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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and TELOS CORP (TLS). Click either name above to swap in a different company.
TELOS CORP is the larger business by last-quarter revenue ($46.8M vs $43.6M, roughly 1.1× GRAIL, Inc.). TELOS CORP runs the higher net margin — -34.9% vs -227.5%, a 192.6% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs 14.0%). TELOS CORP produced more free cash flow last quarter ($8.0M vs $-63.9M). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs 25.7%).
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.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
GRAL vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $46.8M |
| Net Profit | $-99.2M | $-16.3M |
| Gross Margin | — | 35.0% |
| Operating Margin | -285.4% | -39.6% |
| Net Margin | -227.5% | -34.9% |
| Revenue YoY | 14.0% | 77.4% |
| Net Profit YoY | -2.2% | -74.8% |
| EPS (diluted) | $-2.37 | $-0.22 |
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 | $46.8M | ||
| Q3 25 | $36.2M | $51.4M | ||
| Q2 25 | $35.5M | $36.0M | ||
| Q1 25 | $31.8M | $30.6M | ||
| Q4 24 | $38.3M | $26.4M | ||
| Q3 24 | $28.7M | $23.8M | ||
| Q2 24 | $32.0M | $28.5M | ||
| Q1 24 | $26.7M | $29.6M |
| Q4 25 | $-99.2M | $-16.3M | ||
| Q3 25 | $-89.0M | $-2.1M | ||
| Q2 25 | $-114.0M | $-9.5M | ||
| Q1 25 | $-106.2M | $-8.6M | ||
| Q4 24 | $-97.1M | $-9.3M | ||
| Q3 24 | $-125.7M | $-28.1M | ||
| Q2 24 | $-1.6B | $-7.8M | ||
| Q1 24 | $-218.9M | $-7.4M |
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
| Q4 25 | -285.4% | -39.6% | ||
| Q3 25 | -346.2% | -4.8% | ||
| Q2 25 | -446.9% | -27.5% | ||
| Q1 25 | -482.5% | -29.5% | ||
| Q4 24 | -358.0% | -37.6% | ||
| Q3 24 | -640.5% | -121.4% | ||
| Q2 24 | -5133.8% | -30.3% | ||
| Q1 24 | -851.1% | -28.5% |
| Q4 25 | -227.5% | -34.9% | ||
| Q3 25 | -245.8% | -4.1% | ||
| Q2 25 | -320.7% | -26.5% | ||
| Q1 25 | -333.6% | -28.1% | ||
| Q4 24 | -253.8% | -35.4% | ||
| Q3 24 | -438.7% | -118.0% | ||
| Q2 24 | -4958.8% | -27.2% | ||
| Q1 24 | -819.3% | -24.9% |
| Q4 25 | $-2.37 | $-0.22 | ||
| Q3 25 | $-2.46 | $-0.03 | ||
| Q2 25 | $-3.18 | $-0.13 | ||
| Q1 25 | $-3.10 | $-0.12 | ||
| Q4 24 | $-1.49 | $-0.13 | ||
| Q3 24 | $-3.94 | $-0.39 | ||
| Q2 24 | $-51.06 | $-0.11 | ||
| Q1 24 | $-7.05 | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $96.0M |
| Total Assets | $2.9B | $139.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $53.2M | ||
| Q3 25 | $126.9M | $59.0M | ||
| Q2 25 | $127.4M | $57.0M | ||
| Q1 25 | $133.9M | $57.8M | ||
| Q4 24 | $214.2M | $54.6M | ||
| Q3 24 | $853.6M | $69.8M | ||
| Q2 24 | $958.8M | $80.1M | ||
| Q1 24 | $199.7M | $93.9M |
| Q4 25 | $2.6B | $96.0M | ||
| Q3 25 | $2.2B | $119.7M | ||
| Q2 25 | $2.3B | $118.4M | ||
| Q1 25 | $2.4B | $126.1M | ||
| Q4 24 | $2.5B | $127.1M | ||
| Q3 24 | $2.6B | $129.5M | ||
| Q2 24 | $2.7B | $149.1M | ||
| Q1 24 | — | $154.4M |
| Q4 25 | $2.9B | $139.9M | ||
| Q3 25 | $2.6B | $164.3M | ||
| Q2 25 | $2.7B | $165.0M | ||
| Q1 25 | $2.8B | $158.1M | ||
| Q4 24 | $3.0B | $158.2M | ||
| Q3 24 | $3.1B | $166.3M | ||
| Q2 24 | $3.3B | $182.4M | ||
| Q1 24 | — | $195.4M |
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 | $8.0M |
| Free Cash FlowOCF − Capex | $-63.9M | $8.0M |
| FCF MarginFCF / Revenue | -146.5% | 17.0% |
| Capex IntensityCapex / Revenue | 0.2% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $8.0M | ||
| Q3 25 | $-63.2M | $9.1M | ||
| Q2 25 | $-77.0M | $7.0M | ||
| Q1 25 | $-95.0M | $6.1M | ||
| Q4 24 | — | $-10.5M | ||
| Q3 24 | $-104.6M | $-7.1M | ||
| Q2 24 | $-171.8M | $-8.0M | ||
| Q1 24 | $-207.3M | $-350.0K |
| Q4 25 | $-63.9M | $8.0M | ||
| Q3 25 | $-63.6M | $8.7M | ||
| Q2 25 | $-77.3M | $6.8M | ||
| Q1 25 | $-95.1M | $6.0M | ||
| Q4 24 | — | $-12.4M | ||
| Q3 24 | $-105.6M | $-7.1M | ||
| Q2 24 | $-173.2M | $-8.2M | ||
| Q1 24 | $-209.8M | $-447.0K |
| Q4 25 | -146.5% | 17.0% | ||
| Q3 25 | -175.8% | 16.9% | ||
| Q2 25 | -217.6% | 19.0% | ||
| Q1 25 | -298.6% | 19.5% | ||
| Q4 24 | — | -47.0% | ||
| Q3 24 | -368.4% | -30.0% | ||
| Q2 24 | -541.7% | -28.9% | ||
| Q1 24 | -785.3% | -1.5% |
| Q4 25 | 0.2% | 0.1% | ||
| Q3 25 | 1.1% | 0.9% | ||
| Q2 25 | 1.0% | 0.4% | ||
| Q1 25 | 0.2% | 0.4% | ||
| Q4 24 | — | 7.1% | ||
| Q3 24 | 3.4% | 0.2% | ||
| Q2 24 | 4.3% | 0.8% | ||
| Q1 24 | 9.5% | 0.3% |
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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
