A Business at a Glance
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EXACT SCIENCES CORP
EXAS
$19.2B
Mkt Cap
EXACT SCIENCES CORP (EXAS) has a 5-year average return on invested capital (ROIC) of -18.4%. This is below average and may indicate limited pricing power.
EXACT SCIENCES CORP (EXAS) has a market capitalization of $19.6B. It is classified as a large-cap stock.
EXACT SCIENCES CORP (EXAS) does not currently pay a regular dividend.
EXACT SCIENCES CORP (EXAS) operates in the Services-Medical Laboratories industry, within the Healthcare sector.
EXACT SCIENCES CORP (EXAS) reported annual revenue of $3.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
EXACT SCIENCES CORP (EXAS) has a net profit margin of -6.4%. The company is currently unprofitable.
EXACT SCIENCES CORP (EXAS) generated $357 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
A leading provider of cancer screening and diagnostic tests, Exact Sciences Corporation (together with its subsidiaries, “Exact,” “we,” “us,” “our” or the “Company”) gives patients and health care professionals the clarity needed to take life-changing action earlier. Building on the success of the Cologuard® and Oncotype DX® tests, we are investing in our pipeline to develop innovative solutions for use before, during, and after a cancer diagnosis. During 2025, we achieved many milestones, including: •delivering more than 5.5 million results to patients with our portfolio of cancer tests, •being recognized as a Great Place to Work for the seventh consecutive year, •growing revenue 18% while decreasing operating expenses as a percentage of revenue, •generating cash provided by operating activities of $491.4 million for the year ended December 31, 2025, an improvement of $280.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.2B | 3.2B | 2.8B | 2.5B | 2.1B | 1.8B |
| Net Income | -208M | -208M | -1.0B | -204M | -624M | -596M |
| EPS | $-1.10 | $-1.10 | $-5.59 | $-1.13 | $-3.54 | $-3.48 |
| Free Cash Flow | 357M | 357M | 75M | 32M | -438M | -238M |
| ROIC | -4.1% | -8.6% | -36.7% | -6.5% | -19.3% | -21.0% |
| Gross Margin | 69.7% | 69.7% | 69.5% | 70.5% | 68.3% | 74.0% |
| Debt/Equity | 1.05 | 1.05 | 1.04 | 0.80 | 0.79 | 0.70 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -206M | -206M | -1.0B | -215M | -594M | -856M |
| Operating Margin | -6.4% | -6.4% | -38.0% | -8.6% | -28.5% | -48.4% |
| ROE | -8.7% | -8.7% | -37.1% | -6.6% | -19.4% | -21.2% |
| Shares Outstanding | 189M | 189M | 184M | 181M | 176M | 171M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | N/A | 99M | 266M | 454M | 876M | 1.5B | 1.8B | 2.1B | 2.5B | 2.8B | 3.2B | 3.2B |
| Gross Margin | N/A | N/A | 54.5% | 70.2% | 74.0% | 75.3% | 76.2% | 74.0% | 68.3% | 70.5% | 69.5% | 69.7% | 69.7% |
| R&D | 29M | 34M | 33M | 42M | 67M | 140M | 554M | 386M | 394M | 427M | 431M | 523M | 523M |
| SG&A | 30M | 58M | 77M | 109M | 178M | 352M | 481M | 801M | 663M | 800M | 782M | 889M | 889M |
| EBIT | -101M | -159M | -169M | -118M | -159M | -234M | -768M | -856M | -594M | -215M | -1.0B | -206M | -206M |
| Op. Margin | N/A | N/A | -170.1% | -44.5% | -35.1% | -26.7% | -51.5% | -48.4% | -28.5% | -8.6% | -38.0% | -6.4% | -6.4% |
| Net Income | -100M | -158M | -167M | -114M | -175M | -213M | -824M | -596M | -624M | -204M | -1.0B | -208M | -208M |
| Net Margin | N/A | N/A | -168.3% | -43.0% | -38.5% | -24.3% | -55.2% | -33.7% | -29.9% | -8.2% | -37.3% | -6.4% | -6.4% |
| Non-Recurring | -49K | -40K | -151K | -954K | -353K | -1.4M | -2.5M | -1.1M | -1.9M | 0 | 0 | 22M | 22M |
| Returns on Capital | |||||||||||||
| ROIC | -46.9% | -50.8% | -49.8% | -26.5% | -35.2% | -17.4% | -38.8% | -21.0% | -19.3% | -6.5% | -36.7% | -8.6% | -4.1% |
| ROE | -47.2% | -51.2% | -50.5% | -26.7% | -36.2% | -17.7% | -39.3% | -21.2% | -19.4% | -6.6% | -37.1% | -8.7% | -8.7% |
| ROA | -43.6% | -46.6% | -45.1% | -23.5% | -16.5% | -8.5% | -19.5% | -10.3% | -9.7% | -3.2% | -16.6% | -3.5% | -3.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -81M | -134M | -130M | -72M | -69M | -112M | 136M | -102M | -224M | 156M | 211M | 491M | 491M |
| Free Cash Flow | -93M | -154M | -145M | -120M | -219M | -284M | 71M | -238M | -438M | 32M | 75M | 357M | 357M |
| Owner Earnings | -97M | -160M | -179M | -145M | -187M | -298M | -154M | -570M | -628M | -282M | -219M | 52M | 52M |
| CapEx | 12M | 20M | 15M | 48M | 150M | 173M | 65M | 136M | 214M | 124M | 136M | 135M | 135M |
| Maint. CapEx | 3.7M | 7.6M | 25M | 38M | 58M | 78M | 138M | 215M | 198M | 207M | 215M | 222M | 222M |
| Growth CapEx | 8.3M | 12M | 0 | 10M | 92M | 95M | 0 | 0 | 17M | 0 | 0 | 0 | 0 |
| D&A | 3.7M | 7.6M | 25M | 38M | 58M | 78M | 138M | 215M | 198M | 207M | 215M | 222M | 222M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 47.7% | N/A | N/A | 79.5% | 64.6% | 27.4% | 27.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 12M | 18M | 24M | 36M | 60M | 108M | 153M | 253M | 207M | 231M | 215M | 218M | 218M |
| Debt Repayment | 351K | 0 | 0 | 0 | 0 | 493M | 150M | 0 | 0 | 0 | 0 | 249M | 249M |
| Balance Sheet | |||||||||||||
| Net Debt | -281M | -302M | -306M | -420M | -1.1B | -172M | -1.7B | 1.4B | 1.8B | 1.7B | 1.5B | 1.6B | 1.6B |
| Cash & Equiv. | 58M | 41M | 49M | 77M | 160M | 177M | 1.5B | 315M | 242M | 605M | 601M | 956M | 956M |
| Long-Term Debt | 1.0M | 4.8M | 4.6M | 4.3M | 24M | 24M | 24M | 13M | 7.4M | 50M | 13M | 6.4M | 6.4M |
| Debt/Equity | 0.00 | 0.02 | 0.01 | 0.01 | 0.05 | 0.08 | 0.07 | 0.70 | 0.79 | 0.80 | 1.04 | 1.05 | 1.05 |
| Interest Coverage | -1971.4 | -26511.3 | -793.5 | -574.3 | -4.3 | -1.2 | -11.3 | -46.0 | -30.2 | -11.1 | -47.0 | -6.3 | -6.3 |
| Equity | 289M | 327M | 335M | 520M | 447M | 2.0B | 2.2B | 3.4B | 3.0B | 3.1B | 2.4B | 2.4B | 2.4B |
| Total Assets | 313M | 364M | 377M | 599M | 1.5B | 3.5B | 4.9B | 6.7B | 6.2B | 6.5B | 5.9B | 5.9B | 5.9B |
| Total Liabilities | 24M | 37M | 42M | 78M | 843M | 1.2B | 2.7B | 3.3B | 3.2B | 3.3B | 3.5B | 3.5B | 3.5B |
| Intangibles | N/A | N/A | 1.6M | 22M | 29M | 1.1B | 847M | 2.1B | 2.0B | 1.9B | 1.0B | 920M | 920M |
| Retained Earnings | -421M | -579M | -746M | -861M | -1.0B | -1.1B | -2.0B | -2.6B | -3.3B | -3.5B | -4.5B | -4.7B | -4.7B |
| Working Capital | 274M | 299M | 303M | 419M | 1.1B | 317M | 1.6B | 909M | 570M | 680M | 839M | 915M | 915M |
| Current Assets | 292M | 326M | 334M | 487M | 1.2B | 554M | 2.2B | 1.4B | 982M | 1.2B | 1.6B | 1.6B | 1.6B |
| Current Liabilities | 18M | 27M | 31M | 68M | 136M | 236M | 633M | 517M | 413M | 515M | 732M | 641M | 641M |
| Per Share Data | |||||||||||||
| EPS | -1.25 | -1.71 | -1.63 | -0.99 | -1.43 | -1.62 | -5.45 | -3.48 | -3.54 | -1.13 | -5.59 | -1.10 | -1.10 |
| Owner EPS | -1.21 | -1.73 | -1.74 | -1.26 | -1.53 | -2.26 | -1.02 | -3.33 | -3.57 | -1.56 | -1.19 | 0.28 | 0.28 |
| Book Value | 3.61 | 3.54 | 3.27 | 4.50 | 3.65 | 14.88 | 14.79 | 19.79 | 17.28 | 17.41 | 13.05 | 12.70 | 12.70 |
| Cash Flow/Share | -1.02 | -1.45 | -1.27 | -0.62 | -0.56 | -0.85 | 0.90 | -0.60 | -1.27 | 0.86 | 1.14 | 2.60 | 0.07 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 80.0M | 92.3M | 102.6M | 115.6M | 122.5M | 131.5M | 151.1M | 171.2M | 176.1M | 180.7M | 184.1M | 189.0M | 189.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -94.1 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | 287.3 | N/A | N/A | 428.4 | 142.1 | 53.8 | 54.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 7.9 | 2.7 | 4.2 | 12.1 | 11.0 | 5.4 | 9.2 | 3.7 | 2.8 | 4.3 | 4.4 | 8.0 | 8.1 |
| Price/Sales | N/A | N/A | 12.3 | 15.6 | 15.9 | 14.5 | 9.3 | 10.9 | 4.4 | 5.3 | 4.0 | 3.4 | 6.0 |
| FCF Yield | -4.1% | -17.5% | -10.3% | -1.9% | -2.9% | -2.3% | 0.3% | -1.9% | -5.1% | 0.2% | 0.7% | 1.9% | 1.8% |
| Market Cap | 2.3B | 881M | 1.4B | 6.3B | 7.5B | 12.3B | 20.5B | 12.6B | 8.6B | 13.7B | 10.6B | 19.2B | 19.6B |
| Avg. Price | 17.38 | 20.84 | 11.93 | 35.81 | 59.11 | 96.82 | 91.74 | 112.97 | 52.42 | 72.90 | 59.29 | 57.56 | 103.50 |
| Year-End Price | 28.52 | 9.55 | 13.75 | 54.63 | 61.19 | 94.10 | 135.77 | 73.46 | 48.80 | 75.72 | 57.55 | 101.57 | 103.50 |
EXACT SCIENCES CORP passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 55.4x vs a median of 53.8x. The company's 5-year average gross margin is 70.4%. At current prices, the estimated annualized return to fair value is +183.8%.
EXACT SCIENCES CORP (EXAS) has a debt-to-equity ratio of 1.05. This indicates moderate leverage.
EXACT SCIENCES CORP (EXAS) reported earnings per share (EPS) of $-1.10 in its most recent fiscal year.
EXACT SCIENCES CORP (EXAS) has a return on equity (ROE) of -8.7%. A negative ROE may indicate losses or negative equity.
EXACT SCIENCES CORP (EXAS) has a 5-year average gross margin of 70.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for EXACT SCIENCES CORP (EXAS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EXACT SCIENCES CORP (EXAS) has a book value per share of $12.70, based on its most recent annual SEC filing.