Exelixis, Inc. (NASDAQ: EXEL)

Sector: Healthcare Industry: Biotechnology CIK: 0000939767
Market Cap 11.98 Bn
P/B 5.54
P/E 15.31
P/S 5.16
ROIC (Qtr) 36.13
Div Yield % 0.00
Rev 1y % (Qtr) 5.63
Total Debt (Qtr) 173.04 Mn
Debt/Equity (Qtr) 0.08
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About

Exelixis, Inc. (EXEL) is a prominent player in the biopharmaceutical industry, focusing on the development of innovative medicines and combination regimens for cancer treatment. The company's flagship molecule, cabozantinib, has received approval from the U.S. Food and Drug Administration (FDA) and in 69 other countries for the treatment of various forms of cancer, including advanced renal cell carcinoma (RCC), hepatocellular carcinoma (HCC), and differentiated thyroid cancer (DTC). Exelixis' primary business activities revolve around the discovery,...

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Investment thesis

Bull case

  • Strong operating cash flow of 884.27M provides robust 5.11x coverage of total debt 173.04M, indicating excellent debt servicing capability and financial flexibility.
  • Strong tangible asset base of 2.78B provides 16.07x coverage of total debt 173.04M, indicating robust asset backing and low credit risk.
  • Robust free cash flow of 875.84M exceeds capital expenditure of 8.43M by 103.91x, indicating strong organic growth funding capability.
  • Strong operating cash flow of 884.27M provides 1.70x coverage of SG&A expenses 518.73M, showing efficient operational cost management.
  • Short-term investments of 576.60M provide solid 1.53x coverage of other current liabilities 376.02M, indicating strong liquidity.

Bear case

  • Investment activities of 350.44M provide weak support for R&D spending of 825M, which is 0.42x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • High receivables of 286.92M relative to inventory of 21.69M (13.23 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Long-term investments of 603.60M represent a high 1.37x of fixed assets 441.26M, indicating potential overexposure to financial assets versus operational capabilities.
  • Operating cash flow of 884.27M is outpaced by equity issuance of (898.37M) (-0.98 ratio), indicating concerning reliance on equity markets for funding operations.
  • Retained earnings of (76.83M) provide limited buffer against comprehensive income items of 3.48M, which is -22.10x, indicating elevated exposure to market risks.

Product and Service Breakdown of Revenue (2026)

Geographical Breakdown of Revenue (2026)

Peer comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,204.25 Bn -1,306.67 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 486.51 Bn 7,097.20 97.84 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 122.05 Bn 30.87 10.17 1.85 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 83.00 Bn 18.42 5.79 2.71 Bn
5 ARGX Argenx Se 50.78 Bn 33.71 26,480.10 -
6 ALNY Alnylam Pharmaceuticals, Inc. 43.66 Bn 139.17 11.76 2.97 Bn
7 BNTC Benitec Biopharma Inc. 43.61 Bn -941.82 0.00 0.00 Bn
8 INSM INSMED Inc 28.88 Bn -24.40 64.61 0.74 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 4.14 11.06
EV to Cash from Ops. EV/CFO 13.32 26.32
EV to Debt EV to Debt 68.07 762.61
EV to EBIT EV/EBIT 12.51 -13.49
EV to EBITDA EV/EBITDA 12.73 8.61
EV to Free Cash Flow [EV/FCF] EV/FCF 13.45 25.66
EV to Market Cap EV to Market Cap 0.98 203.37
EV to Revenue EV/Rev 5.08 156.31
Price to Book Value [P/B] P/B 5.54 20.59
Price to Earnings [P/E] P/E 15.31 -0.88
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -12.64
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.17
Dividend per Basic Share Div per Share (Qtr) 0.00 0.01
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.14
Interest Coverage Int. cover (Qtr) 0.00 956.66
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 70.36 7.87
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 121.96 753.48
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 50.13 -57.63
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 40.04 8.83
EBIT Growth (1y) % EBIT 1y % (Qtr) 38.08 -67.21
EBT Growth (1y) % EBT 1y % (Qtr) 38.08 -23.74
EPS Growth (1y) % EPS 1y % (Qtr) 60.00 -7.02
FCF Growth (1y) % FCF 1y % (Qtr) 30.42 -40.48
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 6.88 264.51
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.82 0.14
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 1.19 3.92
Current Ratio Curr Ratio (Qtr) 3.56 7.33
Debt to Equity Ratio Debt/Equity (Qtr) 0.08 0.48
Interest Cover Ratio Int Coverage (Qtr) 0.00 956.66
Times Interest Earned Times Interest Earned (Qtr) 0.00 956.66
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 42.90 -17,888.70
EBIT Margin % EBIT Margin % (Qtr) 40.57 -18,246.34
EBT Margin % EBT Margin % (Qtr) 40.57 -19,108.08
Gross Margin % Gross Margin % (Qtr) 96.40 -10.30
Net Profit Margin % Net Margin % (Qtr) 33.70 -19,056.96