10X Genomics (TXG)
NASDAQ:TXG
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10x Genomics
(NASDAQ:TXG)
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Rating:56Neutral
Price Target:
$25.00
▼(-4.14% Downside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by improved cash generation and a strong, low-leverage balance sheet, tempered by weak top-line performance and ongoing operating losses. Earnings-call takeaways add modest support due to maintained guidance, margin/OpEx discipline, and the Atara milestone, but near-term instrument weakness and production constraints remain key risks. Technicals are broadly neutral and valuation is pressured by negative earnings and no dividend.
Positive Factors
Recurring consumables revenue
10x’s razor‑and‑blades model — instruments plus proprietary consumables — produces durable, repeatable revenue tied to installed base and utilization. Double‑digit consumables growth (13% overall; spatial +31%) supports recurring cash flow and pull‑through that sustains margins over time.
Negative Factors
Sharp TTM revenue decline
A large, persistent revenue decline dramatically reduces operating leverage and scale benefits, undermining the consumables attachment rate and R&D returns. Until top‑line stabilizes, fixed costs and product investments may outpace revenue, constraining margin recovery and long‑term growth execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables revenue
10x’s razor‑and‑blades model — instruments plus proprietary consumables — produces durable, repeatable revenue tied to installed base and utilization. Double‑digit consumables growth (13% overall; spatial +31%) supports recurring cash flow and pull‑through that sustains margins over time.
Read all positive factors
10x Genomics Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where 10x Genomics is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where 10x Genomics is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The Fly10x Genomics (TXG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.04B
Dividend YieldN/A
Average Volume (3M)2.67M
Price to Earnings (P/E)―
Beta (1Y)1.48
Revenue Growth2.26%
EPS Growth86.67%
CountryUS
Employees1,306
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.17
Shares Outstanding116,877,320
10 Day Avg. Volume2,813,666
30 Day Avg. Volume2,668,878
Financial Highlights & Ratios
PEG Ratio0.61
Price to Book (P/B)2.56
Price to Sales (P/S)3.17
P/FCF Ratio15.64
Enterprise Value/Market Cap0.89
Enterprise Value/Revenue4.26
Enterprise Value/Gross Profit6.13
Enterprise Value/Ebitda-462.78
Forecast
1Y Price Target
$24.56Price Target Upside-5.85% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-0.78
Revenue Forecast (FY)$612.98M
10x Genomics Business Overview & Revenue Model
Company Description
10x Genomics, Inc., a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in North America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides ...
How the Company Makes Money
10x Genomics generates revenue primarily by selling (1) instruments and (2) recurring consumables and related services/software tied to usage of those instruments. Instruments provide an upfront sale when a lab purchases or leases a platform, but ...
10x Genomics Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call emphasized a major product milestone (Atara) with strong consumables momentum, margin improvement, expense discipline, and a strengthened cash position, balanced against notable near-term headwinds in instrument revenue, limited initial Atara production capacity, and modest full-year growth guidance. Management framed the instrument declines as temporary and incorporated anticipated customer timing shifts into guidance, while positioning Atara and existing platforms to drive longer-term TAM expansion, AI-driven demand, and translational adoption.Positive Updates
Revenue Growth (Excluding Prior-Year Settlement)
Q1 revenue was $150.8M, up 9% year-over-year when excluding nonrecurring settlement revenue from the prior-year period.
Negative Updates
Instrument Revenue Decline
Total instrument revenue declined 24% year-over-year in Q1; Chromium instruments down 12% and spatial instrument revenue down 32%, driven in part by customers delaying spatial instrument purchases ahead of the Atara launch.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth (Excluding Prior-Year Settlement)
Q1 revenue was $150.8M, up 9% year-over-year when excluding nonrecurring settlement revenue from the prior-year period.
Read all positive updates
Company Guidance
Management maintained 2026 revenue guidance of $600–$625 million (which, excluding 2025 upfront patent settlement revenue, implies about 0%–4% y/y growth at the midpoint), reiterated expectations for double‑digit growth in both single‑cell consumable reaction volumes and spatial consumables revenue, and noted Q1 was front‑loaded ($150.8M revenue; Q1 gross margin 70%) with a low single‑digit sequential step‑down expected in Q2 and a broadly similar Q3 before Atara begins to contribute meaningfully in Q4 (initial production capacity limited in 2026). They expect to sell roughly 40 Atara units between Q3 and Q4 (weighted to Q4), with each instrument able to process up to 800 whole‑transcriptome 1‑cm2 samples/year (or >3,000 with targeted panels). Management reiterated full‑year gross margin in the mid‑60s (noting some Q4 mix pressure as instrument margins are below portfolio average), said OpEx should be roughly flat y/y after Q1 OpEx declined ~15% (≈20% ex the prior‑year settlement), and highlighted a cash balance of $540M (up $113M y/y, $16M sequentially).10x Genomics Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
74
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 638.78M | 642.82M | 610.78M | 618.73M | 516.41M | 490.49M |
| Gross Profit | 444.61M | 443.88M | 414.48M | 409.31M | 396.02M | 416.40M |
| EBITDA | -5.89M | -110.89M | -133.99M | -205.11M | -128.49M | -24.59M |
| Net Income | -22.66M | -43.54M | -182.63M | -255.10M | -166.00M | -58.22M |
Balance Sheet | ||||||
| Total Assets | 1.02B | 1.04B | 918.64M | 965.14M | 1.03B | 1.02B |
| Cash, Cash Equivalents and Short-Term Investments | 539.85M | 523.41M | 393.40M | 388.69M | 429.98M | 587.45M |
| Total Debt | 81.39M | 157.74M | 82.61M | 95.37M | 95.18M | 81.98M |
| Total Liabilities | 201.44M | 245.04M | 208.50M | 224.10M | 223.24M | 201.26M |
| Stockholders Equity | 814.32M | 796.33M | 710.13M | 741.04M | 805.74M | 817.57M |
Cash Flow | ||||||
| Free Cash Flow | 122.18M | 130.12M | -5.73M | -64.72M | -165.27M | -122.65M |
| Operating Cash Flow | 127.82M | 136.05M | 6.66M | -15.20M | -33.61M | -21.37M |
| Investing Cash Flow | -12.86M | -13.44M | -32.63M | 133.49M | -350.89M | -106.73M |
| Financing Cash Flow | -2.04M | 6.80M | 10.91M | 13.67M | 15.82M | 35.30M |
10x Genomics Technical Analysis
Positive
26.08
Price Trends
21.60
Positive
20.81
Positive
17.55
Positive
Market Momentum
0.26
Negative
63.56
Neutral
91.23
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TXG, the sentiment is Positive. The current price of 26.08 is above the 20-day moving average (MA) of 21.92, above the 50-day MA of 21.60, and above the 200-day MA of 17.55, indicating a bullish trend. The MACD of 0.26 indicates Negative momentum. The RSI at 63.56 is Neutral, neither overbought nor oversold. The STOCH value of 91.23 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TXG.
10x Genomics Risk Analysis
10x Genomics disclosed 8 risk factors in its most recent earnings report. 10x Genomics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
10x Genomics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $4.24B | 21.58 | -138.70% | ― | 49.78% | -484.05% | |
66 Neutral | $2.03B | 33.30 | 1.64% | ― | 7.86% | -2.92% | |
56 Neutral | $3.04B | ― | -2.86% | ― | 2.26% | 86.67% | |
54 Neutral | $349.03M | -4.56 | -140.63% | ― | 20.85% | -18.60% | |
53 Neutral | $920.56M | ― | -30.85% | ― | 10.59% | 46.79% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.33B | ― | -27.50% | ― | 34.09% | -84.19% |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.