Exelixis, Inc., an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer. Its CABOMETYX and COMETRIQ are derived from cabozantinib, an inhibitor of multiple tyrosine kinases, including MET, AXL, RET, and VEGF receptors. The company also offers COTELLIC, an inhibitor of MEK as a combination regimen to treat specific forms of advanced melanoma; and MINNEBRO, an oral non-steroidal selective blocker of the mineralocorticoid receptor for the treatment of hypertension in Japan. It develops zanzalintinib, a novel, potent oral inhibitor of kinases, including the TAM kinases, MET, and VEGF receptors; XL309, a small molecule inhibitor of USP1, a synthetic lethal target in the context of BRCA-mutated tumors; XB010, an antibody-drug conjugates (ADC) consisting of a MMAE payload conjugated to a monoclonal antibody targeting the tumor antigen 5T4; XB628, a first-in-class bispecific antibody that targets programmed cell death ligand 1and natural killer cell receptor group 2A; and XB371, a next-generation tissue factor targeting ADC with a topoisomerase inhibitor payload. It has research collaborations and license agreements with Ipsen Pharma SAS; Takeda Pharmaceutical Company Ltd.; F. Hoffmann-La Roche Ltd.; Catalent, Inc.; Iconic Therapeutics, Inc.; Adagene Inc.; Invenra, Inc.; Genentech, Inc.; Bristol-Myers Squibb Company; and Daiichi Sankyo Company, Limited, as well as business development activities and other collaborations. The company was formerly known as Exelixis Pharmaceuticals, Inc. and changed its name to Exelixis, Inc. in February 2000. Exelixis, Inc. was incorporated in 1994 and is headquartered in Alameda, California.
Exelixis, Inc. (EXEL) reported trailing twelve months revenue of $2.38B as of April 2026, a 3.3% increase year-over-year. Quarterly revenue reached $610.81M, reflecting continued top-line momentum.
Exelixis, Inc. generated $833.42M in TTM net income, with quarterly EBITDA of $258.29M. The operating margin expanded from 33.6% to 41.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (41.1%) and net margin (34.5%) indicates moderate non-operating costs. Net margin has improved from 28.7% a year ago, signaling stronger bottom-line efficiency.
EXEL trades at a P/E of 13.6x (below the broader market average) and a P/S of 4.8x. The price-to-book ratio of 5.9x indicates a significant premium over book value.
The company generated $250.34M in free cash flow over the trailing twelve months, a 20.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.59B in total assets with no in long-term debt against $1.94B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~36.1%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 28.8% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~18.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~39.4% — no sign of cost or pricing stress.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 10.7% — net buybacks are reducing shares outstanding and boosting per-share value.
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