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Exagen Inc. (XGN) stock

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NASDAQ: XGN Nasdaq Life Sciences Tools & Services Next results ~November 10, 2026

C Fundamentals grade

Exagen Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$5.3

Revenue-to-maturity cash-flow model

Base case. Range ~$4.1–$6.7 across our lower- and higher-growth cases (15.8%–25.8% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Exagen 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, 2 selling1 purchase and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds23 adding, 35 cuttingOf 19 active managers that changed their stake, 5 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Exagen files

Where Exagen stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $71m, up 20.8% on a year earlier, about the same pace as a quarter earlier. That growth ranks 8 of 46 among the life sciences tools & services companies we cover. Free-cash-flow margin rose to -10.7% from -27.2% a year earlier. Operating margin widened to -18.6% from -23.9%. The diluted share count is up 23.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $5.27 a share.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

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 ~November 10, 2026 (estimated)

Exagen Inc.'s trailing-twelve-month revenue grew 20.8% year on year, with a free-cash-flow margin of -10.7%. Where it stands out: revenue growth of 20.8% ranks 9 of 54 life sciences tools & services companies we cover. Where it lags: change in share count of 23.9% ranks 42 of 46 life sciences tools & services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 52.5% while net income fell 11.4%: a 64pp 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

  • Fast growth. Revenue grew 20.8% over the last 12 months, against a median of 6.9% for life sciences tools & services companies we cover.
  • Margins widening. Operating margin is up 5.3 points on a year ago.

Things to watch

  • Loss-making. Operating margin is -18.6%: costs exceed revenue.
  • Burning cash. Free cash flow was -10.7% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 23.9% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 84% and a beta of 2.5 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 43.0% ranks 28 of 35 life sciences tools & services companies we cover (median 26.3%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
-$0.11 against an average estimate of -$0.17: beat by 32.6%
Revenue
$20m, up 15.9% on a year earlier
Share reaction
+42.1% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Next report
November 10, 2026; average EPS estimate -$0.17

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

Price chart

  • 1 day-2.3%
  • 1 week+12.3%
  • 1 month+2.7%
  • This year+38.0%
  • 1 year-28.1%
  • 5 years-30.1%
  • 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)
$71.1M
Operating margin
-18.6%
Net margin
-26.6%
EPS (TTM, diluted)
$-0.80

Growth

Revenue growth
+20.8%
Change in growth rate
+0.3 pts
Share count change
+23.9%

Cash

Free cash flow (TTM)
-$7.6M
FCF margin
-10.7%
Stock pay % of revenue
4.1%

Earnings

Last results
August 4, 2026

News & updates

Updated October 31, 2026

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

  1. 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

Exagen Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Exagen Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$5.3 ~$4.1–$6.7 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$3.9 ~$4.8–$19 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) 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. ~$5.0 ~$3.9–$5.3 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Exagen Inc. with Life Sciences Tools & Services 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$25.40$13.20$11.63$2.40$1.99$4.10$6.08$8.39
Market value$91m$167m$186m$41m$35m$75m$131m$198m
+ Net debt (− = net cash)−$46m−$31m−$72m−$33m−$17m−$2m−$9m−$2m
Enterprise value$45m$136m$114m$8m$18m$73m$122m$197m
Multiples
Price / sales 2.3x4.0x3.8x0.9x0.7x1.3x2.0x2.8x
Price / earnings ————————
Price / free cash flow ————————
EV / EBITDA ————————

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

16 /100

Weak moat

How hard Exagen's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -35.1% of total assets over 7 years.

  • Durability 10 / 20

    Operating margin has been a median -31.4%; its worst year was -85.0%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 7 years, at a median -33.9% of revenue.

  • Discipline 7 / 20

    The diluted share count rose 71.5% over five years; stock-based pay has been a median 4.5% 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 (21 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

Next results: November 10, 2026, before the open. Analysts expect revenue of $18m and EPS of −$0.17 (range −$0.18 to −$0.16) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.63 +25% $74m +11%
Next −$0.47 +25% $82m +10%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is 0.0% on 90 days ago. In the last 30 days, 2 analysts raised Exagen Inc.'s forecast and 0 cut it.

Consensus EPS forecast Exagen Inc., last 90 days
−$0.80 −$0.60 −$0.40 −$0.20 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.63 Current fiscal year, 60 days ago: −$0.62 Current fiscal year, 30 days ago: −$0.62 Current fiscal year, 7 days ago: −$0.62 Current fiscal year, Now: −$0.63 −$0.63 Next fiscal year, 90 days ago: −$0.43 Next fiscal year, 60 days ago: −$0.44 Next fiscal year, 30 days ago: −$0.47 Next fiscal year, 7 days ago: −$0.47 Next fiscal year, Now: −$0.47 −$0.47

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.63−$0.43
60 days ago −$0.62−$0.44
30 days ago −$0.62−$0.47
7 days ago −$0.62−$0.47
Now −$0.63−$0.47

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.17 −$0.11 +32.6%
Mar 2026 −$0.25 −$0.20 +18.7%
Dec 2025 −$0.19 −$0.27 −37.7%
Sept 2025 −$0.16 −$0.31 −96.8%

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

Analyst recommendations

7 analysts, Oct 2026
Buy7100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202677
  2. Sep 202677
  3. Aug 202677
  4. Jul 202677

Counts of recommendations published by analysts covering Exagen 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
3.1%
of tradable shares
Days to cover
2.06
at average volume
Short interest, 1 month
−16%
to October 15, 2026
Held by institutions
45%
of shares
Held by insiders
24.2%
of shares
Employees
216
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −28.1%

$11.67 on October 31, 2025 to $8.39

ThenNowEffect
Revenue (last 12 months) $59m $71m +20.8%
P/S multiple 3.8x 2.8x −26.3%
Share count 19m 24m −19.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +396.4%

$1.69 on November 3, 2023 to $8.39

ThenNowEffect
Revenue (last 12 months) $53m $71m +34.4%
P/S multiple 0.6x 2.8x +403.2%
Share count 17m 24m −26.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

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
XGN−12%−79%−17%+106%+48%+38%
Industry peers (median)+5%−51%−3%−15%−7%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
XGN42%33%50%67%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
XGN−59%−82%−58%−41%−50%−58%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 19, 2019: 95% from December 26, 2019 to May 1, 2024. Getting back needed a 1994% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.65 – $11.83
From 52-week high
−29.1%
vs 50-day average
+5.8%
vs 200-day average
+66.3%
Volatility (1 year)
84%
Beta vs S&P 500
2.51

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 ±15.8%
After a week
8 up, 4 down
typical move ±24.7%
After a month
9 up, 3 down
typical move ±41.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +42.1% +1.6% +44.7% +60.5%
May 11, 2026 +25.8% +0.1% +18.3% +42.0%
March 10, 2026 −8.0% −0.3% −6.2% −8.6%
January 12, 2026 −18.8% 0.0% −25.2% −47.9%
November 4, 2025 −12.7% −0.8% −22.1% −36.7%
July 29, 2025 +16.8% −0.4% +20.0% +29.2%
May 5, 2025 +6.6% −1.4% −4.2% +22.4%
March 11, 2025 +16.8% −0.3% +27.0% +54.4%
January 13, 2025 −5.4% +0.3% +26.5% +36.3%
November 12, 2024 −7.4% −0.3% +18.9% +92.9%
August 5, 2024 +17.6% −2.0% +64.7% +44.6%
May 13, 2024 +12.1% +0.5% +19.1% +25.5%

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.

Exagen Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

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) Exagen Inc.
$50M $55M $60M $65M $70M $75M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $51.6M Revenue (TTM), FY23 Q4: $52.5M Revenue (TTM), FY24 Q1: $55.7M Revenue (TTM), FY24 Q2: $56.7M Revenue (TTM), FY24 Q3: $55.8M Revenue (TTM), FY24 Q4: $55.6M Revenue (TTM), FY25 Q1: $56.7M Revenue (TTM), FY25 Q2: $58.9M Revenue (TTM), FY25 Q3: $63.6M Revenue (TTM), FY25 Q4: $66.6M Revenue (TTM), FY26 Q1: $68.4M Revenue (TTM), FY26 Q2: $71.1M $71.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $51.6M
FY23 Q4 $52.5M
FY24 Q1 $55.7M
FY24 Q2 $56.7M
FY24 Q3 $55.8M
FY24 Q4 $55.6M
FY25 Q1 $56.7M
FY25 Q2 $58.9M
FY25 Q3 $63.6M
FY25 Q4 $66.6M
FY26 Q1 $68.4M
FY26 Q2 $71.1M
Revenue growth, TTM YoY Exagen Inc.
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 13.7% Revenue growth, TTM YoY, FY23 Q4: 15.3% Revenue growth, TTM YoY, FY24 Q1: 20.1% Revenue growth, TTM YoY, FY24 Q2: 7.0% Revenue growth, TTM YoY, FY24 Q3: 8.0% Revenue growth, TTM YoY, FY24 Q4: 5.9% Revenue growth, TTM YoY, FY25 Q1: 1.8% Revenue growth, TTM YoY, FY25 Q2: 3.9% Revenue growth, TTM YoY, FY25 Q3: 14.1% Revenue growth, TTM YoY, FY25 Q4: 19.7% Revenue growth, TTM YoY, FY26 Q1: 20.6% Revenue growth, TTM YoY, FY26 Q2: 20.8% 20.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 13.7%
FY23 Q4 15.3%
FY24 Q1 20.1%
FY24 Q2 7.0%
FY24 Q3 8.0%
FY24 Q4 5.9%
FY25 Q1 1.8%
FY25 Q2 3.9%
FY25 Q3 14.1%
FY25 Q4 19.7%
FY26 Q1 20.6%
FY26 Q2 20.8%
Operating margin (TTM) Exagen Inc.
-80% -60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -62.3% Operating margin (TTM), FY23 Q4: -43.5% Operating margin (TTM), FY24 Q1: -32.5% Operating margin (TTM), FY24 Q2: -27.9% Operating margin (TTM), FY24 Q3: -27.6% Operating margin (TTM), FY24 Q4: -24.5% Operating margin (TTM), FY25 Q1: -24.7% Operating margin (TTM), FY25 Q2: -23.9% Operating margin (TTM), FY25 Q3: -19.6% Operating margin (TTM), FY25 Q4: -21.1% Operating margin (TTM), FY26 Q1: -20.6% Operating margin (TTM), FY26 Q2: -18.6% -18.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -62.3%
FY23 Q4 -43.5%
FY24 Q1 -32.5%
FY24 Q2 -27.9%
FY24 Q3 -27.6%
FY24 Q4 -24.5%
FY25 Q1 -24.7%
FY25 Q2 -23.9%
FY25 Q3 -19.6%
FY25 Q4 -21.1%
FY26 Q1 -20.6%
FY26 Q2 -18.6%
FCF margin (TTM) Exagen Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -57.5% FCF margin (TTM), FY23 Q4: -29.1% FCF margin (TTM), FY24 Q1: -25.6% FCF margin (TTM), FY24 Q2: -11.2% FCF margin (TTM), FY24 Q3: -10.3% FCF margin (TTM), FY24 Q4: -24.8% FCF margin (TTM), FY25 Q1: -27.2% FCF margin (TTM), FY25 Q2: -27.2% FCF margin (TTM), FY25 Q3: -17.3% FCF margin (TTM), FY25 Q4: -21.4% FCF margin (TTM), FY26 Q1: -20.7% FCF margin (TTM), FY26 Q2: -10.7% -10.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -57.5%
FY23 Q4 -29.1%
FY24 Q1 -25.6%
FY24 Q2 -11.2%
FY24 Q3 -10.3%
FY24 Q4 -24.8%
FY25 Q1 -27.2%
FY25 Q2 -27.2%
FY25 Q3 -17.3%
FY25 Q4 -21.4%
FY26 Q1 -20.7%
FY26 Q2 -10.7%

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

Financial statements

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

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 32 40 42 48 46 53 56 67 71
Gross profit 17 22 25 28 21 29 33 39 42
EBITDA −4 −9 −15 −23 −44 −21 −12 −12 −11
Operating income −5 −9 −15 −24 −46 −23 −14 −14 −13
Net income −8 −12 −17 −27 −47 −24 −15 −20 −19
Diluted EPS −$293.34 −$8.46 −$1.32 −$1.68 −$2.77 −$1.34 −$0.83 −$0.93 −$0.80
Growth (year on year)
Revenue — +24.5% +3.9% +15.1% −5.7% +15.3% +5.9% +19.7% +20.8%
Margins
Gross margin 52.6% 53.4% 60.6% 57.4% 46.9% 56.1% 59.5% 58.3% 58.6%
EBITDA margin −13.2% −21.5% −35.0% −48.0% −97.6% −39.3% −21.5% −18.0% −15.2%
Operating margin −15.0% −23.0% −36.2% −49.8% −101.1% −43.5% −24.5% −21.1% −18.6%
Net margin −24.7% −29.8% −39.8% −55.6% −104.0% −45.1% −27.2% −30.0% −26.6%
Free-cash-flow margin −29.3% −25.0% −34.6% −46.9% −80.0% −29.1% −24.8% −21.4% −10.7%
Cash flow
Cash from operations −9 −10 −14 −20 −32 −14 −13 −14 −6
Capital spending 0 0 0 2 4 1 1 1 1
Free cash flow −10 −10 −15 −23 −36 −15 −14 −14 −8
Stock-based pay 0 1 3 5 5 4 2 2 3
Free cash flow after stock pay −10 −11 −17 −27 −41 −19 −16 −16 −11
Balance sheet
Cash 13 72 57 99 62 36 22 32 25
Total debt 25 26 27 27 29 19 20 23 23
Net debt (negative = net cash) 11 −46 −31 −72 −33 −17 −2 −9 −2
Diluted shares — 4m 13m 16m 17m 18m 18m 22m 24m

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

3 of 7 checks passed · June 30, 2026
What it owns · $52m
Short-term assets $43mLonger-term assets $9m
What it owes, and who funded it · $52m
Short-term liabilities $13mLonger-term liabilities $26mShareholders' equity $12m
  • Short-term assets cover short-term liabilities $43m of assets due within a year against $13m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $43m short-term assets against $26m of longer-dated liabilities.
  • More cash than debt $25m of cash against $23m of debt.
  • Debt below 40% of shareholders' equity Debt is 187% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 32% to 187% over five years.
  • A year's operating cash flow covers at least 20% of debt −$6m of operating cash flow against $23m of debt.
  • Operating profit covers interest at least five times over Operating income of −$13m against $5m of interest.

From Exagen 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

Diluted share count
+23.9%
year over year
R&D spending
9.1%
of revenue
Sales & admin spending
68.1%
of revenue
Days sales outstanding
64 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated XGN PSNL BNR CDXS MASS PRPO Median
Revenue, last 12 months $71m $70m $75m $78m $61m $61m $229m
Revenue growth, last 12 months 20.8% −13.3% 4.7% 35.9% 13.4% 29.5% 6.9%
Revenue growth, 3-year average 10.3% 1.2% — −7.8% 7.5% 43.6% 2.9%
Revenue growth, latest quarter 15.9% 30.0% — −2.7% 23.3% 21.9% 8.5%
Gross margin 58.6% 12.7% 74.7% 87.0% 52.2% 19.7% 51.9%
Operating margin −18.6% −164.1% −10.2% −35.6% −64.0% −2.5% −14.3%
Operating margin, 3-year average −23.4% −122.3% — −81.6% −87.7% −12.0% −22.4%
Net margin −26.6% −153.8% −10.3% −39.6% −57.0% −2.0% −16.1%
Cash from operations / revenue −9.1% −132.5% −5.3% −13.4% 2.5% 1.8% 1.3%
Free-cash-flow margin −10.7% −144.9% −6.2% −15.7% 1.0% 1.3% −2.2%
Free-cash-flow margin, 3-year average −16.3% −96.1% — −71.6% −38.7% −12.5% 0.6%
Stock pay / revenue 4.1% 15.7% 2.6% 9.9% 16.2% 3.4% 4.4%
Change in share count 23.9% 26.0% −100.0% 12.9% 4.3% 13.3% 1.0%

Median of all 54 companies we cover in life sciences tools & services. 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

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 20.8% 6.9% 9 of 54
Change in growth rate Growth +0.3pp +0.4pp 28 of 54
Gross margin Profitability 58.6% 52.0% 14 of 45
Operating margin Profitability -18.6% -14.3% 27 of 52
Net margin Profitability -26.6% -12.2% 32 of 54
Free-cash-flow margin Cash generation -10.7% -1.3% 33 of 54
Stock pay as % of revenue Cash generation 4.1% 4.4% 25 of 53
Long-term debt as % of assets Balance sheet 43.0% 26.3% 28 of 35
Change in share count Balance sheet 23.9% 1.0% 42 of 46
Days sales outstanding Balance sheet 64 days 62 days 27 of 48

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

Who owns it

Funds buying and selling
Reported value
$38.4M
Institutions reporting
57
Shares held vs prior quarter
▼ 14.7%
Positions opened / closed
8 / 11

Top buyers and sellers, Q2 2026: 23 institutions bought and 35 sold ; the biggest buyer was First Eagle Investment Management, LLC (+489K shares) and the biggest seller Balyasny Asset Management L.P (−797K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Wexford Capital LP $3.7M 793K 9.6% 0.0%
Nano Cap New Millennium Growth Fund L P $3.1M 675K 8.2% ▲ 15.4%
First Eagle Investment Management, LLC $2.9M 614K 7.4% ▲ 390.2%
Vanguard Capital Management LLC $2.8M 613K 7.4% ▼ 9.7%
Fourworld Capital Management LLC $2.8M 597K 7.2% ▲ 35.6%
Silvercrest Asset Management Group LLC $2.4M 515K 6.2% ▼ 4.3%
Kennedy Capital Management LLC $2.3M 485K 5.9% ▼ 1.7%
Mink Brook Asset Management LLC $2.2M 476K 5.8% ▲ 29.0%
Jane Street Group, LLC $1.5M 323K 3.9% ▲ 36.2%
Acadian Asset Management LLC $1.4M 310K 3.8% ▼ 55.0%
Marshall Wace, LLP $1.4M 307K 3.7% ▲ 1023.9%
Flputnam Investment Management Co $1.3M 289K 3.5% New

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 Exagen Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $104,440 1 trade by 1 insider, last 12 months Insider sales History → $522,431 5 trades by 2 insiders · 0% under pre-set plans
Net ▼ $417,991 net selling
Insider Date Trade Shares Price Value
Chernett Jorey 10% owner October 19, 2026 Buy 14,000 $7.46 $104,440
Aballi John President and CEO October 16, 2026 Sell 34,294 $7.87 $269,791
Black Jeffrey G. Chief Financial Officer September 1, 2026 Sell 20,614 $7.22 $148,833
Aballi John President and CEO March 3, 2026 Sell 15,698 $3.62 $56,827
Black Jeffrey G. Chief Financial Officer February 24, 2026 Sell 1,584 $3.61 $5,718
Aballi John President and CEO February 24, 2026 Sell 11,430 $3.61 $41,262

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.

Earnings dates and SEC filings

Results announcements

  • August 4, 2026
  • May 11, 2026
  • March 10, 2026
  • January 12, 2026
  • November 4, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Exagen 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.

Exagen Inc. in brief

What does Exagen Inc. do?
Exagen Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Exagen Inc.'s stock ticker?
Exagen Inc. trades under the ticker XGN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Exagen Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Exagen Inc. reported revenue of $71.1M, 20.8% higher than a year earlier, according to its SEC filings.
What is Exagen Inc.'s free cash flow?
Exagen Inc.'s free-cash-flow margin is -10.7% of revenue over the trailing twelve months, ranking 33 of the 54 life sciences tools & services companies we cover.
Who are Exagen Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Wexford Capital LP, Nano Cap New Millennium Growth Fund L P and First Eagle Investment Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Exagen Inc.'s market cap?
On November 2, 2026, Exagen Inc.'s market capitalisation was about $198M and net debt of -$1.7M. Market figures come from third-party market data and may be delayed.
How much debt does Exagen Inc. have?
Exagen Inc.'s debt-to-equity ratio is 187.0%, from its latest balance sheet (32.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Exagen Inc.'s competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Exagen Inc. are Personalis, Inc., Burning Rock Biotech Ltd, Codexis, Inc., 908 Devices Inc. and Precipio, Inc. The side-by-side comparison below sets their revenue, margins and growth against Exagen Inc.'s.
Are insiders buying or selling Exagen Inc. stock?
Over the last 12 months, Exagen Inc.'s directors and officers reported 1 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Exagen Inc.'s next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Exagen Inc. announces its own schedule.