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Exelixis, Inc. (EXEL) stock

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NASDAQ: EXEL Nasdaq Biotechnology Next results ~February 9, 2027

A Fundamentals grade

Exelixis, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$89

Cash-flow model

Base case. Range ~$68–$120 across our lower- and higher-growth cases (5.6%–15.6% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 21% below our base value.

Price used: $70.13, November 2, 2026

Exelixis, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 12 selling1 purchase and 32 sales by directors and officers, last 12 monthsInsider trades
  • Funds376 adding, 344 cuttingOf 61 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Exelixis files

10-Q filed October 29: Exelixis

Exelixis generated $2.50bn in revenue over the twelve months to October 2026, up 9.1% on a year earlier and little changed in pace from a quarter earlier. Profitability improved markedly: the free-cash-flow margin climbed to 46.5% from 34.1%, while the operating margin widened to 40.2% from 35.0%. A 7.5% reduction in the diluted share count over the year adds further support for each remaining share. These gains lift the fundamentals grade from B+ to A. Our model value, meanwhile, is barely changed at $76.78 a share, comfortably above the current share price of $65.66. The rating remains Hold.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Exelixis stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $2.44bn, up 9.2% on a year earlier, faster than 3.3% a quarter earlier. Free-cash-flow margin rose to 48.1% from 33.8% a year earlier. Operating margin widened to 39.9% from 31.4%. The diluted share count is down 6.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $73.10 a share, against a share price of $63.46.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 9, 2027 (estimated)

Exelixis, Inc.'s trailing-twelve-month revenue grew 9.1% year on year, with a free-cash-flow margin of 46.5%. Where it stands out: change in share count of -7.5% ranks 3 of 156 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$89 per share in the base case (~$68–$120 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 48.9% while net income grew 30.6%: a 18pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $70.13 is 26% below our value per share of $89.
  • High operating margin. 40.2% of revenue is left as operating profit, against a median of -189.4% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 5.2 points on a year ago.
  • Strong cash generation. 46.5% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.
  • Shrinking share count. Diluted shares fell 7.5% in a year, so each share owns more of the business.

Things to watch

  • Heavily shorted. 15.1% of the shares available to trade are sold short (11.7 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.94 against an average estimate of $0.92: beat by 2.7%
Revenue
$659m, up 10.2% on a year earlier
Share reaction
+4.7% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
total revenues $2.5bn to $2.55bn (fiscal year 2026); net product revenues $2.3bn to $2.35bn (fiscal year 2026)
Next report
October 29, 2026; average EPS estimate $0.96

Exelixis' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.1%
  • 1 week+7.7%
  • 1 month+20.1%
  • This year+60.0%
  • 1 year+81.4%
  • 5 years+264.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.5B
Operating margin
40.2%
Net margin
35.5%
EPS (TTM, diluted)
$3.34

Growth

Revenue growth
+9.1%
Change in growth rate
−0.1 pts
Share count change
−7.5%

Cash

Free cash flow (TTM)
$1.2B
FCF margin
46.5%
Stock pay % of revenue
4.4%

Earnings

Last results
October 29, 2026
Next results (est.)
February 9, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Announcement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Exelixis, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 7.2% a year of cash-flow growth for five years.That is close to the 11.7% a year revenue growth Exelixis has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in7.2%
  • Last 12 months9.1%
  • 3 years a year12.1%
  • 5 years a year11.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($71.87, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$89
Price used
$71.87close November 3, 2026
Implied change
▲ +23%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Exelixis, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($746M, FY2026 Q3 TTM), growing 11.9% and 11.6% in the next two years (forecasts, guidance and its record), then back to 10.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$68–~$120 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Exelixis, Inc.'s free cash flow after stock-based pay ( $746M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Exelixis, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$89 ~$68–$120 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$52 ~$49–$100 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$37 ~$26–$56 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$25 ~$22–$31 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$58 ~$25–$89 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Exelixis, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ +35%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $48$63$84$112$148$194
8.5% $37$49$64$83$109$142
10% $31$40$51$67$86$111

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$5.64$14.91$30.40$19.44$17.01$20.07$18.28$16.04$23.99$33.97$43.58$70.13
Market value$1.2bn$3.7bn$9.5bn$6.1bn$5.4bn$6.4bn$5.9bn$5.2bn$7.7bn$10.1bn$12.3bn$18.6bn
+ Net debt (− = net cash)$276m−$152m−$188m−$315m−$267m−$319m−$647m−$501m−$263m−$217m−$482m−$305m
Enterprise value$1.5bn$3.6bn$9.3bn$5.8bn$5.1bn$6.1bn$5.2bn$4.7bn$7.4bn$9.8bn$11.8bn$18.3bn
Multiples
Price / sales 31.7x19.5x21.0x7.1x5.5x6.5x4.1x3.2x4.2x4.6x5.3x7.4x
Price / earnings ——61.5x8.8x16.7x57.1x25.5x28.6x37.1x19.3x15.7x21.0x
Price / free cash flow —17.9x65.7x15.9x10.4x35.7x17.0x15.5x26.3x15.0x14.0x16.0x
EV / EBITDA ——55.6x13.0x13.5x50.9x17.5x21.2x37.9x15.5x13.1x17.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

74 /100

Strong moat

How hard Exelixis's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 34.5% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 96.2%, moving by 12.0 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 30.1%; its worst year was 2.3%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 33.2% of revenue.

  • Discipline 16 / 20

    The diluted share count fell 18.2% over five years; stock-based pay has been a median 5.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (79 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.69 +20% $2.6bn +10%
Next $4.32 +17% $2.9bn +14%

Next year's EPS estimate has moved +6.6% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.4% on 90 days ago. In the last 30 days, 1 analyst raised Exelixis, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Exelixis, Inc., last 90 days
$3.40 $3.60 $3.80 $4.00 $4.20 $4.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.54 Current fiscal year, 60 days ago: $3.58 Current fiscal year, 30 days ago: $3.59 Current fiscal year, 7 days ago: $3.58 Current fiscal year, Now: $3.69 $3.69 Next fiscal year, 90 days ago: $4.05 Next fiscal year, 60 days ago: $4.26 Next fiscal year, 30 days ago: $4.25 Next fiscal year, 7 days ago: $4.27 Next fiscal year, Now: $4.32 $4.32

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.54$4.05
60 days ago $3.58$4.26
30 days ago $3.59$4.25
7 days ago $3.58$4.27
Now $3.69$4.32

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.92 $0.94 +2.7%
Jun 2026 $0.86 $0.91 +5.2%
Mar 2026 $0.76 $0.87 +14.0%
Dec 2025 $0.81 $0.94 +16.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Total revenues fiscal year 2026 $2.5bn to $2.55bn Maintained
    “Total revenues $2.500 billion - $2.550 billion $2.500 billion - $2.550 billion” source
  • Net product revenues fiscal year 2026 $2.3bn to $2.35bn Maintained
    “Net product revenues $2.300 billion - $2.350 billion (1) $2.300 billion - $2.350 billion (1)” source
  • Cost of goods sold, % of net product revenues fiscal year 2026 about 4% Narrowed
    “Cost of goods sold, % of net product revenues ~4% 3.5% - 4.5%” source
  • Research and development expenses fiscal year 2026 $825m to $875m Maintained
    “Research and development expenses $825 million - $875 million (2) $825 million - $875 million (2)” source
  • Selling, general and administrative expenses fiscal year 2026 $575m to $625m Maintained
    “Selling, general and administrative expenses $575 million - $625 million (3) $575 million - $625 million (3)” source
  • Effective tax rate fiscal year 2026 16% to 18% Lowered
    “Effective tax rate 16% - 18% 21% - 23%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Exelixis, Inc.'s revenue by +11.9% next year and +11.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.7%, weight 44%) , management guidance (+11.5%, weight 33%) and the company's own record (+10.6%, weight 22%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy739%
Hold1056%
Sell16%

Monthly trend

  1. Oct 202661018
  2. Sep 202661018
  3. Aug 202661119
  4. Jul 202671019

Counts of recommendations published by analysts covering Exelixis, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.1%
of tradable shares
Days to cover
11.69
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.8%
of shares
Employees
1,077
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +81.4%

$38.67 on October 31, 2025 to $70.13

ThenNowEffect
Revenue (last 12 months) $2.2bn $2.4bn +9.2%
Net margin 27.0% 35.3% +30.8%
P/E multiple 18.6x 22.0x +18.6%
Share count 289m 270m +7.0%

Biggest factor: net margin.

Last 3 years +234.0%

$21.00 on November 3, 2023 to $70.13

ThenNowEffect
Revenue (last 12 months) $1.7bn $2.4bn +42.1%
Net margin 9.6% 35.3% +268.8%
P/E multiple 41.7x 22.0x −47.1%
Share count 326m 270m +20.5%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EXEL−9%−12%+50%+39%+32%+60%
Industry peers (median)−36%−57%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EXEL58%50%58%58%58%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EXEL−38%−35%−15%−16%−25%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 57% from January 4, 2018 to October 29, 2018. Getting back needed a 134% gain, reached on October 30, 2024, 2193 days after the low.

Price behaviour

52-week range
$37.90 – $70.13
From 52-week high
0.0%
vs 50-day average
+17.5%
vs 200-day average
+37.4%
Volatility (1 year)
34%
Beta vs S&P 500
0.53

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±8.3%
After a week
8 up, 3 down
typical move ±10.7%
After a month
7 up, 4 down
typical move ±12.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +4.7% −2.1% — —
August 5, 2026 −6.8% −0.4% −10.0% +5.6%
May 5, 2026 +10.3% +2.2% +12.0% +18.8%
February 10, 2026 −2.3% −0.3% +1.2% −6.3%
January 12, 2026 +0.1% 0.0% −0.6% −2.5%
November 4, 2025 +6.1% −0.8% +12.9% +16.6%
July 28, 2025 −19.0% −0.3% −19.3% −15.9%
May 13, 2025 +20.7% +0.8% +20.0% +13.0%
February 11, 2025 −2.1% −0.2% +4.7% +9.9%
January 13, 2025 −1.0% +0.3% +1.1% −8.9%
October 29, 2024 +13.8% −0.1% +22.0% +26.1%
August 6, 2024 +12.8% +0.2% +13.5% +8.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Exelixis, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Exelixis, Inc. in five measures

Fundamentals grade A
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Exelixis, Inc.
$1.8B $2B $2.2B $2.4B $2.6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.8B Revenue (TTM), FY24 Q1: $1.8B Revenue (TTM), FY24 Q2: $2B Revenue (TTM), FY24 Q3: $2.1B Revenue (TTM), FY24 Q4: $2.2B Revenue (TTM), FY25 Q1: $2.3B Revenue (TTM), FY25 Q2: $2.2B Revenue (TTM), FY25 Q3: $2.3B Revenue (TTM), FY25 Q4: $2.3B Revenue (TTM), FY26 Q1: $2.4B Revenue (TTM), FY26 Q2: $2.4B Revenue (TTM), FY26 Q3: $2.5B $2.5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.8B
FY24 Q1 $1.8B
FY24 Q2 $2B
FY24 Q3 $2.1B
FY24 Q4 $2.2B
FY25 Q1 $2.3B
FY25 Q2 $2.2B
FY25 Q3 $2.3B
FY25 Q4 $2.3B
FY26 Q1 $2.4B
FY26 Q2 $2.4B
FY26 Q3 $2.5B
Revenue growth, TTM YoY Exelixis, Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 13.6% Revenue growth, TTM YoY, FY24 Q1: 11.0% Revenue growth, TTM YoY, FY24 Q2: 17.5% Revenue growth, TTM YoY, FY24 Q3: 17.3% Revenue growth, TTM YoY, FY24 Q4: 18.5% Revenue growth, TTM YoY, FY25 Q1: 24.5% Revenue growth, TTM YoY, FY25 Q2: 10.7% Revenue growth, TTM YoY, FY25 Q3: 9.9% Revenue growth, TTM YoY, FY25 Q4: 7.0% Revenue growth, TTM YoY, FY26 Q1: 3.3% Revenue growth, TTM YoY, FY26 Q2: 9.2% Revenue growth, TTM YoY, FY26 Q3: 9.1% 9.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 13.6%
FY24 Q1 11.0%
FY24 Q2 17.5%
FY24 Q3 17.3%
FY24 Q4 18.5%
FY25 Q1 24.5%
FY25 Q2 10.7%
FY25 Q3 9.9%
FY25 Q4 7.0%
FY26 Q1 3.3%
FY26 Q2 9.2%
FY26 Q3 9.1%
Operating margin (TTM) Exelixis, Inc.
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 9.3% Operating margin (TTM), FY24 Q1: 9.3% Operating margin (TTM), FY24 Q2: 18.3% Operating margin (TTM), FY24 Q3: 25.1% Operating margin (TTM), FY24 Q4: 27.9% Operating margin (TTM), FY25 Q1: 33.1% Operating margin (TTM), FY25 Q2: 31.4% Operating margin (TTM), FY25 Q3: 35.0% Operating margin (TTM), FY25 Q4: 37.6% Operating margin (TTM), FY26 Q1: 39.4% Operating margin (TTM), FY26 Q2: 39.9% Operating margin (TTM), FY26 Q3: 40.2% 40.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 9.3%
FY24 Q1 9.3%
FY24 Q2 18.3%
FY24 Q3 25.1%
FY24 Q4 27.9%
FY25 Q1 33.1%
FY25 Q2 31.4%
FY25 Q3 35.0%
FY25 Q4 37.6%
FY26 Q1 39.4%
FY26 Q2 39.9%
FY26 Q3 40.2%
FCF margin (TTM) Exelixis, Inc.
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.0% FCF margin (TTM), FY24 Q1: 15.1% FCF margin (TTM), FY24 Q2: 13.8% FCF margin (TTM), FY24 Q3: 20.8% FCF margin (TTM), FY24 Q4: 31.0% FCF margin (TTM), FY25 Q1: 35.7% FCF margin (TTM), FY25 Q2: 33.8% FCF margin (TTM), FY25 Q3: 34.1% FCF margin (TTM), FY25 Q4: 37.7% FCF margin (TTM), FY26 Q1: 38.6% FCF margin (TTM), FY26 Q2: 48.1% FCF margin (TTM), FY26 Q3: 46.5% 46.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.0%
FY24 Q1 15.1%
FY24 Q2 13.8%
FY24 Q3 20.8%
FY24 Q4 31.0%
FY25 Q1 35.7%
FY25 Q2 33.8%
FY25 Q3 34.1%
FY25 Q4 37.7%
FY26 Q1 38.6%
FY26 Q2 48.1%
FY26 Q3 46.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Exelixis took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.3B
  2. Other income $69M · 3.0%
  3. Cost of revenue $83.7M · 3.6%
  4. Gross profit $2.2B · 96.4%
  5. Research and development $825M · 35.6%
  6. Selling, general and admin $519M · 22.4%
  7. Other operating costs $20.5M · 0.9%
  8. Operating income $872M · 37.6%
  9. Income tax $159M · 6.8%
  10. Net income $783M · 33.7%

Shares of revenue. Source: Exelixis's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Jan 2016 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Jan 2020 2020 Jan 2021 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Jan 2025 2025 Jan 2026 LTM Oct 2026
Income
Revenue 152 185 290 47 31 25 37 191 452 854 968 988 1,435 1,611 1,830 2,169 2,320 2,497
Gross profit — — — — — — — 185 437 827 935 951 1,382 1,553 1,758 2,092 2,236 2,404
EBITDA −109 −81 96 −117 −198 −222 −120 −27 167 444 378 119 300 222 197 633 901 1,031
Operating income −122 −91 90 −122 −201 −224 −121 −28 166 439 369 110 287 201 171 605 872 1,003
Net income −135 −92 76 −145 −238 −261 −162 −70 154 690 321 112 231 182 208 521 783 885
Diluted EPS −$1.26 −$0.85 $0.58 −$0.92 −$1.33 −$1.34 −$0.77 −$0.28 $0.49 $2.21 $1.02 $0.35 $0.72 $0.56 $0.65 $1.76 $2.78 $3.34
Growth (year on year)
Revenue — +21.9% +56.5% −83.6% −34.0% −19.9% +48.0% +415.0% +136.3% +88.7% +13.3% +2.0% +45.3% +12.3% +13.6% +18.5% +7.0% +9.1%
EBITDA — — — −221.3% — — — — — +165.6% −14.9% −68.5% +151.9% −26.0% −11.6% +222.2% +42.3% +24.3%
Operating income — — — −236.7% — — — — — +164.5% −15.8% −70.2% +160.5% −29.7% −15.2% +253.8% +44.3% +25.4%
Net income — — — −292.0% — — — — — +347.4% −53.5% −65.2% +106.7% −21.1% +14.0% +150.9% +50.1% +30.6%
Diluted EPS — — — −258.6% — — — — — +351.0% −53.8% −65.7% +105.7% −22.2% +16.1% +170.8% +58.0% +41.1%
Margins
Gross margin — — — — — — — 96.6% 96.7% 96.9% 96.6% 96.3% 96.3% 96.4% 96.0% 96.5% 96.4% 96.3%
EBITDA margin −72.0% −43.7% 33.3% −246.4% −630.5% −884.3% −322.9% −14.2% 36.9% 52.0% 39.0% 12.1% 20.9% 13.8% 10.7% 29.2% 38.8% 41.3%
Operating margin −80.3% −49.4% 30.9% −258.0% −640.5% −893.9% −326.6% −14.7% 36.7% 51.4% 38.2% 11.1% 20.0% 12.5% 9.3% 27.9% 37.6% 40.2%
Net margin −89.1% −49.9% 26.1% −306.3% −760.1% <−999% −435.1% −36.7% 34.1% 80.8% 33.2% 11.3% 16.1% 11.3% 11.4% 24.0% 33.7% 35.5%
Free-cash-flow margin −13.5% −55.6% −55.3% −265.3% −641.2% −939.3% −380.7% 109.0% 31.9% 44.8% 53.1% 18.1% 24.2% 20.8% 16.0% 31.0% 37.7% 46.5%
Cash flow
Cash from operations −15 −101 −159 −123 −199 −235 −141 210 166 416 527 209 401 363 333 700 884 1,173
Capital spending 6 2 1 3 2 0 0 2 21 33 13 30 54 28 40 28 8 12
Free cash flow −20 −103 −160 −126 −201 −236 −141 209 144 382 514 179 347 335 293 672 876 1,161
Stock-based pay 23 21 12 9 12 10 22 23 24 41 57 105 120 108 106 94 113 110
Free cash flow after stock pay −43 −124 −172 −135 −213 −246 −163 186 121 342 458 74 227 227 187 578 763 1,051
Balance sheet
Cash 87 97 74 170 104 80 142 152 188 315 267 319 647 501 263 217 482 305
Total debt 0 217 186 339 349 — 418 — — 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −87 120 112 169 245 −80 276 −152 −188 −315 −267 −319 −647 −501 −263 −217 −482 −305
Diluted shares 107m 109m 130m 160m 184m 194m 209m 251m 312m 313m 315m 318m 322m 325m 321m 296m 282m 265m
Returned to shareholders
Buybacks — — — — — — — — — — — — 0 0 550 652 948 1,261
Total returned — — — — — — — — — — — — 0 0 550 652 948 1,261

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · October 2, 2026
What it owns · $2.5bn
Short-term assets $1.3bnLonger-term assets $1.2bn
What it owes, and who funded it · $2.5bn
Short-term liabilities $412mLonger-term liabilities $268mShareholders' equity $1.8bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $412m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $268m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Exelixis, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.3B
Returned to shareholders
109%
of free cash flow
Buybacks, last 3 fiscal years
$2.1B
Diluted share count
−7.5%
year over year
Total shareholder yield
7.3%
dividends 0.0% + buybacks 7.3% of market value
R&D spending
33.4%
of revenue
Sales & admin spending
22.6%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated EXEL NTRA MRNA UTHR BNTX BMRN Median
Revenue, last 12 months $2.5bn $2.7bn $2.2bn $3.2bn $3.2bn $3.4bn $56m
Revenue growth, last 12 months 9.1% 37.8% −27.6% 2.5% 9.0% 11.2% 12.6%
Revenue growth, 3-year average 12.1% 42.7% −40.6% 14.3% — 15.1% 13.7%
Revenue growth, latest quarter 10.2% 37.7% 2.1% −1.9% — 19.9% 10.2%
Gross margin 96.3% 42.0% 23.4% 86.1% 77.6% 76.1% 82.9%
Operating margin 40.2% −10.7% −149.0% 44.4% −49.0% 4.4% −189.4%
Operating margin, 3-year average 33.4% −16.2% −115.7% 46.6% −22.6% 13.3% −363.5%
Net margin 35.5% −7.1% −141.4% 41.6% −39.6% 2.1% −169.8%
Cash from operations / revenue 47.0% 8.4% −48.2% 53.4% 15.9% 25.2% −168.0%
Free-cash-flow margin 46.5% 3.1% −55.8% 34.6% 9.8% 21.7% −162.4%
Free-cash-flow margin, 3-year average 33.8% 0.2% −82.7% 34.3% −37.0% 17.8% −310.0%
Stock pay / revenue 4.4% 14.1% 20.7% 4.9% 3.7% 6.3% 20.0%
Change in share count −7.5% 6.5% 2.0% −3.1% 0.5% 1.0% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 9.1% 12.6% 94 of 172
Change in growth rate Growth -0.1pp -0.1pp 86 of 172
Gross margin Profitability 96.3% 82.4% 11 of 75
Operating margin Profitability 40.2% -189.4% 11 of 175
Net margin Profitability 35.5% -157.3% 12 of 180
Free-cash-flow margin Cash generation 46.5% -145.4% 6 of 176
Stock pay as % of revenue Cash generation 4.4% 19.2% 30 of 179
Change in share count Balance sheet -7.5% 7.9% 3 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 2, 2026
Products and services
Line of business Revenue YoY
Product Gross $3B ▲ 19.6%
Products $2.1B ▲ 17.3%
Cabometyx $2.1B ▲ 17.5%
Licenses $214M ▼ 38.6%
Collaboration $197M ▼ 45.1%
Cometriq $9.4M ▼ 15.4%
Services -$17.1M ▼ 269.5%
Product Sales Discounts and Allowances -$889M —

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $2.1B 92.3% ▲ 17.4%
Europe $154M 6.6% ▼ 51.6%
Japan $25.6M 1.1% ▼ 5.5%

From Exelixis, Inc.'s 10-K filed February 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$14.1B
Institutions reporting
754
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
121 / 64

Top buyers and sellers, Q2 2026: 376 institutions bought and 344 sold ; the biggest buyer was Two Sigma Investments, LP (+2.0M shares) and the biggest seller AQR Capital Management LLC (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.6B 29.1M 11.2% ▼ 5.6%
Farallon Capital Management, L.L.C. $733M 13.5M 5.2% ▲ 2.7%
Renaissance Technologies LLC $731M 13.4M 5.2% ▼ 2.2%
Vanguard Portfolio Management LLC $655M 12.0M 4.6% ▼ 0.3%
AQR Capital Management LLC $599M 11.0M 4.2% ▼ 15.8%
Vanguard Capital Management LLC $596M 11.0M 4.2% ▼ 2.7%
State Street Corp $542M 10.0M 3.8% ▼ 3.2%
Fuller & Thaler Asset Management, Inc. $486M 8.9M 3.4% ▲ 4.5%
LSV Asset Management $443M 8.1M 3.1% ▲ 5.2%
Geode Capital Management, LLC $416M 7.7M 2.9% ▼ 1.9%
D. E. Shaw & Co., Inc. $302M 5.6M 2.1% ▲ 54.1%
Morgan Stanley $246M 4.5M 1.7% ▲ 8.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Exelixis, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.2M 1 trade by 1 insider, last 12 months Insider sales History → $42.2M 32 trades by 12 insiders · 16% under pre-set plans
Net ▼ $41.1M net selling
Insider Date Trade Shares Price Value
Beckerle Mary C Director August 10, 2026 Sell pre-set plan 9,812 $53.66 $526,512
Eckhardt Sue Gail Director June 1, 2026 Sell pre-set plan 9,812 $50.14 $491,974
Wyszomierski Jack L Director June 1, 2026 Sell pre-set plan 3,925 $50.55 $198,409
Aftab Dana EVP, Research and Development May 26, 2026 Sell 43,451 $50.35 $2.2M
Haley Patrick J. EVP, Commercial May 20, 2026 Sell 32,110 $49.81 $1.6M
Hefti Brenda SVP and General Counsel May 18, 2026 Sell pre-set plan 6,625 $50.21 $332,641
Senner Christopher J. EVP and CFO May 18, 2026 Sell 34,901 $50.00 $1.7M
Poste George Director May 7, 2026 Sell 60,000 $45.71 $2.7M
Freire Maria C Director May 7, 2026 Sell 20,634 $46.00 $949,164
Beckerle Mary C Director May 7, 2026 Sell 7,712 $48.45 $373,646
Aftab Dana EVP, Research and Development February 24, 2026 Sell 47,918 $44.50 $2.1M
Aftab Dana EVP, Research and Development February 19, 2026 Sell 29,873 $44.35 $1.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in Exelixis, Inc. disclosed in the last 12 months; 4 earlier trades on record.

  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 4, 2019, filed April 27, 2020
  • Donna Shalala(FL):Sale (partial), $1,001 - $15,000, traded April 16, 2019, filed April 27, 2020
  • Donna Shalala(FL):Purchase, $1,001 - $15,000, traded February 6, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 5, 2026
  • May 5, 2026
  • February 10, 2026
  • January 12, 2026
  • November 4, 2025

Recent SEC filings

Data status

When each part of this page on Exelixis, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Exelixis, Inc. in brief

What does Exelixis, Inc. do?
Exelixis, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Exelixis, Inc.'s stock ticker?
Exelixis, Inc. trades under the ticker EXEL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Exelixis, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Exelixis, Inc. reported revenue of $2.5B, 9.1% higher than a year earlier, according to its SEC filings.
What is Exelixis, Inc.'s free cash flow?
Exelixis, Inc.'s free-cash-flow margin is 46.5% of revenue over the trailing twelve months, ranking 6 of the 176 biotechnology companies we cover.
What is Exelixis, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Exelixis, Inc.'s free cash flow after stock-based pay gives ~$89 per share in the base case, and ~$68–$120 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Exelixis, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Farallon Capital Management, L.L.C. and Renaissance Technologies LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Exelixis, Inc. buying back stock, and does it pay a dividend?
Exelixis, Inc. spent $1.3B on share repurchases over the trailing twelve months, and its diluted share count fell 7.5% over the year.
What is Exelixis, Inc.'s market cap?
On November 2, 2026, Exelixis, Inc.'s market capitalisation was about $18.6B, with a price-to-earnings ratio of 21.0 and net debt of -$305M. Market figures come from third-party market data and may be delayed.
Who are Exelixis, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Exelixis, Inc. are Natera, Inc., Moderna, United Therapeutics Corp, Biontech SE and Biomarin Pharmaceutical Inc. The side-by-side comparison below sets their revenue, margins and growth against Exelixis, Inc.'s.
Are insiders buying or selling Exelixis, Inc. stock?
Over the last 12 months, Exelixis, Inc.'s directors and officers reported 1 open-market purchases and 32 sales on Form 4. The insider trading page charts every trade.
When is Exelixis, Inc.'s next earnings date?
Around February 9, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Exelixis, Inc. announces its own schedule.