10x Genomics (TXG) AI Stock Analysis

• Market Cap: $2.50B
• Dividend Yield: N/A
• Average Volume (3M): 2.57M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.47
• Revenue Growth: 1.92%
• EPS Growth: 59.18%
• Country: US
• Employees: 1,306
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -0.13
• Shares Outstanding: 117,673,386
• 10 Day Avg. Volume: 2,650,696
• 30 Day Avg. Volume: 2,572,816
• PEG Ratio: 0.61
• Price to Book (P/B): 2.56
• Price to Sales (P/S): 3.17
• P/FCF Ratio: 15.64
• Enterprise Value/Market Cap: 0.84
• Enterprise Value/Revenue: 3.26
• Enterprise Value/Gross Profit: 4.72
• Enterprise Value/Ebitda: -167.32
• 1Y Price Target: $19.67
• Price Target Upside: 4.18% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 13
• EPS Forecast (FY): -0.85
• Revenue Forecast (FY): $612.90M

• Rating: 55 Neutral
• Price Target: $18.00 ▼(-4.66% Downside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

The score is driven primarily by improving fundamentals (re-accelerating revenue and a major turn to positive operating/free cash flow) and a cautious-but-constructive earnings outlook with strong consumables momentum. These positives are meaningfully offset by weak near-term technicals, ongoing net/operating losses, and guidance reflecting continued instrument pressure and constrained customer CapEx.

Positive Factors

Improving cash generation

10x Genomics swung to materially positive operating and free cash flow in 2025 alongside re-accelerating revenue and high gross margins. This recent cash-generation ability improves self-funding, reduces refinancing risk, and supports strategic investment and R&D over the next several quarters if sustained.

Recurring consumables momentum

Strong, recurring consumables and reaction-volume growth point to durable revenue streams less tied to one-time instrument sales. High consumable attach rates and growing usage (single-cell and spatial reactions) support predictable, high-margin revenue and compounding lifetime customer value over multiple quarters.

Product innovation expanding TAM

New product launches (FLEX APEX plus spatial enhancements) broaden assay capabilities, lower per‑experiment costs, and enable FFPE and whole blood workflows. These structural product advantages increase adoption potential across research and translational use cases, supporting longer-term volume growth and competitive differentiation.

Negative Factors

Operating and net losses persist

Despite margin improvement and positive cash flow, operating losses persist, leaving earnings volatility and negative ROE. Continued operating deficits constrain reinvestment flexibility and require sustained margin expansion to demonstrate durable profitability across industry cycles and justify long-term capital allocation.

Material instrument revenue weakness

Large declines in instrument sales reflect constrained customer CapEx and expose revenue volatility tied to capital equipment cycles. Slower instrument installs hamper new-system driven consumable growth and lengthen payback on R&D and sales investments, making near-term top-line consistency harder to rely upon.

Funding and regional demand uncertainty

Dependence on academic and grant-driven budgets creates structural demand uncertainty; regional disparities (Americas softness) and timing of multiyear grants can shift orders. This weakens visibility into instrument purchases and can delay recurring consumable upside, pressuring medium-term growth consistency.

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 chromium and chromium connect instruments, microfluidic chips, slides, reagents, and other consumables products. Its single cell solutions runs on its chromium instruments, which include single cell gene expression for measuring gene activity on a cell-by-cell basis; single cell immune profiling for measuring the activity of immune cells and their targets; single cell Assay for Transposase Accessible Chromati (ATAC) for measuring epigenetics comprising the physical organization of DNA; and single cell multiome ATAC + gene expression for measuring the genetic activity and epigenetic programming in the same cells across tens of thousands of cells in a single experiment. The company also provides visium spatial gene expression solution for measuring spatial gene expression patterns across a single tissue sample or gene expression and protein co-detection when combined with immunofluorescence. It serves various academic, government, biopharmaceutical, biotechnology, and other institutions. The company was formerly known as 10X Technologies, Inc. and changed its name to 10x Genomics, Inc. in November 2014. 10x Genomics, Inc. was incorporated in 2012 and is headquartered in Pleasanton, California.

How the Company Makes Money

10x Genomics generates revenue primarily through the sale of its genomic analysis systems, consumables, and software. The company offers a range of products, including the Chromium Controller, Chromium Chips, and associated reagents, which represent a significant portion of its revenue. Additionally, 10x Genomics provides software tools and cloud-based solutions that facilitate data analysis and interpretation for researchers. The company benefits from ongoing partnerships with academic institutions, research organizations, and pharmaceutical companies, which often lead to bulk purchases of its products for large-scale genomic studies. Furthermore, the expanding applications of its technology in areas such as personalized medicine and drug development contribute to its growing customer base and revenue potential.

10x Genomics Financial Statement Overview

Summary

Revenue growth re-accelerated in 2025 (+15.7%) with strong gross margin (~69%) and a sharp swing to positive operating and free cash flow (~$136M and ~$130M). The score is capped by continued operating and net losses (operating margin ~-17%, net margin ~-6.8%) and the need to prove cash-flow durability after prior years of weaker cash generation.

Income Statement

Revenue growth re-accelerated in 2025 (+15.7% vs. -1.3% in 2024), and gross margin remains strong (about 69% in 2025). However, profitability is still negative, with operating losses persisting (2025 operating margin about -17%) and net losses continuing (2025 net margin about -6.8%), albeit meaningfully improved from 2024. Overall, the top line and gross profitability are constructive, but sustained operating losses keep the score below average.

Balance Sheet

Leverage appears manageable with low debt relative to equity (debt-to-equity about 0.20 in 2025), and equity remains substantial versus assets. The main weakness is ongoing negative returns on equity (about -5.5% in 2025), reflecting continued net losses despite a solid capital base. Balance sheet risk looks moderate-to-low, but profitability needs to stabilize for the profile to strengthen further.

Cash Flow

Cash generation improved sharply in 2025 with positive operating cash flow (~$136M) and solid positive free cash flow (~$130M), a major swing from 2024 (near-breakeven operating cash flow and negative free cash flow). This indicates improving cash efficiency and better self-funding capacity. The key watch-out is that this strength is relatively recent following multiple years of negative operating and free cash flow, so consistency through cycles remains to be proven.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	642.82M	610.78M	618.73M	516.41M	490.49M
Gross Profit	443.88M	414.48M	409.31M	396.02M	416.40M
EBITDA	-110.89M	-133.99M	-205.11M	-128.49M	-24.59M
Net Income	-43.54M	-182.63M	-255.10M	-166.00M	-58.22M
Balance Sheet
Total Assets	1.04B	918.64M	965.14M	1.03B	1.02B
Cash, Cash Equivalents and Short-Term Investments	523.41M	393.40M	388.69M	429.98M	587.45M
Total Debt	157.74M	82.61M	95.37M	95.18M	81.98M
Total Liabilities	245.04M	208.50M	224.10M	223.24M	201.26M
Stockholders Equity	796.33M	710.13M	741.04M	805.74M	817.57M
Cash Flow
Free Cash Flow	130.12M	-5.73M	-64.72M	-165.27M	-122.65M
Operating Cash Flow	136.05M	6.66M	-15.20M	-33.61M	-21.37M
Investing Cash Flow	-13.44M	-32.63M	133.49M	-350.89M	-106.73M
Financing Cash Flow	6.80M	10.91M	13.67M	15.82M	35.30M

10x Genomics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.88
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 18.88 is below the 20-day moving average (MA) of 19.42, above the 50-day MA of 18.80, and above the 200-day MA of 14.30, indicating a neutral trend. The MACD of -0.19 indicates Positive momentum. The RSI at 47.87 is Neutral, neither overbought nor oversold. The STOCH value of 47.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TXG.

10x Genomics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WGS	64 Neutral	$2.66B	1,503.81	0.84%	―	50.50%	―
HNGE	64 Neutral	$3.19B	-7.70	-106.91%	―	50.67%	-578.00%
TXG	55 Neutral	$2.50B	-54.89	-5.78%	―	1.92%	59.18%
OMCL	54 Neutral	$1.73B	894.21	0.17%	―	10.67%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SOPH	51 Neutral	$327.70M	-4.34	-86.09%	―	13.66%	-2.65%
SDGR	44 Neutral	$869.98M	-4.95	-45.67%	―	32.90%	1.85%

10x Genomics Corporate Events

10x Genomics Announces Chief Legal Officer Retirement

On November 12, 2025, Eric S. Whitaker announced his retirement as Chief Legal Officer of 10x Genomics, Inc., effective January 1, 2026, after over eight years of service. He will transition to Strategic Counsel, while Dr. Randy Wu will succeed him as General Counsel and Secretary. This leadership change marks a significant transition for the company, with Whitaker continuing to offer his expertise and Dr. Wu bringing his extensive legal background to the role.

The most recent analyst rating on (TXG) stock is a Hold with a $18.00 price target. To see the full list of analyst forecasts on 10x Genomics stock, see the TXG Stock Forecast page.