3 models fit Exelixis Inc. Common Stock and they disagree: 0 of 3 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Gold83
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionExelixis Inc. Common Stock (EXEL)
Fair value (3 models)
$69.06
ACCE price target
$60.80
Rating
Fairly valued
Horizon
12 months
Fair value published on 19 Oct 2026, 19:04 CEST; previously $72.58 since 11 Oct 2026, 00:00 CEST.
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Rating published on 19 Oct 2026, 19:04 CEST.
Price used: $64.53 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
6.6% below
+7.0% to fair value
ACCE score
83
out of 100
Analysts
39% buy
18 covering
P/E
20.4x
forward 15.1x
1-year return
+69.6%
Dividend yield
0.00%
Exelixis Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Exelixis sells Cabometyx (cabozantinib), an oral kinase inhibitor for advanced renal cell carcinoma and other solid tumors, and its growth rests on that franchise plus a steady royalty stream from Cometriq and partner-licensed programs. The moat is the patent and regulatory exclusivity around Cabometyx, which gives the company a 96.5% gross margin and a 39.5% operating margin on 10.6% revenue growth, a profile few mid-cap biotechs can match. The near-term swing factor is label expansion and pipeline readouts in the oncology portfolio, where any positive data or new indication would extend the revenue runway beyond current expectations. At a 14.6x forward P/E against a trailing 19.6x, the market is pricing in earnings growth without giving full credit for it, and a 44.4% ROE indicates the business converts capital efficiently. The main risks are concentration in one product and the eventual loss of exclusivity, so this name merits a deeper look focused on the patent timeline and pipeline timing.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Elevated short interest
Short interest sits at 15.6% of float, a level that signals meaningful bearish positioning and can add volatility around news or earnings.
moderate
Insider selling without buying
Insiders disclosed $4.07M in sales across the last 10 filings and no purchases, a one-directional pattern worth noting though insiders hold only 1.8%.
AI research notes
AI-assisted·How I use AIWritten Oct 20, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Net margin of 35.3% and return on equity of 44.4% show a business that turns sales into unusually large profit.
Free cash flow of $844M over the last twelve months, against a 5.5% yield at today's price, gives real cash generation to support the shares.
The stock trades at a forward P/E of 13.6x, well below the sector median of 24.1x, while the company has bought back stock, cutting the diluted share count by 4.8%.
Why it could disappoint
Analysts' mean price target of $55.53 sits 11.4% below the share price, and only 39% of analysts rate the stock Buy or Strong Buy.
Revenue growth slowed to 10.6% in the latest year, down from a 5-year average of 18.6% per year.
The price implies cash flow growth of 9.0% a year for five years, and the stock trades 6.1% above the $60.80 ACCE price target.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 29, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where EXEL's valuation models land
Price
$64.53
Model fair value
$69.06
Model range
$41.68 to $86.48
Fair value $69.06
Price $64.53
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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Quality
INVESTOR
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