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EXAGEN INC.

XGN

$8.55 ▼ -0.21 (-2.45%) at close

9 Visible periods

30 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Poor

Bearish

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Analytical Summary

EXAGEN INC. faces fundamental challenges with weakness in Return on Common Equity (%) and Profit Margin (%). The fundamentals warrant careful consideration of downside risks.

Market Cap $184.3M

Dividend Yield —

Revenue Growth 19.7% ↗

Op. Margin -21.1% ↗

ROIC -27.5% ↗

FCF / Share $-0.66 ↗

Trailing P/E —

Price / Book 11.2x

FCF Yield —

Debt / Equity 1.31

info Valuation on last close. End-of-day price, Sep 23, 2026.

9-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$66.58M

↑ +19.7% —

Net Income Profit after all expenses

$-19.95M

↓ -32.0% —

Operating Margin Operating profit as % of sales

-21.1%

↑ +13.8% 10th

FCF / Share Free cash flow per share

$-0.66

↑ +12.7% —

Long-Term Debt Long-term obligations

$22.91M

↑ +13.1% —

trending_up

Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Debt to EquityDebt to Equity is concerning (bottom quartile)
Operating Margin (%)Operating Margin (%) is in the bottom quartile
Profit Margin (%)Profit Margin (%) is in the bottom quartile
Return on Common Equity (%)Return on Common Equity (%) is in the bottom quartile

Health Breakdown

Profitability ↑

Returns ↓

Financial Health ↑

Cash Quality ↓

Financial view

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📈 Is growth accelerating? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗
Revenue Growth YoY (%)	19.7% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+146%)	5.9% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-26%)	15.3% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+92%)	-5.7% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-171%)	15.1% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+88%)	3.9% Caution Caution Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-51%)	24.5% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+206%)	—	—
EPS Growth YoY (%)	-12.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	38.1% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	51.6% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-64.9% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	-27.3% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—	—	—
Net Income Growth YoY (%)	-32.0% Weak ↓ Weak Declining Year-over-year change in net income	36.2% Excellent ↑ Excellent Improving Year-over-year change in net income	50.0% Excellent ↑ Excellent Improving Year-over-year change in net income	-76.5% Weak ↓ Weak Declining Year-over-year change in net income	-60.9% Weak ↓ Weak Declining Year-over-year change in net income	-38.6% Weak Weak Year-over-year change in net income	-50.2% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	12.7% Fair ↑ Fair Improving Year-over-year change in free cash flow	12.4% Fair ↑ Fair Improving Year-over-year change in free cash flow	59.5% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-50.6% Weak Weak Year-over-year change in free cash flow	-23.2% Weak Weak Year-over-year change in free cash flow	—	—	—	—
Revenue CAGR 3Y (%)	13.5% Good ↑ Good Improving Compound annual revenue growth over 3 years	4.8% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	7.8% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	4.1% Caution Caution Compound annual revenue growth over 3 years	14.2% Good Good Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	9.7% Good ↑ Good Improving Compound annual revenue growth over 5 years	6.6% Fair Fair Compound annual revenue growth over 5 years	10.1% Good Good Compound annual revenue growth over 5 years	—	—	—	—	—	—

💰 Are margins durable? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗
Operating Margin (%) (%)	-21.1% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-241%)	-24.5% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-263%)	-43.5% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-390%)	-101.1% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-774%)	-49.8% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-432%)	-36.2% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-341%)	-23.0% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-253%)	-15.0% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-200%)	—
Profit Margin (%) (%)	-30.0% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-350%)	-27.2% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-326%)	-45.1% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-476%)	-104.0% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-967%)	-55.6% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-563%)	-39.8% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-431%)	-29.8% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-348%)	-24.7% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-306%)	—
FCF Margin (%) (%)	-21.4% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-24.8% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-29.1% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-80.0% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-46.9% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-34.6% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-25.0% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	-29.3% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	0.72x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	0.91x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	0.65x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.77x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	0.84x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	0.87x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	0.84x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	1.19x Fair Fair Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗
Return on Invested Capital (%)	-27.5% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-36.2% Weak → Weak Stable Return earned on debt + equity capital invested Optimal: > 10%	-42.8% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-50.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-16.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-17.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-9.0% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	4.4% Caution Caution Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	-24.2% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-30.5% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-40.1% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-53.4% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-19.5% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-19.4% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-10.5% Weak Weak Operating profit relative to total assets Optimal: > 10%	-16.9% Weak Weak Operating profit relative to total assets Optimal: > 10%	—
Return on Common Equity (%) (%)	-114.3% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-862%)	-158.4% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-1156%)	-104.4% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-796%)	-111.6% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-844%)	-31.6% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-311%)	-39.9% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-366%)	-21.6% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-244%)	7.2% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-52%)	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗
Debt to Equity (x)	1.31x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+119%)	2.12x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+254%)	0.86x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+43%)	0.68x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+14%)	0.32x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-46%)	0.64x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+6%)	0.46x Good Good Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-23%)	-0.22x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-137%)	—
Interest Coverage (x)	-4.71x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-7.93x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-9.78x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-18.81x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-9.17x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-5.92x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-2.66x Weak Weak Operating income divided by interest expense Optimal: > 5x	-1.70x Weak Weak Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$-9.31M	$-1.79M	$-17.00M	$-33.42M	$-71.96M	$-30.79M	$-46.23M	$11.45M	—
Debt / EBITDA (x)	-1.91x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-1.70x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.94x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.65x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-1.19x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-1.82x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-2.97x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-5.75x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗
Revenue per Share (USD)	$3.09	$3.06	$2.97	$2.67	$3.02	$3.32	—	—	—
Basic EPS, GAAP (USD)	$-0.93	$-0.83	$-1.34	$-2.77	$-1.68	$-1.32	—	—	—
Free Cash Flow per Share (USD)	$-0.66	$-0.76	$-0.86	$-2.13	$-1.42	$-1.15	—	—	—
Book Value per Share (USD)	$0.76	$0.54	$1.33	$2.57	$5.25	$3.31	$4.43	—	—
Tangible Book Value per Share (USD)	$0.76	$0.54	$1.33	$2.57	$4.91	$2.87	$3.99	—	—
Basic Weighted Avg Shares (shares)	21.56M	18.20M	17.68M	17.08M	15.97M	12.63M	—	—	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗
Working Capital (USD)	$34.73M	$22.95M	$35.94M	$62.99M	$103.42M	$61.75M	$75.36M	$12.36M	—
LT Debt (USD)	$22.91M	$20.25M	$19.50M	$28.97M	$27.48M	$26.66M	$25.85M	$24.62M	—
Total Equity (USD)	$17.45M	$9.54M	$22.69M	$42.46M	$84.94M	$41.84M	$55.66M	$-111.97M	$-96.68M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗
Sales/Revenue/Turnover (USD)	$66.58M	$55.64M	$52.55M	$45.56M	$48.30M	$41.98M	$40.39M	$32.44M	—
Depreciation Expense (USD)	$2.10M	$1.70M	$2.20M	$1.60M	$900.00K	$500.00K	$600.00K	$600.00K	—
Net Income, GAAP (USD)	$-19.95M	$-15.12M	$-23.69M	$-47.39M	$-26.85M	$-16.69M	$-12.04M	$-8.01M	—
Operating Cash Flow (USD)	$-13.62M	$-13.28M	$-14.46M	$-32.14M	$-20.27M	$-14.08M	$-9.71M	$-9.30M	—

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Synced yesterday 9 years · 35 quarters

EXAGEN INC.

Analytical Summary

9-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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