Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data EXAGEN INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
32.4
40.4
42
48.3
45.6
52.5
55.6
66.6
Cost of revenue
15.4
18.8
16.6
20.6
24.2
23.1
22.5
27.8
Gross profit
17.1
21.6
25.4
27.7
21.3
29.5
33.1
38.8
Research and development
2.13
2.18
3.57
7.24
9.88
4.87
5.38
6.25
Selling, general and administrative
19.7
28.7
37
44.5
52
47.4
41.4
46.6
Operating income
-4.88
-9.3
-15.2
-24.1
-46.1
-22.8
-13.6
-14.1
Interest expense
2.87
3.49
2.57
2.63
2.45
2.34
2.23
4.32
Interest income
1.52
0.77
0.29
Other non-operating income
0.11
0.51
0.98
0.02
Income tax
0.06
0.03
-0.08
0.18
-0.28
0.03
0.01
0.05
Net income
-8.01
-12
-16.7
-26.9
-47.4
-23.7
-15.1
-20
EBITDA
-4.28
-8.7
-14.7
-23.2
-44.5
-20.6
-11.9
-12
EPS, basic
-293.34
-8.46
-1.32
-1.68
-2.77
-1.34
-0.83
-0.93
EPS, diluted
-293.34
-8.46
-1.32
-1.68
-2.77
-1.34
-0.83
-0.93
Shares, basic (weighted)
0.06
3.58
12.6
16
17.1
17.7
18.2
21.6
Shares, diluted (weighted)
0.06
3.58
12.6
16
17.1
17.7
18.2
21.6
Balance sheet
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
13.2
72.1
57.4
99.4
62.4
36.5
22
32.2
Receivables
5.95
5.72
8.91
9.7
6.1
6.6
7.84
10.9
Other current assets
1.17
1.43
1.2
1.09
1.8
2.87
5.73
3.3
Total current assets
21.3
81.3
70.5
113
72.6
47.8
36.5
48.9
Property, plant and equipment
1.57
1.38
2.1
4.77
8.2
5.2
5.28
6.94
Lease right-of-use assets
0
4.89
3.29
2.4
1.44
Goodwill
5.51
5.51
5.51
5.51
0
Other non-current assets
0.5
0.17
0.25
0.43
0.53
0.62
0.55
0.76
Total assets
28.9
88.3
78.4
123
86.2
56.9
44.7
58
Accounts payable
1.28
1.48
3.01
2.49
3.05
3.13
4.14
4.15
Accrued liabilities
3.92
4.42
5.76
6.83
5.35
7.53
6.92
6.33
Deferred revenue
0.73
0.68
Short-term debt
0
0.19
0.26
0.42
0.64
Total current liabilities
8.95
5.9
8.77
9.32
9.62
11.9
13.5
14.2
Long-term debt
24.6
25.9
26.7
27.5
28.8
19.2
19.8
22.3
Lease liabilities
0
4.49
2.76
1.66
0.44
Other non-current liabilities
0.3
0.64
0.95
1.41
0.87
0.36
0.16
Total liabilities
35.6
32.7
36.5
38.5
43.8
34.3
35.1
40.6
Total debt
24.6
25.9
26.7
27.5
29
19.5
20.2
22.9
Paid-in capital
40.6
220
223
293
298
302
304
332
Retained earnings
-153
-165
-181
-208
-256
-279
-294
-314
Shareholders' equity
-112
55.7
41.8
84.9
42.5
22.7
9.54
17.4
Total equity
-112
55.7
41.8
84.9
42.5
22.7
9.54
17.4
Total liabilities and equity
28.9
88.3
78.4
123
86.2
56.9
44.7
58
Shares outstanding
0.06
12.6
12.7
16.2
16.5
17
17.6
22.9
Cash flow statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-8.01
-12
-16.7
-26.9
-47.4
-23.7
-15.1
-20
Depreciation and amortization
0.6
0.6
0.5
0.9
1.6
2.2
1.7
2.1
Stock-based compensation
0.11
0.57
2.69
4.73
4.7
3.62
1.76
2.16
Deferred income tax
0.03
0.02
-0.11
0.15
-0.31
0
0
0
Change in receivables
-2.26
0.24
-3.2
-0.74
3.58
-0.47
-1.28
-3.02
Change in payables
-0.82
0.53
0.99
-0.66
0.9
0.07
0.31
0.04
Cash from operations
-9.3
-9.71
-14.1
-20.3
-32.1
-14.5
-13.3
-13.6
Capital expenditures
-0.2
-0.4
-0.46
-2.37
-4.32
-0.83
-0.52
-0.64
Purchases of investments
-2
0
Sales and maturities of investments
2
0
Cash from investing
-0.2
-0.1
-0.46
-2.42
-4.32
-0.8
-0.52
-0.63
Debt issued
5
0
Debt repaid
0
-10
0
Stock issued
0
0
0
69.1
0
0.03
0
3.4
Cash from financing
11.4
68.7
-0.1
64.7
-0.49
-10.6
-0.66
24.4
Net change in cash
1.92
58.9
-14.6
42
-37
-25.9
-14.5
10.2
Free cash flow
-9.5
-10.1
-14.5
-22.6
-36.5
-15.3
-13.8
-14.3
Interest paid
1.73
2.29
1.76
1.82
1.73
1.74
1.72
2.99
Income taxes paid
0.03
0.04
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $8.72 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
58.6%
Gross profit / revenue.
Operating margin
-18.6%
Operating income / revenue.
EBITDA margin
-15.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-26.6%
Net income / revenue.
FCF margin
-10.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-9.1%
Cash from operations / revenue.
Return on equity (ROE)
-154.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-36.4%
Net income / average total assets.
Return on invested capital (ROIC)
-99.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
9.1%
Research and development expense / revenue.
SG&A / revenue
68.1%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
4.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.5%
Capital expenditures / revenue.
D&A / revenue
3.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
19.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
13.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
9.7%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
17.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
22.0%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
8.8%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
82.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-25.7%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-16.0%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
29.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-12.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-5.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
18.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
8.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
11.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.18x
Current assets / current liabilities.
Quick ratio
2.75x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.83x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.87x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
44.0%
Total debt / total assets.
Liabilities / assets
76.5%
Total liabilities / total assets.
Net debt
-$1.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.94
Revenue / diluted weighted shares.
FCF per share
-$0.31
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.27
Cash from operations / diluted weighted shares.
Book value per share
$0.50
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
2.97x
Market cap / revenue.
P/B
17.3x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
17.3x
Market cap / tangible book value, when positive.
EV/Sales
2.95x
Enterprise value / revenue.
FCF yield
-3.6%
Free cash flow / market cap.
Earnings yield
-9.0%
Net income / market cap (the inverse of P/E).
What was EXAGEN INC.'s revenue in fiscal 2025?
EXAGEN INC. reported revenue of $66.6M for fiscal 2025, 19.7% higher than the year before.
Was EXAGEN INC. profitable in fiscal 2025?
No. It reported a net loss of $20.0M.
How much free cash flow did EXAGEN INC. generate in fiscal 2025?
Cash from operations of $13.6M minus capital expenditures of $641.0K left free cash flow of -$14.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.