Latest Ratios: P/E Ratio -216.1x · EV/EBITDA N/A · ROE -5.8%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.6B | $2.0B | $1.7B | $6.6B | $4.1B | $16.4B | $14.3B | $3.0B | — | — |
| Enterprise Value | $9.3B | $1.7B | $1.5B | $6.3B | $4.0B | $15.9B | $13.7B | $2.6B | — | — |
| P/E Ratio → | -216.06 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 14.93 | 3.17 | 2.83 | 10.60 | 8.03 | 33.51 | 47.93 | 12.12 | — | — |
| P/B Ratio | 11.85 | 2.56 | 2.44 | 8.85 | 5.15 | 20.11 | 19.38 | 7.10 | — | — |
| P/FCF | 73.78 | 15.64 | — | — | — | — | — | — | — | — |
| P/OCF | 70.57 | 14.96 | 259.56 | — | — | — | — | 86.08 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.67 | 2.40 | 10.17 | 7.79 | 32.48 | 45.92 | 10.52 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 13.21 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.1% | 69.1% | 67.9% | 66.2% | 76.7% | 84.9% | 80.4% | 75.2% | 80.4% | 85.1% |
| Operating Margin | -17.2% | -17.2% | -31.9% | -42.9% | -32.5% | -10.8% | -28.6% | -11.8% | -75.7% | -25.8% |
| Net Profit Margin | -6.8% | -6.8% | -29.9% | -41.2% | -32.1% | -11.9% | -181.6% | -12.7% | -76.9% | -26.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.8% | -5.8% | -25.2% | -33.0% | -20.5% | -7.5% | -93.6% | -31.2% | — | — |
| ROA | -4.4% | -4.4% | -19.4% | -25.6% | -16.2% | -6.0% | -70.7% | -8.6% | -112.5% | -24.8% |
| ROIC | -17.9% | -17.9% | -31.5% | -34.4% | -25.4% | -17.6% | -78.0% | -85.0% | — | — |
| ROCE | -13.1% | -13.1% | -23.7% | -30.6% | -18.6% | -6.2% | -12.6% | -9.2% | -152.3% | -34.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.20 | 0.20 | 0.12 | 0.13 | 0.12 | 0.10 | 0.09 | 0.07 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.40 | -0.37 | -0.36 | -0.15 | -0.62 | -0.81 | -0.94 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.43 | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -44424.00 | -7537.27 | -339.28 | -61.03 | -316.76 | -9.08 | -45.66 | -22.11 |
Net cash position: cash ($474M) exceeds total debt ($158M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.46 | 4.46 | 4.97 | 4.69 | 4.85 | 6.77 | 6.56 | 7.63 | 3.28 | 3.08 |
| Quick Ratio | 4.09 | 4.09 | 4.26 | 4.11 | 4.23 | 6.23 | 6.30 | 7.38 | 3.02 | 2.86 |
| Cash Ratio | 3.41 | 3.41 | 3.34 | 3.06 | 3.28 | 5.32 | 5.62 | 6.73 | 2.01 | 2.16 |
| Asset Turnover | — | 0.62 | 0.66 | 0.64 | 0.50 | 0.48 | 0.32 | 0.41 | 1.18 | 0.94 |
| Inventory Turnover | 3.53 | 3.53 | 2.36 | 2.84 | 1.47 | 1.24 | 1.95 | 4.00 | 3.34 | 2.18 |
| Days Sales Outstanding | — | 46.84 | 52.51 | 67.74 | 73.66 | 63.44 | 62.54 | 49.54 | 70.07 | 68.50 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.4% | 6.4% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $125M | $120M | $117M | $114M | $110M | $101M | $39M | $13M | $12M |
Includes 30+ ratios · 9 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TXG stock.
10x Genomics, Inc.'s current P/E ratio is -216.1x. This places it at the 50th percentile of its historical range.
10x Genomics, Inc.'s return on equity (ROE) is -5.8%. The historical average is -31.0%.
Based on historical data, 10x Genomics, Inc. is trading at a P/E of -216.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
10x Genomics, Inc. has 69.1% gross margin and -17.2% operating margin.
Key Metrics
Top Statement Risk
Revenue decline and persistent losses
Metrics are mathematically derived from official filings.
Margin Expansion Masks Operating Losses
Gross margin improved to 74.5% in 2026Q2 from 68.1% a year earlier, yet operating margin remained deeply negative at -12.9%, according to recent financial statements, indicating pricing power is not translating to profitability.
The gross margin expansion likely reflects a favorable product mix shift, but the persistence of operating losses—averaging around $20 million per quarter—suggests that fixed costs, particularly R&D and SG&A, are not being adequately covered. The 2025Q2 quarter, which posted a positive operating margin of 17.4%, appears anomalous, as every other quarter in the past two years has been negative, implying that the underlying cost structure remains misaligned with current revenue levels.
Returns on Capital Remain Deeply Negative
ROIC has been consistently negative, ranging from -2.9% to -9.9% over the past ten quarters, with 2026Q2 at -3.6%, as reported in financial statements, indicating the company is destroying value on its invested capital.
The negative ROIC is driven by operating losses rather than excessive capital intensity, as asset turnover has remained stable around 0.15-0.18. The slight improvement in ROIC from -9.9% in 2024Q1 to -3.6% in 2026Q2 is primarily due to a reduction in losses, but the company is still not generating returns that cover its cost of capital. This suggests that the business model has yet to demonstrate a path to sustainable value creation.
Working Capital Efficiency Shows Mixed Signals
The cash conversion cycle shortened to 112 days in 2026Q2 from 181 days in 2024Q1, per company reports, driven by faster collections and lower inventory days, yet DPO remains low, indicating limited supplier leverage.
The improvement in DSO from 67 days to 32 days suggests better collection practices, while DIO declined from 148 to 125 days, reflecting more efficient inventory management. However, DPO has only modestly increased from 34 to 45 days, implying that TXG is not stretching payables to the same extent as peers, which may indicate a lack of bargaining power with suppliers. The overall CCC reduction is a positive sign, but it may be partly due to lower sales volumes rather than structural improvements.
Minimal Leverage Provides Ample Headroom
Debt-to-equity stands at a conservative 0.10 as of 2026Q2, with total debt of $78.8 million, according to recent balance sheet data, and interest coverage is effectively infinite, indicating negligible refinancing risk.
The company's low leverage is a key strength, especially given its persistent operating losses. With cash reserves of $502.5 million and minimal debt, TXG has substantial financial flexibility to fund operations and strategic initiatives without the pressure of debt service. The negative interest coverage ratios in earlier quarters were due to small interest income rather than interest expense, further underscoring the low-risk debt profile. This balance sheet strength provides a cushion against prolonged losses.
Cash Buffer Offers Multi-Year Runway
Current ratio improved to 5.69 in 2026Q2 from 5.22 in 2024Q1, with cash and equivalents of $502.5 million, as reported in financial statements, providing a substantial cushion against quarterly operating losses averaging $20 million.
The quick ratio of 5.25 indicates that even without inventory liquidation, TXG can cover its current liabilities more than five times over. Given the current cash burn rate, the company appears to have a runway of several years before needing additional capital. However, the reliance on stock-based compensation to fund operations—averaging $27.6 million per quarter—suggests that the cash position may be less robust than it appears, as SBC does not represent a true cash inflow.
P/S Multiple Misleads on Growth Prospects
The price-to-sales ratio of 11.57, based on current market data, appears rich for a company with declining revenue and negative margins, but it may be misapplied given the company's asset-light model and cash reserves.
The P/S ratio is often used for unprofitable companies, but for TXG, it obscures the fact that the company has a strong balance sheet with minimal debt and substantial cash, which could support a turnaround. A more appropriate metric might be EV/Sales, which adjusts for the cash position, or P/FCF, which at 57.15 reflects the positive free cash flow generated in recent quarters. Investors should focus on the trajectory of gross margin and operating leverage rather than the P/S multiple, as the latter does not capture the potential for margin expansion if revenue stabilizes.