Quality Investor

10x Genomics, Inc.

Rank #115Startup

TXG · Nasdaq · Healthcare

10x Genomics, Inc. (TXG) — Rank #115 by gross profitability (GP/assets 0.43) · ROE -5.3% · Piotroski F-Score N/A.

As-of 2026-09-28 · CIK 0001770787 · all metrics point-in-time as of the filing date.

About

10x Genomics, Inc. develops and sells instruments, consumables, and software for analyzing biological systems in the United States, rest of the Americas, Europe, the Middle East, Africa, China, and the rest of the Asia Pacific.

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The company offers Chromium platform, a single cell portfolio that enables analysis of individual biological components, as well as includes microfluidic chips and related consumables, Chromium X Series, and Chromium instruments; and QuantumScale single cell RNA and single cell methylation kits. It also provides Visium platform, a spatial analysis platform that uses high density DNA arrays to encode the physical location of biological analytes within a sample. This platform includes HD WT panel gene expression, and HD 3' gene expression assays, as well as the Visium CytAssist, an instrument designed to simplify and optimize the Visium solution workflow by facilitating the transfer of transcriptomic analytes from standard glass slides to Visium slides. In addition, the company offers Xenium Analyzer instrument enables researchers to detect and preserve the cellular location of hundreds of RNA targets directly in a fresh frozen or FFPE tissue section without the need for conventional sequencing; and slides and reagents. Further, it provides various software products comprising Cell Ranger, a scRNA-seq processing pipeline in scientific literature; Loupe Browser, which enables intuitive single-cell, spatial, and multiomic data visualization; and Xenium Explorer that enables intuitive in situ data visualization, which allows researchers to explore subcellular gene expression, spatial organization, and tissue-scale patterns. The company serves various academic, government, biopharmaceutical, biotechnology, and other institutions. The company was formerly known as 10X Technologies, Inc. and changed its name to 10x Genomics, Inc. in November 2014. 10x Genomics, Inc.

was incorporated in 2012 and is headquartered in Pleasanton, California.

Industry
Medical Devices
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/S is the primary valuation lens for pre-profit companies.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

1,178

Industry

Medical Devices

Exchange

Nasdaq

Signal Flags

2 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.43
Return on equity
-5.3%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.25
Current ratio
5.69×
Net cash
$552.03M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
17.0%

Growth

1/2 pass
Revenue growth
5.2%
Piotroski F-Score
N/A
Share dilution
3.6%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

Burn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.

Profitability

Gross profitability (GP / assets)

0.43

Primary signal (Novy-Marx).

68th pctl of 41 SIC 38 peers

Return on equity

-5.3%

Gross margin

69.1%

88th pctl of 41 SIC 38 peers

Revenue growth (YoY)

5.2%

RPO growth (YoY)

3.6%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

7.6%

Revenue CAGR (5Y)

16.6%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.25

97th pctl of 40 SIC 38 peers (best = lowest)

Current ratio

5.69×

90th pctl of 40 SIC 38 peers

Quick ratio

5.06×

Net cash

$552.03M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$130.12M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

3.99

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

17.0%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Hypergrowth
Startup