EXACT SCIENCES CORP
EXASInvestment snapshot
Positive
2
BUY / PASS
Neutral / negative
3 / 11
NEUTRAL / FAIL
Median fair value
$50.50
-51.9% vs price
Models with upside
0 / 17
Positive margin of safety
Strongest signal
8 of 12 pass — Graham, Buffett, Lynch +1 more object
Key risk
All 13 investors flag EXAS's valuation
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL · Rank #2042 (Top 65.9%) | NEUTRAL | FAIL | FAIL | FAIL | FAIL | FAIL | PASS | FAIL | PASS | NEUTRAL | FAIL | FAIL | NEUTRAL |
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| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | -208.1% | N/A | N/A | N/A | -56.7% | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Market data at 2026-04-10 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Market data at 2026-04-10 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-04-10 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-04-10 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-04-10 Latest source filing: 2026-02-13 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage67% pass✓ 11✗ 4▾
8 of 12 pass — Graham, Buffett, Lynch +1 more object
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.00, IC: -6.3x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0✓Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities2.43✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-6.3x, D/EBITDA=0.4x✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0027; #437/4210 (top 10.4%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Valuation0% pass✗ 28▾
All 13 investors flag EXAS's valuation
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio8.3x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-1.1%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-1.1%, ROC=-30.9%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)40.7x✗Dreman< 8xPrice / Book Value per Share8.3x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-0.6%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=1.8%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=8.3x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per Share56.1x✗Ackman<= 25Price vs. Trailing Low✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-1.04%; #3411/6340 (top 53.8%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.1199; #4635/6449 (top 71.9%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per ShareN/A (non-positive TBVPS)✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change-10.3%✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.1621; #3974/5247 (top 75.7%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+1.78%; #2290/4519 (top 50.7%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date✗OshaughnessyTop 10% of eligible cross-section - Valuation models0% pass✗ 2▾
EXAS overvalued: all 2 models price fair value below $104.91 (median $50.50)
Munger fair value$34.05✗Munger-208.1% margin vs $104.91Ackman fair value$66.96✗Ackman-56.7% margin vs $104.91 - Profitability6% pass✓ 7✗ 28▾
15 of 16 flag EXAS's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/27 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)0/27 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-19.2%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-6.4% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-121.0M✗BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-8.7%✗Lynch> 15%EBIT / Enterprise Value-1.1%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-1.1%, ROC=-30.9%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-3.55%✗PiotroskiROA > 0ROA Change YoY-17.36% -> -3.55% (delta: +13.81%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=8.39%, ROA=-3.55%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY69.5% -> 69.7%✓PiotroskiImproved YoYPre-Tax Income / Revenue-6.3%✗Dreman>= 8%Net Income / Shareholders' Equity-8.7%✗Dreman> 12%Margin of SafetyP/B=8.3x✗PabraiP/B < 1.5 or P/E < 15Return on Equity-19.3% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency0/17 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-6.4%✗Ackman>= 15%Net Income / Shareholders Equity-8.7%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-8.6% (2023) -> -6.4% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 70.5% -> 69.7%, operating margin -8.6% -> -6.4%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-1.04%; #3411/6340 (top 53.8%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+38.61%; #1007/3702 (top 27.2%)✓AsnessTop 30% of eligible cross-sectionNet income / positive book equity-8.66%; #3356/5226 (top 64.2%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0518; #2625/5884 (top 44.6%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/10 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Verdicts14% pass✓ 2✗ 12▾
Split decision: 11 FAIL · 3 NEUTRAL · 2 PASS
Overall verdict✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)✗GreenblattRank #2042•PiotroskiNEUTRAL (F-Score 7)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (0/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked) - Growth25% pass✓ 5✗ 8▾
6 of 8 flag EXAS's growth — Graham, Lynch, Dreman +3 more
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: 2.4% vs Rev: 17.7%✓LynchInventory growth < Revenue growthEPS Growth Direction$-0.28 (2009) -> $-1.10 (2025)✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency0/17 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth17.7%✓Ackman>= 5%Positive EPS Growth Frequency3/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 70.5% -> 69.7%, operating margin -8.6% -> -6.4%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR16.8%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Cash Flow30% pass✓ 4✗ 8▾
7 of 10 flag EXAS's cash flow — Buffett, Dreman, Pabrai +4 more
Free Cash Flow Proxy$-121.0M✗BuffettPositive and growingFCF Positive and Growing$356.8M✓LynchPositive and growingOperating Cash Flow$491.4M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=8.39%, ROA=-3.55%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)40.7x✗Dreman< 8xP/E or FCF YieldFCF Yield=1.8%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive4/17 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap1.8%✗Ackman>= 4%Price / FCF per Share56.1x✗Ackman<= 25Positive Operating Cash Flow frequency4/17 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$356.8M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+1.78%; #2290/4519 (top 50.7%)✗OshaughnessyTop 10% of eligible cross-section - Efficiency38% pass✓ 4✗ 7▾
5 of 8 flag EXAS's efficiency — Buffett, Greenblatt, Munger +2 more
Current Ratio2.43✓Graham>= 2.0ROIC (3-5 yr avg)-19.3%✗Buffett> 10%ROIC - WACC-29.3%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-30.9%✗Greenblatt> 25%Current Ratio Change YoY2.15 -> 2.43✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.47x -> 0.55x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities2.43✓Dreman> 1.5Return on Invested Capital-6.8%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-5.3%; FY2024: ROIC=-31.1%; FY2025: ROIC=-6.8%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -6.8%)✗SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 2.8% of shares last year, 5.2% issued over two.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2025-12-31 2025-01-01 – 2025-12-31 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense. | Q4 FY 2025 2025-10-01 – 2025-12-31 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, capex. | Q3 FY 2025 2025-07-01 – 2025-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex. | Q2 FY 2025 2025-04-01 – 2025-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex. | Q1 FY 2025 2025-01-01 – 2025-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
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|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $20.0Bcurrent | -- | -- | -- | -- | $19.5Best. | $10.4Best. | $11.9Best. | $12.0Best. | $13.3Best. |
| Revenue | $3.2B↑18% | $878.4M↑23% | $850.7M↑20% | $811.1M↑16% | $706.8M↑11% | $3.2B↑18% | $2.8B↑10% | $2.5B↑20% | $2.1B↑18% | $1.8B |
| Operating Income | -$206.3M↑80% | -$82.6M↑91% | -$25.5M↑35% | -$2.1M↑92% | -$96.0M↑10% | -$206.3M↑80% | -$1.0B↓388% | -$215.0M↑64% | -$593.5M↑31% | -$855.7M |
| Net Income | -$207.9M↑80% | -$86.0M↑90% | -$19.6M↑49% | -$1.2M↑93% | -$101.2M↑8% | -$207.9M↑80% | -$1.0B↓404% | -$204.1M↑67% | -$623.5M↓5% | -$595.6M |
| EPS (Diluted) | -- | -- | $-0.10↑52% | $-0.01↑89% | $-0.54 | $-1.10↑80% | $-5.59↓395% | $-1.13↑68% | $-3.54↓2% | $-3.48 |
| Gross Margin | 69.7% | 70.1%↑2% | 68.6% | 69.3% | 70.8% | 69.7% | 69.5%↓1% | 70.5%↑3% | 68.3%↓8% | 74.0% |
| Operating Margin | -6.4%↑83% | -9.4%↑92% | -3.0%↑46% | -0.3%↑93% | -13.6%↑19% | -6.4%↑83% | -38.0%↓342% | -8.6%↑70% | -28.5%↑41% | -48.4% |
| ROE | -8.7%↑80% | — | — | — | — | -8.7%↑80% | -42.8%↓560% | -6.5%↑68% | -20.5%↓17% | -17.6% |
| Total Debt | $6.4M↓98% | $6.4M↓98% | $7.8M↓97% | $9.3M↓96% | $11.0M↓96% | $6.4M↓98% | $262.4M↑425% | $50.0M↑576% | $7.4M↓41% | $12.5M |
| Shareholders' Equity | $2.4B | $2.4B | $2.5B↓22% | $2.5B↓23% | $2.4B↓23% | $2.4B | $2.4B↓24% | $3.1B↑3% | $3.0B↓10% | $3.4B |
| Current Ratio | 2.43↑13% | 2.43↑13% | 2.72↑29% | 2.89↑33% | 2.73↑67% | 2.43↑13% | 2.15↓8% | 2.32↓2% | 2.38↓14% | 2.76 |
| Debt / Equity | 0.00↓98% | 0.00↓98% | 0.00↓96% | 0.00↓95% | 0.00↓95% | 0.00↓98% | 0.11↑587% | 0.02↑554% | 0.00↓34% | 0.00 |
| Operating Cash Flow | $491.4M↑133% | $151.7M↑222% | $219.9M↑59% | $89.0M↓17% | $30.8M↑137% | $491.4M↑133% | $210.5M↑35% | $156.1M↑170% | -$223.6M↓119% | -$102.2M |
| Free Cash Flow | $356.8M↑379% | $120.4M↑1021% | $190.0M↑69% | $46.7M↓34% | -$365.0K↑100% | $356.8M↑379% | $74.5M↑133% | $31.9M↑107% | -$438.0M↓84% | -$238.0M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Healthcare
EXAS vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HCA Healthcare, Inc.HCA | $104.2B | $499.05 | $75.6B | $6.8B | -112.6% | -7.71 | 13.0% | 0.97 | 1/9 | 5/9 | 3/7 | 1/3 | F-Score 6 | 4/11 |
| TENET HEALTHCARE CORPTHC | $22.8B | $286.03 | $21.3B | $2.4B | 56.1% | 3.12 | 16.5% | 1.76 | 1/9 | 4/9 | 3/7 | 3/3 | F-Score 6 | 5/11 |
| Guardant Health, Inc.GH | $20.5B | $151.70 | $982.0M | $416.3M | 419.2% | -15.14 | -44.5% | 4.84 | 2/9 | 1/9 | 1/7 | 0/3 | F-Score 5 | 2/11 |
| Fresenius Medical Care AGFMS | $11.4B | $22.03 | $23.1B | $1.1B | 7.4% | 0.81 | 9.3% | 1.26 | 5/9 | 2/9 | 1/7 | 0/3 | F-Score 8 | 5/11 |
| UNIVERSAL HEALTH SERVICES INCUHS | $11.2B | $194.07 | $17.4B | $1.5B | 20.5% | 0.65 | 11.5% | 1.05 | 4/9 | 6/9 | 5/7 | 1/3 | F-Score 7 | 6/11 |
| DAVITA INC.DVA | $11.0B | $174.56 | $13.6B | $746.8M | -114.7% | -15.78 | 15.0% | 1.29 | 1/9 | 4/9 | 2/7 | 1/3 | F-Score 7 | 3/11 |
| CHEMED CORPCHE | $7.1B | $548.20 | $2.5B | $265.2M | 27.1% | — | 13.4% | 1.05 | 4/9 | 7/9 | 3/7 | 1/3 | F-Score 6 | 6/11 |
| RadNet, Inc.RDNT | $6.0B | $76.42 | $2.0B | $18.7M | -1.7% | 1.00 | 3.0% | 1.76 | 1/9 | 1/9 | 1/7 | 0/3 | F-Score 3 | 1/11 |