QualityDipStocks / Health Care · Biotech
Exelixis EXEL
Outside our quality screen, so we don’t track its dips. It’s at its 52-week high.
Outside our quality screen, trading well below our fair value estimate.
- Fair value est.
- $125.09+80%
- Market Value
- forming
- Off 52-wk high
- at the high
- Risk vs market
- Lowbeta 0.54
5 bullish · 1 bearish See why
Key levels
Every level vs today’s $69.39
- 52-wk lowlowest close, 1 year$37.90−45.4%
- 52-wk highhighest close, 1 year$69.39at the price
- PriceFri Oct 30 close$69.39you are here
- Fair value est.base case$125.09+80.3%
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 12.9% ±2 points. Bear = 10.5% and 10.9%; bull = 8.5% and 14.9% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price is below even the bear case.
What the price implies To be worth today’s price, EXEL’s free cash flow would need to grow about 2% a year for five years; our estimate uses 13%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 30 to Oct 30, 252 sessions). Beta = how much EXEL moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Moves much less than the market, but its own price swings are 2.7× the S&P 500’s (it moves on its own news).
- Beta vs S&P 500
- 0.54
- Volatility
- 34% vs 13% SPY
- Correlation SPY
- 0.20
- Correlation QQQ
- 0.15
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 5 of 5
ValuationOur DCF fair value estimate is $125.09, 80% above the price.
ProfitabilityOperating margin widened to 37.6% in FY2026 from 9.3% in FY2023 (SEC filings).
GrowthDiluted EPS grew 58% to $2.78 in FY2026.
Cash returnsShare count down 8.2% in a year: $1.3B of buybacks over 12 months.
ProfitabilityReturn on equity of 44% over the last 12 months, up 27 points in two years.
Top bearish points 1 of 5
ValuationPrice / book of 9.7×, above the 5.2× median for the 93 Health Care companies we cover.
Who’s talking about it
Notable investors, executives, analysts and public figures on Exelixis in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 1, 9:09 PM ET.
Compare with peers
Closest in size in Biotech
All fundamentals
P/E 20.0 · FCF yield 6.5% · ROE 44%
Valuation
- P/E
- 20.0×Health Care median 29.2×
- Price / FCF
- 15.3×
- FCF yield
- 6.5%
- EV / EBITDA
- n/aD&A or debt not tagged in SEC data
- Price / sales
- 7.11×
- Price / book
- 9.68×
- Market cap
- $17.7Bprice × diluted shares
- Enterprise value
- n/anot reported in its SEC filings
Growth
- Revenue, 12 months
- $2.5B
- Sales growth, 12 months
- +9.1%vs the 12 months before
- Sales growth, 3 yrs
- +12.9%/yrfrom FY2022
- Diluted EPS, 12 months
- $3.34
- EPS growth, last FY
- +58.0%
- Net income, 12 months
- $885M
- Net income growth
- +31%12 months vs before
Profitability
- Gross margin
- 96.3%
- Operating margin
- 40.2%
- Net margin
- 35.5%
- FCF margin
- 46.5%
- Return on equity
- 44%
- Return on invested capital
- n/aoperating income, debt, equity or cash not tagged
Balance sheet
- Cash & short-term inv.
- $892M
- Total debt
- n/anot reported in its SEC filings
- Net cash
- n/acash or debt not tagged in SEC data
- Debt / equity
- n/adebt or equity not tagged in SEC data
- Interest coverage
- n/ainterest expense not tagged in SEC data
Cash flow & returns
- Free cash flow, 12 months
- $1.2B
- FCF growth, 12 months
- +49%
- Dividend yield
- 0%
- Payout ratio
- n/anot reported in its SEC filings
- Buybacks, 12 months
- $1.3B7.1% of market cap
- Share count, 1 year
- −8.2%diluted shares vs a year ago
- Stock-based comp
- $110M
Trailing 12 months to Oct 2, 2026; balance sheet at Oct 2, 2026. From Exelixis’s SEC filings. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
Valuation details
DCF $125.09 · FCF value $80.39
Assumes 12.9% growth for 5 years (revenue grew 12.9% a year FY22–FY26), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $4.54 a share (trailing 12 months to Oct 2, 2026), from the 10-Q filed Oct 29, 2026.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only run on companies that pass our quality screen.
Momentum & 52-week range
RSI 82 · 5 days +7.5%
The business
FCF $0.8B · Sales +10%
- Free cash flow, 12 months$0.8B
- Free-cash-flow yield4.6%
- Free-cash-flow margin30%
- Gross margin96%
- Operating margin41%
- Return on invested capital73%
- Return on equity44%
- Sales growth (latest quarter vs year-ago quarter)+10%
- Net debt / EBITDA−0.7×
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.
EXEL is outside our quality screen
One text when a published rule fires on one of the 333 quality companies we track: the ticker, the price, the stop and a link to the numbers. Nothing else.