10x Genomics, Inc. TXG

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 70.11 USD on Nov 1, 2026, +329.9% year to date

Quant rating

Quant rating C Rank 273 of 565 in Health Care

Growth C 308 of 565
Valuation D 435 of 565
Quality C 246 of 565
Revisions D 498 of 565
Momentum A 79 of 565

Wall Street consensus Buy (2.29)Average target 73.93 USD +5.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.1B
Enterprise value: 8.6B
52-week range: 12.46 – 102.79
3-year range: 7.14 – 102.79
Dividend yield: –
Beta (5 years): 2.03
Shares outstanding: 130M
Next earnings: Nov 5, 2026

About the company

10x Genomics, Inc. is a life science technology company. The Company's integrated research solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems. Its products are used across diverse fields, from cancer research and immunology to neuroscience and developmental biology. Its commercial product portfolio is made up of its Single Cell and Spatial solutions. Its products include its instruments, which include its Chromium instruments, its Visium CytAssist and its Xenium Analyzer, and its consumables, which include proprietary microfluidic chips, slides, reagents and other consumables for its Single Cell and Spatial solutions. It bundles its software with these products to guide customers through the workflow, from sample preparation through analysis and visualization. It also provides post-warranty service contracts for its instruments.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	643	611	619	516	490	–
Revenue growth	5.2%	−1.3%	19.8%	5.3%	64.1%	16.6%
EPS (basic, normalized)	−0.35	−1.52	−2.18	−1.46	−0.53	–
EPS growth	–	–	–	–	–	–
Gross margin	69.1%	67.9%	66.2%	76.7%	84.9%	73.0%
Net margin	−6.8%	−29.9%	−41.2%	−32.1%	−11.9%	−24.4%
ROE	−5.8%	−25.2%	−33.0%	−20.5%	−7.5%	−18.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	552
Current ratio	5.69x
Long-term debt (mil)	0
Net debt (mil)	−552
Total equity (mil)	826
Net debt / equity	−0.67x
Net debt / EBITDA	22.27x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	643	+5.2%	13.4x	−24.8	+81.1%	−346.3x	−0.35	+77.0%	−200.3x
2026	620	−3.6%	13.8x	−68.3	−175.4%	−125.7x	−0.73	−109.5%	−95.6x
2027	681	+9.9%	12.6x	−68.9	−0.9%	−124.6x	−0.73	+0.8%	−96.4x
2028	749	+10.0%	11.5x	−33.6	+51.2%	−255.3x	−0.47	+34.8%	−147.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	620	0.0%	+1.0%	+1.1%	−0.73	−1.1%	+9.0%	+22.8%
2027	681	+0.3%	+1.8%	+3.4%	−0.73	−1.9%	−4.5%	+1.9%
2028	749	+0.4%	+1.8%	+4.6%	−0.47	−3.0%	−10.8%	+7.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	141	153	152	165	155	173	149	166	151	151
Sales mean (mil)	142	150	159	159	132	139	142	159	146	147
Surprise	−0.9%	+2.0%	−4.4%	+3.5%	+16.9%	+24.0%	+4.6%	+4.2%	+3.1%	+2.9%
EPS reported	−0.50	−0.32	−0.30	−0.40	−0.36	0.28	−0.22	−0.13	−0.10	−0.14
EPS mean	−0.50	−0.48	−0.34	−0.29	−0.47	−0.37	−0.29	−0.21	−0.29	−0.24
Surprise	+0.1%	+33.2%	+12.2%	−35.8%	+23.6%	−175.4%	+23.6%	+38.8%	+65.7%	+42.5%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TXG 10x Genomics, Inc.	9.1B	22.27x	−6.8%	11.06x	−95.6x	−96.4x	−125.7x	−124.6x
TMO Thermo Fisher Scientific Inc.	257.7B	3.18x	15.0%	4.71x	27.6x	25.1x	23.4x	21.8x
DHR Danaher Corporation	163.4B	2.71x	14.7%	3.05x	27.0x	24.9x	21.9x	20.1x
A Agilent Technologies Inc	49.3B	1.09x	18.8%	6.70x	28.2x	26.0x	23.0x	21.2x
WAT Waters Corp	45.5B	3.88x	20.3%	2.99x	31.7x	28.0x	23.2x	21.0x
ILMN Illumina Inc	35.6B	0.35x	19.6%	11.33x	43.6x	38.3x	27.3x	24.5x
Mean		5.58x	13.6%	6.64x	10.4x	7.6x	−1.1x	−2.7x
Median		2.94x	16.9%	5.70x	27.9x	25.5x	23.1x	21.1x

Technical analysis

1M−20.8%
3M+49.0%
1Y+425.6%
3Y+92.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, 10x Genomics, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	643	611	619	516	490	299
Cost of revenue	198	196	209	120	74.1	58.5
Gross profit	444	415	409	396	416	240
Selling, general & administrative expenses	309	343	336	298	258	200
Research & development	235	264	268	266	212	123
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−38.6	2.1	70.4	0	0	452
Other operating expenses	0	0	0	0	−0.7	1.3
Operating income	−61.0	−195	−265	−168	−52.3	−536
Net interest income (expense)	22.5	18.4	15.2	6.2	−0.7	−0.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.5	−1.6	1.4	−0.2	−0.8	1.3
Net income before taxes	−39.9	−178	−249	−162	−53.7	−534
Provision for taxes	3.6	4.9	6.3	4.0	4.5	8.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−43.5	−183	−255	−166	−58.2	−543
Extraordinary items	–	–	–	–	–	–
Net income	−43.5	−183	−255	−166	−58.2	−543
EBIT, normalized	−98.2	−191	−195	−168	−52.3	−84.0
EBITDA, normalized	−62.0	−156	−159	−143	−31.1	−70.0
Basic EPS, normalized	−0.35	−1.52	−2.18	−1.46	−0.53	–

Balance sheet in millions of USD, fiscal years

Balance sheet, 10x Genomics, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	523	393	389	430	587	664
Receivables	82.5	87.9	115	104	85.3	51.2
Total inventory	56.3	83.1	73.7	81.6	60.0	30.0
Prepaid expenses	22.2	20.0	18.8	16.6	13.9	13.0
Other current assets	0	0	0	2.6	1.0	16.6
Total current assets	684	584	596	635	748	774
Property, plant & equipment	287	310	345	359	230	120
Goodwill	4.5	4.5	4.5	4.5	4.5	–
Intangibles	62.3	15.7	16.6	22.9	25.4	22.4
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	2.9	4.1	3.1	7.4	10.9	12.8
Total assets	1,041	919	965	1,029	1,019	929
Liabilities
Accounts payable	12.7	12.9	15.7	21.6	17.4	4.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	63.0	62.0	80.7	87.7	75.8	92.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	0
Other current liabilities	77.7	42.7	30.7	21.7	17.2	21.1
Total current liabilities	153	118	127	131	110	118
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	91.6	90.9	96.9	92.3	90.9	72.1
Total liabilities	245	209	224	223	201	190
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	2,307	2,178	2,026	1,839	1,681	1,544
Retained earnings (accumulated deficit)	−1,511	−1,467	−1,284	−1,029	−863	−805
Treasury stock	–	–	–	–	–	–
Other equity	0.2	−0.5	−0.4	−4.3	0	−0.1
Total equity	796	710	741	806	818	739
Total liabilities & shareholders' equity	1,041	919	965	1,029	1,019	929

Cash flow statement in millions of USD, fiscal years

Cash flow statement, 10x Genomics, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−43.5	−183	−255	−166	−58.2	−543
Depreciation, depletion & amortization	36.2	35.9	35.5	25.4	21.1	14.0
Deferred taxes	–	–	–	–	–	–
Non-cash items	118	152	187	146	103	361
Changes in working capital	24.9	1.3	17.3	−39.4	−87.4	−50.4
Cash from operations	136	6.7	−15.2	−33.6	−21.4	−218
Investing activities
Capital expenditures	−5.9	−13.4	−49.5	−132	−101	−38.4
Other investing cash flows	−7.5	−19.2	183	−219	−5.5	0
Cash from investing	−13.4	−32.6	133	−351	−107	−38.4
Financing activities
Financing cash flow items	0	0	−5.8	−5.4	−5.0	−5.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	6.8	10.9	19.5	21.2	40.3	475
Cash from financing	6.8	10.9	13.7	15.8	35.3	469
Foreign exchange effects	0.5	−0.2	0	0	0.2	−0.5
Net change in cash	130	−15.2	132	−369	−92.6	212
Free cash flow	130	−6.7	−64.7	−165	−123	−256

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.