Latest Ratios: P/E Ratio -5.2x · EV/EBITDA N/A · ROE -147.8%. (2012–2025 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 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $116M | $131M | $75M | $35M | $41M | $186M | $167M | $319M | — | — | — |
| Enterprise Value | $89M | $104M | $76M | $22M | $14M | $114M | $137M | $273M | — | — | — |
| P/E Ratio → | -5.16 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.74 | 1.97 | 1.34 | 0.67 | 0.90 | 3.85 | 3.98 | 7.90 | — | — | — |
| P/B Ratio | 5.93 | 7.51 | 7.82 | 1.55 | 0.97 | 2.19 | 3.99 | 5.73 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
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 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.57 | 1.36 | 0.42 | 0.30 | 2.37 | 3.25 | 6.76 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
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 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.3% | 58.3% | 59.5% | 56.1% | 46.9% | 57.4% | 60.6% | 53.4% | 52.6% | 47.3% | 46.9% |
| Operating Margin | -21.1% | -21.1% | -24.5% | -43.5% | -101.1% | -49.8% | -36.2% | -23.0% | -15.0% | -29.2% | -57.9% |
| Net Profit Margin | -30.0% | -30.0% | -27.2% | -45.1% | -104.0% | -55.6% | -39.8% | -29.8% | -24.7% | -95.6% | -106.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -147.8% | -147.8% | -93.8% | -72.7% | -74.4% | -42.4% | -34.2% | -49.2% | — | — | — |
| ROA | -38.8% | -38.8% | -29.7% | -33.1% | -45.2% | -26.6% | -20.0% | -20.5% | -32.5% | -146.4% | -120.7% |
| ROIC | -1851.3% | -1851.3% | -102.6% | -138.7% | -239.6% | -144.9% | -108.3% | -96.4% | -94.4% | -282.1% | -1461.7% |
| ROCE | -37.5% | -37.5% | -35.8% | -37.5% | -48.3% | -26.2% | -20.0% | -18.2% | -27.6% | -50.9% | — |
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 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.31 | 0.31 | 2.41 | 1.02 | 0.83 | 0.33 | 0.64 | 0.47 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.54 | 0.10 | -0.58 | -0.64 | -0.84 | -0.73 | -0.83 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -3.26 | -3.26 | -5.76 | -9.13 | -18.47 | -9.16 | -5.54 | -2.44 | -1.77 | -7.88 | -3.21 |
Net cash position: cash ($32M) exceeds total debt ($5M)
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 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.45 | 3.45 | 2.70 | 4.02 | 7.55 | 12.10 | 8.04 | 13.78 | 2.38 | 2.66 | 0.11 |
| Quick Ratio | 3.45 | 3.45 | 2.70 | 4.02 | 7.55 | 12.10 | 8.04 | 13.78 | 2.27 | 2.55 | 0.11 |
| Cash Ratio | 2.28 | 2.28 | 1.63 | 3.07 | 6.48 | 10.67 | 6.55 | 12.23 | 1.47 | 2.25 | 0.07 |
| Asset Turnover | — | 1.15 | 1.25 | 0.92 | 0.53 | 0.39 | 0.54 | 0.46 | 1.12 | 1.31 | 1.23 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 15.05 | 25.99 | — |
| Days Sales Outstanding | — | 59.51 | 51.40 | 45.50 | 48.68 | 72.96 | 77.48 | 51.65 | 66.97 | 8.22 | — |
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 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | 2.1% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| 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% | 2.1% | — | — | — |
| Shares Outstanding | — | $22M | $18M | $18M | $17M | $16M | $13M | $13M | $63005 | $63005 | $62797 |
Capital market dependency
According to current market data, Exagen trades at a price-to-sales ratio of 1.66, which appears to reflect significant investor skepticism regarding the company's ability to achieve sustainable profitability compared to higher-growth peers in the specialized diagnostic sector that command substantially higher valuation premiums in the current market.
The negative P/E ratio of -4.92 underscores the lack of bottom-line earnings, forcing investors to rely on revenue-based multiples that may not capture the underlying risk of continued cash burn. This valuation suggests that the market is pricing in a high probability of future equity dilution to fund ongoing operations, rather than rewarding the company for its current top-line expansion.
Based on reported figures, Exagen's ROIC has remained deeply negative, reaching -48.0% in 2026Q1, which indicates that the company is currently destroying shareholder capital rather than compounding it through its specialized diagnostic testing services and proprietary CB-CAPs technology platform within the competitive rheumatology market.
The consistent inability to generate positive returns on invested capital suggests that the current cost structure, particularly the high SG&A required for physician education, outweighs the gross profit generated by test volume. Without a clear path to operational efficiency, the company appears to be trapped in a cycle where capital is consumed to maintain market presence rather than to drive sustainable growth.
As reported in recent financial statements, Exagen's DSO has fluctuated between 55 and 80 days over the last ten quarters, suggesting that the company faces significant challenges in converting its diagnostic service revenue into cash, which complicates its ability to manage working capital effectively during periods of growth.
The variability in the cash conversion cycle highlights the inherent difficulty in managing reimbursement from diverse third-party payers, which often leads to unpredictable cash inflows. This inefficiency forces the company to maintain higher liquidity buffers than would otherwise be necessary, further straining the balance sheet during periods of high operational expenditure.
According to quarterly balance sheet data, the current ratio has declined from 4.83 in 2024Q1 to 3.47 in 2026Q1, indicating a tightening liquidity position that may limit the company's ability to navigate prolonged periods of negative operating cash flow without seeking additional external financing or capital injections.
While the current ratio remains above 1.0, the rapid depletion of cash reserves relative to persistent operating losses warrants close monitoring by investors. The company's reliance on external capital to fund its daily operations suggests that its liquidity position is highly sensitive to market conditions and the availability of equity financing.
Investors frequently misapply the revenue growth metric to Exagen, failing to account for the high cost of customer acquisition and the significant variable consideration adjustments that often mask the true cash-generating potential of the company's diagnostic testing services in the current competitive healthcare landscape.
Focusing solely on top-line growth obscures the reality that each additional test performed may not be contributing to positive free cash flow due to the high fixed costs of the laboratory and sales force. A more appropriate metric for this business model would be contribution margin per test, which would better reveal the underlying profitability of the AVISE brand.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying XGN stock.
Exagen Inc.'s current P/E ratio is -5.2x. This places it at the 50th percentile of its historical range.
Exagen Inc.'s return on equity (ROE) is -147.8%. The historical average is -83.3%.
Based on historical data, Exagen Inc. is trading at a P/E of -5.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Exagen Inc. has 58.3% gross margin and -21.1% operating margin.