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10x Genomics
(NASDAQ:TXG)
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Rating:64Neutral
Price Target:
$53.00
▲(14.55% Upside)
Action:Reiterated
Date:07/31/26
TXG scores as a moderate setup driven primarily by improving financial quality (stronger cash flow and a low-leverage balance sheet) and clear technical strength (price well above major moving averages). The score is held back by weak valuation signals tied to ongoing losses (negative P/E) and by earnings-call risks around instrument softness, limited near-term Atara capacity, and only modest full-year growth guidance.
Positive Factors
Recurring Consumables Growth
Sustained double-digit consumables growth, particularly a 31% uplift in spatial consumables, indicates a durable recurring revenue stream. Consumables drive repeat purchases per installed instrument, supporting predictable revenue and margin leverage over the next several quarters as adoption expands.
Negative Factors
Revenue Decline & Ongoing Losses
A large trailing revenue contraction and continued operating losses limit the company's ability to leverage fixed costs and translate gross-margin strength into net profitability. Sustained top-line weakness can impede reinvestment, slow R&D commercialization, and delay durable earnings recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Consumables Growth
Sustained double-digit consumables growth, particularly a 31% uplift in spatial consumables, indicates a durable recurring revenue stream. Consumables drive repeat purchases per installed instrument, supporting predictable revenue and margin leverage over the next several quarters as adoption expands.
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
$6.00B
Dividend YieldN/A
Average Volume (3M)3.24M
Price to Earnings (P/E)―
Beta (1Y)1.53
Revenue Growth2.26%
EPS Growth86.67%
CountryUS
Employees1,178
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.17
Shares Outstanding116,877,320
10 Day Avg. Volume3,169,027
30 Day Avg. Volume3,237,149
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$40.22Price Target Upside-13.07% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-0.81
Revenue Forecast (FY)$613.69M
10x Genomics Business Overview & Revenue Model
Company Description
Headquartered in Pleasanton, California, 10x Genomics, Inc. (founded in 2012 and known as 10X Technologies, Inc. until November 2014) is a prominent life science technology company. The firm specializes in creating and distributing sophisticated i...
How the Company Makes Money
10x Genomics primarily makes money by selling (1) instruments and related hardware systems and (2) recurring consumables that customers run on those instruments, with additional revenue from software and services in certain offerings.
Key revenue...
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 | 93.30M | 3.91M | -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
46.27
Price Trends
36.59
Positive
29.02
Positive
23.36
Positive
Market Momentum
3.77
Negative
65.86
Neutral
75.54
Neutral
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 46.27 is above the 20-day moving average (MA) of 44.52, above the 50-day MA of 36.59, and above the 200-day MA of 23.36, indicating a bullish trend. The MACD of 3.77 indicates Negative momentum. The RSI at 65.86 is Neutral, neither overbought nor oversold. The STOCH value of 75.54 is Neutral, 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 | $5.78B | -11.35 | -138.70% | ― | 49.78% | -477.12% | |
64 Neutral | $6.00B | -278.06 | -2.86% | ― | 2.26% | 86.67% | |
63 Neutral | $1.61B | 41.37 | 3.13% | ― | 8.45% | 72.08% | |
56 Neutral | $1.13B | -10.74 | -30.85% | ― | 10.59% | 46.79% | |
54 Neutral | $475.69M | -4.81 | -140.63% | ― | 20.85% | -18.60% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.93B | -24.48 | -27.50% | ― | 34.09% | -84.19% |
* Healthcare Sector Average
TXG
10x Genomics
47.27
33.59
245.54%
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SOPH
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HNGE
Hinge Health, Inc. Class A
74.71
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54.94%
10x Genomics Corporate Events
Executive/Board ChangesShareholder Meetings
10x Genomics Shareholders Reelect Directors, Ratify Auditor
Positive
Jun 8, 2026
At its annual meeting of stockholders held via live webcast on June 4, 2026, 10x Genomics reported that holders of approximately 90.5% of eligible votes were present, establishing a quorum. Shareholders elected three Class I directors, Serge Saxon...
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.