10x Genomics, Inc.
- Open
- 42.89
- Day high
- 43.13
- Day low
- 41.44
- Prev close
- 43.10
- Volume
- 2.1M
- Mkt cap
- $5.5B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 6.7
- P/S
- 8.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.7M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions mixed (13F)
10x Genomics, Inc. (TXG) is a Healthcare company listed on NASDAQ. The stock is up 210% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4).
10x Genomics, Inc. (TXG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TXG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.29 | $-0.10 | +65.5% | $151M | +3.0% |
| Feb 12, 2026 | $-0.19 | $-0.13 | +31.6% | $166M | +3.5% |
| Nov 6, 2025 | $-0.07 | $-0.22 | -214.3% | $149M | +4.6% |
| Aug 7, 2025 | $-0.35 | $0.28 | +180.0% | $173M | +23.9% |
| May 8, 2025 | $-0.45 | $-0.36 | +20.0% | $155M | +6.6% |
| Feb 12, 2025 | $-0.29 | $-0.40 | -37.9% | $165M | +0.0% |
| Aug 8, 2024 | $-0.47 | $-0.32 | +31.9% | $153M | +2.0% |
| Apr 30, 2024 | $-0.46 | $-0.50 | -8.7% | $141M | -0.9% |
| Feb 15, 2024 | $-0.36 | $-0.41 | -13.9% | $184M | +0.6% |
| Nov 2, 2023 | $-0.45 | $-0.51 | -13.3% | $154M | +1.6% |
| Aug 3, 2023 | $-0.39 | $-0.53 | -35.9% | $147M | +4.9% |
| May 3, 2023 | $-0.38 | $-0.44 | -15.8% | $134M | -3.2% |
TXG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 24, 2026 | Saxonov Sergedirector, officer: Chief Executive Officer | Sell | 8,527 | $33.29 |
| Jun 24, 2026 | Saxonov Sergedirector, officer: Chief Executive Officer | Sell | 9,821 | $35.32 |
| Jun 24, 2026 | Saxonov Sergedirector, officer: Chief Executive Officer | Sell | 1,661 | $36.16 |
| Jun 24, 2026 | Saxonov Sergedirector, officer: Chief Executive Officer | Sell | 9,991 | $34.28 |
| Jun 18, 2026 | SULIMAN SHEHNAAZdirector | Sell | 5,359 | $32.59 |
| Jun 18, 2026 | SULIMAN SHEHNAAZdirector | Sell | 364 | $33.27 |
| Jun 8, 2026 | MATEO ALANdirector | Grant | 8,829 | — |
| Jun 8, 2026 | Teichmann Sarah A.director | Grant | 8,829 | — |
| Jun 8, 2026 | Popovits Kimberly Jdirector | Grant | 8,829 | — |
| Jun 8, 2026 | SULIMAN SHEHNAAZdirector | Grant | 8,829 | — |
| Jun 8, 2026 | Kosaraju Sridhardirector | Grant | 8,829 | — |
| Jun 8, 2026 | STUELPNAGEL JOHN Rdirector | Grant | 8,829 | — |
| May 27, 2026 | Hindson Benjamin J.director, officer: See Remarks | Sell | 11,595 | $24.44 |
| May 27, 2026 | Taich Adamofficer: Chief Financial Officer | Sell | 15,098 | $24.44 |
| May 27, 2026 | Saxonov Sergedirector, officer: Chief Executive Officer | Sell | 10,718 | $24.71 |
Source: TXG SEC Form 4 filings, latest Jun 24, 2026. For informational purposes only — not investment advice.
See the full TXG insider & 13F page →10x Genomics, Inc. company profile
Overview
10x Genomics, Inc. (NASDAQ:TXG) is a life sciences technology company founded in 2012 and headquartered in Pleasanton, California. The company went public in September 2019 and has established itself as a leading provider of advanced genomics analysis tools. 10x Genomics develops and commercializes sophisticated instruments, consumables, and software that enable researchers to analyze biological systems at the cellular level with unprecedented detail. The company serves academic institutions, government research facilities, biotechnology companies, and pharmaceutical organizations across North America, Europe, the Middle East, Africa, China, and the Asia Pacific region.
Business
10x Genomics operates in the life sciences research tools industry, specifically focusing on genomics analysis technologies that allow scientists to study biological systems at the single-cell level and understand spatial organization of tissues. The company's core mission is to democratize access to advanced genomics research by making complex cellular analysis more accessible and affordable. The company operates three main technology platforms that serve different but complementary research needs: Chromium Platform (approximately 60-65% of revenue): This is 10x Genomics' flagship single-cell analysis platform that runs on Chromium instruments. The platform enables researchers to analyze individual cells rather than bulk tissue samples, providing much more detailed insights into cellular behavior. Key applications include single-cell gene expression analysis (measuring which genes are active in individual cells), single-cell immune profiling (studying how immune cells function and interact), and single-cell ATAC sequencing (examining how DNA is packaged and regulated in cells). The platform can process tens of thousands of cells in a single experiment, revealing cellular diversity that would be invisible in traditional bulk analysis methods. Visium Spatial Platform (approximately 20-25% of revenue): This technology addresses the limitation that single-cell analysis loses information about where cells were located in the original tissue. Visium preserves the spatial context by measuring gene expression patterns across tissue samples while maintaining information about cellular location. The newer Visium HD variant provides even higher resolution, approaching single-cell scale while retaining spatial information. This is particularly valuable for understanding how cells interact within their tissue environment and how diseases progress through tissues. Xenium Platform (approximately 10-15% of revenue): This is the company's newest and most advanced platform for in situ analysis, launched in late 2022. Xenium can measure thousands of genes directly within intact tissue samples without the need to dissociate cells. The Xenium Prime 5K version can detect up to 5,000 different genes simultaneously while preserving the original tissue architecture, providing the most comprehensive view of cellular organization and function.
Revenue model
10x Genomics operates on a razor-and-blade business model where the company sells sophisticated instruments at relatively modest margins and generates recurring revenue through high-margin consumables (reagents, microfluidic chips, slides) that customers must purchase for each experiment. This model is common in life sciences equipment, similar to how printer manufacturers sell printers cheaply but profit from ink cartridges. The company's revenue streams break down as follows: Consumables represent approximately 75-80% of total revenue, providing predictable recurring income as customers conduct ongoing research. Instruments account for 15-20% of revenue, with sales fluctuating based on customer capital equipment budgets and new product launches. Services and software represent the remaining 5-10%, including maintenance contracts and data analysis tools. The company's primary customers include academic research institutions (40-50% of revenue), government research facilities like the National Institutes of Health, biotechnology companies, and pharmaceutical corporations. Notably, 10x Genomics has significant exposure to U.S. government research funding, with approximately 40-50% of revenue tied to NIH and other federal research budgets. Several factors significantly impact the company's margins and growth prospects. Positive margin drivers include the high-margin nature of consumables, increasing utilization rates as customers conduct more experiments, growing adoption in the higher-spending biopharma sector (currently 15-20% of revenue, targeting 50%), and the company's strategy of reducing per-sample costs to drive volume growth. Negative margin pressures come from macroeconomic uncertainty affecting research budgets, potential cuts to government research funding, intense competition from emerging single-cell analysis companies, and the substantial R&D investments required to maintain technological leadership across three complex platforms. The company's significant exposure to academic and government funding makes it particularly vulnerable to policy changes and budget constraints in the research sector.
Competitive moat
10x Genomics possesses a moderate but potentially eroding competitive moat built primarily on technological leadership and ecosystem lock-in effects. The company's strongest defensive position comes from its comprehensive platform approach, where customers who adopt one 10x technology often expand to multiple platforms, creating switching costs and vendor consolidation benefits. The company has also built substantial intellectual property around its microfluidics and single-cell isolation technologies, though patents in the life sciences space can be worked around by innovative competitors. The technological moat is meaningful but not insurmountable. 10x Genomics has maintained leadership in single-cell analysis for several years, with platforms that offer superior throughput, sensitivity, and ease of use compared to many alternatives. The company's ability to process tens of thousands of cells in a single experiment while maintaining high data quality represents a significant technical achievement. Additionally, the spatial biology platforms (Visium and Xenium) address unique research needs that few competitors can match comprehensively. However, competitive threats are intensifying. The single-cell analysis market has attracted numerous well-funded competitors, including established life sciences companies and innovative startups developing alternative approaches. Some competitors are pursuing different technical strategies (such as plate-based methods) that may offer cost advantages or different performance characteristics. The democratization of genomics technologies also means that academic labs and smaller companies are developing competing solutions. The company's moat is further challenged by its dependence on a concentrated customer base heavily reliant on government funding. Unlike software companies with network effects or consumer brands with switching costs, 10x Genomics' customers will readily switch to superior or more cost-effective alternatives. The company's strategy of aggressively reducing prices to drive adoption, while potentially expanding the market, also reduces barriers to competitive entry and may compress long-term margins.
Risks & safety
10x Genomics presents a moderate margin of safety with strong balance sheet fundamentals but concerning operational cash flow trends and uncertain near-term prospects. Balance Sheet Strength: - Cash and short-term investments: $377 million (Q1 2025) - Current ratio: 5.37x indicating strong liquidity - Debt-to-equity ratio: 0.11x showing minimal leverage - Total debt minimal relative to assets Cash Flow and Profitability Concerns: - Operating cash flow turned positive in Q1 2025 ($34.4 million) after negative Q4 2024 - Free cash flow: $32.5 million in Q1 2025, highly volatile quarter-to-quarter - EBITDA consistently negative: -$39.3 million in Q1 2025 - Net income losses continue: -$34.4 million in Q1 2025 Valuation Metrics: - Price-to-book ratio: 1.51x (reasonable for a technology company) - EV/EBITDA: Negative due to negative EBITDA - Graham net-net ratio: 2.51x suggesting potential asset-based value Other Considerations: - Revenue declining year-over-year with significant exposure to uncertain government funding - Company implemented 8% workforce reduction and $50 million cost-cutting program - Strong balance sheet provides runway but operational challenges persist
Recent development
Over the past few years, 10x Genomics has undergone significant strategic transformation focused on commercial restructuring and product democratization. The company implemented a major commercial reorganization in 2024, creating specialized sales teams for capital equipment, biopharma customers, and emerging accounts. This restructuring affected over 40% of customer accounts in the Americas and is expected to reach full effectiveness by mid-2025. The company has pursued an aggressive price reduction strategy to expand market access and drive volume growth. Key initiatives include launching the GEM-X Flex technology that reduced per-cell costs to less than $0.01, introducing the Chromium Xo instrument at $25,000 (their most affordable single-cell instrument), and developing the GEM-X Universal Multiplex for more cost-effective sample analysis. This strategy aims to achieve the long-term goal of delivering high-performance single-cell research for $100 per sample. Product innovation has accelerated across all three platforms. The Chromium platform received the GEM-X microfluidic architecture upgrade, providing improved performance and lower costs. The Visium spatial platform launched Visium HD, offering single-cell resolution while maintaining spatial context. The Xenium platform introduced the Prime 5K version, expanding gene detection capabilities from hundreds to 5,000 genes simultaneously, with plans for high-plex protein profiling. The company has also focused on expanding its biopharma market presence, currently representing 15-20% of revenue with a target of reaching 50%. This strategic shift aims to reduce dependence on government-funded academic research, which represents 40-50% of current revenue and faces ongoing uncertainty due to potential NIH funding challenges. Recent cost management initiatives include an 8% workforce reduction in early 2025 and a $50 million operating expense reduction program, reflecting management's focus on protecting the balance sheet while navigating macroeconomic uncertainties in the research funding environment.
TXG company profile · for informational purposes only — not investment advice.
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