Exelixis, Inc. (EXEL) vs Madrigal Pharmaceuticals, Inc. (MDGL)

Exelixis, Inc. and Madrigal Pharmaceuticals, Inc. are both Biotechnology companies. Exelixis, Inc. is the larger, with a market value of $14.4B against $11.9B — 1.2× the size. Madrigal Pharmaceuticals, Inc. has negative trailing earnings, so its P/E is not meaningful; Exelixis, Inc. trades at 17.6×. Madrigal Pharmaceuticals, Inc. grew revenue faster over the last twelve months: 149.0% against 9.23%. Exelixis, Inc. has the higher net margin (35.3% vs −25.3%) and the higher return on invested capital (60.5% vs −787.3%). Across the 18 metrics below, Exelixis, Inc. leads on 17 and Madrigal Pharmaceuticals, Inc. on 1.

Valuation

Metric EXEL MDGL Biotechnology median
P/E 17.60 n/m 7.88
P/S 5.98 11.73 11.47
P/B 7.90 28.75 2.52
Price to free cash flow 12.58 n/m 21.16
EV/EBITDA 13.92 n/m 0.74
EV/Sales 5.71 11.34 10.73
Earnings yield 5.68% (2.50%) (28.84%)
Free cash flow yield 7.95% (1.39%) (23.03%)

Profitability

Metric EXEL MDGL Biotechnology median
Gross margin 96.48% 91.48% 65.16%
Operating margin 39.88% (25.13%) 0.00%
Net margin 35.33% (25.32%) 0.00%
Free cash flow margin 47.55% (16.07%) 0.00%
Return on equity 44.39% (53.31%) (57.72%)
Return on assets 33.28% (28.77%) (49.22%)
Return on invested capital 60.45% (787.33%) 0.00%

Growth

Metric EXEL MDGL Biotechnology median
Revenue growth (TTM) 9.23% 149.04% 5.64%
EPS growth (last fiscal year) 57.95% 41.32% —
Revenue growth, 5-year CAGR 18.63% — 8.40%
Net income growth, 5-year CAGR 47.58% 0.00% 0.00%

Health

Metric EXEL MDGL Biotechnology median
Debt to equity 0.00 0.65 0.00
Current ratio 3.46 3.20 4.73
Net debt to EBITDA (1.18) 2.21 0.96

Dividend

Metric EXEL MDGL Biotechnology median
Dividend yield — — 2.10%
Payout ratio 0.00 0.00 0.00

Size

Metric EXEL MDGL Biotechnology median
Market cap 14.40b 11.86b 162.10m

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