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GRAIL, Inc.（GRAL）与Natera, Inc.（NTRA）财务数据对比。点击上方公司名可切换其他公司
Natera, Inc.的季度营收约是GRAIL, Inc.的15.3倍（$665.5M vs $43.6M）。Natera, Inc.净利率更高（7.1% vs -227.5%，领先234.6%）。Natera, Inc.同比增速更快（39.8% vs 14.0%）。Natera, Inc.自由现金流更多（$37.8M vs $-63.9M）。过去两年Natera, Inc.的营收复合增速更高（34.5% vs 27.7%）
GRAIL是2015年成立的美国生物技术企业，总部位于加利福尼亚州门洛帕克，核心业务是研发面向无症状人群的癌症早期筛查检测产品。该公司最初是基因测序企业Illumina旗下的初创子公司，2021年被Illumina全资收购。
Natera是总部位于美国得克萨斯州奥斯汀的临床基因检测企业，主打无创游离DNA（cfDNA）检测技术，业务覆盖女性健康、肿瘤及器官健康三大核心赛道。其自研专利技术结合前沿分子生物学手段与生物信息学工具矩阵，可实现单管血液样本中低至单个分子级别的高灵敏度检测。
GRAL vs NTRA — 直观对比
营收规模更大
NTRA
是对方的15.3倍
$43.6M
营收增速更快
NTRA
高出25.8%
14.0%
净利率更高
NTRA
高出234.6%
-227.5%
自由现金流更多
NTRA
多$101.7M
$-63.9M
两年增速更快
NTRA
近两年复合增速
27.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $43.6M | $665.5M |
| 净利润 | $-99.2M | $47.3M |
| 毛利率 | — | — |
| 营业利润率 | -285.4% | -3.4% |
| 净利率 | -227.5% | 7.1% |
| 营收同比 | 14.0% | 39.8% |
| 净利润同比 | -2.2% | 187.9% |
| 每股收益（稀释后） | $-2.37 | $0.36 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收GRALNTRA
| Q4 25 | $43.6M | $665.5M | ||
| Q3 25 | $36.2M | $592.2M | ||
| Q2 25 | $35.5M | $546.6M | ||
| Q1 25 | $31.8M | $501.8M | ||
| Q4 24 | $38.3M | $476.1M | ||
| Q3 24 | $28.7M | $439.8M | ||
| Q2 24 | $32.0M | $413.4M | ||
| Q1 24 | $26.7M | $367.7M |
净利润GRALNTRA
| Q4 25 | $-99.2M | $47.3M | ||
| Q3 25 | $-89.0M | $-87.5M | ||
| Q2 25 | $-114.0M | $-100.9M | ||
| Q1 25 | $-106.2M | $-66.9M | ||
| Q4 24 | $-97.1M | $-53.8M | ||
| Q3 24 | $-125.7M | $-31.6M | ||
| Q2 24 | $-1.6B | $-37.5M | ||
| Q1 24 | $-218.9M | $-67.6M |
营业利润率GRALNTRA
| Q4 25 | -285.4% | -3.4% | ||
| Q3 25 | -346.2% | -16.5% | ||
| Q2 25 | -446.9% | -20.2% | ||
| Q1 25 | -482.5% | -15.8% | ||
| Q4 24 | -358.0% | -13.6% | ||
| Q3 24 | -640.5% | -8.9% | ||
| Q2 24 | -5133.8% | -10.6% | ||
| Q1 24 | -851.1% | -20.2% |
净利率GRALNTRA
| Q4 25 | -227.5% | 7.1% | ||
| Q3 25 | -245.8% | -14.8% | ||
| Q2 25 | -320.7% | -18.5% | ||
| Q1 25 | -333.6% | -13.3% | ||
| Q4 24 | -253.8% | -11.3% | ||
| Q3 24 | -438.7% | -7.2% | ||
| Q2 24 | -4958.8% | -9.1% | ||
| Q1 24 | -819.3% | -18.4% |
每股收益（稀释后）GRALNTRA
| Q4 25 | $-2.37 | $0.36 | ||
| Q3 25 | $-2.46 | $-0.64 | ||
| Q2 25 | $-3.18 | $-0.74 | ||
| Q1 25 | $-3.10 | $-0.50 | ||
| Q4 24 | $-1.49 | $-0.41 | ||
| Q3 24 | $-3.94 | $-0.26 | ||
| Q2 24 | $-51.06 | $-0.30 | ||
| Q1 24 | $-7.05 | $-0.56 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $249.7M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $1.7B |
| 总资产 | $2.9B | $2.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资GRALNTRA
| Q4 25 | $249.7M | — | ||
| Q3 25 | $126.9M | $1.0M | ||
| Q2 25 | $127.4M | $16.0M | ||
| Q1 25 | $133.9M | $17.8M | ||
| Q4 24 | $214.2M | $22.7M | ||
| Q3 24 | $853.6M | $29.5M | ||
| Q2 24 | $958.8M | $90.3M | ||
| Q1 24 | $199.7M | $69.1M |
股东权益GRALNTRA
| Q4 25 | $2.6B | $1.7B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $2.3B | $1.2B | ||
| Q1 25 | $2.4B | $1.2B | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.6B | $878.5M | ||
| Q2 24 | $2.7B | $836.5M | ||
| Q1 24 | — | $794.1M |
总资产GRALNTRA
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $2.6B | $1.8B | ||
| Q2 25 | $2.7B | $1.8B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $3.0B | $1.7B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $3.3B | $1.5B | ||
| Q1 24 | — | $1.5B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-63.8M | $73.9M |
| 自由现金流经营现金流 - 资本支出 | $-63.9M | $37.8M |
| 自由现金流率自由现金流/营收 | -146.5% | 5.7% |
| 资本支出强度资本支出/营收 | 0.2% | 5.4% |
| 现金转化率经营现金流/净利润 | — | 1.56× |
| 过去12个月自由现金流最近4个季度 | $-299.9M | $109.1M |
8季度趋势，按日历期对齐
经营现金流GRALNTRA
| Q4 25 | $-63.8M | $73.9M | ||
| Q3 25 | $-63.2M | $59.4M | ||
| Q2 25 | $-77.0M | $37.6M | ||
| Q1 25 | $-95.0M | $44.5M | ||
| Q4 24 | — | $52.9M | ||
| Q3 24 | $-104.6M | $51.8M | ||
| Q2 24 | $-171.8M | $4.0M | ||
| Q1 24 | $-207.3M | $27.0M |
自由现金流GRALNTRA
| Q4 25 | $-63.9M | $37.8M | ||
| Q3 25 | $-63.6M | $37.0M | ||
| Q2 25 | $-77.3M | $11.7M | ||
| Q1 25 | $-95.1M | $22.6M | ||
| Q4 24 | — | $34.8M | ||
| Q3 24 | $-105.6M | $35.5M | ||
| Q2 24 | $-173.2M | $-7.7M | ||
| Q1 24 | $-209.8M | $6.7M |
自由现金流率GRALNTRA
| Q4 25 | -146.5% | 5.7% | ||
| Q3 25 | -175.8% | 6.2% | ||
| Q2 25 | -217.6% | 2.1% | ||
| Q1 25 | -298.6% | 4.5% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | -368.4% | 8.1% | ||
| Q2 24 | -541.7% | -1.9% | ||
| Q1 24 | -785.3% | 1.8% |
资本支出强度GRALNTRA
| Q4 25 | 0.2% | 5.4% | ||
| Q3 25 | 1.1% | 3.8% | ||
| Q2 25 | 1.0% | 4.7% | ||
| Q1 25 | 0.2% | 4.3% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | 3.4% | 3.7% | ||
| Q2 24 | 4.3% | 2.8% | ||
| Q1 24 | 9.5% | 5.5% |
现金转化率GRALNTRA
| Q4 25 | — | 1.56× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
GRAL
| Screening Revenue | $42.3M | 97% |
| Developmental Services Revenue | $1.3M | 3% |
NTRA
暂无分部数据
