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TXG, 10x Genomics Inc.

Life Sciences Tools & Services consumer brand Unprofitable

We are a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biology.

Our integrated research solutions include instruments, consumables and software for analyzing biological systems at a resolution and scale that matches the complexity of biology.

Innovations in all of these areas have enabled the deployment of our rapidly expanding suite of products, which allow our customers to interrogate biological systems at previously inaccessible resolution and scale.

Latest annual: FY2025 10-K

TXG · 10x Genomics Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$643M

+5.2% YoY · 17% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $639M 5-yr avg $576M

Gross margin 70% 5-yr avg 73%

Operating margin −6.1% 5-yr avg −25.5%

ROIC −9% 5-yr avg −30%

Owner-earnings margin 19% 5-yr avg −2%

Free cash flow margin 19% 5-yr avg −10%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
What moves the needle: Operating margin has run around −32% through the cycle on a 77% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Stock-based pay runs about 17% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on the installed base and the upgrade cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −42%, above 15% in 0 of 7 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
										Income statement
$71M	$146M	$246M	$299M	$490M	$516M	$619M	$611M	$643M	$639M	RevenueRevenue
85%	80%	75%	80%	85%	77%	66%	68%	69%	70%	Gross marginGross mgn
66%	60%	53%	68%	53%	58%	55%	56%	49%	46%	SG&A / revenueSG&A/rev
45%	32%	34%	41%	43%	51%	44%	43%	37%	36%	R&D / revenueR&D/rev
($18M)	($111M)	($31M)	($534M)	($52M)	($168M)	($265M)	($195M)	($61M)	($39M)	Operating incomeOp. inc.
−25.8%	−75.7%	−12.4%	−178.7%	−10.7%	−32.5%	−42.9%	−31.9%	−9.5%	−6.1%	Operating marginOp. mgn
($19M)	($112M)	($31M)	($543M)	($58M)	($166M)	($255M)	($183M)	($44M)	($23M)	Net incomeNet inc.
										Cash flow & returns
($11M)	($76M)	$35M	($218M)	($21M)	($34M)	($15M)	$7M	$136M	$128M	Operating cash flowOp. cash
$4M	$4M	$7M	$14M	$21M	$25M	$36M	$36M	$36M	$38M	DepreciationDeprec.
$2M	$30M	$45M	$262M	($80M)	($30M)	$37M	$13M	$34M	$12M	Working capital & otherWC & other
$4M	$6M	$43M	$37M	$101M	$132M	$49M	$12M	$6M	$6M	CapexCapex
5.3%	4.3%	17.4%	12.3%	20.6%	25.5%	7.9%	2.0%	0.9%	0.9%	Capex / revenueCapex/rev
($14M)	($80M)	$28M	($232M)	($42M)	($59M)	($51M)	($6M)	$130M	$122M	Owner earningsOwner earn.
−20.3%	−54.9%	11.2%	−77.6%	−8.7%	−11.4%	−8.2%	−0.9%	20.2%	19.1%	Owner earnings marginOE mgn
($14M)	($83M)	($8M)	($255M)	($123M)	($165M)	($64M)	($6M)	$130M	$122M	Free cash flowFCF
−20.3%	−56.5%	−3.3%	−85.2%	−25.0%	−32.0%	−10.3%	−0.9%	20.2%	19.1%	Free cash flow marginFCF mgn
—	—	$0	$0	$5M	$4M	$0	$0	—	$0	AcquisitionsAcquis.
—	—	-94%	-559%	-18%	-23%	-55%	-42%	-15%	-9%	ROICROIC
—	—	-7%	-73%	-7%	-21%	-34%	-26%	-5%	-3%	Return on equityROE
—	—	−7%	−73%	−7%	−21%	−34%	−26%	−5%	−3%	Retained to equityRetained/eq
										Balance sheet
$48M	$65M	$424M	$664M	$587M	$220M	$359M	$344M	$474M	$490M	Cash & investmentsCash+inv
—	$28M	$33M	$51M	$85M	$104M	$115M	$88M	$47M	$39M	ReceivablesReceiv.
—	$9M	$15M	$30M	$60M	$82M	$74M	$83M	$56M	$53M	InventoryInvent.
—	$9M	$13M	$5M	$17M	$22M	$16M	$13M	$13M	$17M	Accounts payablePayables
—	$28M	$36M	$76M	$128M	$164M	$173M	$158M	$91M	$75M	Operating working capitalOper. WC
—	$106M	$481M	$774M	$748M	$635M	$596M	$584M	$684M	$670M	Current assetsCur. assets
—	$32M	$63M	$118M	$110M	$131M	$127M	$118M	$153M	$114M	Current liabilitiesCur. liab.
—	3.3×	7.6×	6.6×	6.8×	4.8×	4.7×	5.0×	4.5×	5.9×	Current ratioCurr. ratio
—	—	—	$0	$5M	$5M	$5M	$5M	$5M	$5M	GoodwillGoodwill
—	$124M	$606M	$929M	$1.0B	$1.0B	$965M	$919M	$1.0B	$1.0B	Total assetsAssets
—	$30M	$30M	$0	—	—	—	—	—	$0	Total debtDebt
—	($35M)	($394M)	($664M)	—	—	—	—	—	($490M)	Net debt / (cash)Net debt
-22.7×	-46.0×	-9.9×	-317.6×	-60.3×	-352.8×	-8040.3×	-48639.8×	—	—	Interest coverageInt. cov.
($113M)	($220M)	$420M	$739M	$818M	$806M	$741M	$710M	$796M	$814M	Shareholders’ equityEquity
2.3%	1.8%	5.4%	16.3%	19.6%	26.5%	27.0%	23.0%	17.0%	15.8%	Stock comp / revenueSBC/rev
										Per share
11.6M	13.4M	39.1M	101M	110M	114M	117M	120M	125M	128M	Shares out (diluted)Shares
$6.13	$10.93	$6.29	$2.95	$4.44	$4.54	$5.28	$5.07	$5.15	$4.98	Revenue / shareRev/sh
$-1.62	$-8.40	$-0.80	$-5.37	$-0.53	$-1.46	$-2.18	$-1.52	$-0.35	$-0.18	EPS (diluted)EPS
$-1.25	$-6.00	$0.71	$-2.29	$-0.39	$-0.52	$-0.43	$-0.05	$1.04	$0.95	Owner earnings / shareOE/sh
$-1.25	$-6.17	$-0.21	$-2.52	$-1.11	$-1.45	$-0.54	$-0.05	$1.04	$0.95	Free cash flow / shareFCF/sh
$0.32	$0.47	$1.09	$0.36	$0.92	$1.16	$0.41	$0.10	$0.05	$0.04	Cap. spending / shareCapex/sh
$-9.71	$-16.43	$10.75	$7.31	$7.41	$7.08	$6.32	$5.90	$6.38	$6.35	Book value / shareBVPS

The diluted share count moved ×2.92 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×2.59 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	−2.2%/yr	+11.8%/yr
Capital spending / share	−21.3%/yr	−33.4%/yr
Book value / share	—	−2.7%/yr

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

125Mpeak FY2025

ROIC

−15%low FY2020

Gross margin

69%low FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$130Mowner earningsvs.($44M)net incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2019FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $44M loss into $130M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($44M)	($183M)	($255M)	($166M)	($58M)
Depreciation & amortizationnon-cash charge added back	+$36M	+$36M	+$36M	+$25M	+$21M
Stock-based compensationreal costnon-cash, but a real cost	+$109M	+$141M	+$167M	+$137M	+$96M
Working capital & othertiming of cash in and out, other non-cash items	+$34M	+$13M	+$37M	−$30M	−$80M
Cash from operations	$136M	$7M	($15M)	($34M)	($21M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$6M	−$12M	−$36M	−$25M	−$21M
Owner earnings	$130M	($6M)	($51M)	($59M)	($42M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−$13M	−$106M	−$80M
Free cash flow	$130M	($6M)	($64M)	($165M)	($123M)
Owner-earnings marginowner earnings ÷ revenue	20%	-1%	-8%	-11%	-9%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $109M), owner earnings is nearer $21M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$474M

Net cash, debt-free

Cash $474M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $474M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 107d

Long (60+ days)

DSO 27 + DIO 103 − DPO 23 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -42%

Below average through the cycle

7-yr median, range -559%–-15%; -15% latest = NOPAT ($48M) ÷ invested capital $322M

Industry peers: median -3%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran -15% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 20%

Positive this year, negative across the cycle

latest $130M = operating cash $136M − maintenance capex $6M (positive this year), after an earlier loss stretch (9-yr median -9%)

Industry peers: median 8%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 20% of revenue this year, a -9% median across 9 years. Treating stock comp as the real expense it is (less $109M of SBC) leaves $21M.
Are earnings backed by cash? $136M

Loss, but cash-generative

Net income ($44M) · cash from operations $136M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? 0%

Reinvests most of it

Dividends + buybacks $80K ÷ Owner Earnings $130M

What this means
Of $130M Owner Earnings, $80K (0%) went back to shareholders, $0 dividends, $80K buybacks. But the buybacks barely exceed stock issued to employees ($109M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.16×

Harvesting

Capex $6M ÷ depreciation $36M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $643M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 4.46×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $0 vs $531M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (9-yr record) · 9 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-1.26/share (latest year $-0.34), the averaged base the calculator's gate runs on, and book value is $6.24/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 0 of 9

What this means
Lost money in 9 year(s), look at what happened there before trusting the average.
Operating margin −38% → −28% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −38% early to −28% lately, median −32% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2020 · −178.7% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“AI and machine learning technologies may expose us to significant risks, including development and deployment challenges, regulatory uncertainties, competition for investor research and potential hard-to-predict changes to our business, which could adversely affect our business, results of operations and financial cond…”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$670M

Cash & short-term investments$490M
Receivables$39M
Inventory$53M
Other current assets$87M

Current liabilities$114M

Accounts payable$17M
Other current liabilities$96M

Current ratio5.90×all current assets ÷ what's due · Graham looked for 2×

Quick ratio5.42×stricter: inventory excluded

Cash ratio4.32×strictest: cash alone against what's due

Working capital$556Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago−2.6%the freshest read on whether the business is still growing

Current ratio, recent quarters5.2× → 5.9×

Deeper floors

Tangible book value$750Mequity stripped of goodwill & intangibles

Net current asset value$468MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$81M$81M of it operating leases

Deferred revenue$34Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Serge Saxonov	$11.7M	$20.8M	($42M)
2022	Serge Saxonov	$18.8M	−$14.3M	($59M)
2023	Serge Saxonov	$8.3M	$17.3M	($51M)
2024	Serge Saxonov	$7.9M	−$21.2M	($6M)
2025	Serge Saxonov	$6.3M	$6.8M	$130M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership2.7%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio32:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$109M
The slice of the business handed to employees in shares this year, 17% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Inventory, Acquisitions, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Life Sciences Tools & Services

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
BIOBio-Rad	$2.6B	55%	10.2%	3%	10%
CGNXCognex Corporation	$994M	74%	22.8%	16%	26%
AVNSAvanos Medical Inc.	$701M	55%	-6.9%	-3%	8%
MOVMovado Group Inc.	$671M	54%	7.5%	12%	9%
NVCRNovoCure	$655M	75%	-19.4%	-23%	-5%
TXG10x Genomics Inc.	$643M	77%	-31.9%	-42%	-9%
BVSBioventus Inc.	$568M	68%	2.8%	-3%	7%
CTKBCytek Biosciences Inc.	$201M	56%	-5.7%	-5%	1%
Group median	—	62%	-1.4%	-3%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what 10x Genomics Inc. has delivered.

Today’s price $

Base Normalize · through-cycle ($20M) Net of stock comp (−$101M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $122M on 128M shares outstanding, the balance-sheet count at 2025-12-31; net cash $490M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh TXG against another business →

Cite: Owner Scorecard, "10x Genomics Inc. (TXG), the owner's record," https://ownerscorecard.com/c/TXG, data as of 2026-07-09.

Manual order: ← TWST its page in the Manual TXN →

Industry order: ← RVTY the Life Sciences Tools & Services chapter ULS →