Detailed financial statements for Exelixis, Inc. (EXEL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Exelixis, Inc. operates as a biotechnology firm dedicated to combating cancer, primarily focusing on the identification, advancement, and marketing of novel oncological treatments within the United States.
Analysis Summary
Exelixis, Inc. reported revenue of $2.32B in the most recent fiscal year, growing at a 5-year CAGR of 18.6%. Net income reached $782.6M, with a 47.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 96.5%, operating margin 39.9%, net margin 35.3%. Free cash flow grew at 36.4% CAGR over 5 years.
At $66.28 (closing price, October 28, 2026), EXEL trades at a P/E of 20.78 and an ROE of 42.49%. Market capitalisation stands at $16.7B, placing it among large-cap names.
Balance sheet quality for EXEL: current ratio of 3.6, net cash position of $886.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $844.3M represents 108% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $191.5M | $452.5M | $853.8M | $967.8M | $987.5M | $1.43B | $1.61B | $1.83B | $2.17B | $2.32B |
| Cost of Revenue | $6.6M | $15.1M | $26.3M | $33.1M | $36.3M | $52.9M | $57.9M | $72.5M | $76.2M | $83.7M |
| Gross Profit | $184.9M | $437.4M | $827.5M | $934.7M | $951.3M | $1.38B | $1.55B | $1.76B | $2.09B | $2.24B |
| Research & Development | $96.0M | $112.2M | $182.3M | $337.0M | $547.9M | $693.7M | $891.8M | $1.04B | $910.4M | $825.0M |
| Selling, General & Admin | $116.1M | $159.3M | $206.4M | $228.2M | $293.4M | $401.7M | $459.9M | $542.7M | $492.1M | $518.7M |
| Operating Expenses | $212.1M | $271.5M | $388.6M | $565.2M | $841.2M | $1.10B | $1.35B | $1.59B | $1.49B | $1.36B |
| Operating Income | -$28.1M | $165.9M | $438.9M | $369.5M | $110.1M | $286.7M | $201.5M | $170.9M | $604.6M | $872.2M |
| EBITDA | -$36.2M | $168.3M | $446.6M | $406.5M | $119.2M | $307.8M | $255.2M | $283.2M | $718.8M | $921.8M |
| Interest Expense | $33.1M | $8.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$70.2M | $158.6M | $452.1M | $398.1M | $130.8M | $294.2M | $234.4M | $257.5M | $681.6M | $941.2M |
| Income Tax | 0 | $4.3M | -$238.0M | $77.1M | $19.1M | $63.1M | $52.1M | $49.8M | $160.4M | $158.6M |
| Net Income | -$70.2M | $154.2M | $690.1M | $321.0M | $111.8M | $231.1M | $182.3M | $207.8M | $521.3M | $782.6M |
| EPS | $-0.28 | $0.52 | $2.32 | $1.06 | $0.36 | $0.73 | $0.57 | $0.65 | $1.80 | $2.88 |
| EPS (Diluted) | $-0.28 | $0.49 | $2.21 | $1.02 | $0.35 | $0.72 | $0.56 | $0.65 | $1.76 | $2.78 |
| Shares Outstanding (Diluted) | 250.5 M | 312.0 M | 312.8 M | 315.0 M | 318.0 M | 322.4 M | 324.6 M | 321.5 M | 296.1 M | 281.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $597.8M | $598.7M | $610.8M | $628.7M |
| Gross Profit | $579.2M | $572.2M | $590.9M | $608.0M |
| Operating Income | $236.5M | $235.2M | $251.3M | $248.4M |
| EBITDA | $259.8M | $242.9M | $274.6M | $269.7M |
| Net Income | $193.6M | $244.5M | $210.5M | $212.1M |
| EPS | $0.72 | $0.91 | $0.81 | $0.85 |
| EPS (Diluted) | $0.70 | $0.88 | $0.79 | $0.82 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $151.7M | $183.2M | $314.8M | $266.5M | $319.2M | $647.2M | $501.2M | $263.0M | $217.4M | $482.5M |
| Short-term Investments | $268.1M | $204.6M | $378.6M | $585.7M | $887.3M | $819.9M | $807.3M | $732.3M | $893.9M | $576.6M |
| Receivables | $40.4M | $81.2M | $162.8M | $119.1M | $160.9M | $285.6M | $214.8M | $237.4M | $265.4M | $286.9M |
| Inventory | $3.3M | $6.7M | $9.8M | $12.9M | $21.0M | $27.5M | $33.3M | $17.3M | $22.4M | $21.7M |
| Total Current Assets | $470.8M | $484.9M | $897.0M | $1.01B | $1.45B | $1.83B | $1.62B | $1.32B | $1.47B | $1.44B |
| Property, Plant & Equipment | $2.1M | $25.7M | $56.8M | $90.7M | $67.4M | $104.0M | $345.4M | $470.9M | $359.1M | $441.3M |
| Goodwill | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $597.5M | $655.3M | $1.42B | $1.89B | $2.14B | $2.62B | $3.07B | $2.94B | $2.95B | $2.84B |
| Accounts Payable | $6.6M | $9.6M | $10.9M | $11.6M | $23.6M | $24.3M | $32.7M | $33.8M | $38.2M | $29.6M |
| Short-term Debt | $189.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $270.6M | $115.2M | $105.5M | $142.7M | $204.7M | $337.6M | $324.4M | $394.3M | $403.8M | $405.6M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $508.2M | $370.3M | $134.8M | $199.7M | $258.2M | $405.6M | $583.1M | $678.4M | $703.5M | $683.1M |
| Retained Earnings | -$1.98B | -$1.83B | -$880.4M | -$559.4M | -$447.6M | -$216.5M | -$34.2M | -$173.4M | -$98.6M | -$76.8M |
| Total Equity | $89.3M | $285.0M | $1.29B | $1.69B | $1.88B | $2.21B | $2.49B | $2.26B | $2.24B | $2.16B |
| Total Debt | $189.1M | $14.5M | $14.9M | $50.7M | $49.1M | $51.3M | $190.2M | $189.9M | $190.8M | $173.0M |
| Net Debt | -$230.7M | -$373.2M | -$678.4M | -$801.5M | -$1.16B | -$1.42B | -$1.12B | -$805.4M | -$920.5M | -$886.1M |
| Working Capital | $200.2M | $369.7M | $791.5M | $868.4M | $1.24B | $1.50B | $1.29B | $923.7M | $1.06B | $1.04B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $376.3M | $482.5M | $226.2M | $281.4M |
| Total Assets | $2.82B | $2.84B | $2.59B | $2.49B |
| Total Liabilities | $662.8M | $683.1M | $657.8M | $650.5M |
| Total Equity | $2.16B | $2.16B | $1.94B | $1.84B |
| Total Debt | $176.5M | $173.0M | $169.5M | $165.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$70.2M | $154.2M | $690.1M | $321.0M | $111.8M | $231.1M | $182.3M | $207.8M | $521.3M | $782.6M |
| Depreciation & Amortization | $1.0M | $1.2M | $7.8M | $8.3M | $9.1M | $13.6M | $20.9M | $25.7M | $28.8M | $29.1M |
| Stock-based Compensation | $22.9M | $23.9M | $44.3M | $56.6M | $105.1M | $119.8M | $107.6M | $106.3M | $93.8M | $113.0M |
| Change in Working Capital | $227.3M | -$6.9M | -$79.8M | $67.1M | -$40.1M | -$39.0M | -$12.8M | -$14.0M | -$13.5M | -$191.2M |
| Operating Cash Flow | $206.3M | $165.6M | $415.7M | $527.0M | $209.0M | $400.8M | $362.6M | $333.3M | $700.0M | $884.3M |
| Capital Expenditure | -$1.7M | -$21.1M | -$33.3M | -$12.8M | -$30.3M | -$64.2M | -$138.5M | -$163.0M | -$66.2M | -$39.9M |
| Acquisitions | $2.5M | $164,000 | $308,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$4.1M | -$6.6M | -$7.6M | 0 | 0 | 0 | 0 | -$550.4M | -$652.0M | -$947.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $204.6M | $144.5M | $382.4M | $514.1M | $178.6M | $336.6M | $224.2M | $170.4M | $633.8M | $844.3M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $290.3M | $333.5M | $251.8M | $307.7M |
| Capital Expenditure | -$6.7M | -$7.2M | -$2.0M | -$9.3M |
| Free Cash Flow | $283.6M | $326.4M | $249.8M | $298.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $30.9M | $20.1M | $29.1M | $32.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +136.3% | +88.7% | +13.3% | +2.0% | +45.3% | +12.3% | +13.6% | +18.5% | +7.0% | |
| Net Income Growth (YoY) | +319.6% | +347.4% | -53.5% | -65.2% | +106.7% | -21.1% | +14.0% | +150.9% | +50.1% | |
| EPS Growth (YoY) | +285.7% | +346.2% | -54.3% | -66.0% | +102.8% | -21.9% | +14.0% | +176.9% | +60.0% | |
| Shares Change (YoY) | +24.5% | +0.3% | +0.7% | +0.9% | +1.4% | +0.7% | -1.0% | -7.9% | -4.8% | |
| FCF Growth (YoY) | -29.4% | +164.7% | +34.4% | -65.3% | +88.4% | -33.4% | -24.0% | +272.0% | +33.2% | |
| Gross Margin | 96.6% | 96.7% | 96.9% | 96.6% | 96.3% | 96.3% | 96.4% | 96.0% | 96.5% | 96.4% |
| Operating Margin | -14.7% | 36.7% | 51.4% | 38.2% | 11.1% | 20.0% | 12.5% | 9.3% | 27.9% | 37.6% |
| EBITDA Margin | -18.9% | 37.2% | 52.3% | 42.0% | 12.1% | 21.4% | 15.8% | 15.5% | 33.1% | 39.7% |
| Net Margin | -36.7% | 34.1% | 80.8% | 33.2% | 11.3% | 16.1% | 11.3% | 11.4% | 24.0% | 33.7% |
| FCF Margin | 106.9% | 31.9% | 44.8% | 53.1% | 18.1% | 23.5% | 13.9% | 9.3% | 29.2% | 36.4% |
| Effective Tax Rate | -0.0% | 2.7% | -52.6% | 19.4% | 14.6% | 21.4% | 22.2% | 19.3% | 23.5% | 16.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.82 | $0.46 | $1.22 | $1.63 | $0.56 | $1.04 | $0.69 | $0.53 | $2.14 | $3.00 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 250.5 M | 293.6 M | 297.9 M | 302.6 M | 308.3 M | 314.9 M | 321.5 M | 318.2 M | 290.0 M | 271.6 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 42.49% |
| Return on Invested Capital | 37.87% |
| Return on Assets | 34.50% |
| Gross Margin | 96.48% |
| Operating Margin | 39.88% |
| Net Margin | 35.33% |
Financial Health
| Debt / Equity | 0.09 |
| Current Ratio | 3.46 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 12.62 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -53.25 | 58.46 | 8.48 | 16.62 | 55.75 | 25.04 | 28.14 | 36.91 | 18.87 | 15.13 |
| P/B | 41.82 | 31.32 | 4.55 | 3.16 | 3.29 | 2.60 | 2.07 | 3.37 | 4.39 | 5.48 |
| P/S | 19.51 | 19.72 | 6.86 | 5.51 | 6.27 | 4.01 | 3.20 | 4.17 | 4.54 | 5.10 |
| Gross Margin | 96.6% | 96.7% | 96.9% | 96.6% | 96.3% | 96.3% | 96.4% | 96.0% | 96.5% | 96.4% |
| Operating Margin | -14.7% | 36.7% | 51.4% | 38.2% | 11.1% | 20.0% | 12.5% | 9.3% | 27.9% | 37.6% |
| Net Margin | -36.7% | 34.1% | 80.8% | 33.2% | 11.3% | 16.1% | 11.3% | 11.4% | 24.0% | 33.7% |
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Explore sector: Healthcare · Biotechnology
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