Exelixis vs Moderna
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KIRA’s take AI analyst
I put Exelixis and Moderna side by side, using each one’s latest annual report. Here is what stands out:
- Exelixis is the larger business, with $2.3B of revenue in fiscal 2025 against $1.9B for Moderna.
- Exelixis grew revenue faster (7.0%, against −39.9%).
- Exelixis kept more of each dollar of sales as operating profit (37.6% operating margin, against −158.1%).
- Exelixis turned more of its sales into free cash flow (37.8% FCF margin, against −106.2%).
- Exelixis earned a higher return on the capital invested in it (64.9%, against −65.4%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Exelixis
EXEL
9/10
Revenue growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
Moderna
MRNA
1/10
5-year growth
Side by side
Best in the row
| Latest fiscal year | EXEL FY25 | MRNA FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.9B | $79.1B |
| Revenue | $2.3B | $1.9B |
| Free cash flow | $876M | −$2.1B |
| Net income | $783M | −$2.8B |
| Growth | ||
| Revenue growth | 7.0% | −39.9% |
| 5-year growth | 18.6% | 19.3% |
| Share count change | −4.8% | 1.3% |
| Profitability | ||
| Gross margin | 96.4% | 55.4% |
| Operating margin | 37.6% | −158.1% |
| Net margin | 33.7% | −145.2% |
| FCF margin | 37.8% | −106.2% |
| Return on capital | 64.9% | −65.4% |
| Return on equity | 35.5% | −28.9% |
| Balance sheet | ||
| Net debt | −$1.1B | −$5.2B |
| Net debt / EBITDA | −1.2x | — |
| Dividends and buybacks | $948M | $2.0M |
| Valuation & quality | ||
| P/E | 20.5x | — |
| Piotroski F-score | 6 | 2 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.