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Held by 658 of 5,944 reporting institutions (98th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $58.49 today, the market must believe free cash flow compounds 10.3%/yr for a decade (off $613M normalized FCF).
The market's 10.3% is more conservative than its 9-yr track record.
2-stage DCF · 0.26B shares · net debt -$482M
mean 38.0% · volatility σ 77% · implied rate exceeded in 5/9 yrs
Central path = implied 10.3%/yr growth; shaded band = ±1σ (77%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $248.2B | 37.1× | 31.9× | 5.6× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.1B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $131.1B | 33.7× | 28.8× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.8B | 24.9× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.6B | 19.0× | 19.8× | 5.8× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| EXEL | $15.4B | 21.0× | 16.5× | 6.6× | 7.0% | 96.4% | 33.7% | 36.2% | 36.2% | — | 658 |
Peers = companies sharing EXEL's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2026
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2023 | FY2022 | FY2021 | FY2021 | FY2020 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.32B 100.0% | $2.17B 100.0% | $1.83B 100.0% | $1.61B 100.0% | $1.43B 100.0% | $987.5M 100.0% | $967.8M 100.0% | $853.8M 100.0% | $452.5M 100.0% | $191.5M 100.0% |
| Cost of Revenue | $83.7M 3.6% | $76.2M 3.5% | $72.5M 4.0% | $57.9M 3.6% | $52.9M 3.7% | $36.3M 3.7% | $33.1M 3.4% | $26.3M 3.1% | $15.1M 3.3% | $6.6M 3.4% |
| Cost of Products | — | — | — | — | — | — | — | — | $15.1M 3.3% | $6.6M 3.4% |
| Research & Development | $825.0M 35.6% | $910.4M 42.0% | $1.04B 57.0% | $891.8M 55.4% | $693.7M 48.3% | $547.9M 55.5% | $337.0M 34.8% | $182.3M 21.3% | $112.2M 24.8% | $96.0M 50.1% |
| Selling, General & Admin | $518.7M 22.4% | $492.1M 22.7% | $542.7M 29.7% | $459.9M 28.5% | $401.7M 28.0% | $293.4M 29.7% | $228.2M 23.6% | $206.4M 24.2% | $159.3M 35.2% | $116.1M 60.7% |
| Total Operating Expenses | $1.45B 62.4% | $1.56B 72.1% | $1.66B 90.7% | $1.41B 87.5% | $1.15B 80.0% | $877.5M 88.9% | $598.3M 61.8% | $415.0M 48.6% | $286.6M 63.3% | $219.6M 114.7% |
| Operating Income | $872.2M 37.6% | $604.6M 27.9% | $170.9M 9.3% | $201.5M 12.5% | $286.7M 20.0% | $110.1M 11.1% | $369.5M 38.2% | $438.9M 51.4% | $165.9M 36.7% | -$28.1M -14.7% |
| Interest Expense | — | — | — | — | — | — | $0 0.0% | $0 0.0% | $8.7M 1.9% | $33.1M 17.3% |
| Interest & Investment Income | $69.2M 3.0% | $77.2M 3.6% | $86.5M 4.7% | $33.1M 2.1% | $7.7M 0.5% | $19.9M 2.0% | $28.0M 2.9% | $12.8M 1.5% | $4.9M 1.1% | — |
| Other Income (Expense), net | -$198K -0.0% | -$133K -0.0% | $93K 0.0% | -$197K -0.0% | -$184K -0.0% | $912K 0.1% | $28.6M 3.0% | $397K 0.0% | -$7.3M -1.6% | -$42.1M -22.0% |
| Pretax Income | — | — | — | — | — | $130.8M 13.2% | $398.1M 41.1% | $452.1M 52.9% | $158.6M 35.0% | -$70.2M -36.7% |
| Income Tax Expense | $158.6M 6.8% | $160.4M 7.4% | $49.8M 2.7% | $52.1M 3.2% | $63.1M 4.4% | $19.1M 1.9% | $77.1M 8.0% | -$238.0M -27.9% | $4.3M 1.0% | $0 0.0% |
| Net Income | $782.6M 33.7% | $521.3M 24.0% | $207.8M 11.4% | $182.3M 11.3% | $231.1M 16.1% | $111.8M 11.3% | $321.0M 33.2% | $690.1M 80.8% | $154.2M 34.1% | -$70.2M -36.7% |
| Per Share | ||||||||||
| EPS (Basic) | $2.88 | $1.80 | $0.65 | $0.57 | $0.73 | $0.36 | $1.06 | $2.32 | $0.52 | — |
| EPS (Diluted) | $2.78 | $1.76 | $0.65 | $0.56 | $0.72 | $0.35 | $1.02 | $2.21 | $0.49 | — |
| Weighted Avg Shares (Basic) | 271.6M | 290.0M | 318.2M | 321.5M | 314.9M | 308.3M | 302.6M | 297.9M | 293.6M | — |
| Weighted Avg Shares (Diluted) | 281.9M | 296.1M | 321.5M | 324.6M | 322.4M | 318.0M | 315.0M | 312.8M | 312.0M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
6/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $948M buybacks = $948M returned on $876M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 36%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $482M covers all $472M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2014-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Interest last disclosed in FY2017 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
Nothing notable to watch.
No material risks flagged.
Where each multiple sits in its own 6-yr range · 34th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 6-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 6.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2020 | FY2021 | FY2021 | FY2022 | FY2023 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 3.1 | 3.4 | 3.7 | 3.7 | 3.6 | 4.0 | 3.5 | 3.6 |
| R&D | 21.3 | 34.8 | 55.5 | 48.3 | 55.4 | 57.0 | 42.0 | 35.6 |
| SG&A | 24.2 | 23.6 | 29.7 | 28.0 | 28.5 | 29.7 | 22.7 | 22.4 |
| Operating Income | 51.4 | 38.2 | 11.1 | 20.0 | 12.5 | 9.3 | 27.9 | 37.6 |
| Income Tax | -27.9 | 8.0 | 1.9 | 4.4 | 3.2 | 2.7 | 7.4 | 6.8 |
| Net Income | 80.8 | 33.2 | 11.3 | 16.1 | 11.3 | 11.4 | 24.0 | 33.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EXEL: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.