Detailed financial statements for Guardant Health, Inc. (GH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Guardant Health, Inc., established in Redwood City, California, in 2011, is a precision oncology company that delivers a range of diagnostic blood tests, comprehensive data sets, and advanced analytical solutions both within the United States and internationally. For patients with advanced-stage cancer, the company's core offerings include several liquid biopsy-based tests such as Guardant360 (available in LDT and CDx versions) and GuardantOMNI.
Analysis Summary
Guardant Health, Inc. reported revenue of $982.0M in the most recent fiscal year, growing at a 5-year CAGR of 27.9%.
Trailing-twelve-month margins: gross margin 65.0%, operating margin -39.7%, net margin -38.3%.
At $178.80 (closing price, October 30, 2026), GH has negative trailing earnings (P/E not meaningful) and an ROE of 211.46%. Market capitalisation stands at $24.0B, placing it among large-cap names.
Balance sheet quality for GH: debt-to-equity ratio of -7.61, current ratio of 4.03 over the last 12 months, net debt of $508.5M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.2M | $49.8M | $90.6M | $214.4M | $286.7M | $373.7M | $449.5M | $563.9M | $739.0M | $982.0M |
| Cost of Revenue | $22.1M | $31.6M | $43.2M | $70.7M | $92.5M | $122.9M | $156.3M | $227.1M | $289.8M | $349.0M |
| Gross Profit | $3.1M | $18.2M | $47.4M | $143.7M | $194.2M | $250.7M | $293.2M | $336.9M | $449.2M | $633.0M |
| Research & Development | $10.9M | $25.6M | $50.7M | $86.3M | $149.9M | $263.2M | $373.8M | $367.2M | $347.8M | $364.2M |
| Selling, General & Admin | $36.1M | $69.3M | $89.7M | $139.7M | $299.3M | $398.5M | $463.8M | $451.0M | $545.1M | $706.1M |
| Operating Expenses | $47.0M | $94.8M | $140.4M | $226.0M | $449.1M | $661.7M | $837.6M | $901.6M | $892.8M | $1.07B |
| Operating Income | -$43.8M | -$76.6M | -$92.9M | -$82.4M | -$254.9M | -$411.0M | -$544.4M | -$564.7M | -$443.6M | -$437.2M |
| EBITDA | -$39.4M | -$75.3M | -$75.8M | -$57.1M | -$225.1M | -$359.6M | -$614.9M | -$433.3M | -$390.1M | -$373.9M |
| Interest Expense | $3.0M | $2.7M | $1.3M | $1.2M | $4.8M | $2.6M | $2.6M | $2.6M | $2.6M | $3.9M |
| Pre-tax Income | -$46.1M | -$83.2M | -$84.2M | -$69.7M | -$245.9M | -$384.5M | -$653.4M | -$478.8M | -$435.1M | -$417.5M |
| Income Tax | $6,000 | $7,000 | $38,000 | -$1.9M | $379,000 | $300,000 | $1.1M | $685,000 | $1.3M | -$1.3M |
| Net Income | -$46.1M | -$83.2M | -$85.1M | -$75.7M | -$253.8M | -$405.7M | -$654.6M | -$479.4M | -$436.4M | -$416.3M |
| EPS | -$3.49 | -$1.18 | -$1.00 | -$0.75 | -$2.53 | -$4.00 | -$6.41 | -$4.28 | -$3.56 | -$3.32 |
| EPS (Diluted) | -$3.49 | -$1.18 | -$1.00 | -$0.75 | -$2.53 | -$4.00 | -$6.41 | -$4.28 | -$3.56 | -$3.32 |
| Shares Outstanding (Diluted) | 13.2 M | 70.7 M | 85.0 M | 90.6 M | 97.5 M | 101.3 M | 102.2 M | 112.0 M | 122.7 M | 125.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $265.2M | $281.3M | $301.7M | $335.0M |
| Gross Profit | $171.6M | $181.8M | $196.7M | $219.0M |
| Operating Income | -$99.0M | -$120.8M | -$121.3M | -$129.1M |
| EBITDA | -$82.2M | -$119.0M | -$100.9M | -$109.0M |
| Net Income | -$92.7M | -$128.5M | -$112.1M | -$120.1M |
| EPS | -$0.74 | -$1.00 | -$0.85 | -$0.90 |
| EPS (Diluted) | -$0.74 | -$1.00 | -$0.85 | -$0.90 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $33.6M | $72.3M | $140.5M | $143.2M | $833.0M | $492.2M | $141.6M | $1.13B | $525.5M | $378.2M |
| Short-term Investments | $61.7M | $149.0M | $278.4M | $379.6M | $961.9M | $440.5M | $869.6M | $35.1M | $314.4M | $823.4M |
| Receivables | $3.5M | $12.8M | $35.7M | $48.0M | $53.3M | $97.7M | $97.3M | $88.8M | $110.3M | $137.8M |
| Inventory | $2.8M | $7.3M | $9.1M | $15.2M | $22.7M | $30.7M | $51.6M | $61.9M | $71.1M | $85.9M |
| Total Current Assets | $103.1M | $242.9M | $469.0M | $597.4M | $1.89B | $1.11B | $1.19B | $1.35B | $1.06B | $1.47B |
| Property, Plant & Equipment | $12.6M | $16.0M | $31.0M | $72.8M | $100.1M | $313.9M | $341.9M | $302.7M | $279.1M | $304.8M |
| Goodwill | 0 | 0 | 0 | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $77.3M |
| Intangible Assets | 0 | $8.7M | $7.8M | $15.4M | $16.2M | $14.2M | $11.7M | $9.0M | $6.8M | $25.9M |
| Total Assets | $116.6M | $342.9M | $587.4M | $962.5M | $2.27B | $2.20B | $1.61B | $1.79B | $1.49B | $2.01B |
| Accounts Payable | $3.2M | $5.0M | $10.6M | $16.2M | $7.3M | $38.5M | $68.9M | $51.7M | $38.6M | $54.4M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $14.3M | $19.6M | $46.9M | $72.7M | $66.8M | $194.7M | $193.2M | $205.9M | $225.6M | $302.7M |
| Long-term Debt | $16.5M | 0 | 0 | 0 | $806.3M | $1.13B | $1.14B | $1.14B | $1.14B | $1.50B |
| Total Liabilities | $36.9M | $34.3M | $62.5M | $114.5M | $916.2M | $1.56B | $1.55B | $1.63B | $1.63B | $2.11B |
| Retained Earnings | -$107.6M | -$195.7M | -$280.8M | -$352.8M | -$606.6M | -$1.01B | -$1.66B | -$2.14B | -$2.58B | -$2.99B |
| Total Equity | $79.7M | $308.6M | $483.2M | $798.4M | $1.30B | $645.0M | $60.2M | $158.7M | -$139.6M | -$99.3M |
| Total Debt | $17.0M | $659,000 | 0 | $40.4M | $854.5M | $1.37B | $1.37B | $1.35B | $1.34B | $1.71B |
| Net Debt | -$78.2M | -$220.7M | -$419.0M | -$482.4M | -$940.4M | $441.0M | $358.1M | $185.1M | $496.1M | $508.5M |
| Working Capital | $88.8M | $223.3M | $422.0M | $524.6M | $1.82B | $919.4M | $998.4M | $1.14B | $829.5M | $1.16B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $580.0M | $378.2M | $989.3M | $1.05B |
| Total Assets | $1.28B | $2.01B | $1.92B | $1.91B |
| Total Liabilities | $1.63B | $2.11B | $2.10B | $2.14B |
| Total Equity | -$354.5M | -$99.3M | -$181.1M | -$222.9M |
| Total Debt | $1.33B | $1.71B | $1.70B | $1.70B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$46.1M | -$83.2M | -$84.3M | -$67.9M | -$246.3M | -$384.8M | -$654.6M | -$479.4M | -$436.4M | -$416.3M |
| Depreciation & Amortization | $3.7M | $5.2M | $7.1M | $11.4M | $16.1M | $22.3M | $36.0M | $42.9M | $42.4M | $39.7M |
| Stock-based Compensation | $2.0M | $3.7M | $6.9M | $17.0M | $144.1M | $151.4M | $94.7M | $90.8M | $140.4M | $166.2M |
| Change in Working Capital | $2.5M | -$5.0M | -$1.1M | -$8.3M | -$47.7M | -$40.5M | $61.6M | $53.8M | -$60.9M | -$14.4M |
| Operating Cash Flow | -$36.7M | -$72.2M | -$72.2M | -$47.1M | -$103.9M | -$209.0M | -$309.5M | -$325.0M | -$239.9M | -$184.8M |
| Capital Expenditure | -$1.8M | -$9.0M | -$20.2M | -$21.3M | -$54.1M | -$75.0M | -$77.5M | -$20.5M | -$35.1M | -$48.3M |
| Acquisitions | 0 | 0 | 0 | -$7.3M | 0 | 0 | 0 | 0 | 0 | -$59.0M |
| Stock Repurchased | -$100,000 | -$7.2M | -$172,000 | 0 | 0 | 0 | 0 | 0 | 0 | -$45.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$38.5M | -$81.2M | -$92.4M | -$68.4M | -$158.0M | -$284.1M | -$386.9M | -$345.5M | -$274.9M | -$233.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$35.4M | -$26.4M | -$65.6M | -$57.8M |
| Capital Expenditure | -$10.3M | -$27.8M | -$5.6M | -$11.8M |
| Free Cash Flow | -$45.8M | -$54.2M | -$71.2M | -$69.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $42.8M | $43.2M | $47.6M | $57.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +97.4% | +81.9% | +136.5% | +33.8% | +30.3% | +20.3% | +25.5% | +31.0% | +32.9% | |
| Net Income Growth (YoY) | -80.4% | -2.2% | +11.1% | -235.5% | -59.8% | -61.4% | +26.8% | +9.0% | +4.6% | |
| EPS Growth (YoY) | +66.2% | +15.3% | +25.0% | -237.3% | -58.1% | -60.2% | +33.2% | +16.8% | +6.7% | |
| Shares Change (YoY) | +434.8% | +20.2% | +6.5% | +7.6% | +3.9% | +0.9% | +9.6% | +9.6% | +2.1% | |
| FCF Growth (YoY) | -111.1% | -13.8% | +25.9% | -130.9% | -79.8% | -36.2% | +10.7% | +20.4% | +15.2% | |
| Gross Margin | 12.4% | 36.6% | 52.3% | 67.0% | 67.7% | 67.1% | 65.2% | 59.7% | 60.8% | 64.5% |
| Operating Margin | -173.7% | -153.7% | -102.5% | -38.4% | -88.9% | -110.0% | -121.1% | -100.1% | -60.0% | -44.5% |
| EBITDA Margin | -156.1% | -151.1% | -83.7% | -26.7% | -78.5% | -96.2% | -136.8% | -76.8% | -52.8% | -38.1% |
| Net Margin | -182.7% | -167.0% | -93.8% | -35.3% | -88.5% | -108.6% | -145.6% | -85.0% | -59.0% | -42.4% |
| FCF Margin | -152.4% | -163.0% | -101.9% | -31.9% | -55.1% | -76.0% | -86.1% | -61.3% | -37.2% | -23.7% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | 2.7% | -0.2% | -0.1% | -0.2% | -0.1% | -0.3% | 0.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$2.91 | -$1.15 | -$1.09 | -$0.76 | -$1.62 | -$2.80 | -$3.79 | -$3.08 | -$2.24 | -$1.86 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 13.2 M | 70.7 M | 85.0 M | 90.6 M | 97.5 M | 101.3 M | 102.2 M | 112.0 M | 122.7 M | 125.4 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 211.46% |
| Return on Invested Capital | -29.30% |
| Return on Assets | -23.71% |
| Gross Margin | 65.01% |
| Operating Margin | -39.75% |
| Net Margin | -38.33% |
Financial Health
| Debt / Equity | -7.61 |
| Current Ratio | 4.03 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.02 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -9.23 | -27.29 | -37.59 | -104.19 | -50.94 | -25.00 | -4.24 | -6.32 | -8.58 | -30.77 |
| P/B | 5.34 | 7.38 | 6.62 | 8.87 | 9.68 | 15.71 | 46.18 | 19.09 | -26.85 | -128.95 |
| P/S | 16.86 | 45.69 | 35.26 | 33.02 | 43.83 | 27.12 | 6.18 | 5.37 | 5.07 | 13.04 |
| Gross Margin | 12.4% | 36.6% | 52.3% | 67.0% | 67.7% | 67.1% | 65.2% | 59.7% | 60.8% | 64.5% |
| Operating Margin | -173.7% | -153.7% | -102.5% | -38.4% | -88.9% | -110.0% | -121.1% | -100.1% | -60.0% | -44.5% |
| Net Margin | -182.7% | -167.0% | -93.8% | -35.3% | -88.5% | -108.6% | -145.6% | -85.0% | -59.0% | -42.4% |
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