Q3 25 | $-89.0M | $3.0M | ||
| Q2 25 | $-114.0M | $21.4M | ||
| Q1 25 | $-106.2M | $-24.2M | ||
| Q4 24 | $-97.1M | $3.7M | ||
| Q3 24 | $-125.7M | $-98.0K | ||
| Q2 24 | $-1.6B | $-430.0K | ||
| Q1 24 | $-218.9M | $-216.0K |
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 17.7% | ||
| Q1 24 | — | 14.2% |
| Q4 25 | -285.4% | -3.1% | ||
| Q3 25 | -346.2% | 5.8% | ||
| Q2 25 | -446.9% | -0.1% | ||
| Q1 25 | -482.5% | -10.8% | ||
| Q4 24 | -358.0% | 3.9% | ||
| Q3 24 | -640.5% | -7.8% | ||
| Q2 24 | -5133.8% | 4.8% | ||
| Q1 24 | -851.1% | 0.9% |
| Q4 25 | -227.5% | 1.4% | ||
| Q3 25 | -245.8% | 3.2% | ||
| Q2 25 | -320.7% | 24.9% | ||
| Q1 25 | -333.6% | -37.0% | ||
| Q4 24 | -253.8% | 4.1% | ||
| Q3 24 | -438.7% | -0.2% | ||
| Q2 24 | -4958.8% | -0.6% | ||
| Q1 24 | -819.3% | -0.3% |
| Q4 25 | $-2.37 | $0.03 | ||
| Q3 25 | $-2.46 | $0.08 | ||
| Q2 25 | $-3.18 | $0.54 | ||
| Q1 25 | $-3.10 | $-0.62 | ||
| Q4 24 | $-1.49 | $0.10 | ||
| Q3 24 | $-3.94 | $0.00 | ||
| Q2 24 | $-51.06 | $-0.01 | ||
| Q1 24 | $-7.05 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $2.6B | $239.7M |
| Total Assets | $2.9B | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $22.6M | ||
| Q3 25 | $126.9M | $5.1M | ||
| Q2 25 | $127.4M | $4.3M | ||
| Q1 25 | $133.9M | $5.1M | ||
| Q4 24 | $214.2M | $1.6M | ||
| Q3 24 | $853.6M | $7.2M | ||
| Q2 24 | $958.8M | $6.3M | ||
| Q1 24 | $199.7M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $2.6B | $239.7M | ||
| Q3 25 | $2.2B | $239.9M | ||
| Q2 25 | $2.3B | $240.5M | ||
| Q1 25 | $2.4B | $219.9M | ||
| Q4 24 | $2.5B | $243.8M | ||
| Q3 24 | $2.6B | $243.6M | ||
| Q2 24 | $2.7B | $242.9M | ||
| Q1 24 | — | $242.5M |
| Q4 25 | $2.9B | $340.0M | ||
| Q3 25 | $2.6B | $343.1M | ||
| Q2 25 | $2.7B | $345.8M | ||
| Q1 25 | $2.8B | $326.9M | ||
| Q4 24 | $3.0B | $341.5M | ||
| Q3 24 | $3.1B | $335.8M | ||
| Q2 24 | $3.3B | $341.8M | ||
| Q1 24 | — | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-63.9M | $20.4M |
| FCF MarginFCF / Revenue | -146.5% | 23.7% |
| Capex IntensityCapex / Revenue | 0.2% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $22.4M | ||
| Q3 25 | $-63.2M | $18.2M | ||
| Q2 25 | $-77.0M | $-5.1M | ||
| Q1 25 | $-95.0M | $8.7M | ||
| Q4 24 | — | $1.0M | ||
| Q3 24 | $-104.6M | $5.8M | ||
| Q2 24 | $-171.8M | $14.9M | ||
| Q1 24 | $-207.3M | $-3.9M |
| Q4 25 | $-63.9M | $20.4M | ||
| Q3 25 | $-63.6M | $14.8M | ||
| Q2 25 | $-77.3M | $-7.8M | ||
| Q1 25 | $-95.1M | $5.2M | ||
| Q4 24 | — | $-840.0K | ||
| Q3 24 | $-105.6M | $3.7M | ||
| Q2 24 | $-173.2M | $13.5M | ||
| Q1 24 | $-209.8M | $-5.5M |
| Q4 25 | -146.5% | 23.7% | ||
| Q3 25 | -175.8% | 15.9% | ||
| Q2 25 | -217.6% | -9.1% | ||
| Q1 25 | -298.6% | 7.9% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | -368.4% | 5.8% | ||
| Q2 24 | -541.7% | 18.3% | ||
| Q1 24 | -785.3% | -6.6% |
| Q4 25 | 0.2% | 2.3% | ||
| Q3 25 | 1.1% | 3.6% | ||
| Q2 25 | 1.0% | 3.1% | ||
| Q1 25 | 0.2% | 5.4% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | 3.4% | 3.4% | ||
| Q2 24 | 4.3% | 1.8% | ||
| Q1 24 | 9.5% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | — | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
