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Makes single-cell and spatial genomics instruments and reagents that let researchers analyze gene activity in individual cells.
Makes single-cell and spatial genomics instruments and reagents that let researchers analyze gene activity in individual cells.
Sells instruments once and then earns repeatedly on the reagent kits and chips each experiment uses, so consumables are the larger and steadier part of revenue. Customers are mostly academic labs funded by research grants, plus biotech and pharma. Chromium is the older line; the spatial products are the newer one.
Moat: narrow (IP / patents, installed base, switching costs). A proprietary microfluidics/chemistry platform with an installed instrument base drives recurring consumables revenue.
Headquarters: Pleasanton, California, US · Founded: 2012 · Employees: 1,178
Size 10x Genomics (TXG) is a United States Health Care company (Biotechnology) with a market value of $7.72B, the 911th largest of 3,117 United States companies the cockpit tracks. Shares closed at $59.28 on 6 Nov 2026.
Performance Over six months the shares gained 174.4%, against +7.3% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue fell 4.3% over the last twelve months (peer median +21.7%); the operating margin is -14.1% (peer median 9.6%).
Valuation It trades at 11.8× enterprise value to sales against a peer median of 9.9× (8th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +25 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 34.5 points below its cost of capital (14.9% WACC).
Backlog Backlog (remaining performance obligations) was $34.4M at 31 Dec 2025, up 4% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 10.6% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $617M | $643M | $611M | $619M | $516M |
| Revenue growth | — | +5% | -1% | +20% | — |
| Gross profit | $435M | $452M | $428M | $409M | $396M |
| EBITDA | -$43.1M | -$56.4M | -$148M | -$158M | -$131M |
| Net income | -$75.1M | -$43.5M | -$183M | -$255M | -$166M |
| Free cash flow | $121M | $130M | -$5.73M | -$63.8M | -$165M |
| Capital expenditure | $5.65M | $5.93M | $13.4M | $49.5M | $132M |
| Total debt | $78.8M | $84.4M | $82.6M | $95.4M | $95.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| 10x Genomics TXG | $7.72B | +174% | -4% | -14% | 11.8× | 41.8% |
| Illumina ILMN | $32.2B | +50% | +6% | 21% | 7.3× | 27.1% |
| Bruker BRKR | $9.34B | +39% | +2% | 9% | 3.1× | 25.7% |
| Bio-Techne TECH | $11.4B | +51% | 0% | 22% | 9.4× | 31.3% |
| Standard BioTools LAB | n/a | -38% | n/a | n/a | n/a | n/a |
| Becton Dickinson BDX | $57.7B | +43% | -3% | 15% | 3.5× | 9.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TXG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.3% | +0.7% | 2nd lowest of 21 |
| 6-month return | +174.4% | +7.3% | highest of 21 |
| Distance from 52-week high | -42.3% | -28.6% | 4th lowest of 21 |
| Revenue growth (TTM) | -4.3% | +21.7% | 2nd lowest of 16 |
| Operating margin | -14.1% | 9.6% | 7th lowest of 16 |
| EV / Sales | 11.8× | 9.9× | 8th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 41.8% | 23.5% | most demanding of 11 |
| Growth delivered (Del g) | +16.6% | +17.7% | 6th highest of 11 |
| Hurdle (Req g minus delivered) | +25.3 pp | +4.2 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | -34.5 pp | -3.2 pp | 6th lowest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 10x Genomics TXG | United States | $7.72B | +174% | -4% | -14% | 11.8× | 41.8% | +16.6% |
| Twist Bioscience TWST | United States | $7.95B | +112% | +19% | -32% | 18.2× | n/a | n/a |
| Arrowhead Pharmaceuticals ARWR | United States | $8.22B | -20% | +17% | -34% | 11.9× | n/a | n/a |
| Caris Life Sciences CAI | United States | $7.13B | +56% | +85% | 15% | 6.9× | 18.7% | +85.4% |
| Axsome Therapeutics AXSM | United States | $6.96B | -39% | +54% | -19% | 7.9× | n/a | n/a |
| Genscript Biotech 1548.HK | Hong Kong | $8.81B | +96% | +53% | 12% | 9.9× | 36.5% | +19.8% |
| CG Oncology CGON | United States | $6.74B | +9% | +1,030% | -4,056% | 917.8× | n/a | n/a |
| Krystal Biotech KRYS | United States | $8.92B | -2% | +26% | 48% | 17.1× | 11.9% | +26.0% |
| Immunovant IMVT | United States | $6.31B | +5% | n/a | n/a | n/a | n/a | n/a |
| Kodiak Sciences KOD | United States | $6.24B | +142% | n/a | n/a | n/a | n/a | n/a |
| Vaxcyte PCVX | United States | $10.1B | +21% | n/a | n/a | n/a | n/a | n/a |
| ALTEOGEN 196170.KS | South Korea | $10.3B | -46% | +61% | 53% | 43.0× | 29.8% | +38.5% |
| Scholar Rock SRRK | United States | $5.72B | -3% | n/a | n/a | n/a | n/a | n/a |
| Hangzhou Tigermed Consulting 3347.HK | Hong Kong | $5.65B | -1% | +22% | 10% | 5.6× | 28.3% | +15.6% |
| Sichuan Kelun Pharmaceutical 002422.SZ | China | $10.8B | +30% | 0% | 9% | 3.9× | 7.2% | +2.3% |
| BioMarin Pharmaceutical BMRN | United States | $10.9B | +4% | +20% | 19% | 3.9× | 6.5% | +12.0% |
| Cogent Biosciences COGT | United States | $5.49B | -9% | n/a | n/a | n/a | n/a | n/a |
| Anthem Biosciences ANTHEM.NS | India | $5.46B | +17% | -1% | 35% | 24.9× | 36.7% | +26.2% |
| Chongqing Zhifei Biological Products 300122.SZ | China | $5.35B | -2% | -28% | -210% | 5.4× | -6.4% | -10.0% |
| Kymera Therapeutics KYMR | United States | $11.2B | +53% | +134% | -396% | 101.2× | n/a | n/a |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 9.4× | 31.3% | +5.5% |
10x Genomics reported $34.4M of remaining performance obligations at 31 Dec 2025, up 4% from a year earlier and up 4% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.