Exelixis, Inc. key statistics and ratios

In fiscal 2025, Exelixis, Inc. had return on equity of 35.5%, an operating margin of 37.6%, debt equal to 0.0% of equity and a current ratio of 3.56. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Exelixis, Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Jan 2016	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Jan 2020	2020Jan 2021	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Jan 2025	2025Jan 2026	LTMOct 2026
Gross margin	—	—	—	—	—	—	—	96.6%	96.7%	96.9%	96.6%	96.3%	96.3%	96.4%	96.0%	96.5%	96.4%	96.3%
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%
Return on equity	—	—	—	−88.4%	−188.6%	—	—	—	82.4%	87.8%	21.6%	6.3%	11.3%	7.8%	8.7%	23.1%	35.5%	44.3%
Return on assets	—	−25.6%	20.1%	−26.1%	−38.9%	−63.2%	−49.3%	−15.1%	24.7%	66.4%	19.4%	5.6%	9.7%	6.4%	6.9%	17.7%	27.0%	33.0%
Asset turnover	—	0.51	0.77	0.09	0.05	0.06	0.11	0.41	0.72	0.82	0.59	0.49	0.60	0.57	0.61	0.74	0.80	0.93
Current ratio	—	0.92	2.48	5.29	3.03	0.98	3.42	1.74	4.21	8.50	7.08	7.06	5.43	4.99	3.34	3.63	3.56	3.21
Debt to equity	—	—	205.7%	142.3%	>999%	—	—	211.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	5.5x	n/m	n/m	n/m	n/m	n/m	19.1x	—	—	—	—	—	—	—	—	—
Effective tax rate	—	—	1.7%	—	—	—	—	—	2.7%	—	19.4%	14.6%	—	—	—	—	—	—
R&D as % of revenue	154.7%	113.9%	54.1%	271.6%	570.4%	753.1%	259.2%	50.1%	24.8%	21.3%	34.8%	55.5%	48.3%	55.4%	57.0%	42.0%	35.6%	33.4%
SG&A as % of revenue	—	—	11.4%	67.1%	162.6%	202.4%	154.2%	60.7%	35.2%	24.2%	23.6%	29.7%	28.0%	28.5%	29.7%	22.7%	22.4%	22.6%
Capital spending as % of revenue	3.9%	1.0%	0.3%	5.7%	6.9%	1.9%	1.2%	0.9%	4.7%	3.9%	1.3%	3.1%	3.8%	1.7%	2.2%	1.3%	0.4%	0.5%
Free cash flow ÷ net income	—	—	−211.7%	—	—	—	—	—	93.7%	55.4%	160.2%	159.8%	150.0%	183.7%	141.0%	128.8%	111.9%	131.2%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	187.9%	97.1%	108.2%	108.6%

US$ thousands unless shown otherwise. Fiscal quarters.

Exelixis, Inc.: financial ratios, quarterly
Quarter	2024 Q4Jan 2025	2025 Q1Apr 2025	2025 Q2Jul 2025	2025 Q3Oct 2025	2025 Q4Jan 2026	2026 Q1Apr 2026	2026 Q2Jul 2026	2026 Q3Oct 2026
Gross margin	96.5%	96.5%	96.6%	96.9%	95.6%	96.7%	96.7%	96.0%
Operating margin	28.8%	33.6%	37.6%	39.6%	39.3%	41.1%	39.5%	40.8%
Net margin	24.7%	28.7%	32.5%	32.4%	40.8%	34.5%	33.7%	33.1%
Free-cash-flow margin	41.7%	37.5%	8.1%	48.3%	55.5%	41.0%	47.9%	42.1%
Current ratio	3.63	3.50	3.51	3.75	3.56	3.26	3.46	3.21
R&D as % of revenue	43.9%	38.2%	35.3%	33.3%	35.6%	32.7%	33.7%	31.8%
SG&A as % of revenue	23.7%	24.7%	23.7%	20.7%	20.5%	22.9%	23.5%	23.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Exelixis, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Exelixis, Inc.