10X Genomics Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting that the shrinking product business grows again before the one-off litigation windfall (roughly $120 million in 2025) fades — the strong balance sheet buys time for that, but it does not replace operating growth. Whoever waits checks three lines in every quarterly report (10-Q): instruments and consumables revenue (is the core business turning positive again?), license revenue excluding one-offs, and operating cash flow. An earnings surprise built on one-off items corrects quickly if the business does not follow through. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
The Big Earnings Surprise scanner reports four quarters of beats for 10x Genomics — but the surprise comes largely from two courtrooms: roughly $120 million of 2025 earnings contribution from the patent settlements with Vizgen and Bruker, which the company itself labels "non-recurring." Behind it, the actual product business is shrinking for the third year running (instruments down 39 percent), while the accumulated deficit stands at $1.5 billion and the founders keep control through dual-class voting. Against that stand a fortress balance sheet ($539.8 million in cash, barely any debt), genuine cost discipline and a turned operating cash flow. Whoever invests here is betting that the one-off litigation windfall becomes a recovery of the core business. Not investment advice.
Technology & market position
Technology leader in single-cell and spatial analysis (Chromium, Visium, Xenium); 8,046 instruments sold and more than 10,000 scientific publications form a broad installed base for high-margin consumables ($507.2 million in 2025).
Balance sheet & cash flow
$539.8 million of cash and securities (March 31, 2026), virtually no financial debt, a 69 percent gross margin; operating cash flow turned to plus $136.1 million in 2025 (2024: plus $6.7 million). The balance sheet funds years of shrinking losses.
Quality of the earnings surprise
The four straight beats are largely a one-off: roughly $120 million of 2025 earnings contribution from the patent settlements ($44.1 million non-recurring revenue, $49.9 million gains on settlement, $25.6 million less in legal costs). The company guides to only a "moderate" revenue increase for 2026 without this tailwind (10-K 2025).
Core business
The products-and-services business is shrinking for the third year running (to $596.7 million in 2025), and instruments collapsed 39 percent to $56.8 million (price decreases, lower spatial volumes). The reported 5 percent revenue gain is a mirror effect of the one-off revenue.
Profitability & valuation
Still lossmaking (net loss $43.5 million in 2025, accumulated deficit $1.5 billion); the valuation of 5 to 6 times book value (data as of July 18, 2026) prices in growth the product business is currently missing — cushioned by the large cash pile.
Governance & concentration risks
Dual-class voting (Class B, ten votes per share) secures the founders a majority — inventors at the wheel, but no external check. Add the China concentration (about ten percent of 2025 revenue) and a manufacturing risk from the AI-driven chip shortage (10-K 2025).
Worth Noting
TXG made the research list as rank 7 in our in-house Big Earnings Surprise scanner (U.S. selection, as of July 18, 2026) — part of our series on the top 20 of that selection.
The scanner evaluates the reported earnings surprises of the last four quarters; for a lossmaking company, a positive surprise means a smaller loss than expected, not a profit.
Price and valuation figures (price-to-book around 5.7, a share price that more than doubled within twelve months) are from the feed of July 18, 2026; analyses are evergreen, and daily prices are no reason to buy. The one-off patent-settlement revenue ($44.1 million) is expressly disclosed as "non-recurring" in the 10-K 2025.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at TXG since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 11.30 $ to 77.00 $ · Last price: 77.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Health Information Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| 10X Genomics Inc TXG | 10.1 | – | 148.5 | 70.1 | -11.3 | 5.3 | 498.5 |
| Veeva Systems Inc Class A VEEV | 41.1 | 44.0 | 33.4 | 75.0 | 30.9 | 16.3 | -3.9 |
| Tempus AI, Inc. TEM | 14.2 | – | 0.0 | 64.0 | -24.3 | 83.4 | -7.0 |
| BrightSpring Health Services, Inc. BTSG | 11.2 | 73.3 | 22.6 | 12.4 | 3.4 | 14.6 | 106.6 |
| HealthEquity Inc HQY | 7.9 | 39.6 | 16.8 | 71.3 | 29.3 | 9.5 | 2.4 |
| Hinge Health, Inc. HNGE | 7.6 | 11.9 | 71.9 | 84.5 | 19.0 | 50.6 | 59.2 |
| Doximity Inc DOCS | 4.8 | – | 18.7 | 88.1 | 21.6 | 13.1 | -63.4 |
| Waystar Holding Corp. WAY | 4.8 | – | 14.8 | 69.1 | 25.6 | 16.5 | -31.3 |
| Heartflow, Inc. HTFL | 4.3 | – | 0.0 | 80.1 | – | 39.9 | 56.1 |
| Median of companies shown | 7.9 | 41.8 | 18.7 | 71.3 | 20.3 | 16.3 | 2.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 71 | -18 | -19 | -1.62 | -11 | -113 | 76 |
| 2018 | 146 | -111 | -112 | -8.40 | -76 | -220 | 124 |
| 2019 | 246 | -29 | -31 | -0.40 | 35 | 420 | 606 |
| 2020 | 299 | -85 | -543 | -5.37 | -218 | 739 | 929 |
| 2021 | 490 | -53 | -58 | -0.53 | -21 | 818 | 1,019 |
| 2022 | 516 | -168 | -166 | -1.46 | -34 | 806 | 1,029 |
| 2023 | 619 | -265 | -255 | -2.18 | -15 | 741 | 965 |
| 2024 | 611 | -195 | -183 | -1.52 | 7 | 710 | 919 |
| 2025 | 643 | -111 | -44 | -0.35 | 136 | 796 | 1,041 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.40 | – | 165 | -10.30 | -29.70 | -7 | -10 |
| 2025: Q1 | -0.28 | – | 155 | 9.80 | -22.20 | 34 | 33 |
| 2025: Q2 | 0.28 | – | 173 | 12.90 | 20.00 | 18 | 16 |
| 2025: Q3 | -0.22 | – | 149 | -1.70 | -18.40 | 43 | 43 |
| 2025: Q4 | -0.13 | – | 166 | 0.60 | -9.80 | 41 | 39 |
| 2026: Q1 | -0.10 | – | 151 | -2.60 | -8.90 | 26 | 25 |
| 2026: Q2 | -0.14 | -150.00 | 151 | -12.70 | -11.90 | 17 | 15 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 24 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Earnings & Surprises
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Kathy Donnelly: Liquid Movers Up
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Power Trend Leader
- Mike Webster: Swing Trading List
- Near 52-Week High
- Oliver Kell: Strength on Down Day
- Qullamaggie: Trend Intensity (13/65)
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: 1 Week Top Performers
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Stage 2
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.11 | 0.03 – 0.18 | 620 | -14.7% | 2 |
| 12/31/2027 | 0.20 | 0.05 – 0.39 | 680 | 93.7% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 27.3% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $121.4M |
|---|---|
| Market cap | $10.10B |
| Free cash flow in year ten | $1.36B |
| Terminal value as a share of market value | 70.7% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
10x Genomics verkauft keine KI-Produkte — der Umsatz stammt aus Single-Cell- und Spatial-Instrumenten (Chromium, Visium, Xenium), Verbrauchsmaterialien, Software und 2025 zu einem erheblichen Teil aus einmaligen Patent-Vergleichen (Vizgen, Bruker); KI ist in den geprüften Filings keine Umsatzquelle. Die Risk Factors (Item 1A) nennen KI überwiegend als Risiko des EIGENEN KI-Einsatzes (Entwicklung, Einsatz, Regulierung) sowie als möglichen Ablenker der Investoren-Aufmerksamkeit — kein konkretes, dem Geschäftsmodell zugeordnetes Bedrohungsszenario im Sinne des Katalogs, sondern Boilerplate. Belegt ist dagegen der eigene operative KI-Einsatz: Der Geschäftsbericht (10-K) 2025 sagt ausdrücklich, das Unternehmen setze KI, maschinelles Lernen und automatisierte Entscheidungstechnologien im Geschäft ein und investiere gezielt darin — daher „Nutzt KI“.
View the full file — quotes, sources, reviewed filings
„We use artificial intelligence (“AI”), machine learning and automated decision-making technologies (collectively, “AI Technologies”) in our business and are making targeted investments in this area."
Wir setzen in unserem Geschäft Künstliche Intelligenz („KI“), maschinelles Lernen und automatisierte Entscheidungstechnologien (zusammen „KI-Technologien“) ein und tätigen gezielte Investitionen in diesem Bereich.
10-K · 2026-02-13 · View SEC filing
„Increased investment may be required in the future to continuously improve our use of AI Technologies."
Künftig können weitere Investitionen erforderlich sein, um unseren Einsatz von KI-Technologien fortlaufend zu verbessern.
10-K · 2026-02-13 · View SEC filing
Filings Reviewed: 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-08 · 10-Q 2025-05-09 · 10-K 2026-02-13 · 10-K 2025-02-13
Rated on July 19, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 7.6%
- More than 10% revenue growth is expected for the coming year 9.0%
- Share count grows by less than 3% a year 3.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 25.5%
- Gross margin at 40% or higher and without meaningful erosion 69.1%
- Goodwill from acquisitions does not grow faster than revenue 0.4%
- Net debt below twice EBITDA 366 m net cash
- Operating cash flow covers the profits of the last three years 609 m
- Return on capital at 15% or higher, or up versus two years ago -12.5%
- Insiders hold at least 10% or are net buyers 1.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 31.7%
- Exp. sales growth 3Y > 5% 2.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 2.9%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -6.0%
- ROCE > 15% -12.5%
- Expected return > 10% 4.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Taich Adam | Chief Financial Officer | Sell | 13,754 | 65.26 | 897,550 |
| Sep 9, 2026 | Taich Adam | Chief Financial Officer | Sell | 31,428 | 64.31 | 2,021,125 |
| Sep 9, 2026 | Taich Adam | Chief Financial Officer | Sell | 1,206 | 63.68 | 76,795 |
| Sep 3, 2026 | Stuelpnagel John R | Director | Sell | 6,174 | 62.61 | 386,533 |
| Sep 3, 2026 | Stuelpnagel John R | Director | Sell | 6,814 | 62.11 | 423,205 |
| Sep 3, 2026 | Stuelpnagel John R | Director | Sell | 7,012 | 60.66 | 425,333 |
| Sep 1, 2026 | Saxonov Serge | Chief Executive Officer | Other | 100 | 0.00 | – |
| Aug 26, 2026 | Saxonov Serge | Chief Executive Officer | Sell | 492 | 64.75 | 31,855 |
| Aug 26, 2026 | Saxonov Serge | Chief Executive Officer | Sell | 6,494 | 63.98 | 415,465 |
| Aug 26, 2026 | Saxonov Serge | Chief Executive Officer | Sell | 3,500 | 63.02 | 220,580 |
The company
About the Company
10x Genomics, Inc. entwickelt und verkauft Instrumente, Verbrauchsmaterialien und Software zur Analyse biologischer Systeme in den USA, dem übrigen Amerika, Europa, dem Nahen Osten, Afrika, China und dem übrigen asiatisch-pazifischen Raum.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 1,178
- Headquarters
- Pleasanton, CA
- Address
- 6230 Stoneridge Mall Road, 94588-3260 Pleasanton, United States
- Phone
- 925 401 7300
- Website
- 10xgenomics.com
- IPO Date
- 09/12/2019
- ISIN
- US88025U1097
- Stock Split
- 1:2 on 07/17/2006
Management
| Name | Title | Birth Year |
|---|---|---|
| Serge Saxonov Ph.D. | Co-Founder, CEO & Director | 1977 |
| Benjamin J. Hindson Ph.D. | Co-Founder, President, Chief Scientific Officer & Director | 1975 |
| Adam S. Taich | CFO, Treasurer, Principal Financial Officer & Principal Accounting Officer | 1975 |
| Jim Goodrich | Chief of Global Operations | – |
| Michael Schnall-Levin Ph.D. | Founding Scientist & CTO | – |
| Cassie Corneau | Manager of Investor Relations & Strategic Finance | – |
| Randy Wu | General Counsel and Secretary | – |
| Mennah Moustafa | Chief Commercial Officer | – |
| Jens Durruthy | Associate Director of Product Management | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 10x Genomics, Inc. (TXG): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.