A Business at a Glance
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EXELIXIS, INC.
EXEL
$15.6B
Mkt Cap
$55.37
-0.50%
EXELIXIS, INC. (EXEL) has a current P/E ratio of 19.9, compared to its historical median P/E of 22.7. The stock is currently considered Fair based on its historical valuation range.
EXELIXIS, INC. (EXEL) has a 5-year average return on invested capital (ROIC) of 25.5%. This indicates strong capital allocation and a potential competitive advantage.
EXELIXIS, INC. (EXEL) has a market capitalization of $15.6B. It is classified as a large-cap stock.
EXELIXIS, INC. (EXEL) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 6.08%.
Based on historical P/E analysis, EXELIXIS, INC. (EXEL) appears fair. The current P/E of 19.9 is 12% below its historical median of 22.7. The estimated fair value CAGR (P/E method) is 0.7%.
EXELIXIS, INC. (EXEL) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
EXELIXIS, INC. (EXEL) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Exelixis is an oncology company developing small-molecule and biotherapeutic medicines for cancer treatment, with cabozantinib as its flagship product generating the majority of revenues. Cabozantinib, a multi-kinase inhibitor targeting MET, AXL, VEGF receptors, and RET, is approved in the U.S., European Economic Area, U.K., Japan, and 68 other countries across multiple indications including advanced renal cell carcinoma (both as monotherapy and in combination with nivolumab), hepatocellular carcinoma, radioactive iodine-refractory differentiated thyroid cancer, neuroendocrine tumors, and medullary thyroid cancer. The company also markets COTELLIC (cobimetinib), a MEK inhibitor for advanced melanoma in collaboration with Genentech, and MINNEBRO (esaxerenone), a mineralocorticoid receptor antagonist for hypertension in Japan licensed to Daiichi Sankyo. Exelixis is advancing zanzalintinib, a novel oral kinase inhibitor of TAM kinases, MET, and VEGF receptors, through an extensive late-stage clinical development program across colorectal cancer, renal cell carcinoma, neuroendocrine tumors, and meningioma, with a new drug application under FDA review for colorectal cancer. The company's early-stage pipeline includes four molecules in clinical development—XL309 (USP1 inhibitor), XB010 (5T4-targeting antibody-drug conjugate), XB628 (bispecific antibody targeting PD-L1 and NKG2A), and XB371 (tissue factor-targeting ADC with topoisomerase inhibitor payload)—each with best-in-class potential. Exelixis operates with a disciplined capital allocation approach, leveraging internal expertise and strategic partnerships to identify opportunities across small molecules and biotherapeutics, while maintaining nine consecutive years of annual profitability and generating substantial free cash flow to fund pipeline advancement and shareholder returns.
【Pipeline expansion and franchise growth】 Management expects to advance a broad array of biotherapeutic and small-molecule programs while building a multi-franchise business in solid tumor oncology anchored by cabozantinib and zanzalintinib. The company anticipates top-line results from STELLAR-303 (colorectal cancer) around mid-2026 and from STELLAR-304 (non-clear cell renal cell carcinoma) in the second half of 2026, with positive outcomes potentially leading to additional NDA filings for zanzalintinib. Exelixis plans to initiate two additional pivotal trials in the second half of 2026, including studies in recurrent meningioma and adjuvant colorectal cancer, while continuing to evaluate the landscape for additional zanzalintinib development opportunities. The company remains committed to running the business at high efficiency, generating substantial free cash to invest in pipeline priorities through targeted business development at appropriate valuations, and continuing its share repurchase program, with a newly authorized $750 million repurchase plan expiring December 31, 2027.
| Metric | Target | Period |
|---|---|---|
| Gross-to-net for cabozantinib franchise | 31% to 32% | Full year 2026 |
| Stock repurchase authorization | $750 million | Expires December 31, 2027 |
Gross-to-net for cabozantinib franchise (Full year 2026): “Additionally, we estimate that our gross-to-net for the full year 2026 will be between 31% and 32%.”
Stock repurchase authorization (Expires December 31, 2027): “Additionally, in May 2026, the company's board authorized a new $750 million stock repurchase plan that expires on December 31, 2027.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.3B | 2.3B | 2.2B | 1.8B | 1.6B | 1.4B |
| Net Income | 783M | 783M | 521M | 208M | 182M | 231M |
| EPS | $2.78 | $2.78 | $1.76 | $0.65 | $0.56 | $0.72 |
| Free Cash Flow | 876M | 876M | 672M | 293M | 335M | 347M |
| ROIC | 43.2% | 46.4% | 40.8% | 10.3% | 14.7% | 15.5% |
| Gross Margin | 96.4% | 96.4% | 93.9% | 96.0% | 96.4% | 96.3% |
| Debt/Equity | 0.00 | 0.32 | 0.31 | 0.10 | 0.08 | 0.03 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 872M | 872M | 605M | 171M | 201M | 287M |
| Operating Margin | 37.6% | 37.6% | 27.9% | 9.3% | 12.5% | 20.0% |
| ROE | 36.2% | 35.5% | 23.2% | 8.7% | 7.8% | 11.9% |
| Shares Outstanding | 282M | 282M | 296M | 320M | 326M | 321M |
| Metric | 2015 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | N/A | N/A | 191M | 452M | 854M | 968M | 1.4B | 1.6B | 1.8B | 2.2B | 2.3B | 2.3B |
| Gross Margin | N/A | N/A | N/A | 98.0% | 96.7% | 96.9% | 96.6% | 96.3% | 96.4% | 96.0% | 93.9% | 96.4% | 96.4% |
| R&D | 179M | 189M | 96M | 96M | 112M | 182M | 337M | 694M | 892M | 1.0B | 910M | 825M | 825M |
| SG&A | 51M | 51M | 57M | 116M | 159M | 206M | 228M | 402M | 460M | 543M | 492M | 519M | 519M |
| EBIT | -201M | -224M | -121M | -28M | 166M | 439M | 369M | 287M | 201M | 171M | 605M | 872M | 872M |
| Op. Margin | N/A | N/A | N/A | -14.7% | 36.7% | 51.4% | 38.2% | 20.0% | 12.5% | 9.3% | 27.9% | 37.6% | 37.6% |
| Net Income | -238M | -261M | -162M | -162M | 154M | 690M | 321M | 231M | 182M | 208M | 521M | 783M | 783M |
| Net Margin | N/A | N/A | N/A | -84.5% | 34.0% | 80.8% | 33.2% | 16.1% | 11.3% | 11.4% | 24.0% | 33.7% | 33.7% |
| Non-Recurring | 1.3M | 8.2M | 3.2M | 1.0M | 32K | 0 | 0 | 0 | 0 | 0 | 34M | 21M | 21M |
| Returns on Capital | |||||||||||||
| ROIC | -52.3% | -116.2% | -85.8% | -6.0% | 86.2% | 124.4% | 35.7% | 15.5% | 14.7% | 10.3% | 40.8% | 46.4% | 43.2% |
| ROE | -188.6% | 360.8% | 107.8% | -181.1% | 82.2% | 87.8% | 19.0% | 11.9% | 7.8% | 8.7% | 23.2% | 35.5% | 36.2% |
| ROA | -38.9% | -63.2% | -49.3% | -34.8% | 24.6% | 66.4% | 17.0% | 10.3% | 6.4% | 6.9% | 17.7% | 27.0% | 27.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -199M | -235M | -142M | -141M | 166M | 416M | 527M | 401M | 363M | 333M | 700M | 884M | 884M |
| Free Cash Flow | -201M | -236M | -142M | -143M | 144M | 382M | 514M | 347M | 335M | 293M | 672M | 876M | 876M |
| Owner Earnings | -214M | -248M | -165M | -164M | 140M | 370M | 462M | 267M | 234M | 201M | 577M | 742M | 742M |
| CapEx | 2.2M | 474K | 447K | 1.7M | 21M | 33M | 13M | 54M | 28M | 40M | 28M | 8.4M | 8.4M |
| Maint. CapEx | 3.1M | 2.4M | 1.4M | 1.4M | 1.2M | 4.9M | 8.3M | 14M | 21M | 26M | 29M | 29M | 29M |
| Growth CapEx | 0 | 0 | 0 | 297K | 20M | 28M | 4.5M | 41M | 6.8M | 15M | 0 | 0 | 0 |
| D&A | 3.1M | 2.4M | 1.4M | 1.4M | 1.2M | 4.9M | 8.3M | 14M | 21M | 26M | 29M | 29M | 29M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 12.8% | 8.0% | 2.4% | 13.5% | 7.6% | 12.1% | 4.1% | 1.0% | 1.0% |
| 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 | 550M | 652M | 948M | 948M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9.9% | 6.8% | 7.9% | 6.1% |
| Stock-Based Comp | 12M | 10M | 22M | 22M | 24M | 41M | 57M | 120M | 108M | 106M | 94M | 113M | 113M |
| Debt Repayment | 0 | 0 | 0 | 4.4M | 186M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 105M | 213M | 251M | -231M | -393M | -678M | N/A | -1.4B | -1.1B | -780M | N/A | N/A | -482M |
| Cash & Equiv. | 104M | 80M | 142M | 152M | 188M | 315M | 267M | 647M | 501M | 263M | 217M | 482M | 482M |
| Long-Term Debt | 335M | 259M | 418M | 0 | 0 | 79K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 23.95 | -2.24 | -2.97 | 2.12 | 0.00 | 0.01 | 0.12 | 0.03 | 0.08 | 0.10 | 0.31 | 0.32 | 0.00 |
| Interest Coverage | -5.2 | -5.4 | -3.0 | -0.7 | 19.1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 14M | -159M | -141M | 89M | 285M | 1.3B | 1.7B | 2.2B | 2.5B | 2.3B | 2.2B | 2.2B | 2.2B |
| Total Assets | 503M | 323M | 332M | 598M | 655M | 1.4B | 1.9B | 2.6B | 3.1B | 2.9B | 2.9B | 2.8B | 2.8B |
| Total Liabilities | 489M | 483M | 473M | 508M | 370M | 135M | 200M | 406M | 583M | 678M | 703M | 683M | 683M |
| Intangibles | 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 |
| Retained Earnings | -1.5B | -1.8B | -1.9B | -2.0B | -1.8B | -880M | -559M | -217M | -34M | -173M | -99M | -77M | -77M |
| Working Capital | 179M | -3.2M | 126M | 200M | 370M | 792M | 868M | 1.5B | 1.3B | 924M | 1.1B | 1.0B | 1.0B |
| Current Assets | 267M | 167M | 179M | 471M | 485M | 897M | 1.0B | 1.8B | 1.6B | 1.3B | 1.5B | 1.4B | 1.4B |
| Current Liabilities | 88M | 170M | 52M | 271M | 115M | 105M | 143M | 338M | 324M | 394M | 404M | 406M | 406M |
| Per Share Data | |||||||||||||
| EPS | -1.33 | -1.34 | -0.77 | -0.77 | 0.49 | 2.21 | 1.02 | 0.72 | 0.56 | 0.65 | 1.76 | 2.78 | 2.78 |
| Owner EPS | -1.19 | -1.27 | -0.79 | -0.78 | 0.45 | 1.19 | 1.47 | 0.83 | 0.72 | 0.63 | 1.95 | 2.64 | 2.64 |
| Book Value | 0.08 | -0.82 | -0.67 | 0.43 | 0.91 | 4.12 | 5.36 | 6.89 | 7.64 | 7.08 | 7.58 | 7.68 | 7.68 |
| Cash Flow/Share | -1.11 | -1.21 | -0.67 | -0.67 | 0.53 | 1.33 | 1.67 | 1.25 | 1.11 | 1.04 | 2.36 | 3.14 | 2.88 |
| 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. | 179.1M | 195.0M | 210.1M | 210.1M | 314.0M | 312.2M | 314.7M | 320.9M | 325.5M | 319.6M | 296.2M | 281.5M | 281.5M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 37.9 | 13.7 | 17.5 | 31.0 | 31.7 | 26.9 | 18.5 | 15.3 | 19.9 |
| P/FCF | N/A | N/A | N/A | N/A | 40.4 | 24.7 | 10.9 | 20.6 | 17.3 | 19.1 | 14.4 | 13.7 | 17.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | 32.9 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 17.3 |
| Price/Book | 13.2 | N/A | N/A | 9.8 | 20.5 | 7.3 | 3.3 | 3.2 | 2.3 | 2.5 | 4.3 | 5.6 | 7.2 |
| Price/Sales | N/A | N/A | N/A | N/A | 6.8 | 9.0 | 6.5 | 4.9 | 4.1 | 3.3 | 3.6 | 4.9 | 6.7 |
| FCF Yield | -22.9% | -17.4% | -33.1% | -16.3% | 2.5% | 4.0% | 9.1% | 4.8% | 5.8% | 5.2% | 7.0% | 7.3% | 5.6% |
| Market Cap | 876M | 1.4B | 429M | 878M | 5.8B | 9.5B | 5.6B | 7.2B | 5.8B | 5.6B | 9.7B | 12.0B | 15.6B |
| Avg. Price | 5.08 | 5.22 | 3.33 | 4.38 | 9.77 | 24.58 | 19.95 | 21.74 | 20.53 | 18.85 | 26.29 | 39.98 | 55.37 |
| Year-End Price | 4.76 | 6.96 | 2.04 | 4.18 | 18.57 | 30.27 | 17.88 | 22.30 | 17.77 | 17.47 | 32.60 | 42.66 | 55.37 |
EXELIXIS, INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
EXELIXIS, INC. trades at 19.9x trailing earnings, compared to its 15-year median P/E of 22.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.4x vs a median of 18.2x. The company's 5-year average ROIC is 25.5% with a gross margin of 95.8%. Total shareholder yield (buybacks) is 6.1%. At current prices, the estimated annualized return to fair value is +3.9%.
EXELIXIS, INC. (EXEL) has a net profit margin of 33.7%. This is a strong margin indicating high profitability.
EXELIXIS, INC. (EXEL) generated $876 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
EXELIXIS, INC. (EXEL) has a debt-to-equity ratio of 0.32. This indicates a conservatively financed balance sheet.
EXELIXIS, INC. (EXEL) reported earnings per share (EPS) of $2.78 in its most recent fiscal year.
EXELIXIS, INC. (EXEL) has a return on equity (ROE) of 35.5%. This indicates the company generates strong returns for shareholders.
EXELIXIS, INC. (EXEL) has a 5-year average gross margin of 95.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for EXELIXIS, INC. (EXEL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EXELIXIS, INC. (EXEL) has a book value per share of $7.68, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to advance a broad array of biotherapeutic and small-molecule programs while building a multi-franchise business in solid tumor oncology anchored by cabozantinib and zanzalintinib. The company anticipates top-line results from STELLAR-303 (colorectal cancer) around mid-2026 and from STELLAR-304 (non-clear cell renal cell carcinoma) in the second half of 2026, with positive outcomes potentially leading to additional NDA filings for zanzalintinib. Exelixis plans to initiate two additional pivotal trials in the second half of 2026, including studies in recurrent meningioma and adjuvant colorectal cancer, while continuing to evaluate the landscape for additional zanzalintinib development opportunities. The company remains committed to running the business at high efficiency, generating substantial free cash to invest in pipeline priorities through targeted business development at appropriate valuations, and continuing its share repurchase program, with a newly authorized $750 million repurchase plan expiring December 31, 2027.
Based on recent SEC filings and earnings calls, EXELIXIS, INC. (EXEL) has provided the following forward guidance: Gross-to-net for cabozantinib franchise: 31% to 32% (Full year 2026); Stock repurchase authorization: $750 million (Expires December 31, 2027).