Exelixis Inc

Biological Products, (No Diagnostic Substances)

EXELMixed9 of 10 basics passed

$60.62

+2.71%

Market cap $15.0B

$60.62

+2.71%

Market cap $15.0B

Exelixis Inc is a biopharmaceutical firm that discovers, develops, and commercializes treatments for cancer. Its molecule, cabozantinib, is indicated for the treatment of patients with metastatic medullary thyroid cancer under the name Cometriq and for the treatment of kidney and liver cancer under the name Cabometyx.

It is a $15.0B healthcare company. Revenue grew 9.2% over the last year, and it keeps 35¢ of every dollar of sales as profit. It trades at 17.2× earnings — in the cheapest third of its own history.

Website: exelixis.com
Location: Alameda, CA
Employees: 1 077
Sector: Healthcare
Founded: 1994

Share price · 3 years

$21.61 → $60.62+180.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $2.44B
Profit: keeps 35¢ of every $1 sold; $861M
Free cash flow: cash left after running the business; $1.17B
P/E: years of profit in the price; 17.2
EPS: earnings per share, TTM; $3.05
Shares: down 10% since 2017 — buybacks; 281.9M
Volatility: beta vs the market — under 1 swings less; 0.44

Revenue, last 10 years

52-week range

Low $34.54$60.62High $60.62

Today's price is 100% of the way from the year's low to its high.

P/E vs its history5y

17.2×median 21.6×

Higher than 19% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

17.2×

81%

P/S

6.1×

EV/EBITDA

14.6×

P/B

8.0×

FCF yield

7.9%

93%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

-$527Knet selling

Purchases$0

Sales$527K

Insiders trading, last 14d0 buy · 0 sell

Standing in Healthcare

Size$15.0Btop 62%
Revenue growth+13%top 32%
Net margin35%top 2%
Return on equity42%top 15%
P/E17.2×top 19%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, growth and profitability.

Valuation77

P/E vs own history19th pct · 25/25
FCF yield7.8% · 20/25
P/S6.1x · 12/25
EV/EBITDA14.6x · 20/25

Growth82

Revenue CAGR12.8% · 20/25
Net income CAGR35.7% · 25/25
EPS CAGR ~5Y51.2% · 25/25
Fwd implied growth10.3% · 12/25

Profitability100

ROIC71.0% · 25/25
ROE42.5% · 25/25
Net margin35.3% · 25/25
Operating margin39.9% · 25/25

Health50

Altman Zn/a · 0/25
Current ratio3.46 · 25/25
Interest coverage42.7x · 25/25
Net cash / debtn/a · 0/25

Quality65

Piotroski F6/9 · 15/25
Beneish M-2.64 · 25/25
FCF conversion136% · 25/25
Margin stabilityσ 61.0% · 0/25

Moat70

ROIC >12% years7/8 yrs · 20/25
Median gross margin96.4% · 25/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst -36.7% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$783M net income
FY2021Financial
Revenue crossed $1B
$1.43B for the year
FY2017Financial
Turned profitable
$154M net income after a loss year
FY2016Financial
Positive free cash flow every year since
10-year streak
2012Milestone
Exelixis' first drug approval came in 2012, when cabozantinib was approved for medullary thyroid cancer, an orphan…
2000Milestone
Exelixis had left the radical exploratory phase behind and became focused on drug discovery and had a…
1994Founded
Exelixis was founded in 1994; the scientific founders were Spyridon Artavanis–Tsakonas, at Yale at that time

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$29 571 today — price return only

$2.3B revenue in FY2025

Revenue up 9.2% year over year

Profitable 9 years in a row

Positive free cash flow 10 years in a row

1 077 employees

ROIC of 71.0%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (96.5%)
Strongly profitable — 35.3% net margin
Strong cash conversion — FCF is 48.1% of revenue
Interest covered 42.7× by operating earnings
High returns on invested capital (ROIC 71.0%)

Watch-outs

Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 10 checks passed

Revenue growing — the company sells more than a year ago+9.2% YoY
Profitable — makes more than it spends$861M TTM
Profit growing — earnings are higher than last year+70.3% YoY
Generates cash — cash left after running and investing$1.17B TTM
Debt under control — could handle its obligationscurrent ratio 3.46
Established company — not a micro-cap — lower blow-up risk$15.0B market cap
Not printing shares — share count not ballooning — you keep your slice-11.4% shares over ~5y
Proven track record — years of profitability behind it9/10 profitable years
Financially stable — balance sheet not near distresshealth score 50/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 17.2

Peer comparisonExelixis Inc vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
EXEL this company	$15.0B	17.2	+9.2%	35.3%	Mixed
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: EXEL vs LLY · EXEL vs JNJ · EXEL vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 8Hold 14Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $2.44B · net income $861M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$2.44B

YoY 9.2%

Net income (TTM)

$861M

Margin 35.3%

Gross margin

96.5%

Operating margin

39.9%

P/E ratio

17.2

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.0	1.4	1.6	1.8	2.2	2.3
Gross profit	1.0	1.4	1.6	1.8	2.1	2.2
Operating income (EBIT)	0.1	0.3	0.2	0.2	0.6	0.9
Net income	0.1	0.2	0.2	0.2	0.5	0.8
EPS (diluted)	0.35	0.72	0.56	0.65	1.76	2.78

Cash flowFree cash flow $1.17B · operating cash flow $1.18B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.17B

Margin 48.1%

Operating cash flow (TTM)

$1.18B

FCF margin

48.1%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.2	0.4	0.4	0.3	0.7	0.9
Capital expenditure	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.2	0.3	0.3	0.3	0.7	0.9
FCF margin	18.1%	23.5%	20.8%	16.0%	31.0%	37.7%

Balance sheetAssets $2.84B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $2.84B of assets is financed

24%

76%

Liabilities $683M — borrowed moneyEquity $2.16B — owners' stake

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

42.7x

EBIT ÷ interest expense

ROE

42.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.2	1.5	1.3	1.0	1.1	1.1
Total assets	2.1	2.6	3.1	2.9	2.9	2.8
Total liabilities	0.3	0.4	0.6	0.7	0.7	0.7
Total debt	—	—	—	—	—	—
Equity	1.9	2.2	2.5	2.3	2.2	2.2
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of EXEL on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $60.62 · market cap $15.0B.