Exelixis, Inc. (EXEL) Stock Analysis
Healthcare · Biotechnology · NasdaqGS
Exelixis, Inc. (EXEL) posted $2.32B in revenue for fiscal 2025 (up 7.0% year over year), at a 33.7% net margin, and has compounded revenue about 18.6%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Exelixis, Inc.
Exelixis, Inc. has grown revenue from $191.45M to $2.32B over the last 10 fiscal years, compounding about 18.6% a year. The most recent year was up 7%, so growth has cooled from its longer-run pace.
Net margin sits at 33.7%, up 9.7 points year over year on a 96.4% gross margin.
At today's valuation the market is pricing in roughly 4% annual free-cash-flow growth — versus the 37.4% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven.
Synthesised from Exelixis, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Exelixis, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $191.45M | $452.48M | $853.83M | $967.77M | $987.54M | $1.43B | $1.61B | $1.83B | $2.17B | $2.32B |
| Gross profit | $184.90M | $437.41M | $827.48M | $934.68M | $951.27M | $1.38B | $1.55B | $1.76B | $2.09B | $2.24B |
| Net income | $-70.22M | $154.23M | $690.07M | $321.01M | $111.78M | $231.06M | $182.28M | $207.76M | $521.27M | $782.57M |
| Net margin | -36.7% | 34.1% | 80.8% | 33.2% | 11.3% | 16.1% | 11.3% | 11.4% | 24.0% | 33.7% |
Source: Exelixis, Inc. SEC filings (10-K). 17 years of history available in the interactive view.
Exelixis, Inc.: no obvious red flags in the filings
Our deterministic scan of the filed statements — receivables vs sales, earnings vs cash, dilution, leverage and margins — didn't flag anything. Ask about the risks →
What growth is priced into EXEL stock?
At today's market cap of $13.36B, Exelixis, Inc. is priced for free-cash-flow growth of about 4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $875.84M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 37.4%/yr over the last five fiscal years and revenue 18.6%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Exelixis, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeOr start a 7-day free trial to track EXEL in your portfolio →
Exelixis, Inc. financial history by metric
Compare Exelixis, Inc. with peers
About Exelixis, Inc.
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. — frequently asked questions
What is Exelixis, Inc.'s revenue?
Exelixis, Inc. (EXEL) reported revenue of $2.32B for fiscal year 2025, up 7.0% from the prior year, according to its SEC filings.
Is Exelixis, Inc. profitable?
Yes. EXEL earned net income of $782.57M in fiscal 2025, a net margin of 33.7%.
What is EXEL's P/E ratio?
Exelixis, Inc. trades at a price-to-earnings ratio of about 17.6 based on the latest data in our nightly-refreshed cache.
How fast is Exelixis, Inc. growing?
EXEL's revenue grew at roughly 18.6% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Exelixis, Inc. have?
As of fiscal year 2025, EXEL carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Exelixis, Inc.'s gross margin?
EXEL's gross margin was 96.4% in fiscal 2025 — gross profit of $2.24B on revenue of $2.32B.
What is Exelixis, Inc.'s market cap?
Exelixis, Inc. (EXEL) has a market capitalization of about $13.36B, based on the latest data in our nightly-refreshed cache.
When does Exelixis, Inc.'s fiscal year end?
EXEL's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into EXEL stock?
At today's market cap of $13.36B, Exelixis, Inc. is priced for free-cash-flow growth of about 4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $875.84M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 37.4%/yr over the last five fiscal years and revenue 18.6%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Exelixis, Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.