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EXELExelixis, Inc.
$57.94$14.6B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
EXEL logo

Exelixis, Inc.

EXEL
NASDAQ · Biotechnology
$57.94
At close - Oct 1, 4:00 PM EDT - USD
Market Cap$14.56B
P/E20.8x
52W High$61.14
Volume1.35M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Margin Expansion and Buybacks Mask Cabozantinib Concentration Risk

Exelixis demonstrates robust operational leverage with gross margins consistently above 95% and operating margins expanding to 39.5% in 2026Q2, driven by disciplined R&D and SG&A efficiency. Revenue growth reaccelerated to 10.6% year-over-year in 2026Q2, suppo...

GrowthAccelerating
ProfitabilityStrong
ValuationAttractive
TechnicalsStrong
Explore valuation models
MARKET ACTION

EXEL price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

10/12 Beats

EPS beat 10 of last 12 quarters

02

Valuation risk

-32% Peers

P/E is 32% below peer median

03

Market leadership

RS 82 · Leader

High momentum (Outperforming 82% of market)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystEstimated earnings · Nov 5
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated to 10.6% year-over-year in 2026Q2 with gross margin at 96.7% and operating margin expanding to 39.5%, reflecting strong operating leverage and cost discipline.

Analyst Consensus-10.6% target
Hold(33 analysts)
16 Buy17 Hold0 Sell

The Bull Case

Upside Catalysts

Bullish analyst coverage

Multiple bullish theses on Exelixis, Inc. have been highlighted by Business Invest's Substack and Investing With Purpose, indicating strong analyst confidence in the stock.

Strong valuation metrics

EXEL's trailing and forward P/E ratios of 18.52 and 15.24 (as of January 13th) suggest attractive valuation relative to earnings potential.

Recent price performance

The stock was trading at $44.08 as of January 13th, showing potential upward momentum from previous levels of $37.42.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 10/2/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
EXEL+32.95%
S&P 500 (^GSPC)+11.83%
1-Year Return
EXEL+40.63%
S&P 500 (^GSPC)+14.29%
3-Year Return
EXEL+160.76%
S&P 500 (^GSPC)+77.16%
5-Year Return
EXEL+168.99%
S&P 500 (^GSPC)+70.85%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
20.8x
Forward P/EExpansion
16.5x
EV/EBITDA20th %ile
15.8x
FCF YieldCash Flow
5.8%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
20.8x
25.4x
40th· Fair
EV/EBITDA
15.8x
17.6x
20th· Low
Price/FCF
17.2x
17.5x
40th· Fair
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$48.15-16.9%
Base (Fair)$72.68+25.0%
Bull$112.73+94.6%
$48.15 Bear$72.68 Base$112.73 Bull
Current Market Price: $57.94
Trades at a 20.3% discount to Base DCF ($72.68)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$2.32B+7.0% YoY
Net income
$783M+50.1% YoY
Free cash flow
$844M+33.2% YoY
Operating margin
37.6%+9.7 pts YoY
ROIC (TTM)32.1%
Avg ROIC 5Y-
ROE (TTM)35.5%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate10/12 (83%)
Revenue Beat Rate7/12 (58%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 5, 2026
$0.91+6.7%
vs $0.85
$629M-1.2%
vs $636M
Q2 2026
May 5, 2026
$0.87+13.7%
vs $0.77
$611M+0.5%
vs $608M
Q1 2026
Feb 10, 2026
$0.94+22.1%
vs $0.77
$599M+0.4%
vs $597M
Q4 2025
Nov 4, 2025
$0.78+13.9%
vs $0.69
$598M+1.3%
vs $590M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
FXEmpire·1d ago
Exelixis Shares Rising on CABOMETYX Revenue

Big Money pushes Exelixis, Inc. (EXEL) shares higher by 149% since 2017.

Zacks Investment Research·2d ago
Exelixis (EXEL) is a Top-Ranked Growth Stock: Should You Buy?

Whether you're a value, growth, or momentum investor, finding strong stocks becomes easier with the Zacks Style Scores, a top feature of the Zacks Premium research service.

Zacks Investment Research·Sep 24, 2026
Could Zanzalintinib's FDA Delay Affect Exelixis' Growth Plans?

Exelixis faces a three-month FDA review delay for zanzalintinib, pushing the potential CRC decision to March 2027.

Zacks Investment Research·Sep 23, 2026
Here's Why Exelixis (EXEL) is a Strong Momentum Stock

The Zacks Style Scores offers investors a way to easily find top-rated stocks based on their investing style. Here's why you should take advantage.

Filtered for Exelixis, Inc.More Headlines
04

Compare before deciding

Benchmark EXEL against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Exelixis, Inc. (EXEL)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
EXEL logoEXELExelixis, Inc.Current
$57.94$14.56B20.846.98%33.73%35.53%—
INCY logoINCYIncyte Corporation
$117.14$23.74B18.2721.22%27.71%29.7%—
ALKS logoALKSAlkermes plc
$40.54$6.8B28.35-5.25%3.96%3.72%—
JAZZ logoJAZZJazz Pharmaceuticals plc
$233.01$14.64B-39.904.88%20.45%21.37%—
IONS logoIONSIonis Pharmaceuticals, Inc.
$44.00$7.31B-18.4933.87%-64.64%-110.84%—
HALO logoHALOHalozyme Therapeutics, Inc.
$106.94$12.68B41.7737.55%24.86%180.63%—

Compare EXEL vs Peers

Exelixis, Inc. (EXEL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs INCY

Most directly comparable listed peer for EXEL.

Scale Benchmark

vs MRK

Larger-name benchmark to compare EXEL against a more recognizable public peer.

Peer Set

Compare Top 5

vs INCY, ALKS, JAZZ, IONS

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

EXEL SEC Filings & Documents

Exelixis, Inc. (EXEL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 5, 2026·SEC

Material company update

May 29, 2026·SEC

Material company update

May 5, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 10, 2026·SEC

FY 2025

Feb 11, 2025·SEC

FY 2024

Feb 6, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 5, 2026·SEC

FY 2026

May 5, 2026·SEC

FY 2025

Nov 4, 2025·SEC

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EXEL Frequently Asked Questions

Exelixis, Inc. (EXEL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Exelixis, Inc.'s revenue?

Exelixis, Inc. (EXEL) reported $2.44B in revenue for fiscal year 2025. This represents a 23099% increase from $10.5M in 1999.

How fast is Exelixis, Inc. growing?

Exelixis, Inc. (EXEL) grew revenue by 7.0% over the past year. This is steady growth.

Is EXEL profitable?

Yes, Exelixis, Inc. (EXEL) is profitable, generating $860.6M in net income for fiscal year 2025 (33.7% net margin).

Dividend & Returns
What is EXEL's return on equity?

Exelixis, Inc. (EXEL) has a return on equity (ROE) of 35.5%. This is excellent, indicating efficient use of shareholder capital.

What is Exelixis, Inc.'s free cash flow?

Exelixis, Inc. (EXEL) generated $1.43B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in EXEL back in 1999?

Total return calculator · dividends reinvested · 27+ years of data

See returns →