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Exelixis, Inc (0IJO) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Exelixis, Inc $77.09, price $58.30, upside +32.2%, quality 96 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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GB · ISIN US30161Q1040

EI Broad data Sep 24, 2026

Exelixis, Inc

0IJO · LSE

Undervalued, solidFair Value upside is positive and quality is strong.

✓Fair value $77.09 · Undervalued (+32.2%)
✓Quality 96/100
✓Healthy Growth (revenue 5y +10.1 %/yr)
✓Highly profitable · 35.1% net margin (TTM)
✓generates free cash flow
✓Wide moat 100/100

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$59.69 $40.85 Fair Value $77.09 Dec 2025 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 24, 2026.

How to read this chart

10‑month range $40.85 – $59.69 · fair‑value band $41.19 – $106.86 · the $58.30 price screens below the $77.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Sep 24, 2026.

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Company profile

Exelixis, Inc., an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States.

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Exelixis, Inc., an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer. Its CABOMETYX and COMETRIQ are derived from cabozantinib, an inhibitor of multiple tyrosine kinases, including MET, AXL, RET, and VEGF receptors. The company also offers COTELLIC, an inhibitor of MEK as a combination regimen to treat specific forms of advanced melanoma; and MINNEBRO, an oral non-steroidal selective blocker of the mineralocorticoid receptor for the treatment of hypertension in Japan. It develops zanzalintinib, a novel, potent oral inhibitor of kinases, including the TAM kinases, MET, and VEGF receptors; XL309, a small molecule inhibitor of USP1, a synthetic lethal target in the context of BRCA-mutated tumors; XB010, an antibody-drug conjugates (ADC) consisting of a MMAE payload conjugated to a monoclonal antibody targeting the tumor antigen 5T4; XB628, a first-in-class bispecific antibody that targets programmed cell death ligand 1and natural killer cell receptor group 2A; and XB371, a next-generation tissue factor targeting ADC with a topoisomerase inhibitor payload. It has research collaborations and license agreements with Ipsen Pharma SAS; Takeda Pharmaceutical Company Ltd.; F. Hoffmann-La Roche Ltd.; Catalent, Inc.; Iconic Therapeutics, Inc.; Adagene Inc.; Invenra, Inc.; Genentech, Inc.; Bristol-Myers Squibb Company; and Daiichi Sankyo Company, Limited, as well as business development activities and other collaborations. The company was formerly known as Exelixis Pharmaceuticals, Inc. and changed its name to Exelixis, Inc. in February 2000. Exelixis, Inc. was incorporated in 1994 and is headquartered in Alameda, California.

Stock analysis

Exelixis, Inc (0IJO) currently trades at $58.30, while our model-based Fair Value estimate is $77.09, implying the stock looks roughly 24.4% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of $82.20 per share, and 11 of the 24 models we run sit above the $58.30 price.

Bear case: the Multiples group reads lowest at $21.69, and 13 of the 24 models stay below the price. Evidence for this calculation is high.

Scenario range: $41.19 (bear) to $106.86 (bull), the price of $58.30 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 96/100 (high quality).

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Exelixis, Inc reported revenue of $2.3B in FY2026 versus $1.6B in FY2022, a compound +9.5%/yr. Reported net income was $783M in FY2026, compounding +43.9%/yr from FY2022.

Key figures

Market cap $16.4B · P/E ratio 0.6 · P/S ratio 0.20 · EPS (TTM) $0.9240 · Net margin 33.7% · Return on equity 41.0% · Return on assets (EBIT) 17.3% · Operating margin 41.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

Fair Value models

Bear $41.19 Fair Value $77.09 Bull $106.86
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF $46.91 $71.35 $147.56 74
Growth DCF $44.15 $78.08 $144.49 72
5Y EBITDA Exit $36.22 $60.73 $108.62 70
All 24 models by family
DCF Models
FCF DCF $46.91 $71.35 $147.56 74
Owner Earnings $40.29 $87.33 $182.46 68
5Y Revenue Exit $25.28 $38.58 $66.02 68
5Y EBITDA Exit $36.22 $60.73 $108.62 70
5Y P/E Exit $43.50 $93.52 $161.33 65
10Y Revenue Exit $31.54 $57.80 $71.84 65
10Y EBITDA Exit $39.93 $80.76 $150.66 62
10Y P/E Exit $45.12 $96.03 $179.82 58
Earnings-Based
Graham-Dodd $17.80 $124.12 $174.19 63
Lynch FV $45.62 $65.17 $84.73 61
PEG = 1.0 $45.62 $65.17 $84.73 57
EPV $23.31 $26.74 $29.69 70
Multiples
P/E Multiple $39.26 $52.35 $65.44 63
P/S Multiple $14.55 $19.40 $24.25 58
P/B Multiple $16.27 $21.69 $27.11 55
EV/EBIT $41.00 $54.12 $67.25 63
EV/EBITDA $31.00 $40.80 $50.60 64
EV/Revenue $15.19 $21.01 $26.83 51
Asset-Based
NCAV (Graham) $3.61 $4.84 $7.23 51
Growth DCF
Growth DCF $44.15 $78.08 $144.49 72
Rev-Margin DCF $25.28 $43.96 $78.38 67
Economic Profit
Residual Income $16.25 $25.84 $65.78 62
ROIC Compounder $28.15 $38.50 $52.06 70
Growth Earnings
Growth-Adj P/E $57.54 $82.20 $106.86 67

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Quality Score breakdown

Overall quality 96/100

Of which business quality 90 · Market factors (momentum, volatility) 75

Profitability 92
Margins and returns on capital today
Quality Growth 76
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 68
Price trend over the last 3–12 months (market factor)
52W Momentum 82
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 91/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.1%
Start year 2021 (pandemic). Over 10 years: +28.3% a year
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+28.1%
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+34.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+34.9%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.37.7% vs 18.9%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 38%
2026 sits 58% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+20.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +3.5% a year for the price and +17.9% for the forecasts.
Forecast 2027 (sales)+26.1%
Projected 2028 (sales)+23.4%
Projected 2029 (sales)+20.7%
Projected 2030 (sales)+18.1%
Projected 2031 (sales)+15.4%

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Exelixis, Inc · Fair Value
$77.09 +24%Fair Value
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Cite: Fair Value Calculator (2026). "Exelixis, Inc Fair Value". https://www.fairvalue-calculator.com/stock/0IJO

Frequently asked questions

Is Exelixis, Inc (0IJO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $77.09 versus a price of $58.30, about +32% upside (undervalued).
What is the fair value of 0IJO?
Our model-based fair value for Exelixis, Inc is $77.09 (as of Sep 24, 2026), built from audited fundamentals. The current price: $58.30.
What is the quality score of 0IJO?
Exelixis, Inc has a Quality Score of 96/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Exelixis, Inc (0IJO)?
Our model-based price target is the fair value of $77.09 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario $41.19, optimistic scenario $106.86. It is a calculation from audited fundamentals, not an analyst target.
What is the Exelixis, Inc stock forecast for 2026?
Our models put fair value at $77.09, about +32% upside versus a price of $58.30 (undervalued). Cautious scenario $41.19, optimistic scenario $106.86. The calculation is refreshed regularly with new filings.
What is the revenue of Exelixis, Inc (0IJO)?
Exelixis, Inc reported trailing-twelve-month revenue of about $2.4B (latest available figure, as of Sep 24, 2026).
What growth is priced into Exelixis, Inc (0IJO)?
For today's price to be fair in a discounted-cash-flow model, Exelixis, Inc would have to grow free cash flow by +6.0 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0IJO use?
Our models discount Exelixis, Inc at 9.0 %: a base by market capitalisation (unknown), damped by beta 0.42, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Exelixis, Inc that is +6.0 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Exelixis, Inc (0IJO) delivered so far?
Over the past 5 years revenue at Exelixis, Inc grew +10.1 % a year. The price currently implies +6.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
What is the free cash flow yield of Exelixis, Inc (0IJO)?
The free-cash-flow yield on the price is 5.14 %: that much free cash flow Exelixis, Inc produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Exelixis, Inc (0IJO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Exelixis, Inc it is $77.09 per share (as of Sep 24, 2026), against a price of $58.30. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Exelixis, Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0IJO trades below its calculated fair value: price $58.30, fair value $77.09, a gap of about +32% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0IJO?
No. The price is what the market pays today ($58.30); the fair value is what the company's own numbers justify ($77.09). For Exelixis, Inc the two are $18.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is Exelixis, Inc worth?
The market values Exelixis, Inc at about $16.4B (market capitalisation, as of Sep 24, 2026). Per share that is $58.30; our models calculate a fair value of $77.09 per share.
What do the bullish and bearish scenarios say about 0IJO?
Our models span a range for Exelixis, Inc: cautious scenario $41.19, base $77.09, optimistic $106.86 per share (as of Sep 24, 2026, price $58.30). The range comes from different growth and margin assumptions, not from analyst opinions.
Is Exelixis, Inc stock attractive at the current price?
The data as of Sep 24, 2026: price $58.30, calculated fair value $77.09 (+32%), Quality Score 96/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0IJO calculated?
We run Exelixis, Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $77.09, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Exelixis, Inc currently trades 24 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Exelixis, Inc (0IJO)?
The closing price on Oct 2, 2026 was $58.30. Our model-based fair value is $77.09, about +32% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Exelixis, Inc right now?
The rarer combination: high quality (96/100) AND below fair value. That earns a closer look rather than a quick verdict. A fairly wide model range ($41.19 to $106.86) leaves room in how you read the outcome.

Key figures of Exelixis, Inc

How large is the market capitalisation of Exelixis, Inc (0IJO)?
The market capitalisation of Exelixis, Inc is $16.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Exelixis, Inc (0IJO)?
The price-to-earnings ratio of Exelixis, Inc is 0.6 (as of Jul 24, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Exelixis, Inc (0IJO)?
The price-to-sales ratio of Exelixis, Inc is 0.20 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Exelixis, Inc (0IJO)?
Earnings per share at Exelixis, Inc are $0.9240 (price ÷ EPS = P/E 0.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Exelixis, Inc (0IJO)?
The net margin of Exelixis, Inc is 33.7% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Exelixis, Inc (0IJO)?
The return on equity (ROE) of Exelixis, Inc is 41.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Exelixis, Inc (0IJO)?
On an EBIT basis the return on assets of Exelixis, Inc is 17.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Exelixis, Inc (0IJO)?
The operating margin of Exelixis, Inc is 41.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Exelixis, Inc (0IJO)?
Revenue at Exelixis, Inc is growing +10.0% versus a year earlier (3y avg +8.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Exelixis, Inc (0IJO)?
Earnings per share at Exelixis, Inc are growing +43.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Exelixis, Inc (0IJO) hold?
Exelixis, Inc holds more cash than debt, $309M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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