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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
GRAIL, Inc. is the larger business by last-quarter revenue ($43.6M vs $37.2M, roughly 1.2× Waterstone Financial, Inc.). On growth, Waterstone Financial, Inc. posted the faster year-over-year revenue change (16.7% vs 14.0%). Waterstone Financial, Inc. produced more free cash flow last quarter ($23.0M vs $-63.9M). Over the past eight quarters, GRAIL, Inc.'s revenue compounded faster (27.7% CAGR vs 7.1%).
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.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
GRAL vs WSBF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $37.2M |
| Net Profit | $-99.2M | — |
| Gross Margin | — | — |
| Operating Margin | -285.4% | 27.0% |
| Net Margin | -227.5% | — |
| Revenue YoY | 14.0% | 16.7% |
| Net Profit YoY | -2.2% | — |
| EPS (diluted) | $-2.37 | $0.43 |
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 | $37.2M | ||
| Q3 25 | $36.2M | $37.0M | ||
| Q2 25 | $35.5M | $38.0M | ||
| Q1 25 | $31.8M | $29.7M | ||
| Q4 24 | $38.3M | $31.8M | ||
| Q3 24 | $28.7M | $34.1M | ||
| Q2 24 | $32.0M | $37.2M | ||
| Q1 24 | $26.7M | $32.4M |
| Q4 25 | $-99.2M | — | ||
| Q3 25 | $-89.0M | $7.9M | ||
| Q2 25 | $-114.0M | $7.7M | ||
| Q1 25 | $-106.2M | $3.0M | ||
| Q4 24 | $-97.1M | — | ||
| Q3 24 | $-125.7M | $4.7M | ||
| Q2 24 | $-1.6B | $5.7M | ||
| Q1 24 | $-218.9M | $3.0M |
| Q4 25 | -285.4% | 27.0% | ||
| Q3 25 | -346.2% | 26.6% | ||
| Q2 25 | -446.9% | 25.4% | ||
| Q1 25 | -482.5% | 13.1% | ||
| Q4 24 | -358.0% | 19.5% | ||
| Q3 24 | -640.5% | 17.3% | ||
| Q2 24 | -5133.8% | 19.2% | ||
| Q1 24 | -851.1% | 14.7% |
| Q4 25 | -227.5% | — | ||
| Q3 25 | -245.8% | 21.4% | ||
| Q2 25 | -320.7% | 20.3% | ||
| Q1 25 | -333.6% | 10.2% | ||
| Q4 24 | -253.8% | — | ||
| Q3 24 | -438.7% | 13.9% | ||
| Q2 24 | -4958.8% | 15.4% | ||
| Q1 24 | -819.3% | 9.4% |
| Q4 25 | $-2.37 | $0.43 | ||
| Q3 25 | $-2.46 | $0.45 | ||
| Q2 25 | $-3.18 | $0.43 | ||
| Q1 25 | $-3.10 | $0.17 | ||
| Q4 24 | $-1.49 | $0.28 | ||
| Q3 24 | $-3.94 | $0.26 | ||
| Q2 24 | $-51.06 | $0.31 | ||
| 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 | — |
| Total DebtLower is stronger | — | $412.3M |
| Stockholders' EquityBook value | $2.6B | $349.4M |
| Total Assets | $2.9B | $2.3B |
| Debt / EquityLower = less leverage | — | 1.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | — | ||
| Q3 25 | $126.9M | — | ||
| Q2 25 | $127.4M | — | ||
| Q1 25 | $133.9M | — | ||
| Q4 24 | $214.2M | — | ||
| Q3 24 | $853.6M | — | ||
| Q2 24 | $958.8M | — | ||
| Q1 24 | $199.7M | — |
| Q4 25 | — | $412.3M | ||
| Q3 25 | — | $469.1M | ||
| Q2 25 | — | $465.7M | ||
| Q1 25 | — | $395.9M | ||
| Q4 24 | — | $446.5M | ||
| Q3 24 | — | $560.1M | ||
| Q2 24 | — | $660.8M | ||
| Q1 24 | — | $634.2M |
| Q4 25 | $2.6B | $349.4M | ||
| Q3 25 | $2.2B | $345.5M | ||
| Q2 25 | $2.3B | $341.5M | ||
| Q1 25 | $2.4B | $341.4M | ||
| Q4 24 | $2.5B | $339.1M | ||
| Q3 24 | $2.6B | $342.0M | ||
| Q2 24 | $2.7B | $334.9M | ||
| Q1 24 | — | $338.0M |
| Q4 25 | $2.9B | $2.3B | ||
| Q3 25 | $2.6B | $2.3B | ||
| Q2 25 | $2.7B | $2.3B | ||
| Q1 25 | $2.8B | $2.2B | ||
| Q4 24 | $3.0B | $2.2B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $3.3B | $2.3B | ||
| Q1 24 | — | $2.2B |
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.36× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | 1.88× |
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 | $24.2M |
| Free Cash FlowOCF − Capex | $-63.9M | $23.0M |
| FCF MarginFCF / Revenue | -146.5% | 61.9% |
| Capex IntensityCapex / Revenue | 0.2% | 3.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $24.2M | ||
| Q3 25 | $-63.2M | $32.7M | ||
| Q2 25 | $-77.0M | $-38.4M | ||
| Q1 25 | $-95.0M | $26.7M | ||
| Q4 24 | — | $48.1M | ||
| Q3 24 | $-104.6M | $74.1M | ||
| Q2 24 | $-171.8M | $-39.5M | ||
| Q1 24 | $-207.3M | $-9.9M |
| Q4 25 | $-63.9M | $23.0M | ||
| Q3 25 | $-63.6M | $32.4M | ||
| Q2 25 | $-77.3M | $-38.5M | ||
| Q1 25 | $-95.1M | $26.5M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | $-105.6M | $73.9M | ||
| Q2 24 | $-173.2M | $-39.7M | ||
| Q1 24 | $-209.8M | $-10.3M |
| Q4 25 | -146.5% | 61.9% | ||
| Q3 25 | -175.8% | 87.5% | ||
| Q2 25 | -217.6% | -101.2% | ||
| Q1 25 | -298.6% | 89.2% | ||
| Q4 24 | — | 147.5% | ||
| Q3 24 | -368.4% | 216.9% | ||
| Q2 24 | -541.7% | -106.7% | ||
| Q1 24 | -785.3% | -31.9% |
| Q4 25 | 0.2% | 3.1% | ||
| Q3 25 | 1.1% | 0.8% | ||
| Q2 25 | 1.0% | 0.2% | ||
| Q1 25 | 0.2% | 0.9% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | 3.4% | 0.6% | ||
| Q2 24 | 4.3% | 0.4% | ||
| Q1 24 | 9.5% | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.13× | ||
| Q2 25 | — | -4.98× | ||
| Q1 25 | — | 8.81× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 15.67× | ||
| Q2 24 | — | -6.92× | ||
| Q1 24 | — | -3.27× |
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% |
WSBF
Segment breakdown not available.
