Explain this page
Arphra AIPlain-English read on Guardant Health, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
ATop tier
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin64.5%
Operating margin-44.4%
Net margin-42.4%
ROE419.2%
ROA-20.7%
ROIC-36.1%
Liquidity & leverage
Current ratio4.84×
Quick ratio4.56×
Debt / equity-16.94×
Net debt / EBITDA-3.49×
Interest coverage-112×
Efficiency & per-share
Asset turnover0.49×
Inventory days90
Days sales out.51
FCF / share$-1.86
Book value / share$-0.79
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $3.75B | $12.81B | — | — | — | — |
| Enterprise value | — | — | — | $4.56B | $14.11B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 6.17 | 14.37 | — | — | — | — |
| EV / FCF | — | — | — | -16.59 | -60.54 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | -11.64% | -3.25% | — | — | — | — |
| Free cash flow yield | — | — | — | -7.33% | -1.82% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +67.11% | +65.23% | +59.74% | +60.79% | +64.46% | +60.60% | +62.78% | +60.21% | +60.13% |
| Operating margin | -110.00% | -121.10% | -100.14% | -60.02% | -44.43% | -70.17% | -68.22% | -68.24% | -68.59% |
| EBITDA margin | -96.24% | -136.79% | -76.83% | -52.79% | -38.08% | -54.76% | -54.62% | -55.01% | -55.66% |
| EBIT margin | -102.21% | -144.79% | -84.44% | -58.52% | -42.12% | -63.27% | -63.36% | -62.88% | -61.41% |
| Pre-tax margin | -102.89% | -145.36% | -84.90% | -58.87% | -42.52% | -60.49% | -60.85% | -62.24% | -60.65% |
| Net margin | -108.57% | -145.61% | -85.02% | -59.05% | -42.39% | -62.64% | -62.93% | -60.60% | -63.98% |
| Cost structure | |||||||||
| Cost of revenue / sales | +32.89% | +34.77% | +40.26% | +39.21% | +35.54% | +37.60% | +38.75% | +38.50% | +37.34% |
| R&D intensity | +70.45% | +83.15% | +65.11% | +47.06% | +37.09% | +50.56% | +49.30% | +49.93% | +50.47% |
| SG&A intensity | +106.66% | +103.17% | +79.98% | +73.75% | +71.90% | +73.19% | +73.68% | +76.76% | +74.20% |
| Effective tax rate | — | — | — | — | — | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | -62.89% | -1087.72% | -302.14% | +312.48% | +419.18% | +1402.59% | +1449.39% | +1401.25% | +1433.45% |
| Return on assets (ROA) | -18.40% | -40.66% | -26.84% | -29.37% | -20.67% | -26.25% | -25.96% | -24.70% | -25.80% |
| Return on capital (ROC) | -20.36% | -38.08% | -37.34% | -37.08% | -27.56% | -35.72% | -35.35% | -35.55% | -36.61% |
| Return on invested capital (ROIC) | -15.27% | -28.56% | -28.00% | -27.81% | -20.67% | -26.79% | -26.51% | -26.66% | -27.46% |
| Asset turnover | +16.95% | +27.92% | +31.57% | +49.74% | +48.77% | +41.90% | +41.26% | +40.76% | +40.32% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -108.57% | -145.61% | -85.02% | -59.05% | -42.39% | -62.64% | -62.93% | -60.60% | -63.98% |
| Asset turnover (× revenue / assets) | +16.95% | +27.92% | +31.57% | +49.74% | +48.77% | +41.90% | +41.26% | +40.76% | +40.32% |
| Equity multiplier (× assets / equity) | +341.78% | +2675.28% | +1125.77% | -1063.83% | -2027.71% | -5343.69% | -5582.79% | -5673.03% | -5555.87% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.17 | 0.28 | 0.32 | 0.50 | 0.49 | 0.42 | 0.41 | 0.41 | 0.40 |
| Fixed-asset turnover | 1.19 | 1.31 | 1.86 | 2.65 | 3.22 | — | — | — | — |
| Inventory turnover | 4.01 | 3.03 | 3.67 | 4.08 | 4.06 | — | — | — | — |
| Receivables turnover | 3.83 | 4.62 | 6.35 | 6.70 | 7.12 | — | — | — | — |
| Payables turnover | 3.19 | 2.27 | 4.39 | 7.52 | 6.41 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 95.39 | 78.97 | 57.46 | 54.45 | 51.24 | — | — | — | — |
| Days inventory outstanding (DIO) | 91.09 | 120.48 | 99.59 | 89.53 | 89.81 | — | — | — | — |
| Days payables outstanding (DPO) | 114.38 | 160.90 | 83.18 | 48.55 | 56.94 | — | — | — | — |
| Cash conversion cycle | 72.10 | 38.54 | 73.87 | 95.43 | 84.11 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.52 | 0.47 | 0.68 | 0.55 | 0.44 | 0.57 | 0.59 | 0.59 | 0.58 |
| FCF / Net income | 0.70 | 0.59 | 0.72 | 0.63 | 0.56 | 0.67 | 0.66 | 0.69 | 0.63 |
| FCF margin | -76.02% | -86.07% | -61.26% | -37.20% | -23.73% | -41.78% | -41.59% | -41.66% | -40.25% |
| OCF margin | -55.94% | -68.84% | -57.62% | -32.46% | -18.81% | -35.63% | -37.31% | -35.88% | -37.28% |
| CapEx / Revenue | +20.08% | +17.23% | +3.63% | +4.75% | +4.92% | +4.41% | +4.42% | +4.50% | +4.52% |
| CapEx / D&A | 3.37 | 2.15 | 0.48 | 0.83 | 1.22 | — | — | — | — |
| Stock-based comp / Revenue | +40.53% | +21.06% | +16.09% | +19.00% | +16.93% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -3.80 | -6.41 | -4.28 | -3.56 | -3.32 | -2.93 | -2.00 | -0.45 | 1.21 |
| EPS · basic | -3.80 | -6.41 | -4.28 | -3.56 | -3.32 | -2.96 | -2.00 | -0.45 | 1.22 |
| Book value / share | 6.37 | 0.59 | 1.42 | -1.14 | -0.79 | -0.47 | -0.59 | -0.76 | -1.00 |
| Tangible BV / share | 6.19 | 0.44 | 1.31 | -1.22 | -1.62 | -0.47 | -0.59 | -0.76 | -1.00 |
| Sales / share | 3.69 | 4.40 | 5.04 | 6.02 | 7.83 | 10.50 | 13.69 | 17.51 | 22.35 |
| Operating CF / share | -2.06 | -3.03 | -2.90 | -1.95 | -1.47 | -3.74 | -5.11 | -6.28 | -8.33 |
| Free cash flow / share | -2.80 | -3.79 | -3.08 | -2.24 | -1.86 | -4.38 | -5.69 | -7.30 | -9.00 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +20.31% | +25.45% | +31.04% | +32.88% | +33.81% | +29.37% | +28.94% | +26.84% | +28.51% |
| Gross profit · YoY | — | +16.94% | +14.90% | +33.34% | +40.91% | +25.80% | +34.01% | +23.67% | +26.66% | +26.76% |
| Profit | ||||||||||
| Operating income · YoY | — | -32.45% | -3.74% | +21.45% | +1.64% | -111.33% | -25.78% | -28.97% | -27.48% | — |
| EBITDA · YoY | — | -70.99% | +29.53% | +9.97% | +4.16% | -92.43% | -29.05% | -29.86% | -28.34% | — |
| Net income · YoY | — | -61.36% | +26.76% | +8.98% | +4.61% | -97.74% | -29.95% | -24.18% | -33.91% | — |
| Operating | ||||||||||
| EBIT · YoY | — | -70.43% | +26.84% | +9.17% | +4.36% | -101.00% | -29.54% | -27.96% | -23.88% | — |
| R&D · YoY | — | +42.01% | -1.77% | -5.29% | +4.73% | +82.43% | +26.13% | +30.59% | +28.20% | +23.27% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -68.68% | +33.23% | +16.82% | +6.74% | +11.65% | +31.91% | +77.58% | +370.62% | — |
| EPS · basic · YoY | — | -68.68% | +33.23% | +16.82% | +6.74% | +10.96% | +32.27% | +77.69% | +373.48% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $1.37B | $1.37B | $1.35B | $1.34B | $1.68B | $2.64B | $3.35B | $4.3B | $5.33B |
| Net debt | $881.53M | $1.23B | $220.23M | $810.51M | $1.3B | $1.29B | $1.61B | $1.97B | $2.38B |
| Net debt / EBITDA | -2.45 | -2.00 | -0.51 | -2.08 | -3.49 | -1.79 | -1.74 | -1.63 | -1.54 |
| Debt / equity | 2.13 | 22.75 | 8.53 | -9.57 | -16.94 | -44.98 | -45.45 | -45.38 | -42.97 |
| Debt / assets | +62.31% | +85.05% | +75.78% | +89.93% | +83.55% | +84.17% | +81.41% | +79.99% | +77.33% |
| Equity / assets | +29.26% | +3.74% | +8.88% | -9.40% | -4.93% | -1.87% | -1.79% | -1.76% | -1.80% |
| Coverage | |||||||||
| EBITDA / interest expense | -139.55 | -238.61 | -168.08 | -151.15 | -95.95 | -135.47 | -136.52 | -140.94 | -136.90 |
| Operating income / interest | -159.49 | -211.24 | -219.06 | -171.87 | -111.96 | -173.60 | -170.51 | -174.82 | -168.68 |
| Interest expense | $2.58M | $2.58M | $2.58M | $2.58M | $3.9M | $5.31M | $6.8M | $8.56M | $11.3M |
| Liquidity | |||||||||
| Current ratio | 5.72 | 6.17 | 6.54 | 4.68 | 4.84 | — | — | — | — |
| Quick ratio | 5.29 | 5.74 | 6.11 | 4.21 | 4.42 | — | — | — | — |
| Cash ratio | 2.53 | 0.73 | 5.50 | 2.33 | 1.25 | — | — | — | — |
| Working capital | $919.44M | $998.37M | $1.14B | $829.53M | $1.16B | — | — | — | — |
| Working capital / revenue | +246.07% | +222.09% | +202.36% | +112.25% | +118.46% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 14.37x | 6.17x |
| Earnings yield | -3.3% | -11.6% |
| FCF yield | -1.8% | -7.3% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 419.2% | 312.5% |
| ROA | -20.7% | -29.4% |
| ROIC | -25.4% | -34.4% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | -3.49 | -2.08 |
| Interest coverage | — | — |
| Current ratio | 4.84x | 4.68x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).