Exelixis, Inc.
EXEL Healthcare Biotechnology
Exelixis, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 6.98% from fiscal 2024. In the quarter to June 2026, revenue grew 10.6%, EPS grew 25.0% and free cash flow grew 557.3%, each against the same quarter a year earlier. Revenue growth for ten consecutive years; insiders bought in the last twelve months.
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Exelixis, Inc. (EXEL) Beneish M-score
Exelixis, Inc.'s Beneish M-score for fiscal 2025 is −2.61; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.61 | 0.07 |
| FY2024 | −2.67 | (0.06) |
| FY2023 | −2.62 | 0.03 |
| FY2022 | −2.64 | (0.31) |
| FY2021 | −2.33 | 0.28 |
| FY2020 | −2.62 | 0.50 |
| FY2019 | −3.12 | (2.80) |
| FY2018 | −0.32 | (1.14) |
| FY2017 | 0.82 | 1.24 |
| FY2016 | −0.42 | 2.16 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.01 | — | 0.93 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.04) | — | −0.17 | |
| Leverage index | 1.04 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.61 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SMMT Summit Therapeutics PLC compare | −5.0× |
| JAZZ Jazz Pharmaceuticals PLC compare | −3.0× |
| CORT Corcept Therapeutics Incorporated compare | −2.8× |
| EXEL Exelixis, Inc. | −2.6× |
| HALO Halozyme Therapeutics, Inc. compare | −2.6× |
| TECH Bio-Techne Corp compare | −2.5× |
| ASND Ascendis Pharma A/S compare | −2.5× |
| INSM Insmed, Inc. compare | −1.9× |
| BBIO BridgeBio Pharma, Inc. compare | 8.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI