Guardant Health, Inc. GH

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 170.73 USD on Nov 2, 2026, +67.2% year to date

Quant rating

Quant rating A Rank 26 of 565 in Health Care

Growth A 40 of 565
Valuation D 462 of 565
Quality B 103 of 565
Revisions B 100 of 565
Momentum A 38 of 565

Wall Street consensus Buy (1.64)Average target 201.32 USD +17.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 22.9B
Enterprise value: 23.4B
52-week range: 74.80 – 191.01
3-year range: 16.07 – 191.01
Dividend yield: –
Beta (5 years): 1.66
Shares outstanding: 134M
Next earnings: Nov 5, 2026

About the company

Guardant Health, Inc. is a precision oncology company focused on guarding wellness and giving every person more time free from cancer. It provides critical insights into what drives disease through its advanced blood and tissue tests, real-world data, and artificial intelligence (AI) analytics. Guardant tests help improve outcomes across all stages of care, including screening to find cancer early, monitoring for recurrence in early-stage cancer, and helping doctors select the treatment for patients with advanced cancer. For patients with advanced-stage cancer, it has developed Guardant360 laboratory developed test (LDT), and Guardant360 CDx test, a comprehensive liquid biopsy test to provide tumor mutation profiling with solid tumors and to be used as a companion diagnostic in connection with non-small cell lung cancer (NSCLC), and breast cancer. It offers other tests, including Guardant360 Tissue test, Guardant Reveal blood test, Guardant360 Response blood test and others.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	982	739	564	450	374	–
Revenue growth	32.9%	31.0%	25.5%	20.3%	30.3%	27.9%
EPS (basic, normalized)	−3.32	−3.56	−3.51	−6.41	−4.00	–
EPS growth	–	–	–	–	–	–
Gross margin	64.5%	60.8%	59.7%	65.4%	67.3%	63.5%
Net margin	−42.4%	−59.0%	−85.0%	−145.6%	−108.6%	−88.1%
ROE	–	−4,584.5%	−438.1%	−185.7%	−41.7%	−1,312.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,053
Current ratio	4.03x
Long-term debt (mil)	1,503
Net debt (mil)	449
Total equity (mil)	−223
Net debt / equity	−2.02x
Net debt / EBITDA	−2.04x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	982	+32.9%	23.8x	−221	+9.5%	−105.8x	−3.32	+6.7%	−51.4x
2026	1,357	+38.2%	17.2x	−182	+17.4%	−128.1x	−1.54	+53.5%	−110.7x
2027	1,838	+35.4%	12.7x	−18.1	+90.1%	−1,293.3x	−0.47	+69.4%	−361.8x
2028	2,496	+35.8%	9.4x	341	+1,988.0%	68.5x	1.46	+409.2%	117.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,357	0.0%	+0.5%	+6.8%	−1.54	+0.3%	−0.6%	+9.1%
2027	1,838	0.0%	+1.4%	+12.3%	−0.47	+3.8%	+10.0%	+54.6%
2028	2,496	−0.1%	+1.5%	+20.7%	1.46	+3.3%	+14.7%	+602.9%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	168	177	191	202	203	232	265	281	302	345
Sales mean (mil)	151	163	171	192	190	211	236	271	279	314
Surprise	+11.8%	+8.9%	+12.2%	+5.0%	+7.0%	+9.9%	+12.5%	+3.8%	+8.0%	+9.8%
EPS reported	−0.94	−0.84	−0.88	−0.90	−0.82	−0.80	−0.74	−1.00	−0.45	−0.42
EPS mean	−0.85	−0.74	−0.74	−0.74	−0.79	−0.77	−0.70	−0.70	−0.50	−0.41
Surprise	−10.3%	−13.1%	−18.2%	−21.6%	−3.4%	−3.9%	−5.3%	−42.7%	+9.3%	−3.0%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GH Guardant Health, Inc.	22.9B	−2.04x	−42.4%	−102.36x	−110.7x	−361.8x	−128.1x	−1,293.3x
TMO Thermo Fisher Scientific Inc.	252.9B	3.18x	15.0%	4.62x	27.0x	24.6x	23.0x	21.4x
DHR Danaher Corporation	160.4B	2.71x	14.7%	2.99x	26.5x	24.5x	21.6x	19.8x
A Agilent Technologies Inc	48.5B	1.09x	18.8%	6.59x	27.7x	25.5x	22.6x	20.9x
WAT Waters Corp	44.2B	3.88x	20.3%	2.91x	30.8x	27.2x	22.7x	20.5x
ILMN Illumina Inc	34.3B	0.35x	19.6%	10.88x	41.9x	36.7x	26.3x	23.6x
Mean		1.53x	7.7%	−12.40x	7.2x	−37.2x	−2.0x	−197.9x
Median		1.90x	16.9%	3.80x	27.4x	25.1x	22.6x	20.7x

Technical analysis

1M−4.0%
3M+5.4%
1Y+83.5%
3Y+534.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Guardant Health, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	982	739	564	450	374	287
Cost of revenue	349	290	227	156	122	92.5
Gross profit	633	449	337	294	251	194
Selling, general & administrative expenses	706	545	451	464	399	299
Research & development	364	348	367	374	263	150
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	4.9	–	36.1	5.3	−25.0	0
Other operating expenses	0	0	83.4	0.7	0.7	0
Operating income	−442	−444	−601	−550	−386	−255
Net interest income (expense)	30.2	6.7	112	−4.3	1.4	4.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−5.6	1.8	9.6	−99.5	0.2	4.1
Net income before taxes	−418	−435	−479	−653	−384	−246
Provision for taxes	−1.3	1.3	0.7	1.1	0.3	0.4
Minority interest	–	–	0	0	−20.9	−7.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−416	−436	−479	−655	−406	−254
Extraordinary items	–	–	–	–	–	0
Net income	−416	−436	−479	−655	−406	−254
EBIT, normalized	−437	−444	−565	−544	−411	−245
EBITDA, normalized	−397	−401	−522	−508	−389	−227
Basic EPS, normalized	−3.32	−3.56	−3.51	−6.41	−4.00	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Guardant Health, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,202	840	1,169	1,011	933	1,795
Receivables	138	110	88.8	97.3	97.7	53.3
Total inventory	85.9	71.1	61.9	51.6	30.7	22.7
Prepaid expenses	40.7	33.8	27.7	31.5	53.1	17.5
Other current assets	0	0	0	0	0	0
Total current assets	1,466	1,055	1,347	1,192	1,114	1,888
Property, plant & equipment	305	279	303	342	314	100
Goodwill	77.3	3.3	3.3	3.3	3.3	3.3
Intangibles	25.9	6.8	9.0	11.7	14.2	16.2
Long-term investments	–	–	–	0	698	247
Note receivable	–	–	–	–	–	–
Other long-term assets	140	141	124	61.5	60.9	17.3
Total assets	2,014	1,486	1,786	1,610	2,204	2,272
Liabilities
Accounts payable	54.4	38.6	51.7	68.9	17.6	7.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	198	152	136	107	83.6	46.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	50.8	35.5	18.0	17.4	93.5	13.2
Total current liabilities	303	226	206	193	195	66.8
Long-term debt	1,504	1,143	1,140	1,137	1,135	806
Minority interest	–	–	–	–	0	57.1
Other liabilities	306	257	282	219	230	43.1
Total liabilities	2,113	1,625	1,628	1,550	1,559	973
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	2,900	2,444	2,304	1,742	1,658	1,902
Retained earnings (accumulated deficit)	−2,995	−2,578	−2,142	−1,662	−1,008	−607
Treasury stock	–	–	–	–	–	–
Other equity	−4.9	−5.2	−3.7	−19.5	−4.8	2.7
Total equity	−99.3	−140	159	60.2	645	1,298
Total liabilities & shareholders' equity	2,014	1,486	1,786	1,610	2,204	2,272

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Guardant Health, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−416	−436	−479	−655	−385	−246
Depreciation, depletion & amortization	39.7	42.4	42.9	36.0	22.3	16.1
Deferred taxes	–	–	–	–	–	–
Non-cash items	199	215	57.8	248	194	174
Changes in working capital	−6.8	−60.9	53.8	61.6	−40.5	−47.7
Cash from operations	−185	−240	−325	−309	−209	−104
Investing activities
Capital expenditures	−48.3	−35.1	−20.5	−77.5	−75.0	−54.1
Other investing cash flows	−579	−226	861	227	11.9	−563
Cash from investing	−627	−261	840	150	−63.2	−617
Financing activities
Financing cash flow items	−64.2	−15.8	−26.3	−201	−83.8	−94.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	735	14.8	504	11.9	16.9	1,505
Cash from financing	671	−1.0	477	−189	−66.8	1,410
Foreign exchange effects	0.5	−1.8	−0.9	−1.6	−1.7	0.5
Net change in cash	−140	−504	992	−350	−341	690
Free cash flow	−233	−275	−345	−387	−284	−158

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.