10x Genomics, Inc.
TXGHealthcare|Biotechnology|US
$59.28
+1.22 (+2.10%)
Tangible Book / Share
$5.91
Cash / Share
$4.40
Financials
Financial Snapshot
Market Cap
$7.13B
Enterprise Value
$6.68B
Revenue (TTM)
$618.6M
Net Income (TTM)
-$67.1M
Cash & Investments
$575.7M
Net Cash
$499.9M
Free Cash Flow (TTM)
$93.8M
Operating CF (TTM)
$99.7M
Debt/Equity
0.09
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $47.9M | $65.1M | $424.2M | $663.6M | $587.4M | $430.0M | $388.7M | $393.4M | $523.4M | $575.7M | |
| Operating Cash Flow | -$10.7M | -$76.4M | $34.6M | -$217.9M | -$21.4M | -$33.6M | -$15.2M | $6.7M | $136.1M | $99.7M | |
| Free Cash Flow | -$14.5M | -$83.1M | -$8.1M | -$256.3M | -$122.7M | -$165.3M | -$64.7M | -$5.7M | $130.1M | $93.8M | |
| Capital Expenditure | -$3.8M | -$6.7M | -$42.8M | -$38.4M | -$101.3M | -$131.7M | -$49.5M | -$12.4M | -$5.9M | -$5.9M | |
| Financing Cash Flow | $20.6M | $105.4M | $414.6M | $468.9M | $35.3M | $15.8M | $13.7M | $10.9M | $6.8M | $5.4M |
R&D Spending
R&D (TTM)
$222.5M
R&D Intensity
36.0%
R&D Growth vs Prior
-6.7%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $71.1M | $146.3M | $245.9M | $298.8M | $490.5M | $516.4M | $618.7M | $610.8M | $642.8M | $618.6M | |
| R&D Expense | $32.2M | $47.5M | $83.1M | $123.4M | $211.8M | $265.7M | $270.3M | $264.7M | $238.6M | $222.5M | |
| R&D % of Revenue | 45.2% | 32.5% | 33.8% | 41.3% | 43.2% | 51.4% | 43.7% | 43.3% | 37.1% | 36.0% | |
| SG&A | $46.7M | $87.9M | $130.8M | $202.3M | $257.6M | $298.3M | $343.3M | $344.3M | $316.1M | $297.7M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $71.1M | $146.3M | $245.9M | $298.8M | $490.5M | $516.4M | $618.7M | $610.8M | $642.8M | $618.6M | |
| Cost of Revenue | $10.6M | $28.7M | $61.0M | $58.5M | $74.1M | $120.4M | $209.4M | $196.3M | $198.9M | $173.9M | |
| Gross Profit | $60.5M | $117.7M | $184.9M | $240.4M | $416.4M | $396.0M | $409.3M | $414.5M | $443.9M | $444.6M | |
| R&D | $32.2M | $47.5M | $83.1M | $123.4M | $211.8M | $265.7M | $270.3M | $264.7M | $238.6M | $222.5M | |
| SG&A | $46.7M | $87.9M | $130.8M | $202.3M | $257.6M | $298.3M | $343.3M | $344.3M | $316.1M | $297.7M | |
| Operating Income | -$18.4M | -$110.8M | -$29.1M | -$85.3M | -$52.9M | -$167.9M | -$265.3M | -$194.6M | -$110.9M | -$72.2M | |
| Interest Expense | $811.0K | $2.4M | $3.1M | $1.7M | $866.0K | $476.0K | $33.0K | $4.0K | $0.00 | $0.00 | |
| Pretax Income | -$18.7M | -$112.4M | -$31.0M | -$534.5M | -$53.7M | -$162.0M | -$248.8M | -$177.7M | -$39.9M | -$65.2M | |
| Net Income | -$18.8M | -$112.5M | -$31.3M | -$542.7M | -$58.2M | -$166.0M | -$255.1M | -$182.6M | -$43.5M | -$67.1M | |
| EPS (Diluted) | -1.62 | -8.40 | -0.80 | -5.37 | -0.53 | -1.46 | -2.18 | -1.52 | -0.35 | -0.52 | |
| EBITDA | -$13.6M | -$106.1M | -$20.9M | -$513.8M | -$24.6M | -$128.5M | -$205.1M | -$134.0M | $3.9M | $44.6M | |
| Shares Out. (M) | 11.59 | 13.39 | 39.09 | 101.15 | 110.35 | 113.86 | 117.17 | 120.45 | 124.75 | 130.81 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $47.9M | $65.1M | $424.2M | $663.6M | $587.4M | $219.7M | $359.3M | $344.1M | $474.0M | $526.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $210.2M | $29.4M | $49.3M | $49.4M | $49.5M | |
| Total Current Assets | $68.1M | $106.2M | $480.8M | $774.4M | $747.6M | $635.0M | $596.0M | $584.4M | $684.5M | $718.6M | |
| Total Assets | $75.6M | $124.3M | $605.9M | $929.3M | $1.02B | $1.03B | $965.1M | $918.6M | $1.04B | $1.06B | |
| Total Current Liabilities | $22.1M | $32.4M | $63.0M | $118.1M | $110.4M | $131.0M | $127.2M | $117.6M | $153.5M | $140.4M | |
| Long-Term Debt | $6.3M | $25.5M | $19.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $73.4M | $0.00 | |
| Total Liabilities | $188.1M | $344.3M | $185.8M | $190.3M | $201.3M | $223.2M | $224.1M | $208.5M | $245.0M | $225.1M | |
| Stockholders' Equity | -$112.5M | -$220.0M | $420.1M | $739.1M | $817.6M | $805.7M | $741.0M | $710.1M | $796.3M | $838.0M | |
| Retained Earnings | -$118.6M | -$231.1M | -$262.4M | -$805.1M | -$863.3M | -$1.03B | -$1.28B | -$1.47B | -$1.51B | -$1.56B |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.7M | -$76.4M | $34.6M | -$217.9M | -$21.4M | -$33.6M | -$15.2M | $6.7M | $136.1M | $99.7M | |
| Capital Expenditure | -$3.8M | -$6.7M | -$42.8M | -$38.4M | -$101.3M | -$131.7M | -$49.5M | -$12.4M | -$5.9M | -$5.9M | |
| Free Cash Flow | -$14.5M | -$83.1M | -$8.1M | -$256.3M | -$122.7M | -$165.3M | -$64.7M | -$5.7M | $130.1M | $93.8M | |
| Investing Cash Flow | -$3.8M | -$6.7M | -$42.8M | -$38.4M | -$106.7M | -$350.9M | $133.5M | -$32.6M | -$13.4M | -$11.4M | |
| Financing Cash Flow | $20.6M | $105.4M | $414.6M | $468.9M | $35.3M | $15.8M | $13.7M | $10.9M | $6.8M | $5.4M | |
| Issuance of Stock | $0.00 | $1.8M | $410.8M | $482.3M | $40.3M | $21.2M | $19.5M | $10.9M | $6.8M | $14.1M | |
| Repurchase of Stock | -$80.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$393.0K | $18.7M | $0.00 | -$37.1M | -$5.0M | -$5.4M | -$5.8M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.7M | $2.7M | $13.3M | $48.6M | $96.0M | $136.8M | $166.9M | $140.7M | $109.1M | $96.6M | |
| Net Change in Cash | $6.1M | $22.2M | $406.4M | $212.2M | -$92.6M | -$368.7M | $131.9M | -$15.2M | $129.9M | $93.5M |
Dilution Tracker
Shares outstanding grew 23.3% over 5 years — significant dilution
Shares Outstanding
120M
5-Year Share Growth
+23.3%
Stock Issuance (TTM)
$14.1M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 11.59 | 13.39 | 39.09 | 101.15 | 110.35 | 113.86 | 117.17 | 120.45 | 124.75 | 130.81 | |
| Change vs Prior % | — | 15.6% | 191.9% | 158.8% | 9.1% | 3.2% | 2.9% | 2.8% | 3.6% | 4.9% | |
| Stock Issuance | $0.00 | $1.8M | $410.8M | $482.3M | $40.3M | $21.2M | $19.5M | $10.9M | $6.8M | $14.1M | |
| Stock Repurchase | -$80.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.7M | $2.7M | $13.3M | $48.6M | $96.0M | $136.8M | $166.9M | $140.7M | $109.1M | $96.6M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 85.1% | 80.4% | 75.2% | 80.4% | 84.9% | 76.7% | 66.2% | 67.9% | 69.1% | 71.9% | |
| Operating Margin % | -25.8% | -75.7% | -11.8% | -28.6% | -10.8% | -32.5% | -42.9% | -31.9% | -17.2% | -11.7% | |
| Net Margin % | -26.4% | -76.9% | -12.7% | -181.6% | -11.9% | -32.1% | -41.2% | -29.9% | -6.8% | -10.8% | |
| EBITDA Margin % | -19.2% | -72.5% | -8.5% | -171.9% | -5.0% | -24.9% | -33.2% | -21.9% | 0.6% | 7.2% | |
| FCF Margin % | -20.3% | -56.8% | -3.3% | -85.8% | -25.0% | -32.0% | -10.5% | -0.9% | 20.2% | 15.2% | |
| ROE % | 16.7% | 51.1% | -7.4% | -73.4% | -7.1% | -20.6% | -34.4% | -25.7% | -5.5% | -8.2% | |
| ROA % | -24.8% | -90.5% | -5.2% | -58.4% | -5.7% | -16.1% | -26.4% | -19.9% | -4.2% | -6.3% | |
| ROIC % | -31.9% | -115.2% | -5.3% | -10.4% | -5.8% | -18.5% | -31.2% | -24.0% | -12.3% | -7.7% | |
| R&D / Revenue % | 45.2% | 32.5% | 33.8% | 41.3% | 43.2% | 51.4% | 43.7% | 43.3% | 37.1% | 36.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 105.8% | 68.1% | 21.5% | 64.1% | 5.3% | 19.8% | -1.3% | 5.2% | |
| Gross Profit | 0.0% | 94.4% | 57.1% | 30.0% | 73.2% | -4.9% | 3.4% | 1.3% | 7.1% | |
| Operating Income | 0.0% | -502.8% | 73.8% | -193.5% | 38.0% | -217.4% | -58.0% | 26.7% | 43.0% | |
| Net Income | 0.0% | -499.5% | 72.2% | -1636.7% | 89.3% | -185.1% | -53.7% | 28.4% | 76.2% | |
| EPS (Diluted) | 0.0% | -418.5% | 90.5% | -571.3% | 90.1% | -175.5% | -49.3% | 30.3% | 77.0% | |
| Operating Cash Flow | 0.0% | -614.2% | 145.3% | -729.3% | 90.2% | -57.2% | 54.8% | 143.9% | 1941.6% | |
| Free Cash Flow | 0.0% | -475.0% | 90.2% | -3048.6% | 52.1% | -34.7% | 60.8% | 91.1% | 2371.2% | |
| R&D Expense | 0.0% | 47.8% | 74.8% | 48.5% | 71.6% | 25.5% | 1.8% | -2.1% | -9.8% | |
| SG&A Expense | 0.0% | 88.2% | 48.8% | 54.6% | 27.3% | 15.8% | 15.1% | 0.3% | -8.2% | |
| Total Assets | 0.0% | 64.4% | 387.4% | 53.4% | 9.6% | 1.0% | -6.2% | -4.8% | 13.4% | |
| Book Value / Share | 0.0% | -69.2% | 165.5% | -32.1% | 1.4% | -4.5% | -10.6% | -6.8% | 8.3% | |
| Debt | 0.0% | 181.0% | 0.1% | 111.9% | 30.2% | 16.1% | 0.2% | -13.4% | 90.9% | |
| Diluted Shares | 0.0% | 15.6% | 191.9% | 158.8% | 9.1% | 3.2% | 2.9% | 2.8% | 3.6% |
Valuation
P/E (TTM)At Loss
P/S11.52
10Y Low / Med / High2.83 / 8.60 / 47.93
P/B9.25
10Y Low / Med / High2.44 / 7.09 / 20.11
EV/EBITDA149.52
EV/Revenue10.79
10Y Low / Med / High2.40 / 8.07 / 45.92
P/FCF76.00
Intrinsic Value Models (per share)
Tangible Book / Share
$5.91
Net Current Assets / Share
$4.11
Graham Net-Net
$3.26
Cash / Share
$4.40
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -32.56 | -6.28 | -95.31 | -26.37 | -281.06 | -24.96 | -25.67 | -9.45 | -46.60 | -114.00 | |
| P/S Ratio | 8.60 | 4.83 | 12.11 | 47.93 | 33.51 | 8.03 | 10.60 | 2.83 | 3.17 | 11.52 | |
| P/B Ratio | -5.43 | -3.21 | 7.09 | 19.38 | 20.11 | 5.15 | 8.85 | 2.44 | 2.56 | 9.25 | |
| EV/EBITDA | -42.13 | -6.33 | -123.72 | -26.71 | -647.77 | -31.32 | -30.68 | -10.96 | 439.61 | 149.52 | |
| EV/Revenue | 8.07 | 4.59 | 10.51 | 45.92 | 32.48 | 7.79 | 10.17 | 2.40 | 2.67 | 10.79 |
Analyst Estimates & Quality
Altman Z-Score
18.18
Safe
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $620.8M | $681.8M | $752.5M |
| Net Income | -$96.1M | -$76.7M | -$57.4M |
| EPS | $-0.75 | $-0.72 | $-0.43 |
| # Analysts (EPS) | 7 | 7 | 10 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Consumables | $252.7M | $418.7M | $435.6M | $479.6M | $493.4M | $507.2M |
| Instuments | $40.1M | $64.5M | $72.4M | — | — | — |
| Service | $6.0M | $7.3M | $8.4M | $15.7M | $24.6M | $32.7M |
| Instruments | — | — | — | $123.5M | $92.7M | $56.8M |
| Licensing And Royalty Revenue | — | — | — | — | — | $46.1M |
| Product And Service Revenue | — | — | — | — | — | $596.7M |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Asia Pacific | $24.5M | — | $46.0M | — | — | — |
| CHINA | $41.7M | $74.9M | $59.6M | $51.0M | $57.3M | $70.3M |
| EMEA | $73.3M | $108.5M | $117.1M | $142.3M | $159.8M | $161.7M |
| North America | $159.3M | $258.3M | — | — | — | — |
| Asia-Pacific, Excluding China | — | $42.1M | — | $52.3M | $46.0M | $52.1M |
| Americas, Excluding United States | — | — | $8.8M | — | — | — |
| UNITED STATES | — | — | $285.0M | — | — | $346.5M |
| Americas | — | — | — | $373.2M | $347.8M | $358.8M |