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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and System1, Inc. (SST). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $43.6M, roughly 1.2× GRAIL, Inc.). System1, Inc. runs the higher net margin — -26.0% vs -227.5%, a 201.5% gap on every dollar of revenue. On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs -31.3%). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs -21.8%).
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.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
GRAL vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $51.9M |
| Net Profit | $-99.2M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | -285.4% | -33.6% |
| Net Margin | -227.5% | -26.0% |
| Revenue YoY | 14.0% | -31.3% |
| Net Profit YoY | -2.2% | 4.8% |
| EPS (diluted) | $-2.37 | $-3.58 |
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 | $51.9M | ||
| Q3 25 | $36.2M | $61.6M | ||
| Q2 25 | $35.5M | $78.1M | ||
| Q1 25 | $31.8M | $74.5M | ||
| Q4 24 | $38.3M | $75.6M | ||
| Q3 24 | $28.7M | $88.8M | ||
| Q2 24 | $32.0M | $94.6M | ||
| Q1 24 | $26.7M | $84.9M |
| Q4 25 | $-99.2M | $-13.5M | ||
| Q3 25 | $-89.0M | $-18.5M | ||
| Q2 25 | $-114.0M | $-17.5M | ||
| Q1 25 | $-106.2M | $-15.9M | ||
| Q4 24 | $-97.1M | $-14.2M | ||
| Q3 24 | $-125.7M | $-23.6M | ||
| Q2 24 | $-1.6B | $-26.4M | ||
| Q1 24 | $-218.9M | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | — | 28.0% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | -285.4% | -33.6% | ||
| Q3 25 | -346.2% | -25.3% | ||
| Q2 25 | -446.9% | -20.4% | ||
| Q1 25 | -482.5% | -17.6% | ||
| Q4 24 | -358.0% | -15.7% | ||
| Q3 24 | -640.5% | -24.6% | ||
| Q2 24 | -5133.8% | -30.8% | ||
| Q1 24 | -851.1% | -30.4% |
| Q4 25 | -227.5% | -26.0% | ||
| Q3 25 | -245.8% | -30.1% | ||
| Q2 25 | -320.7% | -22.4% | ||
| Q1 25 | -333.6% | -21.3% | ||
| Q4 24 | -253.8% | -18.7% | ||
| Q3 24 | -438.7% | -26.6% | ||
| Q2 24 | -4958.8% | -27.9% | ||
| Q1 24 | -819.3% | -12.4% |
| Q4 25 | $-2.37 | $-3.58 | ||
| Q3 25 | $-2.46 | $-2.30 | ||
| Q2 25 | $-3.18 | $-2.23 | ||
| Q1 25 | $-3.10 | $-0.21 | ||
| Q4 24 | $-1.49 | $-3.41 | ||
| Q3 24 | $-3.94 | $-3.37 | ||
| Q2 24 | $-51.06 | $-3.80 | ||
| Q1 24 | $-7.05 | $-0.16 |
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 | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $2.6B | $30.5M |
| Total Assets | $2.9B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $86.9M | ||
| Q3 25 | $126.9M | $54.6M | ||
| Q2 25 | $127.4M | $63.6M | ||
| Q1 25 | $133.9M | $43.9M | ||
| Q4 24 | $214.2M | $63.6M | ||
| Q3 24 | $853.6M | $69.1M | ||
| Q2 24 | $958.8M | $75.7M | ||
| Q1 24 | $199.7M | $69.9M |
| Q4 25 | — | $305.1M | ||
| Q3 25 | — | $259.2M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | — | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $2.6B | $30.5M | ||
| Q3 25 | $2.2B | $42.7M | ||
| Q2 25 | $2.3B | $58.2M | ||
| Q1 25 | $2.4B | $67.2M | ||
| Q4 24 | $2.5B | $80.3M | ||
| Q3 24 | $2.6B | $90.3M | ||
| Q2 24 | $2.7B | $109.4M | ||
| Q1 24 | — | $131.7M |
| Q4 25 | $2.9B | $405.0M | ||
| Q3 25 | $2.6B | $385.2M | ||
| Q2 25 | $2.7B | $429.2M | ||
| Q1 25 | $2.8B | $419.2M | ||
| Q4 24 | $3.0B | $459.1M | ||
| Q3 24 | $3.1B | $479.3M | ||
| Q2 24 | $3.3B | $511.3M | ||
| Q1 24 | — | $521.1M |
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 2.04× |
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 | $-10.6M |
| Free Cash FlowOCF − Capex | $-63.9M | — |
| FCF MarginFCF / Revenue | -146.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $-10.6M | ||
| Q3 25 | $-63.2M | $-2.1M | ||
| Q2 25 | $-77.0M | $24.5M | ||
| Q1 25 | $-95.0M | $-15.9M | ||
| Q4 24 | — | $772.0K | ||
| Q3 24 | $-104.6M | $-5.0K | ||
| Q2 24 | $-171.8M | $10.0M | ||
| Q1 24 | $-207.3M | $-16.0M |
| Q4 25 | $-63.9M | — | ||
| Q3 25 | $-63.6M | — | ||
| Q2 25 | $-77.3M | — | ||
| Q1 25 | $-95.1M | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-105.6M | $-36.0K | ||
| Q2 24 | $-173.2M | — | ||
| Q1 24 | $-209.8M | — |
| Q4 25 | -146.5% | — | ||
| Q3 25 | -175.8% | — | ||
| Q2 25 | -217.6% | — | ||
| Q1 25 | -298.6% | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | -368.4% | -0.0% | ||
| Q2 24 | -541.7% | — | ||
| Q1 24 | -785.3% | — |
| Q4 25 | 0.2% | 0.0% | ||
| Q3 25 | 1.1% | 0.0% | ||
| Q2 25 | 1.0% | 0.0% | ||
| Q1 25 | 0.2% | 0.1% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | 3.4% | 0.0% | ||
| Q2 24 | 4.3% | 0.0% | ||
| Q1 24 | 9.5% | 0.0% |
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% |
SST
Segment breakdown not available.
