GHGuardant Health, Inc.
Services-Medical Laboratories
- Revenue
- $982M
- 33% YoY
- Operating margin
- -44.5%
- 26% YoY
- EBITDA
- −$398M
- 0.9% YoY
- Market cap
- $23.9B
- Employees
- 2,506
- $392K revenue each
- Net debt / EBITDA
- —
- $449M net debt
- AI in 10-K
- 3.4
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes17% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-24% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentYes65% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$392K · 72nd pctBottom quartile of its SIC industry
- Quiet on AINo3.4 per 10K words · 73rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$23.9B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$174M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $374M | $450M | $564M | $739M | $982M | 33% |
| Operating income | −$411M | −$544M | −$565M | −$444M | −$437M | 1.4% |
| Net income | −$385M | −$655M | −$479M | −$436M | −$416M | 4.6% |
| Operating cash flow | −$209M | −$309M | −$325M | −$240M | −$185M | 23% |
| Capex | $75M | $77M | $20M | $35M | $48M | 38% |
| Stock-based comp | $151M | $95M | $91M | $140M | $166M | 18% |
| Buybacks | — | — | $0 | $0 | $45M |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 29, 2021 | SOFTBANK VISION FUND (AIV M1) L.P. | SC 13D/A | 0.6% | Passive |
| Apr 29, 2021 | SOFTBANK VISION FUND (AIV M1) L.P. | SC 13D/A | 5.7% | Passive |
| Oct 13, 2020 | SOFTBANK VISION FUND (AIV M1) L.P. | SC 13D/A | 7.1% | Passive |
| Jun 15, 2020 | SOFTBANK VISION FUND (AIV M1) L.P. | SC 13D/A | 14.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $78K · 1
- Open-market sells, 12 mo
- $174M · 144
- Net
- −$174M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 79 | 125 |
| FY2024 | — | — | 24 | 93 |
| FY2023 | — | — | 21 | 94 |
| FY2022 | — | — | 21 | 90 |
| FY2021 | — | — | 78 | 100 |