EXEL
Exelixis, Inc.
EXEL's fundamentals are strong: its operating margin rose 5 points to 40% and it turned 47% of its revenue into free cash flow. At 21x earnings, it's trading below its usual 24x. Analysts expect earnings growth, though they disagree widely on how much.
EXEL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
EXEL's revenue, profitability, cash flow and balance sheet are all currently healthy.
EXEL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 18x | $60.50 | -13% |
| Forward | 18x | $69.84 | — |
| Current | 21x | $69.84 | — |
| Fair | 24x | $79.95 | +14% |
| Expensive | 44x | $146 | +109% |
Historical ranges are pointers, not guarantees.
EXEL's PE is in its fair range at 21x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
EXEL Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for EXEL, with profitability improving. However, they disagree widely on these estimates.
EXEL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.82 | +14% |
| Q3 2026 | $3.35 | +42% |
| Q2 2026 | $3.19 | +54% |
| Q1 2026 | $3.02 | +38% |
| Q4 2025 | $2.78 | +58% |
| Q3 2025 | $2.36 | +50% |
| Q2 2025 | $2.07 | +77% |
| Q1 2025 | $2.19 | +237% |
| Q4 2024 | $1.76 | +171% |
EXEL's earnings per share have climbed steadily: $3.35 over the past year, up 42% from the year before, and higher year over year for 12 quarters in a row.
EXEL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $658.7M | +10% |
| Q2 2026 | $628.7M | +11% |
| Q1 2026 | $610.8M | +10% |
| Q4 2025 | $598.7M | +5.6% |
| Q3 2025 | $597.8M | +11% |
| Q2 2025 | $568.3M | -11% |
| Q1 2025 | $555.4M | +31% |
| Q4 2024 | $566.8M | +18% |
EXEL's revenue has grown year over year for five quarters in a row: $659M last quarter, up 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 41% | +1.2 points |
| Q2 2026 | 40% | +1.9 points |
| Q1 2026 | 41% | +7.5 points |
| Q4 2025 | 39% | +11 points |
| Q3 2025 | 40% | +14 points |
| Q2 2025 | 38% | -5.7 points |
| Q1 2025 | 34% | +27 points |
| Q4 2024 | 29% | +12 points |
EXEL's operating margin was 41% last quarter, up 1.2 points from the same quarter a year ago.
EXEL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $277.5M | -3.9% |
| Q2 2026 | $300.9M | +552% |
| Q1 2026 | $250.3M | +20% |
| Q4 2025 | $332.4M | +41% |
| Q3 2025 | $288.8M | +9.8% |
| Q2 2025 | $46.2M | -59% |
| Q1 2025 | $208.5M | +253% |
| Q4 2024 | $236.3M | +$238.9M |
EXEL generated $1.2B in free cash flow over the past year, up 49% from the year before.
EXEL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.5% | -3.9M shares |
| 1 year | -8.2% | -22.8M shares |
| 3 years | -20% | -63.5M shares |
| 5 years | -21% | -66.3M shares |
| Available history | -19% | -59.3M shares |
EXEL has 256M diluted shares, down 8.2% from a year ago, with $1.3B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $250M |
| Q2 2026 | $323M |
| Q1 2026 | $430.4M |
| Q4 2025 | $257.6M |
| Q3 2025 | $104M |
| Q2 2025 | $301.9M |
| Q1 2025 | $283.9M |
| Q4 2024 | $190.4M |
EXEL spent $1.3B buying back its own shares over the past year, up 43% from the year before.
EXEL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.2x | Net Cash |
| Q4 2025 | -0.5x | Net Cash |
| Q3 2025 | -0.5x | Net Cash |
| Q2 2025 | -0.2x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | -0.3x | Net Cash |
EXEL has more cash than debt.
EXEL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 78.5 | Overbought |
| Stochastic | 84.7 | Overbought |
EXEL's weekly RSI is 79 (overbought) and its Stochastic is 85 (overbought).
EXEL PE vs Healthcare Sector
| Metric | EXEL | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 26x | 19% below |
| PE % | 36 | 29 | 7 pts above |
EXEL is trading at 21x earnings, a 19% discount to the Healthcare sector's median of 26x.
EXEL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $64.0 | 9.1% above |
| 20 week MA | $58.8 | 19% above |
| 50 week MA | $50.9 | 37% above |
| 100 week MA | $44.8 | 56% above |
| 200 week MA | $33.7 | 107% above |
EXEL is in an uptrend: it's above all five of its weekly moving averages, and 107% above its 200-week average.
EXEL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $18.1 | $20.7 | +14% |
| 2021 | $20.7 | $19.3 | -6.9% |
| 2022 | $19.3 | $15.8 | -18% |
| 2023 | $15.8 | $24.0 | +52% |
| 2024 | $24.0 | $33.8 | +41% |
| 2025 | $33.8 | $46.2 | +37% |
| 2026 YTD | $46.2 | $69.8 | +51% |
EXEL has finished higher in four of the last six years. It's up 51% so far in 2026.