Exact Sciences CorpEXAS
NasdaqCM•Healthcare•Diagnostics & Research
Exact Sciences Corporation provides cancer screening and diagnostic test products in the United States and internationally. It offers Cologuard, a non-invasive stool-based DNA screening test to detect DNA and hemoglobin biomarkers associated with colorectal cancer and pre-cancer; Cologuard Plus Tests; Cancerguard Test; and Genetic Testing. The company also provides Oncotype DX Breast Recurrence Score Test; Oncotype DX Breast DCIS Score Test; Oncotype DX Colon Recurrence Score Test; Oncodetect Test;OncoExTra Test for tumor profiling for patients with advanced, metastatic, refractory, relapsed, or recurrent cancer; and Riskguard Test, a hereditary cancer test to understand their inherited risk of cancer. Its pipeline focus on advancing screening and diagnostic products, including risk assessment, screening and prevention, early disease diagnosis, adjuvant and/or neoadjuvant disease treatment, metastatic disease treatment selection, and recurrence monitoring. The company has license agreements with MAYO Foundation for Medical Education and Research, and Johns Hopkins University, as well as Freenome Holdings, Inc. Exact Sciences Corporation was incorporated in 1995 and is headquartered in Madison, Wisconsin.
Exact Sciences Corporation (EXAS) reported trailing twelve months revenue of $3.25B as of December 2025, a 17.7% increase year-over-year. Quarterly revenue reached $878.38M, reflecting continued top-line momentum.
Exact Sciences Corporation reported a TTM net loss of $207.95M, with quarterly EBITDA of $-26.24M. The operating margin expanded from -122.8% to -9.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-9.4%) and net margin (-9.8%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -121.2% a year ago, signaling stronger bottom-line efficiency.
EXAS trades at a P/S of N/A.
The company generated $120.45M in free cash flow over the trailing twelve months, a 1020.7% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $5.86B in total assets with $2.33B in long-term debt against $2.40B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -21.9%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~28.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg -7.1x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares outstanding rose 4.1% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation