Exelixis Inc.
Exelixis, Inc. (Exelixis, we, our or us) is an oncology company innovating next-generation medicines and regimens at the forefront of cancer care. We have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib, and we are steadily advancing and evolving our product pipeline portfolio, including our lead clinical asset, zanzalintinib,…
$62.23
-$0.60 (-0.95%)
EOD Oct 16, 2026
Margins and capital returns are both well above average: 37.59% operating margin, ROIC at 29.59%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 7.0%, steady but not accelerating.
Even for strong businesses, today's 20x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
19.5x earnings, 13.2x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$2.44B
▲ +7.0% YoY
Net Income (TTM)
$861M
▲ +50.1% YoY
Op. Margin
39.88%
▲ +9.7pp YoY
ROIC
36.15%
▲ +11.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.17B
▲ +30.4% YoY
Op. Cash Flow (TTM)
$1.18B
▲ +26.3% YoY
Net Debt
-$673M
Net Cash Position
Cash & Equiv.
$839M
5Y CAGR: +18.6%
5Y CAGR: +37.4%
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SourceComputed from the 10-Q filed 27 Jul 2026, covering the period ending 3 Jul 2026, as reported to the SEC. Data last refreshed 18 Sept 2026. How this is calculated.
Price from market data, last close as of 16 Oct 2026. Fiscal year ends Jan. Sector medians are approximate S&P 500 benchmarks and update periodically.
Is Exelixis (EXEL) overvalued?
At a P/E of 19.5 and a price-to-free-cash-flow of 13.2, Exelixis (EXEL) trades below a two-stage DCF intrinsic value of about $230.51 per share, so at $62.23 the stock looks undervalued (270.4% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Exelixis scores 98/100 on Intrinsiqq's quality scorecard (a high-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is Exelixis's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $230.51 per share for EXEL, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $172.88. At today's $62.23, that puts the stock about 270.4% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is Exelixis a high-quality business?+
Exelixis scores 98 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a high-quality business on these measures. Recent fundamentals include a 39.9% operating margin and a 36.2% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is Exelixis a good stock to buy right now?+
That depends on valuation and quality together, not either alone. EXEL currently trades below its estimated intrinsic value and scores 98/100 on quality (high-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.
Related stocks: Biological Products, (No Diagnostic Substances)
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.