Is the business good?
How good a business is EXEL?
Exelixis, Inc. earns 64% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
64%
Return on invested capital · cost of capital 9.0% · 55 points above what the capital costs: growth creates value
- Operating margin
- 39%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Cash conversion
- 1.10×
Cash conversion · 1.28× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −7.2%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 11% |
| FY2021 | 20% |
| FY2022 | 13% |
| FY2023 | 9.3% |
| FY2024 | 28% |
| FY2025 | 38% |
Details›
- Gross margin12 months to Q1 2026
- 96%
- Operating margin12 months to Q1 2026
- 39%
- Net margin12 months to Q1 2026
- 35%
- Free cash flow margin
- 39%
- R&D as % of revenue
- 34%
- Revenue, trailing twelve months
- $2.38B
- Free cash flow, trailing twelve months
- $918M
- Net income, trailing twelve months
- $833M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 64%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.