Exelixis EXEL

Nasdaq · Biological Products, (No Diagnostic Substances) · $18.0B
$68.71−5.55%Nov 5 close · Databento
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EXEL Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $68.711D −5.55%3M +29.74%SMA20 $65.15SMA50 $60.64RSI(14) 64.0
68.71
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 64.0

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2026, as filed with the SEC · 66-metric EOD snapshot via Databento
Market cap$18.0B
EV / True FCF23.3x
Revenue$2.3B +7.0%
True FCF (ex-SBC)$762.9M +30.4%
Rule of 4044.7%
ROIC38.8%
True FCF Yield4.2%
EPS, diluted$2.78 +58.0%
Modern Valuation (EOD)
Market Cap$18.0B
Enterprise Value$17.7B
EV / True FCF23.25
EV / FCF20.25
EV / Gross Profit—
EV / EBIT20.33
EV / Sales7.64
P / E (GAAP)23.03
P / FCF20.58
P / Oper. CF20.39
P / Book8.34
Owner & Cash Yields
True FCF Yield4.2%
FCF Yield4.9%
Owner Earn. Yield3.8%
Earnings Yield4.3%
Shareholder Yield+4.6%
Buyback Yield5.3%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh$3.59
EPS (diluted)$2.78
Compounder & Returns
Rule of 4044.7%
ROIC38.8%
Cash ROIC (CROIC)46.9%
GP / Assets—
ROE36.2%
ROA27.5%
Gross Margin—
Oper. Margin37.6%
Net Margin33.7%
FCF Margin37.7%
True FCF Margin32.9%
Quality & Dilution
Cash Conversion112%
Accrual Ratio−3.6%
SBC % of FCF12.9%
SBC % of Rev4.9%
Reinvest. Rate94%
Sales Growth Y/Y+7.0%
Sales 3Y CAGR+12.9%
EPS Growth Y/Y+58.0%
FCF Growth Y/Y+30.4%
FCF 3Y CAGR+37.8%
Share Change Y/Y−4.8%
Balance Sheet & Scale
Revenue (FY)$2.3B
Gross Profit (FY)—
Oper. Income (FY)$872.2M
GAAP Net Income$782.6M
True FCF (ex-SBC)$762.9M
Cash & Equiv$482.5M
Total Debt$189.1M
Net Cash (Debt)$293.4M
Net Cash % MCap+1.6%
Debt / FCF (yrs)0.2y
Current Ratio3.56244.01M sh
Price & Technicals (EOD)
Perf Week+3.79%
Perf Month+17.57%
Perf Quarter+27.08%
Perf Half Y+48.69%
Perf YTD+57.56%
SMA 20 Dist+5.47%$65.15
SMA 50 Dist+13.32%$60.64
SMA 100 Dist+19.47%$57.51
Window High−5.55%$72.75
Window Low+57.56%$43.61
RSI (14) · Vol64.034%v
Income Distribution & Cash Flow ConversionHow every dollar of EXEL revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
REVENUE · 100%$2.3BGROSS PROFIT · 96.4%$2.2BCOST OF REV · 3.6%$83.7MOPER. INCOME · 37.6%$872.2MOPEX · 58.8%R&D $825.0M · SG&A $518.7MNET INCOME · 33.7%$782.6MTAX & OTHER · 3.9%$89.6M
Where Every $100 of Revenue Goes (FY2026)
Cost of Revenue (COGS)$83.7M ($3.6 / $100)
R&D Reinvestment$825.0M ($35.6 / $100)
SG&A & Other OpEx$539.2M ($23.2 / $100)
Tax & Non-Operating$89.6M ($3.9 / $100)
Net Profit Kept$782.6M ($33.7 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2026)
GAAP Net Income$782.6M (33.7% margin)
Operating Cash Flow (OCF)$884.3M(38.1% of rev)
Less: Capital Expenditures−$8.4M(0.4% of rev)
Standard Free Cash Flow (FCF)$875.8M(37.7% margin)
Less: Stock-Based Comp (SBC)−$113.0M(12.9% of FCF)
True FCF (Owner Cash ex-SBC)$762.9M(32.9% of rev)

Operating leverage — margins

GrossOperatingNet
0%40%80%38%34%FY21FY22FY23FY25FY26
Unlocked SEC EDGAR Accounting Statements (USD)All 3 statements · Common-size (% of Revenue / Assets) · YoY growth · Tap any core row to explain
Line Item (USD)FY2021FY2022FY2023FY2025FY2026YoY Δ4Y CAGRTrend
Income Statement
Cost of Revenue (COGS)$52.9M$57.9M$72.5M$76.2M$83.7M+9.8%+12.2%
Research & Development (R&D)$693.7M$891.8M$1.0B$910.4M$825.0M−9.4%+4.4%
Selling, General & Admin (SG&A)$401.7M$459.9M$542.7M$492.1M$518.7M+5.4%+6.6%
Interest Expense————$0——
Income Tax Expense$63.1M$52.1M$49.8M$160.4M$158.6M−1.1%+25.9%
Diluted Shares322.4M324.6M321.5M296.1M281.9M−4.8%−3.3%
Balance Sheet
Cash & Equivalents$663.9M$502.7M$263.0M$217.4M$482.5M+122.0%−7.7%
Inventory$27.5M$33.3M$17.3M$22.4M$21.7M−3.1%−5.8%
Total Current Assets$1.8B$1.6B$1.3B$1.5B$1.4B−1.7%−5.8%
Total Assets$2.6B$3.1B$2.9B$2.9B$2.8B−3.5%+2.1%
Total Current Liabilities$337.6M$324.4M$394.3M$403.8M$405.6M+0.5%+4.7%
Total Debt (Short + Long Term)$189.1M$189.1M$189.1M$189.1M$189.1M+0.0%+0.0%
Total Liabilities$405.6M$583.1M$678.4M$703.5M$683.1M−2.9%+13.9%
Stockholders' Equity$2.2B$2.5B$2.3B$2.2B$2.2B−3.7%−0.6%
Net Cash / (Net Debt)$474.8M$313.6M$73.9M$28.3M$293.4M+938.4%−11.3%
Invested Capital$1.7B$2.2B$2.2B$2.2B$1.9B−15.7%+1.9%
Cash Flow & Capital Allocation
Depreciation & Amortization (D&A)$13.6M$20.9M$25.7M$28.8M$29.1M+0.9%+20.8%
Stock-Based Compensation (SBC)$119.8M$107.6M$106.3M$93.8M$113.0M+20.4%−1.5%
Capital Expenditures (CapEx)$54.2M$27.7M$40.5M$28.4M$8.4M−70.4%−37.2%
True FCF (ex-SBC Owner Cash)$226.8M$227.3M$186.5M$577.7M$762.9M+32.1%+35.4%
Share Repurchases (Buybacks)$0$0$550.4M$652.0M$947.5M+45.3%—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

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