GRAIL Inc. (GRAL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-125.0%

-$33.75

vs $135.07 price

Levered DCF

-$166.78

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

7.44

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-7.7×	-0.28×	-0.29×	-0.08×	-0.34×	-5.42×	-6.86×	-5.64×
P/B	1.22×	0.23×	0.12×	0.09×	0.04×	3.01×	3.06×	2.6×
P/S	21.37×	4.53×	4.56×	7.64×	29.03×	0×	0×	0×
EV / EBITDA	-7.92×	-0.69×	-0.64×	-0.47×	-0.26×	-5.12×	-6.5×	-5.44×
Gross margin	-42.5%	-62.1%	-102.7%	-209.6%	-684.4%	0.0%	0.0%	0.0%
Operating margin	-363.0%	-1743.0%	-1627.6%	-9798.2%	-8659.6%	0.0%	0.0%	0.0%
Net margin	-277.5%	-1613.9%	-1574.2%	-9719.3%	-8539.4%	0.0%	0.0%	0.0%
Current ratio	11.97×	10.66×	0.95×	2.19×	2.48×	7.1×	12.41×	8.75×
Debt / equity	0.04×	0.03×	0.02×	0.02×	0.01×	0.11×	0.08×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-15.8%	-81.0%	-40.2%	-116.2%	-13.2%	-55.6%	-44.5%	-45.9%
Return on invested capital	-14.3%	-70.3%	-33.4%	-98.5%	-12.9%	-50.4%	-42.9%	-46.8%
Return on assets	-14.0%	-67.9%	-32.2%	-96.4%	-12.8%	-44.2%	-38.5%	-40.1%
Free cash flow yield	-9.5%	-102.3%	-143.5%	-137.7%	-178.7%	-14.4%	-14.8%	-14.4%
Earnings yield	-13.0%	-356.0%	-345.5%	-1272.8%	-294.2%	-18.5%	-14.6%	-17.7%
Enterprise value	$3B	$423.3M	$411.3M	$278.6M	$313.6M	$1.6B	$1.6B	$1.5B
Net debt / EBITDA	0.4×	0.24×	0.02×	0.25×	0.09×	0.35×	0.42×	0.34×
Cash conversion cycle (days)	70	96	92	127	116	0	0	0