Latest Ratios: P/E Ratio -108.1x · EV/EBITDA N/A · ROE -5.8%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.8B | $2.0B | $1.7B | $6.6B | $4.1B | $16.4B | $14.3B | $3.0B | — | — |
| Enterprise Value | $4.5B | $1.7B | $1.5B | $6.3B | $4.0B | $15.9B | $13.7B | $2.6B | — | — |
| P/E Ratio → | -108.09 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.47 | 3.17 | 2.83 | 10.60 | 8.03 | 33.51 | 47.93 | 12.12 | — | — |
| P/B Ratio | 5.93 | 2.56 | 2.44 | 8.85 | 5.15 | 20.11 | 19.38 | 7.10 | — | — |
| P/FCF | 36.91 | 15.64 | — | — | — | — | — | — | — | — |
| P/OCF | 35.30 | 14.96 | 259.56 | — | — | — | — | 86.08 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.67 | 2.40 | 10.17 | 7.79 | 32.48 | 45.92 | 10.52 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 13.21 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.1% | 69.1% | 67.9% | 66.2% | 76.7% | 84.9% | 80.4% | 75.2% | 80.4% | 85.1% |
| Operating Margin | -17.2% | -17.2% | -31.9% | -42.9% | -32.5% | -10.8% | -28.6% | -11.8% | -75.7% | -25.8% |
| Net Profit Margin | -6.8% | -6.8% | -29.9% | -41.2% | -32.1% | -11.9% | -181.6% | -12.7% | -76.9% | -26.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.8% | -5.8% | -25.2% | -33.0% | -20.5% | -7.5% | -93.6% | -31.2% | — | — |
| ROA | -4.4% | -4.4% | -19.4% | -25.6% | -16.2% | -6.0% | -70.7% | -8.6% | -112.5% | -24.8% |
| ROIC | -17.9% | -17.9% | -31.5% | -34.4% | -25.4% | -17.6% | -78.0% | -85.0% | — | — |
| ROCE | -13.1% | -13.1% | -23.7% | -30.6% | -18.6% | -6.2% | -12.6% | -9.2% | -152.3% | -34.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.20 | 0.20 | 0.12 | 0.13 | 0.12 | 0.10 | 0.09 | 0.07 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.40 | -0.37 | -0.36 | -0.15 | -0.62 | -0.81 | -0.94 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.43 | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -44424.00 | -7537.27 | -339.28 | -61.03 | -316.76 | -9.08 | -45.66 | -22.11 |
Net cash position: cash ($474M) exceeds total debt ($158M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.46 | 4.46 | 4.97 | 4.69 | 4.85 | 6.77 | 6.56 | 7.63 | 3.28 | 3.08 |
| Quick Ratio | 4.09 | 4.09 | 4.26 | 4.11 | 4.23 | 6.23 | 6.30 | 7.38 | 3.02 | 2.86 |
| Cash Ratio | 3.41 | 3.41 | 3.34 | 3.06 | 3.28 | 5.32 | 5.62 | 6.73 | 2.01 | 2.16 |
| Asset Turnover | — | 0.62 | 0.66 | 0.64 | 0.50 | 0.48 | 0.32 | 0.41 | 1.18 | 0.94 |
| Inventory Turnover | 3.53 | 3.53 | 2.36 | 2.84 | 1.47 | 1.24 | 1.95 | 4.00 | 3.34 | 2.18 |
| Days Sales Outstanding | — | 46.84 | 52.51 | 67.74 | 73.66 | 63.44 | 62.54 | 49.54 | 70.07 | 68.50 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 2.7% | 6.4% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $125M | $120M | $117M | $114M | $110M | $101M | $39M | $13M | $12M |
Persistent Operating Losses
Based on current market data, 10x Genomics trades at a price-to-sales multiple of 7.26, which appears elevated given the company's negative TTM P/E of -105.00 and the absence of a clear path to near-term GAAP profitability in the current high-interest rate environment.
The valuation suggests that investors are pricing the company as a high-growth technology entity rather than a traditional healthcare equipment manufacturer. This premium is difficult to justify when compared to mature peers like Illumina, as the lack of positive net margins leaves the stock highly sensitive to any further deceleration in revenue growth.
According to recent financial disclosures, the company's ROIC has consistently remained in negative territory, reaching -2.9% in 2026Q1, which indicates that the firm is currently destroying shareholder value rather than compounding it through its heavy investments in R&D and commercial infrastructure.
The persistent negative return on capital highlights the difficulty of scaling a high-fixed-cost business model in the life sciences tools sector. Until the company can demonstrate a sustained positive spread between its returns and its cost of capital, the current strategy of aggressive market share acquisition may continue to weigh on long-term value creation.
As reported in quarterly filings, the cash conversion cycle has fluctuated significantly, reaching 122 days in 2026Q1, driven largely by an elevated days inventory outstanding of 111 days, which suggests potential inefficiencies in managing the transition between legacy Chromium and newer Xenium product lines.
The high inventory levels relative to sales turnover indicate that the company is carrying substantial capital in its supply chain, which may be a byproduct of managing product transitions. Investors should monitor whether these inventory levels normalize as the Xenium platform gains broader market adoption and manufacturing processes reach maturity.
Based on the most recent balance sheet, the company maintains a current ratio of 5.90, providing a robust liquidity buffer that appears sufficient to withstand short-term operational volatility despite the ongoing cash burn associated with its aggressive intellectual property defense and R&D spending.
While the current ratio suggests a comfortable cushion, the reliance on cash reserves to fund operations rather than organic cash flow generation remains a structural concern. The company's ability to maintain this liquidity position is contingent upon its success in controlling operating expenses while navigating the competitive landscape.
Market participants frequently rely on the price-to-sales ratio to value 10x Genomics, yet this metric obscures the underlying quality of revenue and the significant capital intensity required to maintain the company's proprietary ecosystem, which is not captured by top-line growth figures alone.
A more appropriate metric for this business model would be the consumable pull-through per instrument, as it provides a clearer view of the recurring revenue quality and the actual adoption rate of the platform. Relying solely on P/S multiples risks ignoring the potential for margin compression as the company faces increased competition in the spatial biology market.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying TXG stock.
10x Genomics, Inc.'s current P/E ratio is -108.1x. This places it at the 50th percentile of its historical range.
10x Genomics, Inc.'s return on equity (ROE) is -5.8%. The historical average is -31.0%.
Based on historical data, 10x Genomics, Inc. is trading at a P/E of -108.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
10x Genomics, Inc. has 69.1% gross margin and -17.2% operating margin.