EXEL Exelixis, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 5, 2026EXEL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Exelixis, Inc. - Common Stock Company overview from Wikipedia
Exelixis, Inc. is a genomics-based drug discovery company located in Alameda, California, and the producer of Cometriq, a treatment approved by the U.S. Food and Drug Administration (FDA) for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.
History
Exelixis was founded in 1994; the scientific founders were Spyridon Artavanis–Tsakonas, at Yale at that time, and Corey Goodman and Gerry Rubin who were then at the University of California, Berkeley. George Scangos joined the company as CEO in 1996. The business plan was to use model organisms (fruit flies, nematodes, and zebrafish) and functional genomics to identify pathways and biological targets that could be exploited in the fields of agriculture and medicine. It eventually set up a subsidiary, Exelixis Plant Sciences, for the agricultural work.
By 2000, Exelixis had left the radical exploratory phase behind and became focused on drug discovery and had a chemical library of 4 million compounds. The company went public that year, after withdrawing its offering the week before; it raised $118 million in a down market.
In 2002, the company signed a broad alliance with GSK to discover new drugs in the fields of cancer, inflammatory diseases, and vascular conditions; GSK paid it $30 million in cash, bought $14 million in stock at twice the market rate, and committed to providing Exelixis with $90 million in research funding; it also offered loan financing of up to $85 million. By 2002, the company had limited its internal efforts to cancer, and had settled its strategy on discovering and developing drugs that could inhibit targeted small sets of tyrosine kinases that are needed for cancer formation, growth, and metastasis. The sets of TKs had been identified by means of its prior functional genomics work. This approach was controversial at the time; most companies try to selectively target just one protein in their discovery efforts.
In 2006, Exelixis partnered with Daiichi Sankyo on compounds that targeted mineralocorticoid receptors; esaxerenone was part of this collaboration. In 2007, the company partnered its MEK inhibitor program with Genentech; cobimetinib (at that time XL-518) was part of this collaboration. Exelixis had filed an IND on XL-518 prior to the partnership, committed to funding and running the Phase I trial, and retained rights to co-market it in the US.
In 2008, the company partnered its lead cancer drug candidate, XL-184 (which would become called cabozantinib) and another cancer candidate, XL-281, with Bristol Myers Squibb; BMS returned the rights to XL-184 to Exelixis in 2010 and returned the rights to other drug candidate in 2011.
In 2010, Scangos departed as CEO to take over at Biogen and the company appointed Michael M. Morrissey as president and CEO; Morrissey had joined the company in 2000 as Vice President of Discovery Research. At that time the company had eight drugs in clinical trials. Exelixis' first drug approval came in 2012, when cabozantinib was approved for medullary thyroid cancer, an orphan indication. It was approved in Europe in 2014. Exelixis invested heavily in exploring cabozantinib in other cancers, betting the future of the company on the drug. In 2014 the drug failed a Phase III trial in prostate cancer, and the company laid off 70% of its employees. In 2015, Genentech and Exelixis won FDA approval for cobimetinib for certain forms of melanoma.
In March 2016, Exelixis licensed to Ipsen worldwide rights (outside the US, Canada, and Japan) to market cabozantinib. In April 2016, the FDA granted approval for marketing the tablet formulation as a second line treatment for kidney cancer and the same was approved in Europe in October of that year.
In December 2017, the FDA granted approval for the use of cabozantinib for first line treatment of kidney cancer and in 2018 approval for first-line treatment was approved in Europe.
Finance
Pricing
Cabometyx (cabozantinib)
In 2023, the Institute for Clinical and Economic Review (ICER) identified Cabometyx (cabozantinib) as one of five high-expenditure drugs that experienced significant net price increases without new clinical evidence to justify the hikes. Specifically, Cabometyx's wholesale acquisition cost rose by 7.5%, leading to an additional $86 million in costs to U.S. payers.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | EXEL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 15.45Y avg ≈25.2 | ≈25.2 | 21.1 | Undervalued | |
| P/S (TTM) | 5.75Y avg ≈4.1 | ≈4.1 | 5.4 | Fair value | |
| P/B (MRQ) | 7.95Y avg ≈3.5 | ≈3.5 | 7.5 | Fair value | |
| Price / FCF (TTM) | 11.35Y avg ≈17.0 | ≈17.0 | · | · | |
| Price / Cash Flow (TTM) | 11.45Y avg ≈15.5 | ≈15.5 | 13.3 | Fair value | |
| Price / Tangible Book | 7.15Y avg ≈3.6 | ≈3.6 | · | · | |
| PEG Ratio | ≈0.3 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | EXEL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 45.7%5Y avg ≈21.5% | ≈21.5% | 27.7% | Top tier | |
| EBITDA Margin (TTM) | 46.8%5Y avg ≈22.7% | ≈22.7% | 15.8% | Top tier | |
| Net Profit Margin (TTM) | 39.8%5Y avg ≈19.3% | ≈19.3% | 15.1% | Top tier | |
| ROA (TTM) | 39.3%5Y avg ≈13.6% | ≈13.6% | 8.0% | Top tier | |
| ROE (TTM) | 52.5%5Y avg ≈17.5% | ≈17.5% | 17.4% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | EXEL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 3.55Y avg ≈4.2 | ≈4.2 | 3.3 | In line | |
| Quick Ratio (MRQ) | 3.25Y avg ≈3.9 | ≈3.9 | 2.4 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | EXEL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 7.0%5Y avg ≈19.3% | ≈19.3% | · | · | |
| Revenue CAGR 3Y | 12.9%5Y avg ≈16.8% | ≈16.8% | · | · | |
| Revenue CAGR 5Y | 18.6% | · | · | · | |
| EPS YoY | 58.0%5Y avg ≈65.7% | ≈65.7% | · | · | |
| Net Income YoY | 50.1%5Y avg ≈60.1% | ≈60.1% | · | · | |
| EPS CAGR 3Y | 70.6%5Y avg ≈42.7% | ≈42.7% | · | · | |
| EPS CAGR 5Y | 51.3% | · | · | · | |
| Net Income CAGR 3Y | 62.5%5Y avg ≈38.9% | ≈38.9% | · | · | |
| Net Income CAGR 5Y | 47.6% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | EXEL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.85Y avg ≈0.7 | ≈0.7 | 0.6 | Top tier | |
| Inventory Turnover | 3.85Y avg ≈2.9 | ≈2.9 | 1.4 | Top tier | |
| Receivables Turnover | 8.45Y avg ≈7.6 | ≈7.6 | 7.0 | Top tier | |
| Revenue / Employee | ≈$2.2M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 27, 2026 | $0.82 | $0.80 | 2.3% |
| March 31, 2026 | May 11, 2026 | $0.79 | $0.72 | 10.1% |
| Dec. 31, 2025 | $0.88 | $0.82 | 7.0% | |
| Sept. 30, 2025 | $0.69 | $0.63 | 9.3% | |
| June 30, 2025 | $0.65 | $0.57 | 14.0% | |
| March 31, 2025 | $0.55 | $0.37 | 49.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.32B | $2.17B | $1.83B | $1.61B | $1.43B | $988M | $968M | $854M | $452M | $191M | $37M | |
| Cost of Revenue | $84M | $76M | $73M | $58M | $53M | $36M | $33M | $26M | $15M | $7M | $4M | |
| R&D Expense | $825M | $910M | $1.04B | $892M | $694M | $548M | $337M | $182M | $112M | $96M | $96M | |
| SG&A Expense | $519M | $492M | $543M | $460M | $402M | $293M | $228M | $206M | $159M | $116M | $57M | |
| Operating Expenses | $1.45B | $1.56B | $1.66B | $1.41B | $1.15B | $877M | $598M | $415M | $287M | $220M | $159M | |
| Operating Income | $872M | $605M | $171M | $201M | $287M | $110M | $369M | $439M | $166M | $-28M | $-121M | |
| Interest Expense | · | · | · | · | · | · | $0 | $0 | $9M | $33M | $41M | |
| Other Non-op | $-198.0K | $-133.0K | $93.0K | $-197.0K | $-184.0K | $912.0K | $680.0K | $397.0K | $-4M | $5M | $-381.0K | |
| Pretax Income | · | · | · | · | · | $131M | $398M | $452M | $159M | $-70M | $-162M | |
| Income Tax | $159M | $160M | $50M | $52M | $63M | $19M | $77M | $-238M | $4M | $0 | $55.0K | |
| Net Income | $783M | $521M | $208M | $182M | $231M | $112M | $321M | $690M | $154M | $-70M | $-162M | |
| EPS (Basic) | $2.88 | $1.80 | $0.65 | $0.57 | $0.73 | $0.36 | $1.06 | $2.32 | $0.52 | · | $-0.77 | |
| EPS (Diluted) | $2.78 | $1.76 | $0.65 | $0.56 | $0.72 | $0.35 | $1.02 | $2.21 | $0.49 | · | $-0.77 | |
| Shares (Basic) | 271,567,000 | 290,030,000 | 318,151,000 | 321,526,000 | 314,884,000 | 308,271,000 | 302,584,000 | 297,892,000 | 293,588,000 | · | 209,227,000 | |
| Shares (Diluted) | 281,863,000 | 296,132,000 | 321,464,000 | 324,556,000 | 322,359,000 | 318,001,000 | 315,009,000 | 312,803,000 | 312,003,000 | · | 209,227,000 | |
| EBITDA | $901M | $633M | $197M | $222M | $300M | $119M | $378M | $444M | $167M | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $482M | $217M | $263M | $501M | $647M | $319M | $267M | $315M | $183M | $152M | $142M | |
| Short-term Investments | $577M | $894M | $732M | $807M | $820M | $887M | $586M | $379M | $205M | $268M | · | |
| Receivables | $287M | $265M | $237M | $215M | $283M | $161M | $119M | $163M | $77M | $40M | · | |
| Inventory | $22M | $22M | $17M | $33M | $27M | $21M | $13M | $10M | $7M | $3M | · | |
| Prepaid Expense | $76M | $68M | $68M | $62M | $58M | $57M | $27M | $31M | $9M | $5M | · | |
| Current Assets | $1.44B | $1.47B | $1.32B | $1.62B | $1.83B | $1.45B | $1.01B | $897M | $485M | $469M | · | |
| PP&E (Net) | $99M | $119M | $129M | $111M | $104M | $67M | $49M | $51M | $26M | $2M | · | |
| PP&E (Gross) | $231M | $220M | $209M | $171M | $145M | $102M | $74M | $68M | $49M | $27M | · | |
| Accum. Depreciation | $132M | $101M | $80M | $61M | $41M | $35M | $26M | $17M | $23M | $25M | · | |
| Goodwill | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $64M | · | |
| Other Non-current Assets | · | · | · | · | $131M | $73M | $53M | $8M | $12M | $1M | · | |
| Total Assets | $2.84B | $2.95B | $2.94B | $3.07B | $2.62B | $2.14B | $1.89B | $1.42B | $655M | $596M | · | |
| Accounts Payable | $30M | $38M | $34M | $33M | $24M | $24M | $12M | $11M | $10M | $7M | · | |
| Short-term Debt | · | · | · | · | · | · | · | · | $0 | $80M | · | |
| Current Liabilities | $406M | $404M | $394M | $324M | $338M | $205M | $143M | $105M | $115M | $269M | · | |
| Capital Leases | $173M | $191M | $190M | $190M | $51M | $49M | $48M | $12M | $15M | · | · | |
| Other Non-current Liabilities | $104M | $109M | $94M | $69M | $8M | $721.0K | $2M | $1M | $2M | $541.0K | · | |
| Total Liabilities | $683M | $703M | $678M | $583M | $406M | $258M | $200M | $135M | $370M | $506M | · | |
| Long-term Debt | · | · | · | · | · | · | · | · | $0 | $189M | · | |
| Total Debt | · | · | · | · | · | · | · | · | $0 | · | · | |
| Common Stock | $262.0K | $282.0K | $303.0K | $324.0K | $319.0K | $312.0K | $305.0K | $300.0K | $296.0K | $290.0K | · | |
| Paid-in Capital | $2.23B | $2.34B | $2.44B | $2.54B | $2.43B | $2.32B | $2.24B | $2.17B | $2.11B | $2.07B | · | |
| Retained Earnings | $-77M | $-99M | $-173M | $-34M | $-217M | $-448M | $-559M | $-880M | $-1.83B | $-1.98B | · | |
| AOCI | $3M | $-1M | $-4M | $-15M | $-758.0K | $4M | $3M | $-701.0K | $-347.0K | $-416.0K | · | |
| Stockholders' Equity | $2.16B | $2.24B | $2.26B | $2.49B | $2.21B | $1.88B | $1.69B | $1.29B | $285M | $89M | $-141M | |
| Liabilities + Equity | $2.84B | $2.95B | $2.94B | $3.07B | $2.62B | $2.14B | $1.89B | $1.42B | $655M | $596M | · | |
| Shares Outstanding | 262,483,000 | 281,732,000 | 302,793,000 | 323,951,000 | 318,842,000 | 311,627,000 | 304,831,000 | 299,876,000 | 296,209,000 | 289,923,798 | 227,960,943 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $29M | $29M | $26M | $21M | $14M | $9M | $8M | $5M | $1M | $1M | $1M | |
| Stock-based Comp | $113M | $94M | $106M | $108M | $120M | $105M | $57M | $41M | $24M | $23M | $22M | |
| Deferred Tax | $126M | $-59M | $-133M | $-60M | $47M | $15M | $71M | $-244M | $0 | $0 | $0 | |
| Restructuring | $21M | $34M | $0 | $0 | · | · | · | $0 | $-32.0K | $63M | $1M | |
| Other Non-cash | $-167M | $116M | $127M | $112M | $-10M | $-32M | $70M | $-76M | $-14M | · | · | |
| Operating Cash Flow | $884M | $700M | $333M | $363M | $401M | $209M | $527M | $416M | $166M | $206M | $-141M | |
| CapEx | $8M | $28M | $40M | $28M | $54M | $30M | $13M | $33M | $21M | $2M | $447.0K | |
| Investing Cash Flow | $350M | $-117M | $-27M | $-524M | $-43M | $-131M | $-587M | $-298M | $37M | $-216M | $50M | |
| Net Debt Issued | · | · | · | · | · | · | $0 | $0 | $-186M | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | $0 | $0 | $146M | |
| Stock Repurchased | $948M | $652M | $550M | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | $-948M | $-652M | $-550M | · | · | · | · | · | $0 | · | · | |
| Financing Cash Flow | $-970M | $-629M | $-546M | $586.0K | $-15M | $-25M | $13M | $10M | $-170M | $20M | $152M | |
| Net Change in Cash | $265M | $-46M | $-240M | $-161M | $343M | $53M | $-48M | $128M | $32M | $10M | $61M | |
| Taxes Paid | $155M | $170M | $186M | $128M | $13M | $4M | $8M | $11M | $538.0K | · | · | |
| Free Cash Flow | $876M | $672M | $293M | $335M | $337M | $179M | $514M | $382M | $144M | · | · | |
| Levered FCF | · | · | · | · | · | · | $514M | $382M | $136M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 37.6% | 27.9% | 9.3% | 12.5% | 20.0% | 11.1% | 38.2% | 51.4% | 36.7% | · | · | |
| Net Margin | 33.7% | 24.0% | 11.3% | 11.3% | 16.1% | 11.3% | 33.2% | 80.8% | 34.1% | · | · | |
| Pretax Margin | · | · | · | · | · | 13.2% | 41.1% | 52.9% | 35.0% | · | · | |
| EBITDA Margin | 38.8% | 29.2% | 10.7% | 13.8% | 20.9% | 12.1% | 39.0% | 52.0% | 36.9% | · | · | |
| ROA | 27.0% | 17.7% | 6.9% | 6.4% | 9.7% | 5.6% | 19.4% | 66.4% | 24.7% | · | · | |
| ROE | 37.3% | 23.1% | 9.0% | 7.3% | 10.7% | 6.0% | 19.5% | 62.6% | 82.4% | · | · | |
| ROIC | · | · | · | · | · | 5.0% | 17.7% | 52.0% | 56.6% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.6 | 3.6 | 3.3 | 5.0 | 5.4 | 7.1 | 7.1 | 8.5 | 4.2 | · | · | |
| Quick Ratio | 3.3 | 3.4 | 3.1 | 4.7 | 5.2 | 6.7 | 6.8 | 8.1 | 4.1 | · | · | |
| Debt / Equity | · | · | · | · | · | · | · | · | 0.0 | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | 19.1 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.7 | 0.6 | 0.6 | 0.6 | 0.5 | 0.6 | 0.8 | 0.7 | · | · | |
| Inventory Turnover | 3.8 | 3.8 | 2.9 | 1.9 | 2.2 | 2.1 | 2.9 | 3.2 | 3.0 | · | · | |
| Receivables Turnover | 8.4 | 8.6 | 8.1 | 6.5 | 6.5 | 7.1 | 6.9 | 9.8 | 7.4 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $8.23 | $7.97 | $7.48 | $7.68 | $6.93 | $6.03 | $5.53 | $4.29 | $0.96 | · | · | |
| Revenue / Share | $8.23 | $7.32 | $5.69 | $4.96 | $4.45 | $3.11 | $3.07 | $2.73 | $1.45 | · | · | |
| Cash Flow / Share | $3.14 | $2.36 | $1.04 | $1.12 | $1.24 | $0.66 | $1.67 | $1.33 | $0.53 | · | · | |
| Cash / Share | $1.84 | $0.77 | $0.87 | $1.55 | $2.03 | $1.02 | $0.87 | $1.05 | $0.62 | · | · | |
| EPS (TTM) | $2.78 | $1.76 | $0.65 | $0.56 | $0.72 | $0.35 | $1.02 | $2.21 | $0.49 | · | $-0.77 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 7.0% | 18.5% | 13.6% | 12.3% | 45.3% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 12.9% | 14.8% | 22.8% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 18.6% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 58.0% | 170.8% | 16.1% | -22.2% | 105.7% | · | · | · | · | · | · | |
| EPS CAGR 3Y | 70.6% | 34.7% | 22.9% | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 51.3% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 50.1% | 150.9% | 14.0% | -21.1% | 106.7% | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 62.5% | 31.1% | 22.9% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 47.6% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.32B | $2.17B | $1.83B | $1.61B | $1.43B | $988M | $968M | $854M | $452M | · | $37M | |
| Net Income TTM | $783M | $521M | $208M | $182M | $231M | $112M | $321M | $690M | $154M | · | $-162M | |
| Market Cap | $11.44B | $9.57B | $7.26B | $5.20B | $5.83B | $6.25B | $5.19B | $5.83B | $9.00B | · | · | |
| Enterprise Value | · | · | · | · | · | · | · | · | $8.62B | · | · | |
| P/E | 15.7 | 19.3 | 36.9 | 28.6 | 25.4 | 57.3 | 16.7 | 8.8 | 62.0 | · | -7.3 | |
| P/S | 4.9 | 4.4 | 4.0 | 3.2 | 4.1 | 6.3 | 5.4 | 6.8 | 19.9 | · | · | |
| P/B | 5.3 | 4.3 | 3.2 | 2.1 | 2.6 | 3.3 | 3.1 | 4.5 | 31.6 | · | · | |
| P / Tangible Book | 5.5 | 4.4 | 3.3 | 2.1 | 2.7 | 3.4 | · | · | · | · | · | |
| P / Cash Flow | 12.9 | 13.7 | 21.8 | 14.3 | 14.5 | 29.9 | 9.8 | 14.0 | 54.4 | · | · | |
| P / FCF | 13.1 | 14.3 | 24.8 | 15.5 | 17.3 | 35.0 | 10.1 | 15.2 | 62.3 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | 51.6 | · | · | |
| EV / FCF | · | · | · | · | · | · | · | · | 59.6 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | 19.0 | · | · | |
| Earnings Yield | 6.4% | 5.2% | 2.7% | 3.5% | 3.9% | 1.7% | 6.0% | 11.4% | 1.6% | · | -13.7% |
Income Statement
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2024 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $629M | $611M | $718M | $598M | $568M | $555M | $818M | $540M | $637M | $425M | $480M | $472M | $470M | $409M | $424M | $412M | |
| Cost of Revenue | $21M | $20M | $27M | $19M | $19M | $19M | $25M | $17M | $18M | $21M | $22M | $19M | $18M | $14M | $16M | $15M | |
| R&D Expense | $212M | $200M | $164M | $199M | $200M | $212M | $111M | $223M | $211M | $228M | $245M | $333M | $233M | $234M | $337M | $199M | |
| SG&A Expense | $148M | $140M | $161M | $124M | $135M | $137M | $81M | $112M | $132M | $114M | $131M | $138M | $142M | $131M | $119M | $115M | |
| Operating Expenses | $380M | $359M | $287M | $361M | $355M | $369M | $303M | $403M | $361M | $396M | $398M | $490M | $392M | $380M | $472M | $329M | |
| Operating Income | $248M | $251M | $431M | $237M | $214M | $187M | $516M | $136M | $276M | $29M | $82M | $-18M | $78M | $29M | $-48M | $83M | |
| Other Non-op | $54.0K | $219.0K | $207.0K | $-49.0K | $50.0K | $-245.0K | $-363.0K | $-29.0K | $-287.0K | $-89.0K | $-137.0K | $289.0K | $-5.0K | $-54.0K | $-337.0K | $-69.0K | |
| Income Tax | $51M | $57M | $43M | $59M | $46M | $46M | $128M | $37M | $67M | $12M | $18M | $5M | $19M | $8M | $-1M | $19M | |
| Net Income | $212M | $210M | $401M | $194M | $185M | $160M | $399M | $118M | $226M | $37M | $86M | $1M | $81M | $40M | $-30M | $73M | |
| EPS (Basic) | $0.85 | $0.81 | $1.57 | $0.72 | $0.68 | $0.57 | $1.43 | $0.41 | $0.78 | $0.12 | $0.28 | $0.00 | $0.25 | $0.12 | $-0.09 | $0.23 | |
| EPS (Diluted) | $0.82 | $0.79 | $1.49 | $0.69 | $0.65 | $0.55 | $1.39 | $0.40 | $0.77 | $0.12 | $0.28 | $0.00 | $0.25 | $0.12 | $-0.09 | $0.23 | |
| Shares (Basic) | 250,808,000 | 258,329,000 | · | 268,421,000 | 272,583,000 | 278,804,000 | · | 285,622,000 | 289,216,000 | 300,757,000 | · | 315,496,000 | 324,205,000 | 324,420,000 | · | 322,148,000 | |
| Shares (Diluted) | 259,675,000 | 267,322,000 | · | 278,535,000 | 284,393,000 | 288,177,000 | · | 291,478,000 | 293,974,000 | 305,530,000 | · | 319,247,000 | 327,305,000 | 326,279,000 | · | 325,066,000 | |
| EBITDA | $248M | $258M | · | $237M | $214M | $194M | · | $136M | $276M | $36M | · | $-18M | $78M | $36M | · | $83M |
Balance Sheet
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2024 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $281M | $226M | $482M | $376M | $164M | $184M | $217M | $258M | $198M | $260M | · | $397M | $464M | $541M | · | $675M | |
| Short-term Investments | $558M | $551M | $577M | $612M | $627M | $848M | $894M | $931M | $804M | $704M | · | $707M | $802M | $773M | · | $872M | |
| Receivables | $322M | $329M | $287M | $310M | $292M | $282M | $265M | $270M | $397M | $241M | · | $248M | $233M | $234M | · | $215M | |
| Inventory | $29M | $27M | $22M | $27M | $23M | $25M | $22M | $21M | $21M | $21M | · | $25M | $29M | $30M | · | $27M | |
| Prepaid Expense | $60M | $76M | $76M | $77M | $74M | $59M | $68M | $70M | $58M | $67M | · | $67M | $62M | $61M | · | $53M | |
| Current Assets | $1.25B | $1.21B | $1.44B | $1.40B | $1.18B | $1.40B | $1.47B | $1.55B | $1.48B | $1.29B | · | $1.44B | $1.59B | $1.64B | · | $1.84B | |
| PP&E (Net) | $93M | $96M | $99M | $105M | $110M | $115M | $119M | $124M | $130M | $127M | · | $121M | $115M | $116M | · | $108M | |
| PP&E (Gross) | · | · | $231M | · | · | · | $220M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $132M | · | · | · | $101M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $64M | · | $64M | $64M | $64M | · | $64M | |
| Other Non-current Assets | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $280M | |
| Total Assets | $2.49B | $2.59B | $2.84B | $2.82B | $2.68B | $2.84B | $2.95B | $2.96B | $2.77B | $2.80B | · | $2.98B | $3.14B | $3.14B | · | $2.96B | |
| Accounts Payable | $39M | $24M | $30M | $25M | $26M | $43M | $38M | $59M | $29M | $26M | · | $26M | $26M | $33M | · | $31M | |
| Current Liabilities | $362M | $371M | $406M | $374M | $336M | $399M | $404M | $394M | $346M | $373M | · | $377M | $340M | $328M | · | $302M | |
| Capital Leases | $166M | $170M | $173M | $176M | $180M | $187M | $191M | $194M | $198M | $201M | · | $191M | $195M | $187M | · | $160M | |
| Other Non-current Liabilities | $123M | $117M | $104M | $113M | $129M | $120M | $109M | $96M | $110M | $101M | · | $62M | $73M | $67M | · | $2M | |
| Total Liabilities | $650M | $658M | $683M | $663M | $645M | $706M | $703M | $685M | $653M | $676M | · | $629M | $615M | $588M | · | $470M | |
| Common Stock | $249.0K | $254.0K | $262.0K | $268.0K | $270.0K | $275.0K | $282.0K | $286.0K | $285.0K | $295.0K | · | $311.0K | $320.0K | $325.0K | · | $323.0K | |
| Paid-in Capital | $2.11B | $2.15B | $2.23B | $2.26B | $2.25B | $2.29B | $2.34B | $2.36B | $2.32B | $2.39B | · | $2.49B | $2.53B | $2.56B | · | $2.51B | |
| Retained Earnings | $-263M | $-216M | $-77M | $-106M | $-220M | $-163M | $-99M | $-90M | $-200M | $-259M | · | $-126M | $11M | $6M | · | $-4M | |
| AOCI | $-2M | $-415.0K | $3M | $4M | $1M | $2M | $-1M | $4M | $-5M | $-5M | · | $-14M | $-14M | $-9M | · | $-18M | |
| Stockholders' Equity | $1.84B | $1.94B | $2.16B | $2.16B | $2.03B | $2.13B | $2.24B | $2.28B | $2.12B | $2.13B | $2.26B | $2.35B | $2.53B | $2.56B | $2.49B | $2.49B | |
| Liabilities + Equity | $2.49B | $2.59B | $2.84B | $2.82B | $2.68B | $2.84B | $2.95B | $2.96B | $2.77B | $2.80B | · | $2.98B | $3.14B | $3.14B | · | $2.96B | |
| Shares Outstanding | 248,885,000 | 253,701,000 | 262,483,000 | 268,098,000 | 270,132,000 | 275,033,000 | 281,732,000 | 285,780,000 | 285,222,000 | 295,032,000 | 302,793,000 | 310,970,000 | 320,253,000 | 324,985,000 | 323,951,000 | 322,541,000 |
Cash Flow
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2024 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $7M | $7M | $8M | $7M | $7M | $7M | $10M | $7M | $7M | $6M | $7M | $6M | $6M | $7M | $6M | $6M | |
| Stock-based Comp | $33M | $29M | $45M | $31M | $36M | $26M | $12M | $23M | $25M | $19M | $24M | $40M | $25M | $17M | $26M | $37M | |
| Restructuring | · | · | $-13M | $20M | $0 | $0 | $34M | $96.0K | $475.0K | $33M | · | $0 | $0 | $0 | · | · | |
| Other Non-cash | · | $5M | · | · | · | $19M | · | · | · | $6M | · | · | · | $21M | · | · | |
| Operating Cash Flow | $308M | $252M | $425M | $290M | $49M | $211M | $377M | $271M | $120M | $69M | $11M | $117M | $121M | $84M | $74M | $110M | |
| CapEx | $7M | $2M | $-16M | $1M | $3M | $3M | $1M | $8M | $7M | $10M | $13M | $9M | $6M | $12M | $10M | $43.0K | |
| Investing Cash Flow | $91M | $-51M | $374M | $25M | $248M | $50M | $-28M | $-217M | $82M | $112M | $62M | $35M | $-74M | $-50M | $-246M | $-69M | |
| Stock Repurchased | $323M | $430M | $486M | $104M | $302M | $284M | $311M | $12M | $264M | $185M | $209M | $217M | $124M | $0 | $0 | $0 | |
| Net Stock Activity | · | $-430M | · | · | · | $-284M | · | · | · | $-185M | · | · | · | · | · | · | |
| Financing Cash Flow | $-344M | $-457M | $-529M | $-104M | $-316M | $-295M | $-289M | $6M | $-262M | $-184M | $-206M | $-220M | $-125M | $5M | $-2M | $-2M | |
| Net Change in Cash | $55M | $-256M | $270M | $212M | $-19M | $-34M | $60M | $60M | $-61M | $-3M | $-134M | $-68M | $-78M | $39M | $-174M | $39M | |
| Free Cash Flow | · | $250M | · | · | · | $208M | · | · | · | $59M | · | · | · | $72M | · | · |
Profitability
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2024 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 39.5% | 41.1% | · | 39.6% | 37.6% | 33.6% | · | 25.2% | 43.3% | 6.9% | · | -3.7% | 16.6% | 7.0% | · | 20.1% | |
| Net Margin | 33.7% | 34.5% | · | 32.4% | 32.5% | 28.7% | · | 21.9% | 35.5% | 8.8% | · | 0.22% | 17.3% | 9.8% | · | 17.8% | |
| EBITDA Margin | 39.5% | 42.3% | · | 39.6% | 37.6% | 35.0% | · | 25.2% | 43.3% | 8.4% | · | -3.7% | 16.6% | 8.7% | · | 20.1% | |
| ROA | 8.2% | 7.8% | · | 6.7% | 6.8% | 5.7% | · | 4.0% | 7.6% | 1.2% | · | 0.04% | 2.7% | 1.4% | · | 2.7% | |
| ROE | 10.9% | 10.3% | · | 8.7% | 8.9% | 7.5% | · | 5.1% | 9.7% | 1.6% | · | 0.04% | 3.3% | 1.7% | · | 3.2% |
Liquidity & Solvency
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2024 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.5 | 3.3 | · | 3.8 | 3.5 | 3.5 | · | 3.9 | 4.3 | 3.5 | · | 3.8 | 4.7 | 5.0 | · | 6.1 | |
| Quick Ratio | 3.2 | 3.0 | · | 3.5 | 3.2 | 3.3 | · | 3.7 | 4.0 | 3.2 | · | 3.6 | 4.4 | 4.7 | · | 5.8 |
Efficiency
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2024 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.1 | · | 0.2 | 0.2 | 0.1 | · | 0.2 | |
| Inventory Turnover | 0.8 | 0.8 | · | 0.8 | 0.9 | 0.8 | · | 0.8 | 0.7 | 0.8 | · | 0.7 | 0.6 | 0.5 | · | 0.6 | |
| Receivables Turnover | 2.0 | 2.0 | · | 2.1 | 1.6 | 2.1 | · | 2.1 | 2.0 | 1.8 | · | 2.0 | 2.0 | 1.9 | · | 2.1 |
Per Share
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2024 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $7.41 | $7.63 | · | $8.06 | $7.53 | $7.75 | · | $7.96 | $7.43 | $7.21 | · | $7.55 | $7.89 | $7.86 | · | $7.72 | |
| Revenue / Share | $2.42 | $2.28 | · | $2.15 | $2.00 | $1.93 | · | $1.85 | $2.17 | $1.39 | · | $1.48 | $1.44 | $1.25 | · | $1.27 | |
| Cash Flow / Share | · | $0.94 | · | · | · | $0.73 | · | · | · | $0.23 | · | · | · | $0.26 | · | · | |
| Cash / Share | $1.13 | $0.89 | · | $1.40 | $0.61 | $0.67 | · | $0.90 | $0.70 | $0.88 | · | $1.28 | $1.45 | $1.66 | · | $2.09 | |
| EPS (TTM) | $3.79 | $3.62 | · | $3.28 | $2.99 | $3.11 | · | $1.57 | $1.17 | $0.65 | · | $0.28 | $0.51 | $0.48 | · | $0.93 |
Valuation (TTM)
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2024 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.56B | $2.50B | · | $2.54B | $2.48B | $2.55B | · | $2.08B | $2.01B | $1.85B | · | $1.77B | $1.71B | $1.66B | · | $1.74B | |
| Net Income TTM | $1.02B | $990M | · | $937M | $861M | $903M | · | $467M | $350M | $205M | · | $92M | $164M | $154M | · | $297M | |
| Market Cap | $13.90B | $11.13B | · | $10.75B | $12.47B | $9.51B | · | $7.42B | $6.41B | $7.00B | · | $6.79B | $6.12B | $6.31B | · | $5.06B | |
| P/E | 14.7 | 12.1 | · | 12.2 | 15.4 | 11.1 | · | 16.5 | 19.2 | 36.5 | · | 78.0 | 37.5 | 40.4 | · | 16.9 | |
| P/S | 5.4 | 4.5 | · | 4.2 | 5.0 | 3.7 | · | 3.6 | 3.2 | 3.8 | · | 3.8 | 3.6 | 3.8 | · | 2.9 | |
| P/B | 7.5 | 5.8 | · | 5.0 | 6.1 | 4.5 | · | 3.3 | 3.0 | 3.3 | · | 2.9 | 2.4 | 2.5 | · | 2.0 | |
| P / Tangible Book | 7.8 | 5.9 | · | 5.1 | 6.3 | 4.6 | · | 3.4 | 3.1 | 3.4 | · | 3.0 | 2.5 | 2.5 | · | 2.1 | |
| P / Cash Flow | · | 44.2 | · | · | · | 45.0 | · | · | · | 101.7 | · | · | · | 74.7 | · | · | |
| Earnings Yield | 6.8% | 8.2% | · | 8.2% | 6.5% | 9.0% | · | 6.0% | 5.2% | 2.7% | · | 1.3% | 2.7% | 2.5% | · | 5.9% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2026-01-02 | 2025-01-03 | 2023-12-29 | 2022-12-30 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $2.32B | $2.17B | $1.83B | $1.61B | $1.43B |
| Operating Margin % | 37.6% | 27.9% | 9.3% | 12.5% | 20.0% |
| Net Income | $783M | $521M | $208M | $182M | $231M |
| Diluted EPS | $2.78 | $1.76 | $0.65 | $0.56 | $0.72 |
| Metric | 2026-01-02 | 2025-01-03 | 2023-12-29 | 2022-12-30 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 3.6 | 3.6 | 3.3 | 5.0 | 5.4 |
| Quick Ratio | 3.3 | 3.4 | 3.1 | 4.7 | 5.2 |
| Metric | 2026-01-02 | 2025-01-03 | 2023-12-29 | 2022-12-30 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $876M | $672M | $293M | $335M | $337M |
Institutional owners (13F) 806 filers · $14.5B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 129 (+13 vs prior Q) | 62 (-11 vs prior Q) | 252 (+12 vs prior Q) | 282 (+16 vs prior Q) | +15.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $1,581,991,274 | 29,075,377 | 10.92% | Shares |
| VANGUARD GROUP INC | $1,117,246,380 | 25,490,449 | 7.71% | Shares |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $732,794,424 | 13,468,010 | 5.06% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $730,617,099 | 13,427,993 | 5.04% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $655,266,268 | 12,043,122 | 4.52% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $598,600,120 | 11,023,943 | 4.13% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $595,843,747 | 10,950,997 | 4.11% | Shares |
| STATE STREET CORP | $542,471,563 | 9,970,071 | 3.74% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $485,848,030 | 8,929,389 | 3.35% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $416,318,915 | 7,650,316 | 2.87% | Shares |
| D. E. Shaw & Co., Inc. | $302,070,554 | 5,551,747 | 2.08% | Shares |
| MORGAN STANLEY | $245,916,111 | 4,519,684 | 1.70% | Shares |
| Invesco Ltd. | $244,610,874 | 4,495,697 | 1.69% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $240,852,968 | 4,426,620 | 1.66% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $237,550,034 | 4,365,926 | 1.64% | Shares |
| TWO SIGMA INVESTMENTS, LP | $229,058,537 | 4,209,861 | 1.58% | Shares |
| ASSETMARK, INC | $186,834,364 | 3,433,824 | 1.29% | Shares |
| Nuveen, LLC | $178,300,700 | 3,276,984 | 1.23% | Shares |
| UBS Group AG | $172,364,895 | 3,167,890 | 1.19% | Shares |
| Stephens Investment Management Group LLC | $147,451,698 | 2,710,011 | 1.02% | Shares |
| GOLDMAN SACHS GROUP INC | $146,389,506 | 2,690,489 | 1.01% | Shares |
| NORGES BANK | $146,301,199 | 2,688,866 | 1.01% | Shares |
| FIRST TRUST ADVISORS LP | $138,383,701 | 2,543,353 | 0.96% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $123,065,409 | 2,261,816 | 0.85% | Shares |
| BANK OF AMERICA CORP /DE/ | $116,948,690 | 2,149,397 | 0.81% | Shares |
| NORTHERN TRUST CORP | $115,680,775 | 2,126,094 | 0.80% | Shares |
| Caisse de depot et placement du Quebec | $113,950,809 | 2,094,299 | 0.79% | Shares |
| Allspring Global Investments Holdings, LLC | $107,837,495 | 1,998,471 | 0.74% | Shares |
| Bank of New York Mellon Corp | $107,803,106 | 1,981,311 | 0.74% | Shares |
| AMERICAN CENTURY COMPANIES INC | $97,484,439 | 1,791,664 | 0.67% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $86,563,209 | 1,590,943 | 0.60% | Shares |
| Caligan Partners LP | $84,512,985 | 1,553,262 | 0.58% | Shares |
| JANE STREET GROUP, LLC | $76,306,652 | 1,402,438 | 0.53% | Shares |
| JPMORGAN CHASE & CO | $71,082,192 | 1,298,907 | 0.49% | Shares |
| MILLENNIUM MANAGEMENT LLC | $66,309,793 | 1,218,706 | 0.46% | Shares |
| SEI INVESTMENTS CO | $63,480,220 | 1,166,715 | 0.44% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $63,086,055 | 1,159,457 | 0.44% | Shares |
| FMR LLC | $62,457,967 | 1,147,913 | 0.43% | Shares |
| FRANKLIN RESOURCES INC | $60,000,791 | 1,102,753 | 0.41% | Shares |
| AMERIPRISE FINANCIAL INC | $56,803,835 | 1,043,869 | 0.39% | Shares |
| Robeco Institutional Asset Management B.V. | $56,032,453 | 1,029,819 | 0.39% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $55,414,608 | 1,292,017 | 0.38% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $51,671,488 | 949,669 | 0.36% | Shares |
| RAYMOND JAMES FINANCIAL INC | $51,230,878 | 941,571 | 0.35% | Shares |
| Gotham Asset Management, LLC | $48,569,794 | 892,663 | 0.34% | Shares |
| Swedbank AB | $45,801,141 | 841,778 | 0.32% | Shares |
| MARSHALL WACE, LLP | $45,242,242 | 831,506 | 0.31% | Shares |
| Retirement Systems of Alabama | $44,107,739 | 810,655 | 0.30% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $43,750,809 | 804,095 | 0.30% | Shares |
| Capital Impact Advisors, LLC | $41,061,268 | 754,664 | 0.28% | Shares |
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Farallon Capital Management, L.L.C., Farallon Capital Partners, L.P., Farallon Capital Institutional Partners, L.P., Farallon Capital Institutional Partners II, L.P., Farallon Capital Institutional Partners III, L.P., Four Crossings Institutional Partners V, L.P., Farallon Capital Offshore Investors II, L.P., Farallon Capital (AM) Investors, L.P., Farallon Capital F5 Master I, L.P., Farallon Healthcare Partners Master, L.P., Farallon Partners, L.L.C., Farallon Institutional (GP) V, L.L.C., Farallon F5 (GP), L.L.C., Farallon Healthcare Partners (GP), L.L.C., Dapice Joshua J., Dreyfuss, Philip D., Dunn Hannah E., Gehani, Varun N., Giauque, Nicolas, Husen, Avner A., Kim, David T., Linn, Michael G., Luo Patrick (Cheng), Roberts, Jr., Thomas G., Saito Edric C., Short Daniel S., Spokes, Andrew J. M., Warren, John R., Wehrly, Mark C. | Aug. 14, 2026 | 5.60% | Amendment | · | SEC |
| Farallon Capital Partners, L.P., Farallon Capital Institutional Partners, L.P., Farallon Capital Institutional Partners II, L.P., Farallon Capital Institutional Partners III, L.P., Four Crossings Institutional Partners V, L.P., Farallon Capital Offshore Investors II, L.P., Farallon Capital (AM) Investors, L.P., Farallon Capital F5 Master I, L.P., Farallon Healthcare Partners Master, L.P., Farallon Partners, L.L.C., Farallon Institutional (GP) V, L.L.C., Farallon F5 (GP), L.L.C., Farallon Healthcare Partners (GP), L.L.C., Dapice Joshua J., Dreyfuss, Philip D., Dunn Hannah E., Fried, Richard B, Gehani, Varun N., Giauque, Nicolas, Husen, Avner A., Kim, David T., Linn, Michael G., Luo Patrick (Cheng), Patel, Rajiv A., Roberts, Jr., Thomas G., Saito Edric C., Seybold, William, Short Daniel S., Spokes, Andrew J. M., Warren, John R., Wehrly, Mark C. ×8 filings | Jan. 5, 2026 | 5.90% | Amendment | · | SEC |
| Caligan Partners LP, David Johnson ×3 filings | June 2, 2023 | · | Initial filing | · | SEC |
| Undisclosed reporting person | Nov. 29, 2001 | · | Initial filing | M&A / sale | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 43 insiders · 22 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael Morrissey | President and CEO | May 18, 2026 G | 2,004,327 | 0 | 0 | $0 |
| Christopher J. Senner | EVP and CFO | May 18, 2026 S | 952,317 | 0 | 3 | $-4,556,048 |
| Deborah Burke | SVP & Chief Financial Officer | Nov. 15, 2014 M | 18,156 | 0 | 0 | $0 |
| Frank Karbe | EVP and CFO | Feb. 15, 2014 M | 93,990 | 0 | 0 | $0 |
| Kristine M Ball | Controller & Interim CFO | Dec. 10, 2003 A | 4,913 | 0 | 0 | $0 |
| Patrick J. Haley | EVP, Commercial | May 20, 2026 S | 357,638 | 0 | 7 | $-7,597,268 |
| Brenda Hefti | SVP and General Counsel | May 18, 2026 S | 106,762 | 0 | 2 | $-1,154,264 |
| Amy C. Peterson | EVP Prod Dev & Med Aff & CMO | May 16, 2025 M | 465,393 | 0 | 0 | $0 |
| Jeffrey Hessekiel | EVP & General Counsel | May 15, 2025 S | 693,396 | 0 | 0 | $0 |
| Vicki L Goodman | EVP, Prod Dev & Med Aff &CMO | April 3, 2023 A | 307,654 | 0 | 0 | $0 |
| Peter Lamb | EVP, Scientific Strategy & CSO | Dec. 15, 2022 M | 410,958 | 0 | 0 | $0 |
| Gisela Schwab | Pres, Prod Dev & Med Aff & CMO | July 26, 2021 M | 689,078 | 0 | 0 | $0 |
| Pamela A Simonton | EVP and General Counsel | Nov. 15, 2013 M | 17,139 | 0 | 0 | $0 |
| Lupe M Rivera | EVP, Operations | Aug. 15, 2011 M | 19,219 | 0 | 0 | $0 |
| Frances K Heller | EVP, Business Development | May 15, 2011 M | 17,125 | 0 | 0 | $0 |
| Ian D Malcolm | VP, STRATEGIC MARKETING | Dec. 8, 2006 A | · | 0 | 0 | $0 |
| Christoph Pereira | VP, Legal Affairs & Secretary | Dec. 8, 2006 A | · | 0 | 0 | $0 |
| Jeffrey Latts | Executive VP, Development | Dec. 8, 2006 A | · | 0 | 0 | $0 |
| Gregory Plowman | Sr VP, CSO | Dec. 13, 2004 A | · | 0 | 0 | $0 |
| Steven P James | Sr VP, Commercial Ops | Dec. 10, 2003 A | · | 0 | 0 | $0 |
| Jane M Green | VP, Corp Communications | Dec. 10, 2003 A | · | 0 | 0 | $0 |
| Geoffrey M Duyk | Pres R&D & CSO | Nov. 4, 2003 S | 941,355 | 0 | 0 | $0 |
| Alan M Garber | Director | March 21, 2024 M | 35,703 | 0 | 0 | $0 |
| Jacqueline Wright | Director | June 1, 2023 A | 51,756 | 0 | 0 | $0 |
| Carl B Feldbaum | Director | Feb. 9, 2023 M | 18,701 | 0 | 0 | $0 |
| Lance Willsey | Director | May 26, 2022 A | 424,415 | 0 | 0 | $0 |
| Vincent T Marchesi | Director | May 26, 2022 A | 93,989 | 0 | 0 | $0 |
| Charles Cohen | Director | July 6, 2021 M | 261,375 | 0 | 0 | $0 |
| George A Scangos | Director | May 18, 2020 S | 714,717 | 0 | 0 | $0 |
| FORMELA JEAN FRANCOIS | Director | Sept. 7, 2005 S | 584,519 | 0 | 0 | $0 |
| Mary C Beckerle | · | Aug. 10, 2026 S | 16,079 | 0 | 4 | $-1,932,572 |
| Sue Gail Eckhardt | · | June 1, 2026 S | 16,079 | 0 | 2 | $-660,828 |
| Jack L Wyszomierski | · | June 1, 2026 S | 284,384 | 0 | 2 | $-4,580,661 |
| Tomas J. Heyman | · | May 27, 2026 A | 50,649 | 0 | 0 | $0 |
| Bob Oliver | · | May 27, 2026 A | 29,487 | 0 | 2 | $-1,325,340 |
| Julie Smith | · | May 27, 2026 A | 28,957 | 0 | 3 | $-4,687,346 |
| Maria C Freire | · | May 27, 2026 A | 109,186 | 0 | 1 | $-949,164 |
| Stelios Papadopoulos | · | May 27, 2026 A | 1,197,595 | 0 | 1 | $-4,355,000 |
| George Poste | · | May 27, 2026 A | 127,199 | 0 | 1 | $-2,742,600 |
| Dana Aftab | · | May 26, 2026 S | 594,741 | 0 | 4 | $-7,701,255 |
| Frank Mccormick | · | Dec. 6, 2013 A | · | 0 | 0 | $0 |
| Scott J. Garland | · | Sept. 18, 2013 A | · | 0 | 0 | $0 |
| Jason S Fisherman | · | Sept. 8, 2005 S | 7,881 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 105 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SAWG · ETF Series Solutions | 3.56% | 1,934 NS | July 31, 2026 | N-PORT |
| IDNA · iShares Trust | 3.37% | 150,179 SH | Sept. 11, 2026 | Daily |
| XMHQ · Invesco Exchange-Traded Fund Trust | 3.31% | 3,085,286 SH | Oct. 2, 2026 | Daily |
| PBE · Invesco Exchange-Traded Fund Trust | 2.89% | 206,883 SH | Oct. 2, 2026 | Daily |
| MCOW · Pacer Funds Trust | 2.67% | 535 NS | July 31, 2026 | N-PORT |
| PTH · Invesco Exchange-Traded Fund Trust | 2.34% | 116,260 SH | Oct. 2, 2026 | Daily |
| AZTD · Tidal Trust I | 2.27% | 16,241 NS | July 31, 2026 | N-PORT |
| GRPM · Invesco Exchange-Traded Fund Trust | 2.07% | 177,330 SH | Oct. 2, 2026 | Daily |
| LYLD · Cambria ETF Trust | 1.84% | 2,519 NS | July 31, 2026 | N-PORT |
| JSMD · Janus Detroit Street Trust | 1.74% | 344,438 NS | July 31, 2026 | N-PORT |
| BUL · Pacer Funds Trust | 1.71% | 42,248 NS | July 31, 2026 | N-PORT |
| ABOT · Abacus FCF ETF Trust | 1.63% | 1,243 NS | July 31, 2026 | N-PORT |
| JMID · Janus Detroit Street Trust | 1.62% | 7,222 NS | July 31, 2026 | N-PORT |
| RFG · Invesco Exchange-Traded Fund Trust | 1.46% | 84,215 SH | Oct. 2, 2026 | Daily |
| ABFL · Abacus FCF ETF Trust | 1.38% | 136,571 NS | July 31, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.37% | 25,544 NS | July 31, 2026 | N-PORT |
| FXH · First Trust Exchange-Traded AlphaDE… | 1.32% | 261,689 NS | July 31, 2026 | N-PORT |
| VLLU · Harbor ETF Trust | 1.18% | 1,028 NS | July 31, 2026 | N-PORT |
| IBB · iShares Trust | 1.04% | 1,861,562 SH | Sept. 11, 2026 | Daily |
| COWG · Pacer Funds Trust | 0.97% | 406,060 NS | July 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.96% | 17,520 SH | Oct. 2, 2026 | Daily |
| VAMO · Cambria ETF Trust | 0.90% | 18,388 NS | July 31, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 0.89% | 614,023 NS | July 31, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.88% | 21,573 NS | July 31, 2026 | N-PORT |
| FLRG · FIDELITY COVINGTON TRUST | 0.82% | 45,034 NS | July 31, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | 0.72% | 2,087 NS | July 31, 2026 | N-PORT |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.72% | 248,016 SH | Aug. 19, 2026 | Daily |
| PDP · Invesco Exchange-Traded Fund Trust | 0.70% | 178,291 SH | Oct. 2, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.69% | 64,176 NS | July 31, 2026 | N-PORT |
| HQGO · Lattice Strategies Trust | 0.53% | 4,942 NS | July 31, 2026 | N-PORT |
| LSVD · ADVISORS' INNER CIRCLE FUND | 0.53% | 64,827 NS | July 31, 2026 | N-PORT |
| PKW · Invesco Exchange-Traded Fund Trust | 0.50% | 144,182 SH | Oct. 2, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.49% | 42,746 SH | Aug. 19, 2026 | Daily |
| IQSM · New York Life Investments ETF Trust | 0.47% | 29,280 NS | July 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.46% | 50,608 NS | July 31, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.44% | 31,352 SH | Oct. 2, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.40% | 35,114 NS | July 31, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.39% | 33,972 NS | July 31, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 0.38% | 50,612 NS | July 31, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.37% | 27,665 NS | July 31, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.37% | 406,142 SH | Aug. 19, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.36% | 3,162,797 SH | Aug. 19, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.31% | 38,444 NS | July 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.29% | 3,691 NS | July 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.28% | 131,971 NS | July 31, 2026 | N-PORT |
| TECB · iShares Trust | 0.28% | 24,022 SH | Sept. 11, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.26% | 100,220 NS | July 31, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.25% | 31,728 SH | Aug. 19, 2026 | Daily |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.24% | 111,481 NS | July 31, 2026 | N-PORT |
| IYH · iShares Trust | 0.23% | 146,188 SH | Sept. 11, 2026 | Daily |
| ISCG · iShares Trust | 0.22% | 36,896 SH | Sept. 11, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.22% | 56,792 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.21% | 599,685 NS | July 31, 2026 | N-PORT |
| SMMD · iShares Trust | 0.20% | 132,873 SH | Sept. 11, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.19% | 877 NS | July 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.19% | 706,287 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.18% | 111,648 NS | July 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.18% | 85,358 SH | Sept. 11, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.16% | 5,476,589 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.15% | 2,881,105 SH | Aug. 19, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.14% | 15,194 NS | July 31, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 200,502 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.13% | 14,622 SH | Sept. 11, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.11% | 17,726 SH | Aug. 19, 2026 | Daily |
| IWP · iShares Trust | 0.11% | 358,092 SH | Sept. 11, 2026 | Daily |
| LRGF · iShares Trust | 0.11% | 68,576 SH | Sept. 11, 2026 | Daily |
| HDUS · Lattice Strategies Trust | 0.11% | 4,054 NS | July 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.11% | 1,021,935 SH | Sept. 11, 2026 | Daily |
| IWS · iShares Trust | 0.11% | 278,528 SH | Sept. 11, 2026 | Daily |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.10% | 21,854 SH | Oct. 2, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.10% | 13,163 SH | Oct. 2, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.08% | 65,703 SH | Oct. 2, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.07% | 214,466 NS | July 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.06% | 5,961 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.06% | 512,586 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.04% | 28,149 NS | July 31, 2026 | N-PORT |
| IUSG · iShares Trust | 0.04% | 221,278 SH | Sept. 11, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.04% | 6,205 SH | Oct. 2, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.03% | 53,389 SH | Oct. 2, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.03% | 112,032 SH | Aug. 19, 2026 | Daily |
| IWD · iShares Trust | 0.03% | 412,002 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.03% | 11,534 NS | July 31, 2026 | N-PORT |
| DYNF · BlackRock ETF Trust | 0.03% | 190,630 SH | Sept. 11, 2026 | Daily |
| REVS · Columbia ETF Trust I | 0.03% | 1,649 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.03% | 58,894 NS | July 31, 2026 | N-PORT |
| IYY · iShares Trust | 0.02% | 10,758 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.02% | 172,055 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.02% | 7,584,437 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.02% | 41,043 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.02% | 21,010 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.02% | 56,278 SH | Aug. 19, 2026 | Daily |
| ITOT · iShares Trust | 0.02% | 328,550 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.02% | 68,474 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.02% | 76,305 NS | July 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.02% | 20,836 NS | July 31, 2026 | N-PORT |
| IWF · iShares Trust | 0.01% | 238,944 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 214,636 SH | Aug. 19, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 100,382 SH | Aug. 19, 2026 | Daily |
| IJH · iShares Trust | · | 8,819,629 SH | Sept. 11, 2026 | Daily |
| IJK · iShares Trust | · | 1,457,702 SH | Sept. 11, 2026 | Daily |
| XJH · iShares Trust | · | 34,337 SH | Sept. 8, 2026 | Daily |
| ISCB · iShares Trust | · | 10,294 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 24,871 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 251,598 SH | Sept. 11, 2026 | Daily |
| SMMV · iShares Trust | · | 21,241 SH | Aug. 19, 2026 | Daily |
EXEL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
15 analysts · 2026-10-01Mean target $53.93 -7.6%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| EXEL | $11.44B | 15.7 | 7.0% | 33.7% | 37.3% | · |
| INSM | $37.29B | -27.1 | 66.7% | -210.5% | -128.4% | · |
| UTHR | $21.27B | 17.5 | 10.6% | 41.9% | 18.7% | 87.9% |
| INCY | $19.60B | 15.4 | 21.2% | 25.0% | 27.6% | · |
| NBIX | $14.20B | 30.4 | 21.4% | 16.7% | 16.1% | · |
| SMMT | $13.56B | -12.1 | · | · | -235.1% | · |
| BBIO | $14.90B | -20.2 | 126.3% | -146.0% | 41.2% | · |
| TWST | $1.71B | -21.6 | 20.3% | -20.6% | -17.0% | · |
| HALO | $7.93B | 26.3 | 37.5% | 22.7% | 166.1% | · |
| MDGL | $13.30B | -45.3 | 432.1% | -30.1% | -44.4% | · |
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