XGNNasdaqServices-Medical LaboratoriesFiscal year ends December 31
EXAGEN INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$7.43−0.29 (-3.76%)
Close on Oct 19, 2026
- Market cap
- $179.54M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
58.3%−2.3 pts over 5 years
Operating margin
-21.1%+15.0 pts over 5 years
Net margin
-30.0%+9.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.7% | +13.5% | +9.7% | – | |
| Gross profit | +17.2% | +22.0% | +8.8% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -34.2% | -147.8% | |
| Return on assets | – | -20.0% | -38.8% | |
| Current ratio | – | 8.04 | 3.45 | |
| Debt to equity | – | 0.64 | 1.31 | |
| Net debt to EBITDA | – | 2.10× | 0.78× | |
| Interest coverage | – | -5.9× | -3.3× | |
| Capex to revenue | – | 1.1% | 1.0% | |
| Diluted shares | – | 13M | 22M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Exagen generated $93.78M from operations and spent $8.67M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$93.78M
Used
$8.67M
Capital expenditure$8.67M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-30.0%
×Asset turnover1.30×
×Equity multiplier3.81×
=Return on equity, FY2025-147.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -30.0% | 1.30× | 3.81× | -147.8% |
| FY2024 | -27.2% | 1.09× | 3.15× | -93.8% |
| FY2023 | -45.1% | 0.73× | 2.20× | -72.7% |
| FY2022 | -104.0% | 0.43× | 1.65× | -74.4% |
| FY2021 | -55.6% | 0.48× | 1.59× | -42.4% |
| FY2020 | -39.8% | 0.50× | 1.71× | -34.2% |
| FY2019 | -29.8% | 0.69× | -2.08× | 42.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$19.95M
- Cash generatingOperating cash flow above zero-$13.63M
- Return on assets improvedROA up on the prior year-26.5% → -44.6%
- Earnings backed by cashOperating cash flow above net income-$13.63M vs -$19.95M
- Less leverageLong-term debt to assets fell44.4% → 38.4%
- Better liquidityCurrent ratio rose2.70 → 3.45
- No dilutionShare count did not rise18M → 22M
- Gross margin improvedGross margin up on the prior year59.51% → 58.28%
- More efficientAsset turnover rose0.98 → 1.49