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Exagen Inc.

XGN Healthcare Diagnostics & Research

Exagen Inc.’s revenue for fiscal 2025 (year ended December 2025) was $66.6 million, up 19.7% from fiscal 2024.

Revenue
+15.9%
EPS
+38.1%
Free cash flow
+211.3%
Total debt
+6.44%

Quarter to June 2026, against a year earlier

6.18 1.42 −18.68%
Market cap
$184.1M
P/E
0.0×
Fwd P/E
−13.0×
Dividend yield
—
F-score
3/9
Altman Z
−4.58
Beneish M
−2.80
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.10
Sold, $m 0.52
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — 1 —
Sell — — 2 1 — — — — — 1 1 —
Insider Ownership 40.41%

Capital & Financial Ratios $m

Size
Market Cap 184.11
Revenue ttm 71.12
Net income ttm (18.92)
Free cash flow ttm (7.58)
Net debt Q (0.13)
Valuation
P/E 0.00
Forward P/E (13.00) (negative: loss-making)
Price / sales 2.56
Forward P/S Powerpack
Price / FCF 0.00
Price / book 14.88 (above 6: high)
Financial health
Current ratio Q 3.18 (at or above 1.5: strong)
Debt / equity Q 2.00 (above 2: weak)
Interest coverage Q (1.43)
Growth
Revenue growth Q +15.92% (above 0%: growing)
Operating income growth Q +34.52% (above 0%: growing)
EPS, this year +29.71% (at or above 15%: strong)
EPS, next year A +23.68% (at or above 15%: strong)
Revenue, next year A +11.02% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +28.97% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.6×, against a ten-year median of 1.3×; over the ten years it ranged from −0.8× in 2019 to 4.8× in 2021.
P/S against its own 10 years 63.05%
10-year low 10-year high
P/B against its own 10 years 94.85%
10-year low 10-year high
EV/Sales against its own 10 years 71.31%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 36 22 32 25
Receivables 7 8 11 12
Inventory — — — —
Other — — — —
48 36 49 43
2023 2024 2025 Q'26
Payables 3 4 4 4
ST’ Debt 0 0 1 1
Other — — — —
12 14 14 13

Compound Annual Growth %

10y 5y 3y
Sales — 9.66% 13.47%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — (16.05%) (25.65%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.19 Actual −0.13

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.13 −0.19 Miss by 0.06
Q4 FY25 −0.20 −0.20 Met by 0.00
Q1 FY26 −0.24 −0.17 Beat by 0.07
Q2 FY26 −0.19 −0.13 Beat by 0.06
Q3 FY26 −0.19 — Reports 10 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.17) (0.13) — — —
’25 (0.20) (0.21) (0.31) (0.20) (0.93)
’24 (0.19) (0.16) (0.28) (0.20) (0.83)
’23 (0.44) (0.28) (0.31) (0.31) (1.34)
’22 (0.60) (0.78) (0.47) (0.83) (2.77)
’21 (0.48) (0.38) (0.42) (0.42) (1.68)
’20 (0.44) (0.27) (0.34) (0.27) (1.32)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 17 20 — — —
’25 15 17 17 17 67
’24 14 15 13 14 56
’23 11 14 13 14 53
’22 10 8 15 13 46
’21 11 13 12 13 48
’20 10 9 11 13 42
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) 4 — — —
’25 (11) (3) 3 (3) (14)
’24 (9) (2) (2) 0 (13)
’23 (10) (10) (3) 8 (14)
’22 (9) (11) (7) (6) (32)
’21 (4) (4) (5) (6) (20)
’20 (3) (5) (2) (4) (14)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (11) 3 — — —
’25 (11) (3) 3 (3) (14)
’24 (9) (3) (2) 0 (14)
’23 (10) (10) (3) 8 (15)
’22 (10) (13) (8) (6) (36)
’21 (4) (5) (6) (7) (23)
’20 (3) (5) (2) (4) (15)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 27 32 40 42 48 46 53 56 67 71 +12.0% 74 82 92 +11.4%
Gross margin, % — 46.57 52.59 53.43 60.55 57.37 46.86 56.06 59.51 58.28 58.64 +11.7 pt
EBT — (26) (8) (12) (17) (27) (48) (24) (15) (20) (19) (3.4%)
EBT margin, % — (97.66) (24.52) (29.74) (39.94) (55.23) (104.62) (45.02) (27.14) (29.89) (26.54) +67.8 pt
Net income — 0 (8) (12) (17) (27) (47) (24) (15) (20) (19) n/m
Per share, $
Per share, $ Revenue — 2.23 514.92 11.28 3.32 3.02 2.67 2.97 3.06 3.09 2.94 +4.2%
Earnings — (2.72) (293.34) (8.46) (1.32) (1.68) (2.77) (1.34) (0.83) (0.93) (0.81) (12.6%)
Cash flow — (0.91) (147.63) (2.71) (1.11) (1.27) (1.88) (0.82) (0.73) (0.63) (0.27) (4.5%)
Capex — 0.00 (3.16) (0.03) (0.04) (0.15) (0.25) (0.05) (0.03) (0.03) (0.04) n/m
Free cash flow — (0.91) (150.79) (2.74) (1.15) (1.42) (2.13) (0.86) (0.76) (0.66) (0.31) (3.9%)
Book value — (0.39) (106.89) 15.55 3.31 5.32 2.49 1.28 0.52 0.81 0.51 n/m
Shares, m — 12 0 4 13 16 17 18 18 22 23 +7.6%
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — 0.00 0.00 2.25 3.97 3.85 0.92 0.66 1.34 1.97 2.56 1.7
P/B — 0.00 0.00 1.63 3.99 2.19 0.99 1.53 7.82 7.51 14.88 2.9
EV/Sales — 0.00 0.00 1.11 3.25 2.37 0.19 0.34 1.31 1.86 2.55 1.2
EV/FCF — (0.92) (0.92) (4.58) (9.37) (5.05) (0.24) (1.17) (5.29) (8.68) (23.96) (4.0)
Cash, $m
Cash, $m Operating cash flow — (11) (9) (10) (14) (20) (32) (14) (13) (14) (6) +2.7%
Capex — (1) 0 0 0 (2) (4) (1) (1) (1) (1) +1.2%
Free cash flow — (11) (9) (10) (15) (23) (36) (15) (14) (14) (8) +3.3%
Balance, $m
Balance, $m Working capital — 8 12 75 62 103 63 36 23 35 29 +19.6%
Net debt — 8 15 (46) (30) (71) (33) (17) (2) (7) 0 n/m
Shareholders’ equity — (5) (7) 56 42 85 42 23 10 17 12 n/m
Returns, %
Returns, % ROA — (448.13) (84.95) (51.67) (20.02) (26.61) (45.20) (33.09) (29.74) (38.85) (34.19) +409.3 pt
ROIC — 0.00 (35.67) (60.12) (83.56) (110.94) (318.49) (250.58) (107.80) (87.10) (68.33) (87.1) pt
ROE — 41.96 17.72 107.55 (34.23) (42.36) (74.39) (72.72) (93.78) (147.85) (113.82) (189.8) pt
People
People Employees — — 144 156 183 222 204 179 209 220 — +6.2%
Revenue/emp, $m — 0.00 0.23 0.26 0.23 0.22 0.22 0.29 0.27 0.30 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Exagen Inc. vs peers in Diagnostics & Research (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
CSTL Castle Biosciences, Inc. $1.0B — (loss-making) — (loss-making) +23.90% (above 0%: growing) n/m +56.82% (above 0%: growing) 76.75% (2.65%) Compare
MYGN Myriad Genetics, Inc. $601.6M — (loss-making) — (loss-making) −10.51% (below 0%: shrinking) n/m +43.90% (above 0%: growing) 66.60% (20.40%) Compare
FLGT Fulgent Genetics, Inc. $513.4M — (loss-making) — (loss-making) +7.54% (above 0%: growing) n/m +2,058.74% (above 0%: growing) 35.33% (24.94%) Compare
BDSX Biodesix, Inc. $209.3M — (loss-making) — (loss-making) +10.44% (above 0%: growing) n/m +12.78% (above 0%: growing) 0.00% (25.42%) Compare
XGN Exagen Inc. $184.1M — (loss-making) — (loss-making) +15.92% (above 0%: growing) n/m +211.34% (above 0%: growing) 61.27% (8.64%)
BNR Burning Rock Biotech Limited Sponsored ADR $116.5M — (loss-making) 11.1× −4.22% (below 0%: shrinking) n/m +46.01% (above 0%: growing) 72.58% (13.36%) Compare
MDXHF MedX Health Corp. $103.2M — (loss-making) — (loss-making) +33.59% (above 0%: growing) n/m +41.60% (above 0%: growing) 37.19% (1,027.95%) Compare
IMDX Insight Molecular Diagnostics Inc. $80.5M — (loss-making) — (loss-making) −53.86% (below 0%: shrinking) n/m −54.02% (below 0%: shrinking) 65.69% (4,770.71%) Compare
QUCY Quantum Cyber N.V $60.8M — (loss-making) — (loss-making) +11.12% (above 0%: growing) n/m +26.73% (above 0%: growing) 62.71% 0.00% Compare
Median of peers $162.9M — — +8.99% — +42.75% 64.20% (22.67%)

All 49 Diagnostics & Research stocks →

Pay and ownership Proxy statement filed 27 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.40m 2.86m 253.33
2024 1.18m 1.98m 168.10
2023 931.95k 775.33k 81.59

Ownership

Directors and executive officers, together 10.40%
Entities affiliated with Tullis-Dickerson Capital Focus III, L.P. 7.40%
H.I.G. Bio-Exagen, L.P. 7.00%
Bruce C. Robertson, Ph.D. 7.00%
NMSIC Co-Investment Fund, L.P. 5.70%
Jorey Chernett 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Exagen Inc. (XGN) Latest News

29 Oct

Impact 3 · · GlobeNewswire

27 Oct

Impact 3 · · GlobeNewswire

11 Aug

Impact 3 · · The Motley Fool transcript

6 Aug

Impact 3 ·

4 Aug

Impact 4 ·
Impact 4 · · InvestorsHub
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat
Impact 3 ·

1 Jun

Impact 3 · · GlobeNewswire

14 May

Impact 3 · · Simply Wall St.

12 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · GuruFocus.com
Impact 3 · · Moby

11 May

Impact 4 · · MarketBeat
Impact 3 · · InvestorsHub
Impact 3 · · Zacks
Impact 3 · · GlobeNewswire

27 Mar

Impact 4 · · Simply Wall St.

10 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

12 Feb

Impact 4 · · Simply Wall St.24/7 Wall St.Motley FoolBarchartMotley Fool24/7 Wall St.Motley FoolGOBankingRates

27 Jan

Impact 3 · · Simply Wall St.

12 Jan

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

11 Jan

Impact 4 · · GlobeNewswire

22 Dec

Impact 4 · · Simply Wall St.

7 Dec

Impact 4 ·

23 Nov

Impact 4 · · Simply Wall St.
stockrow.com/XGN · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com