Guardant Health Inc
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+ FollowMarket Cap$20.25B
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Earnings Call Q3 2026
November 5, 2026 - AI Summary
Strong Q3 top-line and operating execution (good)
- Revenue: $361M, +36% YoY (from $265M).
- Oncology revenue: $231M, +25% YoY; test volume +58% YoY to 117,000.
- Non-GAAP gross margin: 67% (up from 66% YoY). Adjusted EBITDA loss: $37M vs $46M prior year (improvement of $8M).
- Cash: $1.1B quarter-end. Free cash flow burn: $37M (improved vs $46M prior year).
- Management emphasized disciplined cost control and workflow updates supporting margins despite mix shifts.
Oncology growth drivers and key milestones (good + opportunity)
- Guardant360 Liquid: volume nearly +30% YoY; on track for ~30% full-year volume growth.
- Reveal (MRD/monitoring): volume more than doubled YoY; adoption expanding via MRD and therapy response monitoring.
- Product/clinical/regulatory catalysts:
- Sept FDA approval: Guardant360 CDx as a companion diagnostic for AstraZeneca’s ETCAMAH to detect emerging ESR1 mutations before imaging progression.
- PMA submitted (Tissue): Guardant360 Tissue PMA submission to FDA (multiomic DNA/RNA/methylation; low tissue input).
- Shield/others not oncology: (covered separately below) but oncology includes Wave 4 Smart Apps next week (11 releases), including methylation-signature apps and new lung cancer immunotherapy support; also enhanced methylation features on Liquid/Tissue.
Screening (Shield) accelerates sharply on coverage tailwinds (very good + surprising)
- Shield revenue: $68M, +180% YoY (from $24M).
- Shield volume: 83,000 tests, +246% YoY (from 24,000).
- Coverage expansion:
- UnitedHealthcare coverage effective Aug; momentum also from Carelon and EviCore plus additional regional payers.
- Management highlighted state-level progress (PA legislation) expanding guideline-recommended blood colorectal screening with reduced/no patient cost sharing.
- Scale/visibility claim (surprising): With new coverage policies adding ~30M covered lives in a quarter, management estimates ~100M people (~>80% of eligible U.S. screening population) covered for Shield by entering 2027.
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$-132.76
187.4% downside
Current Fair Value
187.4% downsideOvervalued by 187.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $20.25 Billion |
|---|---|
| Enterprise Value | $20.95 Billion |
| Earnings per Share | $-3.32 |
| Beta | 1.58 |
| Outstanding Shares | 134,422,000 |
Return
| Return on Equity | 175.81% |
|---|---|
| Return on Assets | -25.72% |
| Return on Invested Capital | -32.03% |
Valuation & Multiples
| P/E Ratio | -41 |
|---|---|
| PEG | -120.16 |
| Price to Sales | 16.87 |
| Price to Book Ratio | -50.61 |
| Enterprise Value to Revenue | 16.38 |
| Enterprise Value to EBIT | -43.24 |
| Enterprise Value to Net Income | -44 |
| Total Debt to Enterprise | 0.08 |
| Debt to Equity | -6.27 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS
-$0.29
Est. -$0.75Revenue
$360.98 M
Est. $350.72 MNext Earnings Call
Expected Date
February 18, 2027
EPS Estimate
-$0.74
Consensus analyst estimateRevenue Estimate
$370.62 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 9.91, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 9.9063▲ 889.64% |
|---|---|
| Total Calls | 16,000▼ 98.23% |
| Total Puts | 158,500▼ 82.69% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 8.69%▼ 93.68% |
|---|---|
| Total Invested | $2.06B▼ 89.81% |
| Investors Holding | 282▼ 345.00% |