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Bull: Successful Cologuard Plus launch and multi-cancer test expansion drive sustained double-digit growth, scaling margins and expanding terminal multiples.
Liquid Biopsy Disruption: Emergence of competitive, highly accurate blood-based cancer screening tests erodes Cologuard volume.
Exact Sciences is a leading pre-profit diagnostics company, driven by its flagship Cologuard test. While GAAP earnings remain negative due to heavy SG&A and R&D investments, the company boasts strong ~70% gross margins and positive operating cash flow, positioning it to scale toward operating profitability.
Exact Sciences is a leading pre-profit diagnostics company, driven by its flagship Cologuard test. While GAAP earnings remain negative due to heavy SG&A and R&D investments, the company boasts strong ~70% gross margins and positive operating cash flow, positioning it to scale toward operating profitability.
First-mover advantage in non-invasive stool DNA screening
Vast distribution network and provider integrations
Accelerating adoption of non-invasive screening, favorable regulatory mandates, and expanding addressable age cohorts.
EXAS is rated Hold at the report-date price of $104.91 versus our fair value of $114.04, with +8.70% potential return.
Exact Sciences Corporation provides cancer screening and diagnostic test products in the United States and internationally. It offers Cologuard, a non-invasive stool-based DNA screening test to detect DNA and hemoglobin biomarkers associated with colorectal cancer and pre-cancer; Cologuard Plus Tests; Cancerguard Test; and Genetic Testing. The company also provides Oncotype DX Breast Recurrence Score Test; Oncotype DX Breast DCIS Score Test; Oncotype DX Colon Recurrence Score Test; Oncodetect Test;OncoExTra Test for tumor profiling for patients with advanced, metastatic, refractory, relapsed, or recurrent cancer; and Riskguard Test, a hereditary cancer test to understand their inherited risk of cancer. Its pipeline focus on advancing screening and diagnostic products, including risk assessment, screening and prevention, early disease diagnosis, adjuvant and/or neoadjuvant disease treatment, metastatic disease treatment selection, and recurrence monitoring. The company has license agreements with MAYO Foundation for Medical Education and Research, and Johns Hopkins University, as well as Freenome Holdings, Inc. Exact Sciences Corporation was incorporated in 1995 and is headquartered in Madison, Wisconsin.
If revenue growth unexpectedly drops to the 6.5% market-implied floor and EV/Revenue compresses from 8.0x to sector averages, the valuation falls rapidly toward the $72.48 bear case.
Liquid biopsy encroachment and stubborn SG&A costs force multiple contraction and lower terminal growth assumptions, breaking the pre-profit thesis.
Emergence of competitive, highly accurate blood-based cancer screening tests erodes Cologuard volume.
SG&A and R&D remain stubbornly high, permanently delaying the path to GAAP profitability and compressing EV/ multiples.
Пять событий, которые ослабят наш инвестиционный тезис.
Erosion in profitability undermines the operating leverage required to absorb heavy commercial infrastructure and R&D commitments. Compressing unit economics impairs the structural path toward sustained operating profitability, forcing longer reliance on external capital and dampening valuation multiples across core diagnostic franchises.
Текущее значение:69.7% for the period ended 2025-12-31
Предупреждение, если< 65.0% over any fiscal year
First-mover advantage in non-invasive stool DNA screening
Vast distribution network and provider integrations
Brand equity of Cologuard
Economic profit is supported when reported returns exceed the company cost-of-capital hurdle.
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
Unavailable
FCF cliff sensitivity is not model-supported in this run; use the discount-rate and terminal-growth grid as the primary valuation pressure test.
Successful Cologuard Plus launch and multi-cancer test expansion drive sustained double-digit growth, scaling margins and expanding terminal multiples.
Focus squarely on gross margin stability (~70%) and YoY SG&A operating leverage. Revenue growth surpassing the 12.7% internal valuation cross-checks drives base upside.
Focus squarely on gross margin stability (~70%) and YoY SG&A operating leverage. Revenue growth surpassing the 12.7% internal valuation cross-checks drives base upside.
Focus squarely on gross margin stability (~70%) and YoY SG&A operating leverage. Revenue growth surpassing the 12.7% internal valuation cross-checks drives base upside.
Focus squarely on gross margin stability (~70%) and YoY SG&A operating leverage. Revenue growth surpassing the 12.7% internal valuation cross-checks drives base upside.
Warning level: < 65.0% over any fiscal year. Erosion in profitability undermines the operating leverage required to absorb heavy commercial infrastructure and R&D commitments. Compressing unit economics impairs the structural path toward sustained operating profitability, forcing longer reliance on external capital and dampening valuation multiples across core diagnostic franchises.
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
| Выручка | 3 246 990 000 |
|---|---|
| Себестоимость выручки | 984 235 000 |
| Валовая прибыль | 2 262 755 000 |
| Операционные расходы | 2 461 853 000 |
| Операционная прибыль | -199 098 000 |
| Внереализационные статьи и налоги | -8 851 000 |
| Чистая прибыль | -207 949 000 |
| Активы, всего | 5 860 629 000 |
|---|---|
| Денежные средства | 955 996 000 |
| Оборотные активы | 1 555 849 000 |
| Обязательства, всего | 3 459 577 000 |
| Краткосрочные обязательства | 641 152 000 |
| Акционерный капитал | 2 401 052 000 |
Финансовые данные на конкретную дату, использованные в анализе от 2026-05-13.
| Период | Выручка | EBITDA | Чистая прибыль | Операционный денежный поток | Свободный денежный поток | Capex | Амортизация | Компенсация акциями | Выкуп акций | Выплаченные дивиденды | Чистое привлечение долга | Инвестиционный денежный поток | Финансовый денежный поток | Денежные средства на начало | Денежные средства на конец | Денежные средства и инвестиции | Общий долг | Операционная маржа | ROIC | WACC | Спред ROIC−WACC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022-12-31 | 2,1 млрд | -421,1 млн | -623,5 млн | -223,6 млн | -438 млн | 214,5 млн | 197,6 млн | 206,8 млн | — | — | 50 млн | — | — | — | — | 242,5 млн | 2,4 млрд | -27,7 % | — | — | — |
| 2023-12-31 | 2,5 млрд | 29,3 млн | -204,1 млн | 156,1 млн | 31,9 млн | 124,2 млн | 206,6 млн | 231,3 млн | — | — | 138 млн | — | — | — | — | 605,4 млн | 2,6 млрд | -8,6 % | — | — | — |
| 2024-12-31 | 2,8 млрд | -789,3 млн | -1 млрд | 210,5 млн | 74,5 млн | 136 млн | 214,9 млн | 214,9 млн | — | — | 216,8 млн | — | — | — | — | 600,9 млн | 2,8 млрд | -6,5 % | — | — | — |
| 2025-12-31 | 3,2 млрд | 52,4 млн | -207,9 млн | 491,4 млн | 356,8 млн | 134,7 млн | 221,6 млн | 217,7 млн | — | — | -249,2 млн | — | — | — | — | 956 млн | 2,5 млрд | -6,1 % | — | — | — |
EXAS trades at 55.2x forward earnings against a peer median of 18.3x; EV/EBITDA of 302.2x against a peer median of 18.7x; 6 peers.
Transitioning from cash-burn R&D expansion to early cash-flow harvesting, though GAAP profits still lag behind operating cash flow.
Accelerating adoption of non-invasive screening, favorable regulatory mandates, and expanding addressable age cohorts.
Capital tightening limits diagnostic R&D; payers push back aggressively on high-cost screening reimbursement.
Transitioning from cash-burn R&D expansion to early cash-flow harvesting, though GAAP profits still lag behind operating cash flow.
Maintain market-weight due to pre-profit volatility and heavy synthesis reliance on terminal EV/Revenue multiples.
Trim exposure aggressively if gross margins break below 65% or if a blood-based competitor achieves superior adenoma sensitivity in trials.
Hold. Upside exists (8.7%), but terminal multiple reliance and persistent liquid biopsy risks warrant a neutral stance until GAAP profitability line of sight clears entirely.
At $104.91, shares trade slightly below our $114.04 fair value. The market currently implies a 6.5% CAGR versus a 12.7% internal valuation cross-checks, providing a substantial margin of safety despite the lack of GAAP earnings.
Hold. Upside exists (8.7%), but terminal multiple reliance and persistent liquid biopsy risks warrant a neutral stance until GAAP profitability line of sight clears entirely.
Reassess the thesis against the named valuation, risk, and quarterly checkpoint evidence in this report.
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
Regulatory and commercial payer pricing pressures significantly reduce per-test margins.
Persistent overhead rigidity prevents top-line expansion from converting into positive operating income. Failure to realize sales efficiency gains delays the inflection to GAAP profitability, keeping the business vulnerable to cost shocks and multiple compression while testing shareholder tolerance for chronic pre-profit operations.
Текущее значение:Operating margin was -6.1% for the period ended 2025-12-31
Предупреждение, еслиSG&A as a percentage of revenue increases by >= 0.0% year-over-year over any fiscal year
Slowing expansion indicates maturing primary screening adoption or rising market resistance. Falling top-line momentum impairs scale economics, directly compresses enterprise multiples, and undermines the primary growth narrative justifying premium commercial valuation.
Текущее значение:17.7% for the period ended 2025-12-31
Предупреждение, если< 12.7% year-over-year over any fiscal year
Commercialization of an accurate non-invasive liquid biopsy would severely disrupt market dominance by offering superior patient compliance. Significant market share loss in asymptomatic screening would compress test volume trajectories, diminish pricing power, and impair long-term franchise cash flow generation.
Текущее значение:No FDA-approved blood-based screening competitor as of the 2026-05-13 analysis date
Предупреждение, если>= 1 FDA approval granted for a competitive blood-based colorectal cancer screening diagnostic over any 12-month period
Sustaining self-funded commercialization depends entirely on remaining cash flow positive while GAAP net income remains negative. A cash burn relapse would deplete balance sheet reserves, restrict commercial expansion investments, and raise the risk of dilutive financing.
Текущее значение:$491M TTM as of the 2026-05-13 analysis date
Предупреждение, если< $0 over any trailing twelve-month period
Multiply the peer median PEG by this stock's forecast growth to derive an implied forward P/E, then apply it to forward EPS.
Project revenue, apply a terminal EV/revenue multiple, discount enterprise value, subtract net debt, and divide by diluted shares.
Solve for the growth rate that makes the model value equal the report-date share price.
Continued ~12% revenue growth scaling into strong 70% gross margins. Steady progression toward operating profitability without major multiple compression.
Warning level: SG&A as a percentage of revenue increases by >= 0.0% year-over-year over any fiscal year. Persistent overhead rigidity prevents top-line expansion from converting into positive operating income. Failure to realize sales efficiency gains delays the inflection to GAAP profitability, keeping the business vulnerable to cost shocks and multiple compression while testing shareholder tolerance for chronic pre-profit operations.
Warning level: < 12.7% year-over-year over any fiscal year. Slowing expansion indicates maturing primary screening adoption or rising market resistance. Falling top-line momentum impairs scale economics, directly compresses enterprise multiples, and undermines the primary growth narrative justifying premium commercial valuation.
Warning level: >= 1 FDA approval granted for a competitive blood-based colorectal cancer screening diagnostic over any 12-month period. Commercialization of an accurate non-invasive liquid biopsy would severely disrupt market dominance by offering superior patient compliance. Significant market share loss in asymptomatic screening would compress test volume trajectories, diminish pricing power, and impair long-term franchise cash flow generation.
Warning level: < $0 over any trailing twelve-month period. Sustaining self-funded commercialization depends entirely on remaining cash flow positive while GAAP net income remains negative. A cash burn relapse would deplete balance sheet reserves, restrict commercial expansion investments, and raise the risk of dilutive financing.
| Маржа |
|---|
| EXAS | Exact Sciences Corp | $20.0B | 55.2x | 6.2x | 302.2x | — | — |
| TMO | Thermo Fisher Scientific Inc. | 16.8x | 3.8x | 18.7x | 13.5% | 17.9% | |
| DHR | Danaher Corporation | 18.3x | 4.7x | 16.6x | 7.1% | 22.9% | |
| IDXX | IDEXX Laboratories Inc. | 32.4x | 9.5x | 27.8x | 72.9% | 31.8% | |
| WAT | Waters Corporation | 21.5x | 9.2x | 27.1x | 5.2% | 11.7% | |
| A | Agilent Technologies Inc. | 17.2x | 4.5x | 16.9x | 19.9% | 22.9% |
