Exelixis Inc
EXELHealthcare|Biotechnology|USA
$56.51
-0.60 (-1.05%)
DCF (FCF)
$29.26
Tangible Book
$7.38
Graham Number
$23.55
Earnings Power
$17.69
Financials
Financial Snapshot
Market Cap
$14.20B
Enterprise Value
$607.7M
Revenue (TTM)
$2.38B
Net Income (TTM)
$833.4M
Cash & Equivalents
—
Net Cash/Share
$0.47
Free Cash Flow (TTM)
$905.2M
Operating CF (TTM)
$924.7M
Debt/Equity
0.09
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $419.8M | $387.8M | $693.3M | $852.2M | $1.21B | $1.47B | $1.31B | $995.3M | $1.11B | $1.06B | $777.2M | |
| Operating Cash Flow | $210.4M | $165.6M | $415.7M | $527.0M | $209.0M | $400.8M | $362.6M | $333.3M | $700.0M | $884.3M | $924.7M | |
| Free Cash Flow | $208.7M | $144.5M | $382.4M | $514.1M | $178.6M | $336.6M | $224.2M | $170.4M | $633.8M | $844.3M | $905.2M | |
| Capital Expenditure | $-1.7M | $-21.1M | $-33.3M | $-12.8M | $-30.3M | $-64.2M | $-138.5M | $-163.0M | $-66.2M | $-39.9M | $-19.5M | |
| Financing Cash Flow | $15.7M | $-169.9M | $9.7M | $12.6M | $-25.1M | $-14.8M | $586.0K | $-546.1M | $-628.8M | $-969.6M | $-1.13B |
R&D Spending
R&D (TTM)
$812.7M
R&D Intensity
34.2%
R&D Growth YoY
-1.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $191.5M | $452.5M | $853.8M | $967.8M | $987.5M | $1.43B | $1.61B | $1.83B | $2.17B | $2.32B | $2.38B | |
| R&D Expense | $96.0M | $112.2M | $182.3M | $337.0M | $547.9M | $693.7M | $891.8M | $1.04B | $910.4M | $825.0M | $812.7M | |
| R&D % of Revenue | 50.1% | 24.8% | 21.3% | 34.8% | 55.5% | 48.3% | 55.4% | 57.0% | 42.0% | 35.6% | 34.2% | |
| SG&A | $116.1M | $159.3M | $206.4M | $228.2M | $293.4M | $401.7M | $459.9M | $542.7M | $492.1M | $518.7M | $521.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $191.5M | $452.5M | $853.8M | $967.8M | $987.5M | $1.43B | $1.61B | $1.83B | $2.17B | $2.32B | $2.38B | |
| Cost of Goods Sold | $6.6M | $15.1M | $26.3M | $33.1M | $36.3M | $52.9M | $57.9M | $72.5M | $76.2M | $83.7M | $84.5M | |
| Gross Profit | $184.9M | $437.4M | $827.5M | $934.7M | $951.3M | $1.38B | $1.55B | $1.76B | $2.09B | $2.24B | $2.29B | |
| R&D | $96.0M | $112.2M | $182.3M | $337.0M | $547.9M | $693.7M | $891.8M | $1.04B | $910.4M | $825.0M | $812.7M | |
| SG&A | $116.1M | $159.3M | $206.4M | $228.2M | $293.4M | $401.7M | $459.9M | $542.7M | $492.1M | $518.7M | $521.1M | |
| Operating Income | $-27.2M | $165.9M | $438.9M | $369.5M | $110.1M | $286.7M | $201.5M | $170.9M | $689.9M | $892.7M | $957.2M | |
| Interest Expense | $-33.1M | $-8.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-70.2M | $158.6M | $452.1M | $398.1M | $130.8M | $294.2M | $234.4M | $257.5M | $681.6M | $941.2M | $1.00B | |
| Net Income | $-70.2M | $154.2M | $690.1M | $321.0M | $111.8M | $231.1M | $182.3M | $207.8M | $521.3M | $782.6M | $833.4M | |
| EPS (Diluted) | -0.28 | 0.49 | 2.21 | 1.02 | 0.35 | 0.72 | 0.56 | 0.65 | 1.76 | 2.78 | 3.01 | |
| EBITDA | $-36.2M | $168.4M | $443.8M | $377.8M | $119.2M | $300.3M | $222.4M | $196.6M | $718.8M | $921.8M | $985.8M | |
| Shares Out. (M) | 250.53 | 312.00 | 312.80 | 315.01 | 318.00 | 322.36 | 324.56 | 321.46 | 296.13 | 281.86 | 267.32 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $151.7M | $183.2M | $314.8M | $266.5M | $319.2M | $647.2M | $501.2M | $263.0M | $217.4M | $482.5M | $226.2M | |
| Marketable Securities | $268.1M | $204.6M | $378.6M | $585.7M | $887.3M | $819.9M | $807.3M | $732.3M | $893.9M | $576.6M | $551.1M | |
| Total Current Assets | $469.0M | $484.9M | $897.0M | $1.01B | $1.45B | $1.83B | $1.62B | $1.32B | $1.47B | $1.44B | $1.21B | |
| Total Assets | $595.7M | $655.3M | $1.42B | $1.89B | $2.14B | $2.62B | $3.07B | $2.94B | $2.95B | $2.84B | $2.59B | |
| Total Current Liabilities | $268.8M | $115.2M | $105.5M | $142.7M | $204.7M | $337.6M | $324.4M | $394.3M | $403.8M | $405.6M | $371.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $506.4M | $370.3M | $134.8M | $199.7M | $258.2M | $405.6M | $583.1M | $678.4M | $703.5M | $683.1M | $657.8M | |
| Stockholders' Equity | $89.3M | $285.0M | $1.29B | $1.69B | $1.88B | $2.21B | $2.49B | $2.26B | $2.24B | $2.16B | $1.94B | |
| Retained Earnings | $-1.98B | $-1.83B | $-880.4M | $-559.4M | $-447.6M | $-216.5M | $-34.2M | $-173.4M | $-98.6M | $-76.8M | $-215.8M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $210.4M | $165.6M | $415.7M | $527.0M | $209.0M | $400.8M | $362.6M | $333.3M | $700.0M | $884.3M | $924.7M | |
| Capital Expenditure | $-1.7M | $-21.1M | $-33.3M | $-12.8M | $-30.3M | $-64.2M | $-138.5M | $-163.0M | $-66.2M | $-39.9M | $-19.5M | |
| Free Cash Flow | $208.7M | $144.5M | $382.4M | $514.1M | $178.6M | $336.6M | $224.2M | $170.4M | $633.8M | $844.3M | $905.2M | |
| Investing Cash Flow | $-214.5M | $36.8M | $-297.9M | $-587.2M | $-131.2M | $-42.9M | $-524.4M | $-27.0M | $-116.8M | $350.4M | $249.6M | |
| Financing Cash Flow | $15.7M | $-169.9M | $9.7M | $12.6M | $-25.1M | $-14.8M | $586.0K | $-546.1M | $-628.8M | $-969.6M | $-1.13B | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-550.4M | $-652.0M | $-947.5M | $-1.09B | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-7.7M | $-185.8M | $-13.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $23.9M | $23.9M | $40.6M | $56.6M | $105.1M | $119.8M | $107.6M | $106.3M | $93.8M | $113.0M | $116.1M | |
| Net Change in Cash | $11.6M | $32.5M | $127.6M | $-47.7M | $52.6M | $343.1M | $-161.2M | $-239.7M | $-45.6M | $265.1M | $42.4M |
Dilution Tracker
Shares Outstanding
267M
5-Year Share Growth
-17.1%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 250.53 | 312.00 | 312.80 | 315.01 | 318.00 | 322.36 | 324.56 | 321.46 | 296.13 | 281.86 | 267.32 | |
| YoY Change % | — | 24.5% | 0.3% | 0.7% | 0.9% | 1.4% | 0.7% | -1.0% | -7.9% | -4.8% | -5.2% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-550.4M | $-652.0M | $-947.5M | $-1.09B | |
| Stock Based Comp. | $23.9M | $23.9M | $40.6M | $56.6M | $105.1M | $119.8M | $107.6M | $106.3M | $93.8M | $113.0M | $116.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 96.6% | 96.7% | 96.9% | 96.6% | 96.3% | 96.3% | 96.4% | 96.0% | 96.5% | 96.4% | 96.4% | |
| Operating Margin % | -14.2% | 36.7% | 51.4% | 38.2% | 11.1% | 20.0% | 12.5% | 9.3% | 31.8% | 38.5% | 40.3% | |
| Net Margin % | -36.7% | 34.1% | 80.8% | 33.2% | 11.3% | 16.1% | 11.3% | 11.4% | 24.0% | 33.7% | 35.1% | |
| EBITDA Margin % | -18.9% | 37.2% | 52.0% | 39.0% | 12.1% | 20.9% | 13.8% | 10.7% | 33.1% | 39.7% | 41.5% | |
| FCF Margin % | 109.0% | 31.9% | 44.8% | 53.1% | 18.1% | 23.5% | 13.9% | 9.3% | 29.2% | 36.4% | 38.1% | |
| ROE % | 0.0% | 82.4% | 87.8% | 21.6% | 6.3% | 11.3% | 7.8% | 8.7% | 23.1% | 35.5% | 40.0% | |
| ROA % | -15.1% | 24.7% | 66.4% | 19.4% | 5.6% | 9.7% | 6.4% | 6.9% | 17.7% | 27.0% | 30.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)18.77
Historical8.09 / 24.27 / 152.53
Industry Med.27.41
P/S6.57
Historical3.05 / 5.64 / 47.27
Industry Med.9.51
P/B7.41
Historical1.99 / 4.04 / 155.09
Industry Med.2.93
EV/EBITDA13.79
Historical-177.80 / 15.82 / 206.87
Industry Med.13.14
EV/Revenue5.72
Historical2.21 / 5.03 / 48.72
Industry Med.8.71
P/FCF17.16
Historical9.28 / 22.73 / 68.15
Industry Med.27.54
Intrinsic Value Models
DCF (FCF Based)
$29.26
Tangible Book
$7.38
Net Current Assets
$2.170
Graham Number
$23.55
Peter Lynch Value
$83.50
Median P/S Value
$49.96
Net-Net Working Capital
$1.50
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | 62.04 | 8.90 | 17.27 | 57.34 | 25.39 | 28.64 | 36.91 | 18.92 | 15.77 | 18.77 | |
| PS Ratio | 19.52 | 20.97 | 7.21 | 5.74 | 6.46 | 4.11 | 3.23 | 4.21 | 4.55 | 5.32 | 6.57 | |
| PB Ratio | 48.41 | 31.60 | 4.58 | 3.19 | 3.33 | 2.64 | 2.09 | 3.21 | 4.18 | 5.32 | 7.41 | |
| EV/EBITDA | -113.17 | 51.25 | 11.76 | 12.09 | 42.76 | 14.69 | 18.34 | 32.85 | 11.77 | 11.52 | 13.79 | |
| EV/Revenue | 21.37 | 19.08 | 6.11 | 4.72 | 5.16 | 3.08 | 2.53 | 3.53 | 3.90 | 4.58 | 5.72 |
Analyst Estimates & Quality
Altman Z-Score
15.42
Safe
Piotroski F-Score
7
Strong
Beneish M-Score
-2.44
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $2,597M | $2,918M | $3,233M |
| Net Income | $853M | $962M | $1,171M |
| EPS | 3.24 | 3.65 | 4.45 |
| Book Value per Share | 11.20 | 15.03 | 20.02 |
| Operating Cash Flow per Share | 3.26 | 3.85 | 5.21 |
| Operating CF | $872.35M | $1,028.31M | $1,392.75M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| CABOMETYX | $2.11B |
| Collaboration services revenues | $-17.1M |
| COMETRIQ | $9.4M |
| License revenues | $214.4M |
By Geography
| Segment | 2025 |
|---|---|
| U.S. | $2.14B |
| Europe | $154.2M |
| Japan | $25.6M |