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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.

62.11 0.72 −1.15%
Market cap
$15.6B
P/E
18.8×
Fwd P/E
16.7×
Dividend yield
—
F-score
7/9
Altman Z
12.68
Beneish M
−2.61
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.19
Total sells 42.24
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 1 — — — — — — — — — — —
Sell 4 — — 9 — — 7 2 — 1 — —
Insider Ownership 4.39%

Capital & Financial Ratios $m

Market Cap 15,570.00
Revenue 2,435.92
Net Income 860.62
Free Cash Flow 1,158.19
Net Debt (839.38)
Current Ratio 3.46 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 18.82
Fwd P/E 16.70
P/S ratio 6.40
P/B ratio 8.45 (above 6: high)
Past 5Y EPS Growth 51.35% (at or above 15%: strong)
This Y EPS Growth 14.76%
Next Y EPS Growth 16.25% (at or above 15%: strong)
Next Y revenue growth 10.08% (at or above 10%: strong)
Next 5Y EPS Growth 19.22% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.1×, against a ten-year median of 4.9×; over the ten years it ranged from 2.2× in 2022 to 35.2× in 2016.
P/E against its own 10 years 37.23%
10-year low 10-year high
P/S against its own 10 years 55.55%
10-year low 10-year high
P/B against its own 10 years 82.53%
10-year low 10-year high
EV/Sales against its own 10 years 63.51%
10-year low 10-year high
EV/FCF against its own 10 years 21.79%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 995 1,111 1,059 839
Receivables 237 265 287 322
Inventory 17 22 22 29
Other — — — —
1,318 1,468 1,443 1,251
2023 2024 2025 Q'26
Payables 34 38 30 39
ST’ Debt — — — —
Other 108 95 125 103
394 404 406 362

Compound Annual Growth %

10y 5y 3y
Sales 51.19% 18.63% 12.93%
Cash Flow 0.00% 33.44% 34.60%
Earnings 0.00% 47.58% 62.53%
Book Value 0.00% 2.84% (4.59%)

Revenue $m

Mar Jun Sep Dec Year
’26 611 629 — — —
’25 555 568 598 599 2,320
’24 425 637 540 567 2,169
’23 409 470 472 480 1,830
’22 356 419 412 424 1,611
’21 270 385 328 451 1,435
’20 227 259 231 270 988
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 252 308 — — —
’25 211 49 290 334 884
’24 69 120 271 240 700
’23 84 121 117 11 333
’22 148 31 110 74 363
’21 40 182 83 96 401
’20 56 102 18 33 209
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 250 298 — — —
’25 189 45 284 326 844
’24 51 95 262 226 634
’23 36 114 23 (3) 170
’22 142 19 102 (39) 224
’21 26 161 69 80 337
’20 53 95 12 19 179
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.79 0.82 — — —
’25 0.55 0.65 0.69 0.88 2.78
’24 0.12 0.77 0.40 0.48 1.76
’23 0.12 0.25 0.00 0.27 0.65
’22 0.21 0.22 0.23 (0.09) 0.56
’21 0.01 0.30 0.12 0.29 0.72
’20 0.15 0.21 (0.10) 0.09 0.35
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 3.55 14.22 13.42 15.02 13.67 15.50 14.87 16.03 19.20 31.90

Analyst estimates 2026–2028

Powerpack
High 18.29 32.50 32.20 25.31 27.80 25.77 23.40 24.23 36.97 49.62
People
People Employees 287 372 484 617 773 954 1,223 1,310 1,147 1,077
Revenue/emp, $m 0.67 1.22 1.76 1.57 1.28 1.50 1.32 1.40 1.89 2.15
Income, $m
Income, $m Revenue 191 452 854 968 988 1,435 1,611 1,830 2,169 2,320
Gross margin, % 96.58 96.67 96.91 96.58 96.33 96.32 96.41 96.04 96.49 96.39
EBT (70) 159 452 398 131 294 234 258 682 941
EBT margin, % (36.68) 35.05 52.95 41.14 13.25 20.50 14.55 14.07 31.43 40.57
Net income (70) 154 690 321 112 231 182 208 521 783
Depreciation 9 1 5 8 9 14 21 26 29 29
Per share, $
Per share, $ Revenue 0.76 1.54 2.87 3.20 3.20 4.56 5.01 5.75 7.48 8.54
Earnings (0.28) 0.52 2.32 1.06 0.36 0.73 0.57 0.65 1.80 2.88
Cash flow 0.84 0.56 1.40 1.74 0.68 1.27 1.13 1.05 2.41 3.26
Capex (0.01) (0.07) (0.11) (0.04) (0.10) (0.20) (0.43) (0.51) (0.23) (0.15)
Free cash flow 0.83 0.49 1.28 1.70 0.58 1.07 0.70 0.54 2.19 3.11
Book value 0.36 0.97 4.32 5.57 6.10 7.02 7.74 7.12 7.74 7.96
Shares, m 251 294 298 303 308 315 322 318 290 272
Valuation, ×
Valuation, × P/E 0.00 59.25 8.55 16.62 54.24 24.87 28.60 36.63 18.50 15.17
P/S 19.28 20.37 6.86 5.51 6.27 4.01 3.25 4.16 4.45 5.13
P/B 41.32 32.35 4.55 3.16 3.29 2.60 2.11 3.36 4.30 5.51
EV/Sales 17.51 19.55 6.06 4.65 5.07 3.01 2.46 3.63 3.95 4.68
EV/FCF 16.05 61.16 13.53 8.76 28.01 12.81 17.65 38.99 13.52 12.87
Cash, $m
Cash, $m Operating cash flow 210 166 416 527 209 401 363 333 700 884
Capex (2) (21) (33) (13) (30) (64) (138) (163) (66) (40)
Free cash flow 209 145 383 514 179 337 224 170 634 844
Balance, $m
Balance, $m Working capital 200 370 792 868 1,241 1,497 1,294 924 1,064 1,038
Total debt 189 15 12 48 49 51 190 — — —
Net debt (420) (373) (693) (852) (1,207) (1,467) (1,308) (995) (1,111) (1,059)
Shareholders’ equity 89 285 1,287 1,686 1,879 2,211 2,488 2,264 2,244 2,161
Returns, %
Returns, % ROA (15.13) 24.66 66.43 19.41 5.56 9.72 6.41 6.91 17.70 27.02
ROIC 0.00 0.00 46.17 27.70 10.23 24.10 10.67 8.42 33.35 49.46
ROE 272.77 82.41 87.77 21.59 6.27 11.30 7.76 8.74 23.13 35.53
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Exelixis, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
INSM Insmed, Inc. $21.7B — (loss-making) — (loss-making) +296.11% (above 0%: growing) n/m +54.52% (above 0%: growing) 84.20% (0.36%) Compare
EXEL Exelixis, Inc. $15.6B 18.8× 16.7× +10.63% (above 0%: growing) +25.00% (above 0%: growing) +557.25% (above 0%: growing) 96.71% 39.51%
ASND Ascendis Pharma A/S $14.9B 16.3× 13.0× +119.88% (above 0%: growing) n/m +2,335.93% (above 0%: growing) 91.85% 64.98% Compare
JAZZ Jazz Pharmaceuticals PLC $13.9B 13.8× 17.3× +15.55% (above 0%: growing) n/m +140.99% (above 0%: growing) 90.37% 20.54% Compare
HALO Halozyme Therapeutics, Inc. $13.8B 34.6× 10.6× +47.67% (above 0%: growing) +44.12% (above 0%: growing) +141.18% (above 0%: growing) 83.54% 59.80% Compare
BBIO BridgeBio Pharma, Inc. $13.1B — (loss-making) — (loss-making) +120.39% (above 0%: growing) n/m +16.59% (above 0%: growing) 93.83% (43.94%) Compare
CORT Corcept Therapeutics Incorporated $12.3B 212× 139× +31.74% (above 0%: growing) +21.21% (above 0%: growing) −29.89% (below 0%: shrinking) 98.41% 16.12% Compare
SMMT Summit Therapeutics PLC $12.3B — (loss-making) — (loss-making) −100.00% (below 0%: shrinking) n/m −112.80% (below 0%: shrinking) 0.00% 0.00% Compare
TECH Bio-Techne Corp $11.4B 62.0× 37.6× +1.33% (above 0%: growing) n/m −6.83% (below 0%: shrinking) 65.82% 23.13% Compare
Median of peers $13.5B 34.6× 17.3× +39.71% — +35.56% 87.28% 18.33%

All 614 Biotechnology stocks →

Exelixis, Inc. (EXEL) key facts

  • Strength: Exelixis, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 6.98% from fiscal 2024.
  • Exelixis, Inc. (EXEL) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, EXEL traded at $62.11, a market capitalization of $15.6 billion.
  • Return on equity was 35.5% and debt-to-equity 0.00.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 12.68 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Exelixis, Inc. (EXEL) Latest News

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stockrow.com/EXEL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com