| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 26 | — | 17.4x | Bottom tier | |
Growth | 29 | -4.3% | 7.1% | Bottom tier | |
Quality | 43 | -9.9% | 4.5% | Around median | |
Safety | 91 | — | 2.6x | Top tier | |
Capital Return | 14 | 0.00% | 0.18% | Bottom tier | |
Momentum | 100 | 457.5% | 1.3% | Top tier | |
Sentiment | 45 | 11 | 3 | Around median |
10-year US Treasury yield 5.31% as of 2026-10-05. Estimates computed from company data and analyst targets, not investment advice.
10x Genomics develops platforms and tools for measuring biological systems at the single-cell and spatial-tissue levels, serving universities, academic medical centers, and biopharmaceutical companies. Its revenue model consists of selling instruments such as Chromium and Xenium and the new Atera platform, followed by the consumables required to run experiments; in the second quarter of fiscal 2026, consumables revenue grew 7%, including 3% in single cell and 16% in spatial analysis, while Chromium instruments represented about 2% of total sales. The company is expanding the use of its platforms across applications including oncology, neurodegeneration, immune and inflammatory diseases, cardiovascular and metabolic research, organ transplantation, and biomarker discovery.
Revenue for the second quarter of fiscal 2026 was approximately $151 million and included $1.6 million in licensing and royalty revenue related to the Takara settlement; after excluding nonrecurring revenue from both periods, revenue was $149.4 million and grew 3% year over year. Gross margin increased to 74% from 72%, or from 67% to 74% when excluding the effect of nonrecurring settlements, supported by lower manufacturing costs, $2.6 million in tariff refunds, and lower inventory write-down provisions. In contrast, instrument revenue fell 47%, including 46% for Chromium instruments and 48% for spatial instruments, due to fewer units sold and customers waiting for the Atera platform.
Operating expenses were $132.1 million in the second quarter of fiscal 2026 versus $95 million a year earlier, but the two periods included gains from patent litigation settlements of $3.4 million and $40.7 million, respectively, and expenses were approximately stable after excluding these gains. The company ended the quarter with $552 million in cash, cash equivalents, and marketable securities, up $105 million year over year and $12 million from the previous quarter. For comparison, EDGAR data for the first quarter of fiscal 2026 showed revenue of $150.8 million, gross profit of $106.2 million, and a net loss of $13.5 million, while the net loss for fiscal 2025 was $43.5 million on revenue of $642.8 million.
The analyst consensus on TXG is "Neutral," with an average price target of $48.86 and a wide range of $40 to $65; the average target is about 27% below the 52-week high of $66.94, while the highest target is close to that peak. No meaningful P/E multiple is available because of continuing losses, including a net loss of $22.7 million during the twelve months ended in 2026, so the valuation is closely tied to the company's ability to convert Atera orders into shipments and recurring revenue while offsetting the decline in existing instruments.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
The primary drivers are Atera, spatial consumables, and Flex Apex, with total consumables growth of 7% in the second quarter of fiscal 2026. Spatial consumables grew 16%, while Flex Apex supported double-digit growth in single-cell reaction volumes and 3% growth in revenue from its consumables. The company raised its fiscal 2026 revenue outlook to $610–630 million, representing adjusted growth of between 2% and 5% after excluding nonrecurring settlement revenue.
Atera provides whole-transcriptome spatial analysis with single-cell sensitivity and at scale, and the company plans to expand it toward automation, proteomics, and base-by-base spatial sequencing. By the end of the second quarter of fiscal 2026, bookings had significantly exceeded the plan to sell about 40 instruments during the year, with most shipments expected in the fourth quarter. Management expects Atera instruments alone to account for most of the sequential increase in revenue in the fourth quarter of fiscal 2026, but manufacturing capacity limits shipments in the initial phase.
Automated analysis for informational purposes only — not investment advice.
Instrument revenue declined 47% in the second quarter of fiscal 2026, including 46% for Chromium instruments and 48% for spatial instruments, because fewer units were sold. Customers were reducing purchases of current spatial products in preparation for the Atera platform, an effect management expects to peak in the third quarter of fiscal 2026. The centralization of Flex sample processing in core laboratories and service providers also reduced the need to place a Chromium instrument in every laboratory, while Chromium instruments represent about 2% of sales.
Gross margin increased to 74% in the second quarter of fiscal 2026 from 72% a year earlier and rose from 67% to 74% after excluding the effect of nonrecurring settlements. The improvement came from lower manufacturing costs, $2.6 million in tariff refunds, and lower inventory write-downs, while operating expenses were $132.1 million and included a $3.4 million settlement gain. Nevertheless, the company remained unprofitable according to the latest EDGAR data available in the provided information, recording a net loss of $13.5 million in the first quarter of fiscal 2026 and $22.7 million during the twelve months ended in 2026.
The first risk is a mismatch between Atera demand and delivery, because orders exceeded the plan for 40 instruments while the company kept the expected number of shipments unchanged due to the expansion of manufacturing capacity. The second is that waiting for Atera is pressuring Xenium and Visium, with total revenue expected to decline by a few million dollars from the second quarter to the third quarter of fiscal 2026. The third is weak academic spending and a 19% decline in Asia-Pacific revenue in the second quarter, while the guidance does not assume an improvement in the funding environment.
The analyst consensus is "Neutral," with an average price target of $48.86 within a range of $40 to $65. The average is about 27% below the 52-week high of $66.94, and the width of the range indicates notable disagreement over how quickly the Atera launch will translate into sustainable growth. There is no comparable P/E multiple because of the losses, so the valuation depends primarily on the execution of Atera shipments, improved profitability, and continued consumables growth.
