Exelixis, Inc. (EXEL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+124.2%

$160.99

vs $71.80 price

Levered DCF

$178.74

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

18.06

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.13×	18.87×	36.91×	28.14×	25.04×	55.75×	16.62×	8.48×
P/B	5.48×	4.39×	3.37×	2.07×	2.6×	3.29×	3.16×	4.55×
P/S	5.1×	4.54×	4.17×	3.2×	4.01×	6.27×	5.51×	6.86×
EV / EBITDA	12.5×	13.67×	26.69×	18.99×	16.77×	49.64×	12.59×	12.45×
Gross margin	96.4%	96.5%	96.0%	96.4%	96.3%	96.3%	96.6%	96.9%
Operating margin	37.6%	27.9%	9.3%	12.5%	20.0%	11.1%	38.2%	51.4%
Net margin	33.7%	24.0%	11.4%	11.3%	16.1%	11.3%	33.2%	80.8%
Current ratio	3.56×	3.63×	3.34×	4.99×	5.43×	7.06×	7.08×	8.5×
Debt / equity	0.08×	0.09×	0.08×	0.08×	0.02×	0.03×	0.03×	0.01×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	36.2%	23.2%	9.2%	7.3%	10.5%	5.9%	19.0%	53.6%
Return on invested capital	29.7%	18.2%	5.4%	5.7%	9.9%	4.9%	17.1%	33.3%
Return on assets	27.5%	17.7%	7.1%	5.9%	8.8%	5.2%	17.0%	48.5%
Free cash flow yield	7.1%	6.4%	2.2%	4.3%	5.8%	2.9%	9.6%	6.5%
Earnings yield	6.6%	5.3%	2.7%	3.5%	4.0%	1.8%	6.0%	11.8%
Enterprise value	$11.5B	$9.8B	$7.6B	$4.8B	$5.2B	$5.9B	$5.1B	$5.6B
Net debt / EBITDA	-0.34×	-0.04×	-0.26×	-1.22×	-1.94×	-2.27×	-0.53×	-0.67×
Cash conversion cycle (days)	11	-31	-35	53	95	33	59	55