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GRAIL, Inc.（GRAL）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
Repay Holdings Corp的季度营收约是GRAIL, Inc.的1.8倍（$78.6M vs $43.6M），Repay Holdings Corp净利率更高（-178.3% vs -227.5%，领先49.2%），GRAIL, Inc.同比增速更快（14.0% vs 0.4%），Repay Holdings Corp自由现金流更多（$23.2M vs $-63.9M），过去两年GRAIL, Inc.的营收复合增速更高（27.7% vs -1.3%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
GRAL vs RPAY — 直观对比
营收规模更大
RPAY
是对方的1.8倍
$43.6M
营收增速更快
GRAL
高出13.6%
0.4%
净利率更高
RPAY
高出49.2%
-227.5%
自由现金流更多
RPAY
多$87.1M
$-63.9M
两年增速更快
GRAL
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $43.6M | $78.6M |
| 净利润 | $-99.2M | $-140.1M |
| 毛利率 | — | 74.2% |
| 营业利润率 | -285.4% | -182.2% |
| 净利率 | -227.5% | -178.3% |
| 营收同比 | 14.0% | 0.4% |
| 净利润同比 | -2.2% | -3304.1% |
| 每股收益（稀释后） | $-2.37 | $-1.68 |
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GRALRPAY
| Q4 25 | $43.6M | $78.6M | ||
| Q3 25 | $36.2M | $77.7M | ||
| Q2 25 | $35.5M | $75.6M | ||
| Q1 25 | $31.8M | $77.3M | ||
| Q4 24 | $38.3M | $78.3M | ||
| Q3 24 | $28.7M | $79.1M | ||
| Q2 24 | $32.0M | $74.9M | ||
| Q1 24 | $26.7M | $80.7M |
净利润GRALRPAY
| Q4 25 | $-99.2M | $-140.1M | ||
| Q3 25 | $-89.0M | $-6.4M | ||
| Q2 25 | $-114.0M | $-102.3M | ||
| Q1 25 | $-106.2M | $-7.9M | ||
| Q4 24 | $-97.1M | $-4.1M | ||
| Q3 24 | $-125.7M | $3.2M | ||
| Q2 24 | $-1.6B | $-4.1M | ||
| Q1 24 | $-218.9M | $-5.2M |
毛利率GRALRPAY
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
营业利润率GRALRPAY
| Q4 25 | -285.4% | -182.2% | ||
| Q3 25 | -346.2% | -3.9% | ||
| Q2 25 | -446.9% | -138.7% | ||
| Q1 25 | -482.5% | -4.7% | ||
| Q4 24 | -358.0% | -1.5% | ||
| Q3 24 | -640.5% | -0.9% | ||
| Q2 24 | -5133.8% | -4.6% | ||
| Q1 24 | -851.1% | -3.1% |
净利率GRALRPAY
| Q4 25 | -227.5% | -178.3% | ||
| Q3 25 | -245.8% | -8.3% | ||
| Q2 25 | -320.7% | -135.2% | ||
| Q1 25 | -333.6% | -10.3% | ||
| Q4 24 | -253.8% | -5.3% | ||
| Q3 24 | -438.7% | 4.1% | ||
| Q2 24 | -4958.8% | -5.4% | ||
| Q1 24 | -819.3% | -6.5% |
每股收益（稀释后）GRALRPAY
| Q4 25 | $-2.37 | $-1.68 | ||
| Q3 25 | $-2.46 | $-0.08 | ||
| Q2 25 | $-3.18 | $-1.15 | ||
| Q1 25 | $-3.10 | $-0.09 | ||
| Q4 24 | $-1.49 | $-0.04 | ||
| Q3 24 | $-3.94 | $0.03 | ||
| Q2 24 | $-51.06 | $-0.04 | ||
| Q1 24 | $-7.05 | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $2.6B | $484.4M |
| 总资产 | $2.9B | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资GRALRPAY
| Q4 25 | $249.7M | $115.7M | ||
| Q3 25 | $126.9M | $95.7M | ||
| Q2 25 | $127.4M | $162.6M | ||
| Q1 25 | $133.9M | $165.5M | ||
| Q4 24 | $214.2M | $189.5M | ||
| Q3 24 | $853.6M | $168.7M | ||
| Q2 24 | $958.8M | $147.1M | ||
| Q1 24 | $199.7M | $128.3M |
总债务GRALRPAY
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
股东权益GRALRPAY
| Q4 25 | $2.6B | $484.4M | ||
| Q3 25 | $2.2B | $616.9M | ||
| Q2 25 | $2.3B | $633.7M | ||
| Q1 25 | $2.4B | $755.7M | ||
| Q4 24 | $2.5B | $761.3M | ||
| Q3 24 | $2.6B | $754.7M | ||
| Q2 24 | $2.7B | $815.4M | ||
| Q1 24 | — | $813.8M |
总资产GRALRPAY
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | $2.6B | $1.3B | ||
| Q2 25 | $2.7B | $1.4B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $3.0B | $1.6B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $3.3B | $1.5B | ||
| Q1 24 | — | $1.5B |
负债/权益比GRALRPAY
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $-63.9M | $23.2M |
| 自由现金流率自由现金流/营收 | -146.5% | 29.6% |
| 资本支出强度资本支出/营收 | 0.2% | 0.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-299.9M | $90.7M |
8季度趋势，按日历期对齐
经营现金流GRALRPAY
| Q4 25 | $-63.8M | $23.3M | ||
| Q3 25 | $-63.2M | $32.2M | ||
| Q2 25 | $-77.0M | $33.1M | ||
| Q1 25 | $-95.0M | $2.5M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | $-104.6M | $60.1M | ||
| Q2 24 | $-171.8M | $31.0M | ||
| Q1 24 | $-207.3M | $24.8M |
自由现金流GRALRPAY
| Q4 25 | $-63.9M | $23.2M | ||
| Q3 25 | $-63.6M | $32.1M | ||
| Q2 25 | $-77.3M | $33.0M | ||
| Q1 25 | $-95.1M | $2.4M | ||
| Q4 24 | — | $34.0M | ||
| Q3 24 | $-105.6M | $59.8M | ||
| Q2 24 | $-173.2M | $30.5M | ||
| Q1 24 | $-209.8M | $24.7M |
自由现金流率GRALRPAY
| Q4 25 | -146.5% | 29.6% | ||
| Q3 25 | -175.8% | 41.3% | ||
| Q2 25 | -217.6% | 43.6% | ||
| Q1 25 | -298.6% | 3.0% | ||
| Q4 24 | — | 43.5% | ||
| Q3 24 | -368.4% | 75.6% | ||
| Q2 24 | -541.7% | 40.7% | ||
| Q1 24 | -785.3% | 30.6% |
资本支出强度GRALRPAY
| Q4 25 | 0.2% | 0.1% | ||
| Q3 25 | 1.1% | 0.2% | ||
| Q2 25 | 1.0% | 0.1% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | 3.4% | 0.3% | ||
| Q2 24 | 4.3% | 0.6% | ||
| Q1 24 | 9.5% | 0.1% |
现金转化率GRALRPAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
