NASDAQ : EXAS
Exact Sciences Corporation — Financial statements
Healthcare · Diagnostics & Research · United States
Last price 104.91 USD (At close: Mar 20, 2026) · Market cap 20.03B
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Financial statements
Exact Sciences Corporation (EXAS) reported revenue of 3.25B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.25B | 3.25B | 2.76B | 2.50B | 2.08B | 1.77B |
| Cost of Revenue | 984.15M | 984.15M | 840.15M | 737.56M | 661.36M | 458.76M |
| Gross Profit | 2.26B | 2.26B | 1.92B | 1.76B | 1.42B | 1.31B |
| Selling, General & Admin | 1.89B | 1.89B | 1.68B | 1.65B | 1.65B | 1.54B |
| Research & Development | 522.44M | 522.44M | 431.21M | 426.93M | 394.19M | 385.65M |
| Amortization of Goodwill & Intangibles | 95.00M | |||||
| Other Operating Expenses | -2.03M | 13.24M | ||||
| Operating Expenses | 2.41B | 2.41B | 2.11B | 2.07B | 2.06B | 2.02B |
| Operating Income | -150.12M | -150.12M | -191.79M | -308.83M | -634.16M | -710.57M |
| Interest Expense | -39.36M | -39.36M | -37.27M | -19.45M | -19.63M | -18.61M |
| Interest & Investment Income | 41.77M | 41.77M | 39.56M | 32.71M | 31.78M | |
| EBT Excluding Unusual Items | -147.71M | -147.71M | -189.50M | -295.57M | -653.79M | -697.40M |
| Merger & Restructuring Charges | -22.17M | -22.17M | -117.70M | |||
| Gain (Loss) on Sale of Investments | -19.43M | |||||
| Asset Writedown | -7.20M | -7.20M | -869.46M | -621.00K | -15.97M | -20.21M |
| Other Unusual Items | -26.81M | -26.81M | 22.80M | 94.44M | 56.62M | -7.20M |
| Pretax Income | -203.89M | -203.89M | -1.04B | -201.75M | -632.57M | -842.51M |
| Income Tax Expense | 4.06M | 4.06M | -7.30M | 2.40M | -9.06M | -246.88M |
| Net Income | -207.95M | -207.95M | -1.03B | -204.15M | -623.51M | -595.62M |
| Net Income to Common | -207.95M | -207.95M | -1.03B | -204.15M | -623.51M | -595.62M |
| Shares Outstanding (Basic) | 188.69M | 188.69M | 184.20M | 180.14M | 176.35M | 171.35M |
| Shares Outstanding (Diluted) | 188.69M | 188.69M | 184.20M | 180.14M | 176.35M | 171.35M |
| EPS (Basic) | -1.10 | -1.10 | -5.59 | -1.13 | -3.54 | -3.48 |
| EPS (Diluted) | -1.10 | -1.10 | -5.59 | -1.13 | -3.54 | -3.48 |
| Free Cash Flow | 356.78M | 356.78M | 74.55M | 31.93M | -438.02M | -238.00M |
| Free Cash Flow Per Share | 1.89 | 1.89 | 0.41 | 0.18 | -2.48 | -1.39 |
| Gross Margin | 69.69% | 69.69% | 69.55% | 70.49% | 68.27% | 74.04% |
| Operating Margin | -4.62% | -4.62% | -6.95% | -12.35% | -30.43% | -40.21% |
| Profit Margin | -6.40% | -6.40% | -37.29% | -8.17% | -29.92% | -33.71% |
| Free Cash Flow Margin | 10.99% | 10.99% | 2.70% | 1.28% | -21.02% | -13.47% |
| EBITDA | 71.46M | 71.46M | 23.07M | -102.23M | -436.60M | -530.22M |
| EBITDA Margin | 2.20% | 2.20% | 0.84% | -4.09% | -20.95% | -30.00% |
| D&A For EBITDA | 221.58M | 221.58M | 214.86M | 206.61M | 197.56M | 180.35M |
| EBIT | -150.12M | -150.12M | -191.79M | -308.83M | -634.16M | -710.57M |
| EBIT Margin | -4.62% | -4.62% | -6.95% | -12.35% | -30.43% | -40.21% |
| Advertising Expenses | 199.20M | 199.20M | 180.30M | 137.90M | 170.30M | 144.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 956.00M | 956.00M | 600.89M | 605.38M | 242.49M | 315.47M |
| Short-Term Investments | 8.71M | 8.71M | 437.14M | 172.27M | 389.56M | 715.00M |
| Cash & Short-Term Investments | 964.71M | 964.71M | 1.04B | 777.64M | 632.06M | 1.03B |
| Receivables | 298.65M | 298.65M | 248.97M | 203.62M | 158.04M | 216.65M |
| Inventory | 166.20M | 166.20M | 162.38M | 127.47M | 118.26M | 104.99M |
| Prepaid Expenses | 96.48M | 96.48M | 94.15M | 85.63M | 73.60M | 74.12M |
| Restricted Cash | 297.00K | |||||
| Other Current Assets | 29.80M | 29.80M | 27.90M | |||
| Total Current Assets | 1.56B | 1.56B | 1.57B | 1.19B | 982.26M | 1.43B |
| Property, Plant & Equipment | 842.10M | 842.10M | 830.42M | 853.36M | 861.96M | 772.67M |
| Long-Term Investments | 62.78M | 62.78M | 57.94M | 51.17M | 43.74M | 26.80M |
| Goodwill | 2.37B | 2.37B | 2.37B | 2.37B | 2.35B | 2.34B |
| Other Intangible Assets | 919.92M | 919.92M | 1.01B | 1.89B | 1.96B | 2.09B |
| Long-Term Accounts Receivable | 25.90M | 41.70M | ||||
| Other Long-Term Assets | 111.93M | 111.93M | 66.09M | 73.22M | 36.63M | 29.59M |
| Total Assets | 5.86B | 5.86B | 5.93B | 6.47B | 6.23B | 6.68B |
| Accounts Payable | 175.87M | 175.87M | 89.57M | 78.82M | 74.92M | 67.83M |
| Accrued Expenses | 388.79M | 388.79M | 305.96M | 324.52M | 284.75M | 372.68M |
| Current Portion of Long-Term Debt | 249.15M | 50.00M | ||||
| Current Portion of Leases | 39.88M | 39.88M | 35.20M | 33.78M | 31.57M | 25.91M |
| Current Unearned Revenue | 1.00M | |||||
| Other Current Liabilities | 36.62M | 36.62M | 52.30M | 27.59M | 21.51M | 49.65M |
| Total Current Liabilities | 641.15M | 641.15M | 732.19M | 514.70M | 412.75M | 517.07M |
| Long-Term Debt | 2.33B | 2.33B | 2.32B | 2.31B | 2.24B | 2.18B |
| Long-Term Leases | 167.78M | 167.78M | 170.33M | 168.57M | 189.80M | 194.67M |
| Long-Term Deferred Tax Liabilities | 5.80M | 5.80M | ||||
| Other Long-Term Liabilities | 317.67M | 317.67M | 302.30M | 328.48M | 345.06M | 405.28M |
| Total Liabilities | 3.46B | 3.46B | 3.53B | 3.33B | 3.18B | 3.30B |
| Common Stock | 1.91M | 1.91M | 1.86M | 1.81M | 1.78M | 1.74M |
| Additional Paid-In Capital | 7.10B | 7.10B | 6.90B | 6.61B | 6.31B | 6.03B |
| Retained Earnings | -4.71B | -4.71B | -4.50B | -3.47B | -3.27B | -2.64B |
| Comprehensive Income & Other | 2.36M | 2.36M | -944.00K | 1.43M | -5.24M | -1.44M |
| Shareholders' Equity | 2.40B | 2.40B | 2.40B | 3.15B | 3.04B | 3.39B |
| Total Liabilities & Equity | 5.86B | 5.86B | 5.93B | 6.47B | 6.23B | 6.68B |
| Total Debt | 2.53B | 2.53B | 2.78B | 2.57B | 2.46B | 2.40B |
| Net Cash (Debt) | -1.57B | -1.57B | -1.74B | -1.79B | -1.83B | -1.37B |
| Net Cash Per Share | -8.32 | -8.32 | -9.43 | -9.93 | -10.35 | -8.00 |
| Filing Date Shares Outstanding | 190.89M | 190.89M | 185.76M | 181.53M | 178.22M | 174.12M |
| Total Common Shares Outstanding | 190.80M | 190.80M | 185.62M | 181.36M | 177.93M | 173.67M |
| Working Capital | 914.70M | 914.70M | 839.24M | 679.67M | 569.51M | 909.17M |
| Book Value Per Share | 12.58 | 12.58 | 12.94 | 17.34 | 17.10 | 19.51 |
| Tangible Book Value | -886.92M | -886.92M | -974.12M | -1.11B | -1.26B | -1.04B |
| Tangible Book Value Per Share | -4.65 | -4.65 | -5.25 | -6.13 | -7.08 | -6.00 |
| Land | 4.72M | 4.72M | 4.72M | 4.72M | 4.72M | 4.72M |
| Buildings | 290.78M | 290.78M | 290.78M | 290.78M | 288.94M | 210.56M |
| Machinery | 668.91M | 668.91M | 583.06M | 494.18M | 423.29M | 327.16M |
| Construction In Progress | 84.14M | 84.14M | 89.06M | 104.59M | 68.40M | 100.34M |
| Leasehold Improvements | 257.50M | 257.50M | 227.88M | 214.56M | 200.59M | 147.08M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -207.95M | -207.95M | -1.03B | -204.15M | -623.51M | -595.62M |
| Depreciation & Amortization | 221.58M | 221.58M | 214.86M | 206.61M | 197.56M | 180.35M |
| Loss (Gain) From Sale of Assets | 13.24M | |||||
| Asset Writedown & Restructuring Costs | 82.20M | 82.20M | 869.46M | 1.12M | 15.97M | 105.55M |
| Loss (Gain) From Sale of Investments | -3.08M | -3.08M | 2.71M | -4.10M | 21.77M | -29.01M |
| Stock-Based Compensation | 217.67M | 217.67M | 214.88M | 231.31M | 206.82M | 253.06M |
| Other Operating Activities | 59.20M | 59.20M | -6.51M | -74.33M | -29.04M | -127.67M |
| Change in Accounts Receivable | -48.89M | -48.89M | -46.26M | -43.42M | 61.09M | 25.15M |
| Change in Inventory | -3.77M | -3.77M | -34.91M | -7.69M | -13.23M | -9.22M |
| Change in Accounts Payable | 214.04M | 214.04M | 43.54M | 82.75M | -52.18M | 169.80M |
| Change in Other Net Operating Assets | -39.55M | -39.55M | -18.38M | -31.99M | -22.05M | -74.62M |
| Operating Cash Flow | 491.44M | 491.44M | 210.54M | 156.12M | -223.56M | -102.24M |
| Capital Expenditures | -134.66M | -134.66M | -135.99M | -124.19M | -214.46M | -135.77M |
| Sale of Property, Plant & Equipment | 25.00M | |||||
| Cash Acquisitions | -75.00M | -75.00M | -45.00M | -52.91M | -14.69M | -557.80M |
| Investment in Securities | 376.51M | 376.51M | -260.94M | 226.53M | 278.76M | -387.77M |
| Other Investing Activities | 28.27M | 28.27M | -225.00K | 250.00K | -549.00K | -744.00K |
| Investing Cash Flow | 195.12M | 195.12M | -442.15M | 49.68M | 74.07M | -1.08B |
| Long-Term Debt Issued | 266.75M | 137.98M | 50.00M | |||
| Long-Term Debt Repaid | -249.17M | -249.17M | -50.00M | -23.75M | ||
| Net Debt Issued (Repaid) | -249.17M | -249.17M | 216.75M | 137.98M | 50.00M | -23.75M |
| Issuance of Common Stock | 28.45M | 28.45M | 32.88M | 31.54M | 32.02M | 37.51M |
| Other Financing Activities | -117.36M | -117.36M | -17.75M | -9.75M | -5.53M | -5.29M |
| Financing Cash Flow | -338.09M | -338.09M | 231.87M | 159.77M | 76.48M | 8.47M |
| Foreign Exchange Rate Adjustments | 891.00K | 891.00K | -3.29M | 1.32M | 30.00K | 23.00K |
| Net Cash Flow | 349.36M | 349.36M | -3.04M | 366.88M | -72.98M | -1.18B |
| Free Cash Flow | 356.78M | 356.78M | 74.55M | 31.93M | -438.02M | -238.00M |
| Free Cash Flow Margin | 10.99% | 10.99% | 2.70% | 1.28% | -21.02% | -13.47% |
| Free Cash Flow Per Share | 1.89 | 1.89 | 0.41 | 0.18 | -2.48 | -1.39 |
| Levered Free Cash Flow | 281.87M | 281.87M | 50.83M | 91.77M | -283.12M | 79.20M |
| Unlevered Free Cash Flow | 306.47M | 306.47M | 74.12M | 103.92M | -270.85M | 90.83M |
| Cash Interest Paid | 30.44M | 30.44M | 27.84M | 18.78M | 11.52M | 10.73M |
| Change in Working Capital | 121.83M | 121.83M | -56.01M | -342.00K | -26.38M | 111.11M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 19.27B | 10.40B | 13.38B | 8.80B | 13.41B | |
| Enterprise Value | 20.80B | 12.16B | 15.22B | 10.59B | 14.60B | |
| Last Close Price | 101.56 | 56.19 | 73.98 | 49.51 | 77.83 | |
| Forward PE | 120.45 | |||||
| PS Ratio | 5.94 | 3.77 | 5.35 | 4.22 | 7.59 | |
| PB Ratio | 8.03 | 4.33 | 4.25 | 2.89 | 3.96 | |
| P/FCF Ratio | 54.02 | 139.50 | 419.03 | |||
| P/OCF Ratio | 39.22 | 49.40 | 85.70 | |||
| EV/Sales Ratio | 6.41 | 4.41 | 6.09 | 5.08 | 8.26 | |
| EV/EBITDA Ratio | 291.15 | 527.04 | ||||
| EV/FCF Ratio | 58.31 | 163.11 | 476.66 | |||
| Debt / Equity Ratio | 1.06 | 1.06 | 1.16 | 0.82 | 0.81 | 0.71 |
| Debt / EBITDA Ratio | 22.34 | 22.34 | 42.73 | |||
| Debt / FCF Ratio | 7.11 | 7.11 | 37.23 | 80.39 | ||
| Net Debt / Equity Ratio | 0.65 | 0.65 | 0.72 | 0.57 | 0.60 | 0.41 |
| Net Debt / EBITDA Ratio | 21.97 | 21.97 | 75.32 | -17.50 | -4.18 | -2.58 |
| Net Debt / FCF Ratio | 4.40 | 4.40 | 23.31 | 56.03 | -4.17 | -5.76 |
| Asset Turnover | 0.55 | 0.55 | 0.45 | 0.39 | 0.32 | 0.30 |
| Inventory Turnover | 5.99 | 5.99 | 5.80 | 6.00 | 5.92 | 4.65 |
| Quick Ratio | 1.97 | 1.97 | 1.76 | 1.91 | 1.91 | 2.41 |
| Current Ratio | 2.43 | 2.43 | 2.15 | 2.32 | 2.38 | 2.76 |
| Return on Equity (ROE) | -8.66% | -8.66% | -37.09% | -6.60% | -19.39% | -21.18% |
| Return on Assets (ROA) | -1.59% | -1.59% | -1.93% | -3.04% | -6.14% | -7.65% |
| Return on Capital Employed (ROCE) | -2.90% | -2.90% | -3.70% | -5.20% | -10.90% | -11.50% |
| Earnings Yield | -1.08% | -9.89% | -1.53% | -7.09% | -4.44% | |
| FCF Yield | 1.85% | 0.72% | 0.24% | -4.98% | -1.77% | |
| Buyback Yield / Dilution | -2.44% | -2.44% | -2.25% | -2.15% | -2.92% | -13.37% |