Skip to content
stoqly

Exelixis

EXEL Nasdaq Biotechnology Financials FY2016–FY2025

Exelixis' revenue rose 7.0% to $2.3 billion in fiscal 2025. Its operating margin was 37.6%, up from 27.9% a year earlier. Free cash flow was $876 million, up 30.4%. It paid out $948 million in dividends and buybacks, 108% of free cash flow. The diluted share count fell 4.8%.

Last close · Oct 23, 2026

$64.53

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$2.3B
7.0% vs prior year
Operating margin Operating income as a share of revenue.
37.6%
9.7 pts
Net income Profit after all expenses, interest and tax.
$783M
50.1%
Free cash flow Cash from operations minus capital spending.
$876M
30.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
64.9%
26.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$16.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.3x
On $3.18 EPS (TTM)

What Exelixis does

No business description yet.

Legal name
Exelixis Inc
Fiscal year ends
January 2, 2026
Latest annual report
—
Accession · CIK
0000939767-26-000021
0000939767

Revenue and margins

Exelixis had $2.3B of revenue in fiscal 2025, up 7.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $876M in fiscal 2025, 37.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Exelixis returned $948M to shareholders in fiscal 2025, 108% of free cash flow. The diluted share count fell 4.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Exelixis yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.1B and divides by 281.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.3x · peers 21.0x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Exelixis can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$1.3B$995M$1.1B$1.1B
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −4.9x−5.9x−5.1x−1.8x−1.2x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 5.4x5.0x3.3x3.6x3.6x
Quick ratio 5.4x4.9x3.3x3.6x3.5x
Total assets $2.6B$3.1B$2.9B$2.9B$2.8B
Total liabilities $406M$583M$678M$704M$683M
Shareholders' equity $2.2B$2.5B$2.3B$2.2B$2.2B
Net debt (− = net cash) −$1.5B−$1.3B−$995M−$1.1B−$1.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$14.6M

9 insiders

Of sales under plans

11%

$1.5M

DateInsiderTradeSharesPriceValueFiling
Aug 10, 2026 Mary C BeckerleDirector Sold plan 9,812 $53.66 $0.5M Form 4
Jun 1, 2026 Jack L WyszomierskiDirector Sold plan 3,925 $50.55 $0.2M Form 4
Jun 1, 2026 Sue Gail EckhardtDirector Sold plan 9,812 $50.14 $0.5M Form 4
May 26, 2026 Dana AftabEVP, Research and Development Sold 43,451 $50.35 $2.2M Form 4
May 20, 2026 Patrick J. HaleyEVP, Commercial Sold 32,110 $49.81 $1.6M Form 4
May 18, 2026 Brenda HeftiSVP and General Counsel Sold plan 6,625 $50.21 $0.3M Form 4
May 18, 2026 Christopher J. SennerEVP and CFO Sold 34,901 $50.00 $1.7M Form 4
May 7, 2026 George PosteDirector Sold 60,000 $45.71 $2.7M Form 4
May 7, 2026 Maria C FreireDirector Sold 20,634 $46.00 $0.9M Form 4
May 7, 2026 Mary C BeckerleDirector Sold 7,712 $48.45 $0.4M Form 4
Feb 24, 2026 Dana AftabEVP, Research and Development Sold 47,918 $44.50 $2.1M Form 4
Feb 19, 2026 Dana AftabEVP, Research and Development Sold 29,873 $44.35 $1.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✓
F-score 4 / 98 / 96 / 9
Accruals ratio −4.2%−6.1%−3.5%
Altman Z'' 5.766.997.69

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Exelixis EXEL $16.8B 7.0% 37.6% 37.8% 64.9% 20.3x 6
Fortrea FTRE $2.2B 1.0% −32.0% 3.2% −36.2% — — Compare →
Moderna MRNA $79.6B −39.9% −158.1% −106.2% −65.4% — 2 Compare →
Neurocrine Biosciences NBIX $14.9B 21.5% 21.6% 26.2% 25.6% 20.9x 6 Compare →
United Therapeutics UTHR $26.9B 10.6% 46.9% 32.7% — 21.0x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $192M $453M $854M $968M $988M $1.4B $1.6B $1.8B $2.2B $2.3B
Gross profit $185M $437M $828M $935M $951M $1.4B $1.6B $1.8B $2.1B $2.2B
Research and development $96.0M $112M $182M $337M $548M $694M $892M $1.0B $910M $825M
Operating income −$28.1M $166M $439M $370M $110M $287M $202M $171M $605M $872M
Interest expense $33.1M $8.7M $0.0M $0.0M — — — — — —
Pretax income −$70.2M $159M $452M $398M $131M $294M $234M $258M $682M $941M
Income tax $0.0M $4.3M −$238M $77.1M $19.1M $63.1M $52.1M $49.8M $160M $159M
Net income −$70.2M $154M $690M $321M $112M $231M $182M $208M $521M $783M
Diluted EPS −$0.28 $0.49 $2.21 $1.02 $0.35 $0.72 $0.56 $0.65 $1.76 $2.78
Diluted shares 0.25B 0.31B 0.31B 0.32B 0.32B 0.32B 0.32B 0.32B 0.30B 0.28B
Cash flow
Cash from operations $206M $166M $416M $527M $209M $401M $363M $333M $700M $884M
Capital expenditure $1.7M $21.1M $33.3M $12.8M $30.3M $54.2M $27.7M $40.5M $28.4M $8.4M
Free cash flow $205M $144M $382M $514M $179M $347M $335M $293M $672M $876M
Depreciation and amortization $1.0M $1.2M $4.9M $8.3M $9.1M $13.6M $20.9M $25.7M $28.8M $29.1M
Stock-based compensation $22.9M $23.9M $40.6M $56.6M $105M $120M $108M $106M $93.8M $113M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $550M $652M $948M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $550M $652M $948M
Balance sheet
Cash and short-term investments $420M $388M $693M $852M $1.2B $1.5B $1.3B $995M $1.1B $1.1B
Total debt $189M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.1M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $471M $485M $897M $1.0B $1.4B $1.8B $1.6B $1.3B $1.5B $1.4B
Current liabilities $271M $115M $106M $143M $205M $338M $324M $394M $404M $406M
Inventory $3.3M $6.7M $9.8M $12.9M $21.0M $27.5M $33.3M $17.3M $22.4M $21.7M
Property and equipment, net $2.1M $25.7M $50.9M $48.9M $67.4M $104M $111M $129M $119M $99.0M
Total assets $598M $655M $1.4B $1.9B $2.1B $2.6B $3.1B $2.9B $2.9B $2.8B
Total liabilities $508M $370M $135M $200M $258M $406M $583M $678M $704M $683M
Shareholders' equity $89.3M $285M $1.3B $1.7B $1.9B $2.2B $2.5B $2.3B $2.2B $2.2B
Margins
Gross margin 96.6% 96.7% 96.9% 96.6% 96.3% 96.3% 96.4% 96.0% 96.5% 96.4%
Operating margin −14.7% 36.7% 51.4% 38.2% 11.1% 20.0% 12.5% 9.3% 27.9% 37.6%
EBITDA margin −14.2% 36.9% 52.0% 39.0% 12.1% 20.9% 13.8% 10.7% 29.2% 38.8%
Net margin −36.7% 34.1% 80.8% 33.2% 11.3% 16.1% 11.3% 11.4% 24.0% 33.7%
FCF margin 106.9% 31.9% 44.8% 53.1% 18.1% 24.2% 20.8% 16.0% 31.0% 37.8%
Returns
Return on capital — — 178.6% 41.7% 12.5% 31.8% 16.3% 11.3% 38.5% 64.9%
Return on capital employed −9.3% 38.3% 47.3% 24.2% 6.0% 13.6% 8.0% 6.5% 23.8% 35.0%
Return on equity — 82.4% 87.8% 21.6% 6.3% 11.3% 7.8% 8.7% 23.1% 35.5%
Return on assets −15.1% 24.6% 66.4% 19.4% 5.6% 9.7% 6.4% 6.9% 17.7% 27.0%
Growth
Revenue growth 415.1% 136.3% 88.7% 13.4% 2.0% 45.3% 12.3% 13.6% 18.5% 7.0%
Net income growth — — 347.4% −53.5% −65.2% 106.7% −21.1% 14.0% 150.9% 50.1%
EPS growth — — 351.0% −53.9% −65.7% 105.7% −22.2% 16.1% 170.8% 58.0%
FCF growth — −29.4% 164.7% 34.4% −65.3% 94.0% −3.4% −12.6% 129.3% 30.4%
Share count change 19.7% 24.5% 0.3% 0.7% 1.0% 1.4% 0.7% −1.0% −7.9% −4.8%
Financial health
Net debt / EBITDA — −2.3x −1.6x −2.3x −10.1x −4.9x −5.9x −5.1x −1.8x −1.2x
Debt / equity 2.1x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage −0.9x 19.1x — — — — — — — —
Current ratio 1.7x 4.2x 8.5x 7.1x 7.1x 5.4x 5.0x 3.3x 3.6x 3.6x
Quick ratio 1.7x 4.2x 8.4x 7.0x 7.0x 5.4x 4.9x 3.3x 3.6x 3.5x
Capital allocation
Capex / revenue 0.9% 4.7% 3.9% 1.3% 3.1% 3.8% 1.7% 2.2% 1.3% 0.4%
Stock comp / revenue 12.0% 5.3% 4.8% 5.9% 10.6% 8.4% 6.7% 5.8% 4.3% 4.9%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 187.9% 97.1% 108.2%
Quality scores
Piotroski F-score 6.0 8.0 6.0 3.0 3.0 5.0 4.0 4.0 8.0 6.0
Altman Z'' −8.8 −2.9 13.7 12.2 11.1 9.9 7.7 5.8 7.0 7.7
Accruals ratio −59.5% −1.8% 26.4% −12.5% −4.8% −7.1% −6.3% −4.2% −6.1% −3.5%

Source: SEC EDGAR XBRL filings (CIK 0000939767). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open