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10x Genomics
(NASDAQ:TXG)
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Rating:65Neutral
Price Target:
$97.00
▲(50.95% Upside)
Action:Reiterated
Date:09/30/26
The score is driven primarily by mixed financial performance: a strong balance sheet and improved positive free cash flow offset by TTM revenue decline and continued net losses. Technicals add support due to a strong uptrend, but overbought momentum increases near-term volatility risk. Valuation is a headwind given the negative P/E and lack of dividend yield. The latest earnings call modestly improves the outlook via raised guidance and consumables/margin strength, tempered by instrument weakness and shipment constraints.
Positive Factors
Recurring Consumables Growth
Growth in consumables supports the recurring-use economics of 10x’s installed instrument base. Continued reaction-volume expansion and strong spatial demand can improve revenue durability, deepen customer workflow adoption, and provide a more stable foundation than equipment sales alone.
Negative Factors
Revenue Contraction
The decline in trailing revenue shows that overall demand has not yet returned to consistent growth, despite stronger recent consumables trends. A softer top line can limit operating leverage, delay the path to profitability, and make future results more dependent on successful new-platform adoption.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Consumables Growth
Growth in consumables supports the recurring-use economics of 10x’s installed instrument base. Continued reaction-volume expansion and strong spatial demand can improve revenue durability, deepen customer workflow adoption, and provide a more stable foundation than equipment sales alone.
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.
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The Fly
The Fly10x Genomics (TXG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.77B
Dividend YieldN/A
Average Volume (3M)2.89M
Price to Earnings (P/E)―
Beta (1Y)1.46
Revenue Growth-4.28%
EPS Growth15.82%
CountryUS
Employees1,178
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.59
Shares Outstanding120,212,296
10 Day Avg. Volume3,390,875
30 Day Avg. Volume2,888,704
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
$63.21Price Target Upside-1.63% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering16
EPS Forecast (FY)-0.74
Revenue Forecast (FY)$620.27M
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 integrated platform workflows that combine capital equipment with recurring consumables. The company’s key revenue streams are: (1) Instrument sales (capital equipment): Revenue from selling or placing...
10x Genomics Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented a constructive mix of operational positives — notably Atera's outsized early demand, solid consumables growth (+7% total; spatial +16%), gross margin expansion to 74%, and a raised full‑year revenue guide — while flagging near‑term cadence challenges driven by instrument revenue declines (‑47%) and manufacturing/shipment constraints for Atera that produce an expected Q3 sequential dip. The business shows healthy underlying consumable momentum and strategic positioning (M&A, multi‑omics, AI tailwinds), but short‑term instrument timing and APAC comparatives introduce visibility headwinds.Positive Updates
Quarterly Revenue and Guidance Raise
Reported Q2 revenue of $151.0M (or $149.4M excluding $1.6M non‑recurring settlement), representing 3% YoY growth on an adjusted basis. Raised full‑year 2026 revenue guidance to $610M–$630M, implying ~2%–5% YoY growth excluding non‑recurring settlement items.
Negative Updates
Sharp Decline in Instrument Revenue
Total instrument revenue declined 47% YoY (Chromium instruments down 46%, spatial instruments down 48%), primarily due to fewer units sold and customers moderating purchases of existing spatial products during the Atera transition.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Revenue and Guidance Raise
Reported Q2 revenue of $151.0M (or $149.4M excluding $1.6M non‑recurring settlement), representing 3% YoY growth on an adjusted basis. Raised full‑year 2026 revenue guidance to $610M–$630M, implying ~2%–5% YoY growth excluding non‑recurring settlement items.
Read all positive updates
Company Guidance
Management raised 2026 revenue guidance to $610–$630 million (implying 2%–5% growth vs. 2025 ex‑nonrecurring settlements) after reporting Q2 revenue of $151.0M ($149.4M ex the $1.6M Takara settlement), a 3% YoY increase ex‑settlements; total consumables were up 7% (single‑cell consumables +3% with double‑digit reaction volume growth; spatial consumables +16%), while total instrument revenue fell 47% (Chromium -46%, spatial -48%). By region, Americas +6%, EMEA +15%, APAC -19% (prior year included ~ $4M China pull‑forward); gross margin rose to 74% (from 72%; 74% vs 67% ex‑settlements LY) helped by ~$2.6M tariff refunds; operating expenses were $132.1M vs $95M (Q2 included patent settlement gains of $3.4M in 2026 and $40.7M in 2025), cash and marketable securities totaled $552M (up $105M YoY, $12M sequentially). The company reiterated a shipment plan of ~40 Atera instruments in 2026 (weighted to Q4) — booked orders already exceed 40 but production limits keep shipments at ~40 — expects a modest Q3 sequential dip of a few million due to spatial transition dynamics and a significant Q4 step‑up largely driven by Atera (management cites Atera instrument mass utilization potential of roughly $1.5M–$3M annually, about 2× Xenium, implying substantially higher consumable pull‑through).10x Genomics Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
77
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 616.91M | 642.82M | 610.78M | 618.73M | 516.41M | 490.49M |
| Gross Profit | 432.03M | 443.88M | 414.48M | 409.31M | 396.02M | 416.40M |
| EBITDA | 28.00M | 3.91M | -133.99M | -205.11M | -128.49M | -24.59M |
| Net Income | -75.13M | -43.54M | -182.63M | -255.10M | -166.00M | -58.22M |
Balance Sheet | ||||||
| Total Assets | 1.03B | 1.04B | 918.64M | 965.14M | 1.03B | 1.02B |
| Cash, Cash Equivalents and Short-Term Investments | 552.03M | 523.41M | 393.40M | 388.69M | 429.98M | 587.45M |
| Total Debt | 78.80M | 157.74M | 82.61M | 95.37M | 95.18M | 81.98M |
| Total Liabilities | 204.52M | 245.04M | 208.50M | 224.10M | 223.24M | 201.26M |
| Stockholders Equity | 825.55M | 796.33M | 710.13M | 741.04M | 805.74M | 817.57M |
Cash Flow | ||||||
| Free Cash Flow | 121.44M | 130.12M | -5.73M | -64.72M | -165.27M | -122.65M |
| Operating Cash Flow | 127.08M | 136.05M | 6.66M | -15.20M | -33.61M | -21.37M |
| Investing Cash Flow | -19.65M | -13.44M | -32.63M | 133.49M | -350.89M | -106.73M |
| Financing Cash Flow | -2.54M | 6.80M | 10.91M | 13.67M | 15.82M | 35.30M |
10x Genomics Technical Analysis
Positive
64.26
Price Trends
63.89
Positive
48.43
Positive
34.36
Positive
Market Momentum
7.63
Negative
73.38
Negative
78.10
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 64.26 is below the 20-day moving average (MA) of 76.37, above the 50-day MA of 63.89, and above the 200-day MA of 34.36, indicating a bullish trend. The MACD of 7.63 indicates Negative momentum. The RSI at 73.38 is Negative, neither overbought nor oversold. The STOCH value of 78.10 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $11.36B | 61.93 | 8.90% | 0.44% | -0.38% | 152.71% | |
65 Neutral | $11.77B | -150.68 | -9.33% | ― | -4.28% | 15.82% | |
62 Neutral | $1.99B | -14.07 | -35.42% | ― | -3.28% | 61.09% | |
61 Neutral | $12.72B | -87.05 | -29.89% | ― | 19.19% | -53.86% | |
56 Neutral | $4.61B | -67.91 | -32.64% | ― | 50.13% | 50.40% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
TXG
10x Genomics
88.76
76.01
596.16%
TECH
Bio-Techne
72.40
9.81
15.66%
TWST
Twist Bioscience
188.05
156.98
505.25%
ADPT
Adaptive Biotechnologies
27.37
12.99
90.33%
MRVI
Maravai Lifesciences Holdings
7.50
4.41
142.72%
ALMR
Alamar Biosciences, Inc.
32.46
10.46
47.55%
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.