TXG Healthcare

10x Genomics, Inc.

$65.29+5.94%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 8.5B USD
Enterprise value: 8.0B USD
Full-time employees: 1,178

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.08 vs a peer median of 0.63)bigger price swings (beta 2.08 vs peers 0.63)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,009 of 1,157 healthcare companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 11% from December 2022 to December 2025.
10x Genomics had 11% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.10x Genomics had 11% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 17% of revenue in 2025.
10x Genomics paid employees $109M in stock in 2025, 17% of its $643M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -9.5% in 2025, the smallest loss relative to revenue of the last 6 years.
10x Genomics still lost money on operations in 2025 (margin -9.5%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, 10x Genomics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

28/ 100

Oct 5 28 → Nov 4 28

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-0.9%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-0.5%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield1.4%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield9.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

37/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 3.4%

Why

Weaker than most peers on:

▼ Revenue growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth2.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.37Sector median: 0.0584 · MAD: 0.0840

Revenue growth-4.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.06Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

26/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 8.3 points to -14.3%

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-14.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.76Sector median: 0.0706 · MAD: 0.1217

Return on assets-7.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.67Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-21.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.62Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin70.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-9.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 41 → 40

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Current ratio
▲ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.08

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -4.28Sector median: 0.6250 · MAD: 0.3380

Current ratio5.69×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.24Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.10×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.62Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about 10x Genomics

Is 10x Genomics getting weaker?: Its latest SEC filing (Aug 7, 2026) got weaker in some ways: operating margin fell 8.3 points to -14.3%; 12-month revenue fell 3.4%. Its overall score is unchanged at 28/100 since Oct 28, 2026.
How is 10x Genomics valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -0.9% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -0.9% vs peers 1.5% (weaker than 100% of peers).
Is 10x Genomics growing?: More slowly than most of its peers. Growth scores 37/100 against 1,393 healthcare peers. Revenue growth -4.3% vs a peer median of 6.1% (weaker than 78% of peers).Revenue growth -4.3% vs peers 6.1% (weaker than 78% of peers).
How profitable is 10x Genomics?: Less profitable than most of its peers. Profitability scores 26/100 against 1,393 healthcare peers. Return on invested capital -21.6% vs a peer median of 4.7% (weaker than 80% of peers).Return on invested capital -21.6% vs peers 4.7% (weaker than 80% of peers).
How risky is 10x Genomics?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.69× vs a peer median of 2.59× (stronger than 77% of peers).Current ratio 5.69× vs peers 2.59× (stronger than 77% of peers). Beta 2.08 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.08 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Operating margin fell 8.3 points to -14.3%
12-month revenue fell 3.4%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	638.8M USD	616.9M USD	−3.4%
Net income (12 months)	−22.6M USD	−75.1M USD	+232.0%
Operating margin	-6.1%	-14.3%	−8.3 pts
Free cash flow (12 months)	122.2M USD	121.4M USD	−0.6%
Cash	490.3M USD	502.5M USD	+2.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Devices · 33 companies

Valuations in Medical Devices are near the bottom of their range since 2016.

7% of months since 2016 were valued lower than now.
4% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +33% (medians): earnings grew faster than prices.
Median price-to-sales is +20% vs the whole market, against a usual +109%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	84.9%	76.7%	66.2%	67.9%	69.1%	▲ 1.2 pts
Operating margin	-10.7%	-32.5%	-42.9%	-31.9%	-9.5%	▲ 22 pts
Net margin	-11.9%	-32.1%	-41.2%	-29.9%	-6.8%	▲ 23 pts
Return on assets (ROA)	-5.7%	-16.1%	-26.4%	-19.9%	-4.2%	▲ 16 pts
Return on equity (ROE)	-7.1%	-20.6%	-34.4%	-25.7%	-5.5%	▲ 20 pts
Free cash flow margin	-25.0%	-32.0%	-10.3%	-0.9%	20.2%	▲ 21 pts
Current ratio	6.77×	4.85×	4.69×	4.97×	4.46×	▼ 10%
Quick ratio	6.23×	4.23×	4.11×	4.26×	4.09×	▼ 3.9%
Debt to equity	—	—	—	—	—	—
Interest coverage	-60.34×	-352.82×	-8040.27×	-48639.75×	—	—

TXG price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.08 vs a peer median of 0.63)bigger price swings (beta 2.08 vs peers 0.63)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,009 of 1,157 healthcare companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 11% from December 2022 to December 2025.

10x Genomics had 11% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.10x Genomics had 11% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 17% of revenue in 2025.

10x Genomics paid employees $109M in stock in 2025, 17% of its $643M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -9.5% in 2025, the smallest loss relative to revenue of the last 6 years.

10x Genomics still lost money on operations in 2025 (margin -9.5%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, 10x Genomics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about 10x Genomics

Is 10x Genomics getting weaker?

Its latest SEC filing (Aug 7, 2026) got weaker in some ways: operating margin fell 8.3 points to -14.3%; 12-month revenue fell 3.4%. Its overall score is unchanged at 28/100 since Oct 28, 2026.

How is 10x Genomics valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -0.9% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -0.9% vs peers 1.5% (weaker than 100% of peers).

Is 10x Genomics growing?

More slowly than most of its peers. Growth scores 37/100 against 1,393 healthcare peers. Revenue growth -4.3% vs a peer median of 6.1% (weaker than 78% of peers).Revenue growth -4.3% vs peers 6.1% (weaker than 78% of peers).

How profitable is 10x Genomics?

Less profitable than most of its peers. Profitability scores 26/100 against 1,393 healthcare peers. Return on invested capital -21.6% vs a peer median of 4.7% (weaker than 80% of peers).Return on invested capital -21.6% vs peers 4.7% (weaker than 80% of peers).

How risky is 10x Genomics?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.69× vs a peer median of 2.59× (stronger than 77% of peers).Current ratio 5.69× vs peers 2.59× (stronger than 77% of peers). Beta 2.08 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.08 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

638.8M USD

616.9M USD

−3.4%

Net income (12 months)

−22.6M USD

−75.1M USD

+232.0%

Operating margin

-6.1%

-14.3%

−8.3 pts

Free cash flow (12 months)

122.2M USD

121.4M USD

−0.6%

Cash

490.3M USD

502.5M USD

+2.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

84.9%

76.7%

66.2%

67.9%

69.1%

▲ 1.2 pts

Operating margin

-10.7%

-32.5%

-42.9%

-31.9%

-9.5%

▲ 22 pts

Net margin

-11.9%

-32.1%

-41.2%

-29.9%

-6.8%

▲ 23 pts

Return on assets (ROA)

-5.7%

-16.1%

-26.4%

-19.9%

-4.2%

▲ 16 pts

Return on equity (ROE)

-7.1%

-20.6%

-34.4%

-25.7%

-5.5%

▲ 20 pts

Free cash flow margin

-25.0%

-32.0%

-10.3%

-0.9%

20.2%

▲ 21 pts

Current ratio

6.77×

4.85×

4.69×

4.97×

4.46×

▼ 10%

Quick ratio

6.23×

4.23×

4.11×

4.26×

4.09×

▼ 3.9%

Debt to equity

—

Interest coverage

-60.34×

-352.82×

-8040.27×

-48639.75×

—