EXELIXIS, Inc. (EXEL) intrinsic value & 10-year financials
EXELIXIS, Inc. (EXEL) has a Graham intrinsic value of $92.34 per share. At $62.23 on Oct 17, 2026, the stock trades 33% below that value. Over the last 10 fiscal years revenue grew 46.6% a year to $2.3B, with an average return on invested capital of 22.1%.
- Graham intrinsic value
- $92.34
- Share price (Oct 17, 2026)
- $62.23
- Price vs Graham value
- 33% below
- Market cap
- $17.5B
- Revenue (FY2026)
- $2.3B
- Revenue growth (10-yr CAGR)
- 46.6%
- ROIC (10-yr avg)
- 22.1%
- Free cash flow (FY2026)
- $875.8M
EXEL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $2.3B | $782.6M | $2.78 | $875.8M | 37.6% | 35.6% |
| FY2025 | $2.2B | $521.3M | $1.76 | $671.5M | 27.9% | 21.0% |
| FY2023 | $1.8B | $207.8M | $0.65 | $292.9M | 9.3% | 6.3% |
| FY2022 | $1.6B | $182.3M | $0.56 | $334.9M | 12.5% | 8.3% |
| FY2021 | $1.4B | $231.1M | $0.72 | $336.6M | 20.0% | 14.6% |
| FY2020 | $967.8M | $321.0M | $1.02 | $514.1M | 38.2% | 24.3% |
| FY2018 | $853.8M | $690.1M | $2.21 | $382.4M | 51.4% | 80.8% |
| FY2017 | $452.5M | $154.2M | $0.49 | $144.5M | 36.7% | 141.2% |
| FY2016 | $191.5M | -$70.2M | -$0.28 | $208.7M | -14.7% | -21.4% |
| FY2015 | $74.3M | -$169.7M | — | -$142.0M | -163.4% | -89.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EXELIXIS, INC. is a consistent compounder, expanding top-line revenue at 46.6% annually over the past decade.
EXELIXIS, INC. has earned high returns on invested capital, averaging 22.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
EXELIXIS, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, EXELIXIS, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $92.34 per share.