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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
GRAIL, Inc. is the larger business by last-quarter revenue ($43.6M vs $33.9M, roughly 1.3× Spok Holdings, Inc). Spok Holdings, Inc runs the higher net margin — 8.7% vs -227.5%, a 236.1% gap on every dollar of revenue. On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs -0.1%). Spok Holdings, Inc produced more free cash flow last quarter ($10.1M vs $-63.9M). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs -1.5%).
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.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
GRAL vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $33.9M |
| Net Profit | $-99.2M | $2.9M |
| Gross Margin | — | 76.7% |
| Operating Margin | -285.4% | 11.6% |
| Net Margin | -227.5% | 8.7% |
| Revenue YoY | 14.0% | -0.1% |
| Net Profit YoY | -2.2% | -19.6% |
| EPS (diluted) | $-2.37 | $0.13 |
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 | $33.9M | ||
| Q3 25 | $36.2M | $33.9M | ||
| Q2 25 | $35.5M | $35.7M | ||
| Q1 25 | $31.8M | $36.3M | ||
| Q4 24 | $38.3M | $33.9M | ||
| Q3 24 | $28.7M | $34.9M | ||
| Q2 24 | $32.0M | $34.0M | ||
| Q1 24 | $26.7M | $34.9M |
| Q4 25 | $-99.2M | $2.9M | ||
| Q3 25 | $-89.0M | $3.2M | ||
| Q2 25 | $-114.0M | $4.6M | ||
| Q1 25 | $-106.2M | $5.2M | ||
| Q4 24 | $-97.1M | $3.6M | ||
| Q3 24 | $-125.7M | $3.7M | ||
| Q2 24 | $-1.6B | $3.4M | ||
| Q1 24 | $-218.9M | $4.2M |
| Q4 25 | — | 76.7% | ||
| Q3 25 | — | 78.3% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 80.1% | ||
| Q4 24 | — | 78.5% | ||
| Q3 24 | — | 79.5% | ||
| Q2 24 | — | 78.9% | ||
| Q1 24 | — | 79.5% |
| Q4 25 | -285.4% | 11.6% | ||
| Q3 25 | -346.2% | 12.9% | ||
| Q2 25 | -446.9% | 15.1% | ||
| Q1 25 | -482.5% | 16.6% | ||
| Q4 24 | -358.0% | 13.7% | ||
| Q3 24 | -640.5% | 14.2% | ||
| Q2 24 | -5133.8% | 13.2% | ||
| Q1 24 | -851.1% | 14.0% |
| Q4 25 | -227.5% | 8.7% | ||
| Q3 25 | -245.8% | 9.5% | ||
| Q2 25 | -320.7% | 12.8% | ||
| Q1 25 | -333.6% | 14.3% | ||
| Q4 24 | -253.8% | 10.8% | ||
| Q3 24 | -438.7% | 10.5% | ||
| Q2 24 | -4958.8% | 10.1% | ||
| Q1 24 | -819.3% | 12.1% |
| Q4 25 | $-2.37 | $0.13 | ||
| Q3 25 | $-2.46 | $0.15 | ||
| Q2 25 | $-3.18 | $0.22 | ||
| Q1 25 | $-3.10 | $0.25 | ||
| Q4 24 | $-1.49 | $0.17 | ||
| Q3 24 | $-3.94 | $0.18 | ||
| Q2 24 | $-51.06 | $0.17 | ||
| Q1 24 | $-7.05 | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $146.4M |
| Total Assets | $2.9B | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $25.3M | ||
| Q3 25 | $126.9M | $21.4M | ||
| Q2 25 | $127.4M | $20.2M | ||
| Q1 25 | $133.9M | $19.9M | ||
| Q4 24 | $214.2M | $29.1M | ||
| Q3 24 | $853.6M | $27.8M | ||
| Q2 24 | $958.8M | $23.9M | ||
| Q1 24 | $199.7M | $23.3M |
| Q4 25 | $2.6B | $146.4M | ||
| Q3 25 | $2.2B | $148.7M | ||
| Q2 25 | $2.3B | $150.9M | ||
| Q1 25 | $2.4B | $151.7M | ||
| Q4 24 | $2.5B | $154.7M | ||
| Q3 24 | $2.6B | $156.3M | ||
| Q2 24 | $2.7B | $158.2M | ||
| Q1 24 | — | $160.2M |
| Q4 25 | $2.9B | $206.1M | ||
| Q3 25 | $2.6B | $209.7M | ||
| Q2 25 | $2.7B | $208.7M | ||
| Q1 25 | $2.8B | $204.5M | ||
| Q4 24 | $3.0B | $217.1M | ||
| Q3 24 | $3.1B | $216.8M | ||
| Q2 24 | $3.3B | $216.4M | ||
| Q1 24 | — | $215.0M |
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 | $11.5M |
| Free Cash FlowOCF − Capex | $-63.9M | $10.1M |
| FCF MarginFCF / Revenue | -146.5% | 29.9% |
| Capex IntensityCapex / Revenue | 0.2% | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $11.5M | ||
| Q3 25 | $-63.2M | $8.1M | ||
| Q2 25 | $-77.0M | $7.0M | ||
| Q1 25 | $-95.0M | $2.3M | ||
| Q4 24 | — | $8.4M | ||
| Q3 24 | $-104.6M | $11.1M | ||
| Q2 24 | $-171.8M | $7.4M | ||
| Q1 24 | $-207.3M | $2.0M |
| Q4 25 | $-63.9M | $10.1M | ||
| Q3 25 | $-63.6M | $7.6M | ||
| Q2 25 | $-77.3M | $6.0M | ||
| Q1 25 | $-95.1M | $1.5M | ||
| Q4 24 | — | $7.5M | ||
| Q3 24 | $-105.6M | $10.3M | ||
| Q2 24 | $-173.2M | $6.8M | ||
| Q1 24 | $-209.8M | $1.1M |
| Q4 25 | -146.5% | 29.9% | ||
| Q3 25 | -175.8% | 22.4% | ||
| Q2 25 | -217.6% | 16.8% | ||
| Q1 25 | -298.6% | 4.2% | ||
| Q4 24 | — | 22.3% | ||
| Q3 24 | -368.4% | 29.4% | ||
| Q2 24 | -541.7% | 20.0% | ||
| Q1 24 | -785.3% | 3.2% |
| Q4 25 | 0.2% | 4.1% | ||
| Q3 25 | 1.1% | 1.6% | ||
| Q2 25 | 1.0% | 2.9% | ||
| Q1 25 | 0.2% | 2.1% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 3.4% | 2.4% | ||
| Q2 24 | 4.3% | 1.9% | ||
| Q1 24 | 9.5% | 2.5% |
| Q4 25 | — | 3.93× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 3.03× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | — | 0.47× |
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% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
