Grail Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Grail Inc (GRAL) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Grail Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 165M vs 37,821M combined for tracked competitors (0.4% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+8.2% annualized vs trailing 12 months), vs accelerating (+5.1%) for its tracked peer group.
- Growth: Grail Inc generated 25.7% revenue growth year over year in Q2 2026, vs 10.2% for its tracked competitors combined.
- Profitability: Its -246.7% net margin compares with 6.8% for the peer group.
- Scale: Grail Inc ranks #12 of 47 companies by market capitalization in the Medical Laboratories industry, holding 1.6% of industry market cap.
- Peer revenue share: Grail Inc accounted for 0.5% of combined revenue among its tracked peer group, up from 0.4% a year earlier.
- Peer differentiation: Revenue per employee of $0.18M compares with $0.26M for the peer group (0.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
GRAL Sales vs. its Competitors, Q2 2026
Grail Inc reported revenue growth of 25.72 % year on year in Q2 2026, above its competitors' combined revenue growth of 10.17 %.
With a net margin of -246.71 %, Grail Inc reported lower profitability than its competitors (6.84 %).
Grail Inc generated 0.45 % of the combined sales of its peer group, up from 0.39 % a year earlier.
Grail Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Grail Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Grail Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Grail Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (11) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (9) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Grail Inc's competitor groups requires a Commercial License.
For context: the Medical Laboratories industry grew revenue 7.4% year over year, combined, vs 25.7% for Grail Inc. Grail Inc's share of combined industry revenue moved from 0.07% to 0.08%, a gain of 0.01 percentage points.
Grail Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Grail Inc | - | Yes | Yes | No |
| Competitors combined (13) | ||||
| High-Confidence Competitors (12) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
GRAL Stock Performance relative to its Competitors
GRAL Stock Performance relative to High-Confidence Competitors
GRAL Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Caredx Inc | 282.9% | Outperformed |
| 2 | Illumina Inc | 282.9% | Outperformed |
| 3 | Guardant Health Inc | 282.9% | Outperformed |
| 4 | Exact Sciences Corporation | 282.9% | Outperformed |
| 5 | Fortrea Holdings Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Grail Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Grail Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Grail Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Grail Inc | 5,079.09 | 165.26 |
| Natera Inc | 56,371.69 | 2,707.08 |
| Illumina Inc | 40,168.62 | 4,493.00 |
| Quest Diagnostics Inc | 26,320.00 | 11,560.00 |
| Labcorp Holdings Inc | 26,071.90 | 14,348.00 |
| Guardant Health Inc | 21,072.71 | 1,183.11 |
| SUBTOTAL | 202,463.32 | 41,308.60 |
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Sources: Grail Inc's official press releases and company reports; CSIMarket.com's market research; and the company reports and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Grail Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Grail Inc's Competitors Named by the Company
Competitive relationships identified from Grail Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Guardant Health Inc | Company report | 85% |
| Lunai Bioworks Inc | Company report | 85% |
| Volitionrx Limited | Company report | 85% |
| Personalis, Inc. | Company report | 85% |
| Aspira Women s Health inc | Company report | 85% |
| Natera, Inc. | Company report | 85% |
| Twist Bioscience Corp. | Company report | 85% |
| Adaptive Biotechnologies Corp. | Company report | 85% |
| Roche/Foundation Medicine, Inc. | Company report | 85% |
| RENB | Company report | 85% |
| Caris Life Sciences Inc | Company report | 85% |
| NeoGenomics Laboratories | Company report | 85% |
| AWH | Company report | 85% |
| Clearnote Health | Company report | 85% |
| Tempus AI, Inc. | Company report | 85% |
| Odonate Therapeutics Inc | Company report | 85% |
| Exact Sciences Corporation | Company report | 85% |
| Illumina Inc | Company report | 85% |
| Labcorp Holdings Inc | Company report | 85% |
| Burning Rock Biotech Limited | Company report | 85% |
| Biocept Inc | Company report | 85% |
| Invitae Corporation | Company report | 85% |
| Quest Diagnostics Inc | Company report | 85% |
| Fulgent Genetics Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Grail Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from Grail Inc reports (named-competitor disclosures) and corroborating sources. Confidence reflects evidence strength.
Grail Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Grail Inc | Reportable 100.00 % |
| Natera Inc | Reportable 100.00 % |
| Illumina Inc | Sequencing 90.94 % |
| Quest Diagnostics Inc | Diagnostic Information Services Business 97.86 % |
| Labcorp Holdings Inc | Diagnostics 78.08 % |
| Guardant Health Inc | Reportable 100.00 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Grail Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Grail Inc | 5,079 | 181,608 | -430,315 |
| Natera Inc | 56,372 | 440,892 | -31,327 |
| Illumina Inc | 40,169 | 3,510,156 | 644,531 |
| Quest Diagnostics Inc | 26,320 | 202,807 | 19,526 |
| Labcorp Holdings Inc | 26,072 | 204,971 | 14,336 |
| Guardant Health Inc | 21,073 | 472,109 | -180,940 |
| PEERS TOTAL | 197,384 | 255,755 | 11,710 |
Grail Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Natera Inc | United States 98.24 % |
| Illumina Inc | United States and Canada 56.34 % |
| Guardant Health Inc | United States 94.35 % |
| Exact Sciences Corporation | United States 93.11 % |
| Caredx Inc | United States 96.56 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Grail Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 42 companies in Grail Inc's industry classification, broader than the peer set above. Market cap in millions of $.Grail Inc ranks #12 of 42 companies by market capitalization in its industry, holding 1.62 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 866, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Natera Inc | 57,346 | 16.61 % |
| 2 | Iqvia Holdings Inc | 45,944 | 13.31 % |
| 3 | Ge Healthcare Technologies Inc | 32,541 | 9.42 % |
| 4 | Quest Diagnostics Inc | 26,770 | 7.75 % |
| 5 | Labcorp Holdings Inc | 1,234 | 5.2% |
| 6 | Koninklijke Philips Nv | 1,234 | 5.2% |
| 7 | Incyte Corporation | 1,234 | 5.2% |
| 8 | Guardant Health Inc | 1,234 | 5.2% |
| 9 | Medpace Holdings Inc | 1,234 | 5.2% |
| 10 | Charles River Laboratories International inc | 1,234 | 5.2% |
| 12 | Grail Inc | 5,595 | 1.62 % |
Market cap and industry share for the rest of Grail Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-10-16.
Grail Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 7 | Incyte Corporation | 23,388 | 28.28 % |
| 8 | Guardant Health Inc | 21,599 | 153.25 % |
| 9 | Medpace Holdings Inc | 17,761 | 20.94 % |
| 10 | Charles River Laboratories International inc | 14,619 | 78.32 % |
| 11 | Icon Plc | 1,234 | 12.3% |
| 12 | Grail Inc | 5,595 | 71.84 % |
| 13 | Radnet Inc | 1,234 | 12.3% |
| 14 | Billiontoone Inc | 1,234 | 12.3% |
| 15 | Veracyte Inc | 1,234 | 12.3% |
| 16 | Caredx Inc | 1,234 | 12.3% |
| 17 | Celcuity Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Grail Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-10-16. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Grail Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Medical Laboratories industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (75 companies). See the full Medical Laboratories industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 23.41 % | 34.72 % (avg) | -11.3 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | - | -6.59 % (avg) | - |
| Capital Intensity (Capex / Revenue) | 0.86 % | 7.40 % (avg) | -6.5 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Grail Inc's Valuation vs Competitive Position
Valuation multiples vs the Medical Laboratories industry average (75 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Medical Laboratories industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 34.1x | - |
| EV / EBITDA | - | 19.5x | - |
| P/B | 1.0x | 4.6x | -3.5x |
| Return on Equity | -15.88 % | industry aggregate | -18.86 % |
| Return on Invested Capital | -10.80 % | -4.38 % (avg) | -6.42 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Grail Inc's BCG Growth-Share Matrix
Relative market share (vs Grail Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Grail Inc falls in the Dog quadrant: relative market share of 0.10x vs its largest competitor, in an industry growing revenue 5.6% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Grail Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 866 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.86 % vs industry average 7.40 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Grail Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Grail Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Grail Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Grail Inc falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Grail Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+8.2% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Return on equity 18.9 points below the industry aggregate.
- Low relative market share vs the industry leader (0.10x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Grail Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Grail Inc | 4.14 | 10.58 | - |
| Natera Inc | - | 3.14 | 0.05 |
| Illumina Inc | - | 1.74 | 0.75 |
| Quest Diagnostics Inc | 0.22 | 1.22 | 0.76 |
| Labcorp Holdings Inc | 0.22 | 1.61 | 0.66 |
| Guardant Health Inc | 2.56 | 4.29 | - |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Grail Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Grail Inc | Q2 2026 | +25.7 % | - |
| Natera Inc | Q2 2026 | +37.7 % | - |
| Illumina Inc | Q2 2026 | +9.4 % | -11.9 % |
| Quest Diagnostics Inc | Q2 2026 | +10.2 % | +12.8 % |
| Labcorp Holdings Inc | Q2 2026 | +5.8 % | +25.5 % |
| Guardant Health Inc | Q2 2026 | +44.3 % | - |
| PEERS TOTAL | +11.2 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Grail Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Grail Inc | Q2 2026 | - | +17.1 % |
| Natera Inc | Q2 2026 | -99.3 % | +144.9 % |
| Illumina Inc | Q2 2026 | +6.9 % | +33.3 % |
| Quest Diagnostics Inc | Q2 2026 | +10.9 % | +27.8 % |
| Labcorp Holdings Inc | Q2 2026 | +5.6 % | +68.9 % |
| Guardant Health Inc | Q2 2026 | +42.8 % | +108.2 % |
Grail Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Grail Inc | - | - | - |
| Natera Inc | - | - | - |
| Illumina Inc | 12.68% | 19.61% | 31.08% |
| Quest Diagnostics Inc | 6.74% | 8.05% | 14.85% |
| Labcorp Holdings Inc | 5.40% | 6.11% | 11.58% |
| Guardant Health Inc | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Grail Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Grail Inc | - | 30.73 |
| Natera Inc | - | 20.82 |
| Illumina Inc | 49.16 | 8.94 |
| Quest Diagnostics Inc | 24.89 | 2.28 |
| Labcorp Holdings Inc | 26.32 | 1.82 |
| Guardant Health Inc | - | 17.81 |
| PEERS AVERAGE | 135.69 | 4.90 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.