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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on TXG

10x Genomics' recent performance was driven by strong Q2 earnings, with the company reporting $0.28 per share, beating the Zacks Consensus Estimate of a loss of $0.35 per share. The company's revenue and earnings beat estimates, reflecting growing optimism about its prospects, leading to an upgrade to a Zacks Rank #2 (Buy). Additionally, 10x Genomics announced the acquisition of Scale Biosciences, expanding its single-cell analysis capabilities. The company's presentation at the Morgan Stanley 23rd Annual Global Healthcare Conference also highlighted its growth potential.

1.c. Company Highlights

2. 10x Genomics Delivers Strong Q4 Revenue, Exceeds Guidance

The company reported $166 million in revenue for Q4, surpassing the high end of its guidance range, and closed 2025 with $599 million in revenue, excluding $44 million of upfront revenue related to patent litigation settlements. Gross margin for 2025 was 68%, up from 67% in the prior year period. The EPS loss was $0.13, beating analyst estimates of a loss of $0.19. Total consumables revenue grew 6% in Q4, driven by double-digit growth in single cell and spatial consumables.

Publication Date: Mar -02

📋 Highlights
  • Q4 Revenue Surpassed Guidance: Generated $166M, exceeding the high end of guidance, with full-year revenue at $599M excluding $44M in patent litigation settlements.
  • Single-Cell Consumables Growth: Revenue increased 3%, driven by 30%+ reaction volume growth, supported by lower-cost products like FLEX and APEX.
  • Spatial Consumables Momentum: Xenium drove 34% year-over-year reaction growth, totaling 14,500 reactions, with utilization rates at peak levels.
  • 2026 Revenue Guidance: Projects $600M–$625M, excluding upfront patent litigation revenue, with Q1 expected to represent ~24% of full-year revenue.
  • Gross Margin Improvement: 2025 gross margin reached 68%, up from 67% in 2024, reflecting operational efficiencies and product mix optimization.

Business Trends

The company saw strong momentum in key metrics, including double-digit growth in single cell consumables volumes driven by adoption of newer products like FLEX and on-chip multiplexing. Spatial consumables revenue also grew at a double-digit rate, driven by Xenium momentum. Customer sentiment is cautiously optimistic, with increasing interest in larger perturbed seq type studies from academia and pharma.

Valuation Metrics

With a P/S Ratio of 4.58, the stock appears reasonably valued relative to revenue. However, the P/E Ratio is -67.27, indicating that the company is not yet profitable on a trailing-twelve-month basis. The EV/EBITDA ratio is -209.72, suggesting that the company's enterprise value is not justified by its current EBITDA. As per Adam Taich, "we're encouraged by the recent NIH budget approval and decisions on indirect funding and multiyear funding as part of the bill."

Growth Prospects

The company expects 2026 revenue to be in the range of $600 million to $625 million, excluding upfront revenue related to patent litigation settlements. Analysts estimate revenue growth of 7.1% next year. The company is well-positioned to support growing demand for single cell and spatial biology, particularly in AI-driven projects. Xenium is growing rapidly, with 14,500 reactions in 2025, up 34% over the prior year.

Clinical Applications

The company is pursuing clinical applications for single cell and spatial biology, with potential in tissue-based tumor profiling and blood-based monitoring for autoimmune diseases. The goal is to drive a hybrid strategy, enabling existing customers to develop clinical evidence and deploy these technologies in clinical settings. The company expects to stand up a CLIA lab early next year.

3. NewsRoom

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Torex Gold Resources (TSE:TXG) Share Price Passes Above 200 Day Moving Average – Here’s Why

Mar -11

Source: defenseworld.net

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Head to Head Survey: MSP Recovery (NASDAQ:MSPR) and 10x Genomics (NASDAQ:TXG)

Mar -07

Source: defenseworld.net

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Financial Review: 10x Genomics (NASDAQ:TXG) & Decision Diagnostics (OTCMKTS:DECN)

Feb -20

Source: defenseworld.net

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Financial Survey: 10x Genomics (NASDAQ:TXG) and Biotricity (OTCMKTS:BTCY)

Feb -20

Source: defenseworld.net

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10x Genomics to Participate in the 46th Annual TD Cowen Health Care Conference

Feb -19

Source: prnewswire.com

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Torex Gold Resources Inc. (TXG:CA) Q4 2025 Earnings Call Transcript

Feb -19

Source: seekingalpha.com

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10x Genomics, Inc. (TXG) Q4 2025 Earnings Call Transcript

Feb -14

Source: seekingalpha.com

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Compared to Estimates, 10x Genomics (TXG) Q4 Earnings: A Look at Key Metrics

Feb -13

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.28%)

6. Segments

Consumables

Expected Growth: 10%

10x Genomics' Consumables segment growth is driven by increasing adoption of single-cell analysis in research and clinical applications, expansion into new markets, and growing demand for gene expression and immune profiling. Additionally, the company's innovative products, such as Chromium and Visium, are experiencing high demand, contributing to the segment's rapid growth.

Instruments

Expected Growth: 11%

10x Genomics' 11% growth driven by increasing adoption of single-cell genomics in research and clinical applications, expansion into new markets, and growing demand for spatial biology and in situ analysis. Strong sales of Chromium and Visium instruments, as well as growth in consumables and services, contribute to revenue growth.

Services

Expected Growth: 13%

10x Genomics' 13% growth is driven by increasing adoption of single-cell genomics in research and clinical applications, expansion into new markets, and growing demand for its Chromium and Visium platforms. Additionally, strategic partnerships, innovative product launches, and investments in sales and marketing efforts contribute to the company's rapid growth.

7. Detailed Products

Chromium

A single-cell gene expression solution that enables the analysis of thousands of cells in a single run

Chromium Single Cell ATAC

A single-cell epigenomics solution that enables the analysis of chromatin accessibility in thousands of cells

Chromium Single Cell Multiome

A single-cell multi-omics solution that enables the simultaneous analysis of gene expression and chromatin accessibility

Chromium Spatial Gene Expression

A spatial gene expression solution that enables the analysis of gene expression in the context of tissue architecture

Chromium Visium Spatial Gene Expression

A high-resolution spatial gene expression solution that enables the analysis of gene expression in the context of tissue architecture

Chromium Fixed RNA Profiling

A fixed RNA profiling solution that enables the analysis of gene expression in fixed tissue samples

8. 10x Genomics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for 10x Genomics is moderate due to the presence of alternative sequencing technologies and emerging technologies like Oxford Nanopore's portable sequencing devices.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of 10x Genomics' products and the lack of alternative suppliers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's ability to negotiate prices with suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for genomic sequencing and the potential for new companies to enter the market with innovative technologies.

Intensity Of Rivalry

The intensity of rivalry is moderate due to the presence of established competitors like Illumina and PacBio, but 10x Genomics' unique technology and strong market position mitigate the competitive pressure.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.40%
Debt Cost 3.95%
Equity Weight 88.60%
Equity Cost 13.56%
WACC 12.46%
Leverage 12.87%

11. Quality Control: 10x Genomics, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Progyny

A-Score: 5.3/10

Value: 3.6

Growth: 8.1

Quality: 6.6

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

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Doximity

A-Score: 4.6/10

Value: 1.3

Growth: 8.9

Quality: 9.5

Yield: 0.0

Momentum: 5.0

Volatility: 3.0

1-Year Total Return ->

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GoodRx

A-Score: 3.8/10

Value: 6.5

Growth: 5.9

Quality: 7.1

Yield: 0.0

Momentum: 1.5

Volatility: 1.7

1-Year Total Return ->

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Certara

A-Score: 3.5/10

Value: 3.3

Growth: 5.9

Quality: 5.7

Yield: 0.0

Momentum: 3.5

Volatility: 2.7

1-Year Total Return ->

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10x Genomics

A-Score: 3.4/10

Value: 5.8

Growth: 3.1

Quality: 4.0

Yield: 0.0

Momentum: 5.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
R1 RCM

A-Score: 2.9/10

Value: 3.3

Growth: 3.8

Quality: 2.6

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

20.46$

Current Price

20.46$

Potential

-0.00%

Expected Cash-Flows