GRALGRAIL, Inc.

Services-Medical Laboratories

Revenue: $147M; 17% YoY
Operating margin: -382.0%; 78% YoY
EBITDA: −$544M; 75% YoY
Market cap: $6.4B
Employees: 910; $162K revenue each
Net debt / EBITDA: —
AI in 10-K: 3.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ 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 SBCYes
40% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$162K · 31st pct
Bottom quartile of its SIC industry
Quiet on AINo
3.9 per 10K words · 77th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$118M net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$93M	$126M	$147M	17%
Operating income	−$1.5B	−$2.2B	−$562M	74%
Net income	−$1.5B	−$2.0B	−$408M	80%
Operating cash flow	−$596M	−$577M	−$299M	48%
Capex	$13M	$5M	$909K	83%
Stock-based comp	$97M	$86M	$58M	32%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $118M · 48
Net: −$118M

Pay vs performance

No pay-versus-performance disclosure yet.