Exact Sciences Corp

Health Care
Medical Specialities
www.exactsciences.com

Moat Score
Safety Score

Market Cap $11.39B
PE -53
Debt $2.57B
Cash $594.67M
EV $13.36B
FCF $98.43M

Earnings

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Sales & Net Margins

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Earnings	-$214.04M
EBIT	-$214.77M
ROE	-7%
ROA	-3%
FCF	$98.43M
Equity	$3.21B
Growth Stability	1
PE	-53.2
PB	3.55
P/FCF	115.7
P/S	4.23
Price/Cash	0.05
Debt/Equity	0.8
Debt/FCF	26.1
Net Margins	-8%
Gross Margins	73%
Op. Margins	-8%
Sales Growth YoY	13%
Sales Growth QoQ	1%
Sales CAGR	59%
FCF CAGR	0%
Equity CAGR	39%
Earnings Growth YoY	-5K%

Earnings Growth QoQ	142%
Sales CAGR 5Y	23%
FCF CAGR 5Y	1%
Equity CAGR 5Y	5%
Earnings CAGR 3Y	17%
Sales CAGR 3Y	17%
Equity CAGR 3Y	-1%
Market Cap	$11.39B
Revenue	$2.69B
Assets	$6.75B
Total Debt	$2.57B
Cash	$594.67M
Shares Outstanding	183.82M
EV	13.36B
Moat Score	8%
Safety Score	72%
Working Capital	809.46M
Current Ratio	2.12
Gross Profit	$1.96B
Shares Growth 3y	2%
Equity Growth QoQ	1%
Equity Growth YoY	3%

Assets & ROA

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Stockholders Equity & ROE

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Exact Sciences Corporation, headquartered in Madison, Wisconsin, provides cancer screening and diagnostic test products in the United States and internationally. Exact's Cologuard screening test, a non-invasive stool-based DNA test, is a pre-cancer screening test for colorectal cancer. The company also competes in the precision oncology market with Oncotype DX, a genetic-based treatment selection test for breast, prostate, and colon cancers. With the acquisitions of Base Genomics and Thrive Earlier Detection, Exact is building a multi-cancer early screening test to detect over 14 cancers, a test that would be one of earliest entrants in multi-cancer liquid biopsy cancer screening.

SEC Filings

Direct access to Exact Sciences Corp (EXAS) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Exact Sciences Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Exact Sciences Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

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Exact Sciences Corp Discounted Cash Flow

Fully customizable DCF calculator online for Exact Sciences Corp.

Years

Calculation mode

= $988M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$98M	$98M	$99M	$99M	$99M	$99M	$99M	$99M	$99M	$99M	$99M	$990M
DCF		$90M	$81M	$74M	$67M	$61M	$56M	$51M	$46M	$42M	$38M	$382M
Value	$988M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-6K%	-400%	-168%	-43%	-39%	-10%	-57%	-34%	-30%	-8%	-8%
ROA	-	-43%	-44%	-19%	-10%	-7%	-16%	-13%	-10%	-3%	-3%
ROE	-	-48%	-50%	-22%	-26%	-4%	-30%	-18%	-20%	-6%	-7%

Bad Net Margins (-8.03%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-0.03	-0.03	-0.04	-3.03	-2.8	21.85	-9.16	-4.99	72.48	26.1
Debt over Equity	0	0.02	0.01	0.01	0.98	0.35	0.56	0.64	0.72	0.74	0.8
Growth Stability	-	-	-	-	-	-	-	-	-	-	1

Bad Debt/FCF ratio (26.1)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.8)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	2K%	152%	168%	71%	93%	70%	18%	18%	20%	23%
Earnings YoY growth	-	58%	6%	-32%	53%	-52%	910%	-30%	5%	-67%	-
Equity YoY growth	-	13%	3%	55%	31%	236%	23%	20%	-10%	3%	5%
FCF YoY growth	-	65%	-6%	-17%	83%	31%	-125%	-430%	84%	-107%	1%