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GRAIL, Inc.（GRAL）与VERACYTE, INC.（VCYT）财务数据对比。点击上方公司名可切换其他公司
VERACYTE, INC.的季度营收约是GRAIL, Inc.的3.2倍（$140.6M vs $43.6M）。VERACYTE, INC.净利率更高（29.3% vs -227.5%，领先256.7%）。VERACYTE, INC.同比增速更快（18.5% vs 14.0%）。VERACYTE, INC.自由现金流更多（$48.8M vs $-63.9M）。过去两年GRAIL, Inc.的营收复合增速更高（27.7% vs 20.5%）
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。
Veracyte是一家领先的分子诊断企业，专注开发专有的基因组检测方案，可实现癌症及其他复杂疾病的早期精准检测，产品服务于医疗机构以优化临床决策，核心市场位于美国，正稳步拓展全球业务布局。
GRAL vs VCYT — 直观对比
营收规模更大
VCYT
是对方的3.2倍
$43.6M
营收增速更快
VCYT
高出4.6%
14.0%
净利率更高
VCYT
高出256.7%
-227.5%
自由现金流更多
VCYT
多$112.7M
$-63.9M
两年增速更快
GRAL
近两年复合增速
20.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $43.6M | $140.6M |
| 净利润 | $-99.2M | $41.1M |
| 毛利率 | — | 72.5% |
| 营业利润率 | -285.4% | 26.4% |
| 净利率 | -227.5% | 29.3% |
| 营收同比 | 14.0% | 18.5% |
| 净利润同比 | -2.2% | 704.8% |
| 每股收益（稀释后） | $-2.37 | $0.50 |
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GRALVCYT
| Q4 25 | $43.6M | $140.6M | ||
| Q3 25 | $36.2M | $131.9M | ||
| Q2 25 | $35.5M | $130.2M | ||
| Q1 25 | $31.8M | $114.5M | ||
| Q4 24 | $38.3M | $118.6M | ||
| Q3 24 | $28.7M | $115.9M | ||
| Q2 24 | $32.0M | $114.4M | ||
| Q1 24 | $26.7M | $96.8M |
净利润GRALVCYT
| Q4 25 | $-99.2M | $41.1M | ||
| Q3 25 | $-89.0M | $19.1M | ||
| Q2 25 | $-114.0M | $-980.0K | ||
| Q1 25 | $-106.2M | $7.0M | ||
| Q4 24 | $-97.1M | $5.1M | ||
| Q3 24 | $-125.7M | $15.2M | ||
| Q2 24 | $-1.6B | $5.7M | ||
| Q1 24 | $-218.9M | $-1.9M |
毛利率GRALVCYT
| Q4 25 | — | 72.5% | ||
| Q3 25 | — | 69.2% | ||
| Q2 25 | — | 69.0% | ||
| Q1 25 | — | 69.5% | ||
| Q4 24 | — | 66.4% | ||
| Q3 24 | — | 68.2% | ||
| Q2 24 | — | 68.1% | ||
| Q1 24 | — | 64.5% |
营业利润率GRALVCYT
| Q4 25 | -285.4% | 26.4% | ||
| Q3 25 | -346.2% | 17.4% | ||
| Q2 25 | -446.9% | -4.0% | ||
| Q1 25 | -482.5% | 2.5% | ||
| Q4 24 | -358.0% | 3.5% | ||
| Q3 24 | -640.5% | 10.4% | ||
| Q2 24 | -5133.8% | 4.0% | ||
| Q1 24 | -851.1% | -4.8% |
净利率GRALVCYT
| Q4 25 | -227.5% | 29.3% | ||
| Q3 25 | -245.8% | 14.5% | ||
| Q2 25 | -320.7% | -0.8% | ||
| Q1 25 | -333.6% | 6.2% | ||
| Q4 24 | -253.8% | 4.3% | ||
| Q3 24 | -438.7% | 13.1% | ||
| Q2 24 | -4958.8% | 5.0% | ||
| Q1 24 | -819.3% | -1.9% |
每股收益（稀释后）GRALVCYT
| Q4 25 | $-2.37 | $0.50 | ||
| Q3 25 | $-2.46 | $0.24 | ||
| Q2 25 | $-3.18 | $-0.01 | ||
| Q1 25 | $-3.10 | $0.09 | ||
| Q4 24 | $-1.49 | $0.07 | ||
| Q3 24 | $-3.94 | $0.19 | ||
| Q2 24 | $-51.06 | $0.07 | ||
| Q1 24 | $-7.05 | $-0.02 |
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 | $362.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $1.3B |
| 总资产 | $2.9B | $1.4B |
| 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GRALVCYT
| Q4 25 | $249.7M | $362.6M | ||
| Q3 25 | $126.9M | $315.6M | ||
| Q2 25 | $127.4M | $219.5M | ||
| Q1 25 | $133.9M | $186.1M | ||
| Q4 24 | $214.2M | $239.1M | ||
| Q3 24 | $853.6M | $274.1M | ||
| Q2 24 | $958.8M | $235.9M | ||
| Q1 24 | $199.7M | $209.2M |
股东权益GRALVCYT
| Q4 25 | $2.6B | $1.3B | ||
| 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 | $1.2B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | — | $1.1B |
总资产GRALVCYT
| Q4 25 | $2.9B | $1.4B | ||
| Q3 25 | $2.6B | $1.4B | ||
| Q2 25 | $2.7B | $1.3B | ||
| Q1 25 | $2.8B | $1.3B | ||
| Q4 24 | $3.0B | $1.3B | ||
| Q3 24 | $3.1B | $1.3B | ||
| Q2 24 | $3.3B | $1.2B | ||
| Q1 24 | — | $1.2B |
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 | $52.6M |
| 自由现金流经营现金流 - 资本支出 | $-63.9M | $48.8M |
| 自由现金流率自由现金流/营收 | -146.5% | 34.7% |
| 资本支出强度资本支出/营收 | 0.2% | 2.7% |
| 现金转化率经营现金流/净利润 | — | 1.28× |
| 过去12个月自由现金流最近4个季度 | $-299.9M | $126.6M |
8季度趋势，按日历期对齐
经营现金流GRALVCYT
| Q4 25 | $-63.8M | $52.6M | ||
| Q3 25 | $-63.2M | $44.8M | ||
| Q2 25 | $-77.0M | $33.6M | ||
| Q1 25 | $-95.0M | $5.4M | ||
| Q4 24 | — | $24.5M | ||
| Q3 24 | $-104.6M | $30.0M | ||
| Q2 24 | $-171.8M | $29.6M | ||
| Q1 24 | $-207.3M | $-9.0M |
自由现金流GRALVCYT
| Q4 25 | $-63.9M | $48.8M | ||
| Q3 25 | $-63.6M | $42.0M | ||
| Q2 25 | $-77.3M | $32.3M | ||
| Q1 25 | $-95.1M | $3.5M | ||
| Q4 24 | — | $20.4M | ||
| Q3 24 | $-105.6M | $27.7M | ||
| Q2 24 | $-173.2M | $26.8M | ||
| Q1 24 | $-209.8M | $-11.1M |
自由现金流率GRALVCYT
| Q4 25 | -146.5% | 34.7% | ||
| Q3 25 | -175.8% | 31.8% | ||
| Q2 25 | -217.6% | 24.8% | ||
| Q1 25 | -298.6% | 3.1% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | -368.4% | 23.9% | ||
| Q2 24 | -541.7% | 23.4% | ||
| Q1 24 | -785.3% | -11.5% |
资本支出强度GRALVCYT
| Q4 25 | 0.2% | 2.7% | ||
| Q3 25 | 1.1% | 2.1% | ||
| Q2 25 | 1.0% | 1.0% | ||
| Q1 25 | 0.2% | 1.6% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | 3.4% | 1.9% | ||
| Q2 24 | 4.3% | 2.4% | ||
| Q1 24 | 9.5% | 2.2% |
现金转化率GRALVCYT
| Q4 25 | — | 1.28× | ||
| Q3 25 | — | 2.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.76× | ||
| Q4 24 | — | 4.80× | ||
| Q3 24 | — | 1.98× | ||
| Q2 24 | — | 5.16× | ||
| 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% |
VCYT
| Testing | $135.8M | 97% |
| Products | $3.8M | 3% |
| Biopharmaceutical And Other | $686.0K | 0% |
