GRAIL, Inc. (GRAL) Balance Sheet
GRAL balance sheet, 2025
December 31, 2025 · U.S. dollars$2.92B assets = $344.2M liabilities + $2.58B equity
Both columns are drawn to the same scale: what GRAL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
GRAL financial health
Descriptive bands, not a rating. Fiscal 2025.
GRAL balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $686.8M2018 | $2.92B2025 | +23.0%/yr | |
| Total liabilities | $86.5M2018 | $344.2M2025 | +21.8%/yr | |
| Shareholders’ equity | $600.4M2018 | $2.58B2025 | +23.1%/yr | |
| Cash & short-term investments | $641.4M2018 | $904.4M2025 | +5.0%/yr | |
| Total debt | $2.5M2018 | $98.0M2025 | +68.7%/yr | |
| Net cash (debt) | $638.8M2018 | $806.4M2025 | +$167.6M | |
| Working capital | $575.1M2018 | $874.2M2025 | +$299.1M | |
| Book value per share | $5.262018 | $70.142025 | +44.8%/yr | |
| Debt / equity | 0.002018 | 0.042025 | +0.03 | |
| Shares outstanding | 114.1M2018 | 36.8M2025 | −14.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GRAL assets
GRAL liabilities and equity
GRAL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
GRAL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $904.4M | $763.5M | $97.3M | $241.6M | $221.2M | $583.5M | $544.3M | $641.4M |
| Cash & equivalents | $249.7M | $214.2M | $97.3M | $241.6M | $221.2M | $170.2M | $143.2M | $95.1M |
| Short-term investments | $654.7M | $549.2M | $0 | — | — | $413.3M | $401.2M | $546.3M |
| Receivables | $18.3M | $24.6M | $22.4M | $18.6M | $6.9M | $0 | $0 | $0 |
| Inventory | $16.0M | $18.6M | $21.7M | $19.8M | $0 | $0 | −$584,000 | $0 |
| Other current assets | $15.1M | $13.1M | $14.7M | $15.7M | $14.7M | $12.4M | $13.8M | $7.9M |
| Total current assets | $953.8M | $819.9M | $156.1M | $295.6M | $242.7M | $595.9M | $557.5M | $649.2M |
| Property, plant & equipment (net) | $103.9M | $135.4M | $169.4M | $198.7M | $216.4M | $101.4M | $59.5M | $33.0M |
| Goodwill & intangible assets | $1.85B | $2.02B | $3.58B | $4.43B | $9.27B | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $13.9M | $0 |
| Other non-current assets | $13.7M | $11.1M | $655.3M | $674.8M | $7.1M | $9.0M | $4.6M | $4.6M |
| Total assets | $2.92B | $2.98B | $4.56B | $5.60B | $9.74B | $706.3M | $635.5M | $686.8M |
| Liabilities | ||||||||
| Accounts payable | $2.1M | $4.8M | $19.7M | $17.5M | $17.6M | $24.5M | $6.1M | $12.8M |
| Short-term debt | $11.7M | $13.3M | $14.8M | $13.3M | $13.8M | $5.4M | $5.4M | $1.7M |
| Deferred revenue | — | $1.6M | — | — | — | — | — | — |
| Total current liabilities | $79.7M | $76.9M | $163.6M | $134.9M | $97.9M | $84.0M | $44.9M | $74.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $54.9M | $68.1M | $84.4M | $96.0M | — | — | $41.2M | — |
| Other long-term liabilities | $264.5M | $403.0M | $747.1M | $821.0M | $209.5M | $60.5M | $40.1M | $12.3M |
| Total liabilities | $344.2M | $479.9M | $910.7M | $955.9M | $307.4M | $144.5M | $85.0M | $86.5M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $40,000 | $34,000 | $11.42B | $10.96B | $10.34B | $151,000 | $138,000 | $129,000 |
| Retained earnings (deficit) | −$10.21B | −$9.80B | −$7.78B | −$6.31B | −$911.5M | −$1.62B | −$1.31B | −$1.06B |
| Accumulated other comprehensive income | $2.7M | $1.5M | $1.1M | $894,000 | $314,999 | $3.6M | $2.5M | $128,000 |
| Total shareholders' equity | $2.58B | $2.50B | $3.65B | $4.65B | $9.43B | $561.8M | $550.5M | $600.4M |
| Key figures | ||||||||
| Total debt | $98.0M | $68.1M | $84.4M | $96.0M | $110.6M | $63.0M | $42.0M | $2.5M |
| Net cash (debt) | $806.4M | $695.3M | $12.9M | $145.6M | $110.6M | $520.5M | $502.3M | $638.8M |
| Working capital | $874.2M | $742.9M | −$7.5M | $160.7M | $144.8M | $512.0M | $512.6M | $575.1M |
| Tangible book value | $727.3M | $486.5M | $70.0M | $213.2M | $158.8M | $561.8M | $550.5M | $600.4M |
| Book value per share | $70.14 | $78.47 | $117.42 | $149.62 | $303.69 | $4.54 | $4.47 | $5.26 |
| Shares outstanding | 36.8M | 31.9M | 31.1M | 31.1M | 31.1M | 123.7M | 123.2M | 114.1M |
| Current ratio | 11.97 | 10.66 | 0.95 | 2.19 | 2.48 | 7.10 | 12.41 | 8.75 |
| Quick ratio | 11.58 | 10.25 | 0.73 | 1.93 | 2.33 | 6.95 | 12.12 | 8.65 |
| Debt / equity | 0.04 | 0.03 | 0.02 | 0.02 | 0.01 | 0.11 | 0.08 | 0.00 |
| Equity / assets | 88.2% | 83.9% | 80.0% | 82.9% | 96.8% | 79.5% | 86.6% | 87.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash & short-term investments | $861.6M | $823.1M | $904.4M | $540.1M | $602.8M | $674.6M | $763.5M | $853.6M | $958.8M | $974.1M | $97.3M |
| Cash & equivalents | $55.6M | $69.3M | $249.7M | $126.9M | $127.4M | $133.9M | $214.2M | $853.6M | $958.8M | $974.1M | $97.3M |
| Short-term investments | $806.0M | $753.8M | $654.7M | $413.2M | $475.3M | $540.7M | $549.2M | — | — | — | $0 |
| Receivables | $19.8M | $20.3M | $18.3M | $16.3M | $16.4M | $19.4M | $24.6M | $19.8M | $18.8M | $20.0M | $22.4M |
| Inventory | $17.8M | $17.2M | $16.0M | $18.4M | $19.7M | $18.7M | $18.6M | $21.2M | $25.5M | $21.6M | $21.7M |
| Other current assets | $15.6M | $16.7M | $15.1M | $14.5M | $13.0M | $15.0M | $13.1M | $15.1M | $15.5M | $17.2M | $14.7M |
| Total current assets | $914.7M | $877.3M | $953.8M | $589.4M | $651.8M | $727.7M | $819.9M | $909.7M | $1.02B | $1.03B | $156.1M |
| Property, plant & equipment (net) | $133.3M | $95.9M | $103.9M | $112.2M | $120.2M | $126.9M | $135.4M | $144.5M | $152.5M | $160.8M | $169.4M |
| Goodwill & intangible assets | $1.78B | $1.82B | $1.85B | $1.89B | $1.92B | $1.98B | $2.02B | $2.05B | $2.09B | $3.54B | $3.58B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $14.3M | $14.2M | $13.7M | $14.3M | $10.7M | $10.7M | $11.1M | $12.3M | $12.4M | $12.0M | $655.3M |
| Total assets | $2.84B | $2.80B | $2.92B | $2.60B | $2.70B | $2.85B | $2.98B | $3.12B | $3.27B | $4.75B | $4.56B |
| Liabilities | |||||||||||
| Accounts payable | $7.2M | $4.7M | $2.1M | $3.4M | $6.3M | $5.8M | $4.8M | $7.3M | $16.2M | $8.8M | $19.7M |
| Short-term debt | $10.7M | $9.9M | $11.7M | $14.0M | $13.7M | $13.0M | $13.3M | $13.5M | $13.9M | $14.0M | $14.8M |
| Deferred revenue | — | — | — | — | — | — | $1.6M | — | — | — | — |
| Total current liabilities | $83.5M | $74.7M | $79.7M | $77.4M | $70.6M | $75.0M | $76.9M | $94.3M | $88.2M | $107.0M | $163.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $91.3M | $51.0M | $54.9M | $58.6M | $62.2M | $64.3M | $68.1M | $72.2M | $76.1M | $79.9M | $84.4M |
| Other long-term liabilities | $217.5M | $228.1M | $264.5M | $283.6M | $317.3M | $359.0M | $403.0M | $436.1M | $486.3M | $649.1M | $747.1M |
| Total liabilities | $301.0M | $302.8M | $344.2M | $361.1M | $387.9M | $433.9M | $479.9M | $530.3M | $574.5M | $756.2M | $910.7M |
| Shareholders' equity | |||||||||||
| Common stock & paid-in capital | $45,000 | $41,000 | $40,000 | $36,000 | $36,000 | $35,000 | $34,000 | $33,000 | $31,000 | $31,000 | $11.42B |
| Retained earnings (deficit) | −$10.42B | −$10.30B | −$10.21B | −$10.11B | −$10.02B | −$9.91B | −$9.80B | −$9.71B | −$9.58B | −$8.01B | −$7.78B |
| Accumulated other comprehensive income | $1.8M | $1.9M | $2.7M | $2.5M | $2.3M | $1.7M | $1.5M | $2.2M | $1.4M | $1.0M | $1.1M |
| Total shareholders' equity | $2.54B | $2.50B | $2.58B | $2.24B | $2.31B | $2.41B | $2.50B | $2.59B | $2.70B | $3.99B | $3.65B |
| Key figures | |||||||||||
| Total debt | $91.3M | $51.0M | $98.0M | $58.6M | $62.2M | $64.3M | $68.1M | $72.2M | $76.1M | $79.9M | $84.4M |
| Net cash (debt) | $770.3M | $772.1M | $806.4M | $481.5M | $540.6M | $610.3M | $695.3M | $781.4M | $882.7M | $894.2M | $12.9M |
| Working capital | $831.2M | $802.6M | $874.2M | $511.9M | $581.2M | $652.7M | $742.9M | $815.4M | $930.5M | $925.8M | −$7.5M |
| Tangible book value | $761.3M | $684.7M | $727.3M | $354.8M | $394.9M | $431.4M | $486.5M | $536.2M | $609.1M | $449.5M | $70.0M |
| Book value per share | $58.98 | $61.53 | $63.30 | $62.01 | $66.03 | $70.35 | $78.47 | $81.17 | $86.80 | $128.53 | $117.42 |
| Shares outstanding | 43.1M | 40.6M | 40.7M | 36.1M | 35.1M | 34.3M | 31.9M | 31.9M | 31.0M | 31.1M | 31.1M |
| Current ratio | 10.95 | 11.74 | 11.97 | 7.61 | 9.23 | 9.71 | 10.66 | 9.65 | 11.55 | 9.65 | 0.95 |
| Quick ratio | 10.55 | 11.29 | 11.58 | 7.19 | 8.76 | 9.26 | 10.25 | 9.26 | 11.09 | 9.29 | 0.73 |
| Debt / equity | 0.04 | 0.02 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.02 |
| Equity / assets | 89.4% | 89.2% | 88.2% | 86.1% | 85.6% | 84.8% | 83.9% | 83.0% | 82.4% | 84.1% | 80.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 12, 2026); data from EODHD.
GRAL financial position
At the end of fiscal 2025 (December 31, 2025), GRAIL had total assets of $2.9 billion (down 2.1% from a year earlier), total liabilities of $344.2 million and shareholders' equity of $2.6 billion. It held $904.4 million in cash and short-term investments against $98.0 million of debt, a net cash position of $806.4 million. Its current ratio was 11.97. In the latest quarter (ended June 30, 2026) total assets were $2.8 billion and equity $2.5 billion.
Related: GRAL income statement, GRAL cash flow statement, GRAL key metrics. See the GRAL stock overview for the latest quote and news.
GRAL balance sheet FAQ
What are GRAIL's total assets?
GRAIL reported total assets of $2.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.0 billion a year earlier.
How much debt does GRAIL have?
GRAIL had $98.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.04.
How much cash does GRAIL have?
GRAIL held $904.4 million in cash and short-term investments at the end of fiscal 2025; with $98.0 million of debt that is net cash of $806.4 million.
What is GRAIL's book value?
GRAIL's shareholders' equity (book value) was $2.6 billion at the end of fiscal 2025, or $70.14 per share.
What is GRAIL's current ratio?
GRAIL had current assets of $953.8 million and current liabilities of $79.7 million, a current ratio of 11.97 (it can cover its short-term obligations).
How much goodwill does GRAIL have?
GRAIL carried $1.9 billion of goodwill and intangible assets, 63.3% of total assets, at the end of fiscal 2025.