10x Genomics
TXGNASDAQUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $62.90 Prior regular-session close from the quote source.
- $64.45–$68.94 Regular-session low and high so far today.
- 325.8K Regular-session shares traded · Nov 11, 10:24 AM ET.
- Feb 11 projected Projected for 2027-02-11 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $15.12–$102.81 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own TXG if its single-cell and spatial biology platforms become standard research infrastructure that drive recurring high-margin consumables and operating leverage, not if they remain premium niche tools.
TXG price history
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INVESTMENT THESIS
What must happen next
Lab standardization on 10x workflows should keep installed instruments converting research activity into recurring consumable demand.HoldingMateriality: High
Annual GAAP revenue increased to $642.8 million in FY2025 from $610.8 million in FY2024. If usage deepens, revenue can compound from consumables rather than depending only on new instrument placements; if labs stop standardizing on 10x, the installed base loses economic power.
Watch: Lower-cost single-cell alternatives from Parse Biosciences, Scale Biosciences, BD, Bio-Rad, or other workflow providers win core-lab standardization decisions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP revenue increased to $642.8 million in FY2025 from $610.8 million in FY2024.
Open source ↗Proprietary sample-prep, instrument, software, and analysis workflows can preserve premium pricing as long as customers value resolution, reproducibility, and ecosystem depth over the cheapest assay cost.StrengtheningMateriality: High
Annual GAAP gross profit was $443.9 million in FY2025 on $642.8 million of revenue, implying a roughly 69.1% GAAP gross margin. Pricing power is what makes 10x’s consumable model attractive; if the technology commoditizes, revenue growth could come with margin erosion.
Watch: Competing platforms from Bruker/NanoString, Vizgen, Parse Biosciences, Scale Biosciences, BD, or Bio-Rad demonstrate similar scientific performance at meaningfully lower cost.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP gross profit was $443.9 million in FY2025 on $642.8 million of revenue, implying a roughly 69.1% GAAP gross.
Open source ↗A largely built R&D and commercial platform should let incremental high-margin usage and cost discipline flow into GAAP operating leverage rather than requiring proportional expense growth.StrengtheningMateriality: Medium
Annual GAAP operating loss narrowed to $61.0 million in FY2025 from $194.6 million in FY2024 and $265.3 million in FY2023. Operating leverage is the bridge from a valuable technology platform to per-share value creation; without it, growth may remain economically weak.
Watch: 10x must sharply increase R&D or sales spending to defend share against lower-cost single-cell and spatial competitors.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating loss narrowed to $61.0 million in FY2025 from $194.6 million in FY2024 and $265.3 million in FY2023.
Open source ↗The cash-rich balance sheet gives 10x time to keep investing through life-science funding cycles without relying on distressed capital raises.StrengtheningMateriality: Medium
Cash was $474.0 million at FY2025 year-end, up from $344.1 million at FY2024 year-end. Runway matters because the company is still GAAP loss-making; a strong balance sheet preserves strategic flexibility while the adoption curve is tested.
Watch: A prolonged academic, NIH, or biotech capital-spending downturn reduces instrument demand and consumable usage enough to restart cash burn.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $474.0 million at FY2025 year-end, up from $344.1 million at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
Lab standardization on 10x workflows should keep installed instruments converting research activity into recurring consumable demand. If usage deepens, revenue can compound from consumables rather than depending only on new instrument placements; if labs stop standardizing on 10x, the installed base loses economic power.
Proprietary sample-prep, instrument, software, and analysis workflows can preserve premium pricing as long as customers value resolution, reproducibility, and ecosystem depth over the cheapest assay cost. Pricing power is what makes 10x’s consumable model attractive; if the technology commoditizes, revenue growth could come with margin erosion.
A largely built R&D and commercial platform should let incremental high-margin usage and cost discipline flow into GAAP operating leverage rather than requiring proportional expense growth. Operating leverage is the bridge from a valuable technology platform to per-share value creation; without it, growth may remain economically weak.
The cash-rich balance sheet gives 10x time to keep investing through life-science funding cycles without relying on distressed capital raises. Runway matters because the company is still GAAP loss-making; a strong balance sheet preserves strategic flexibility while the adoption curve is tested.
All standing thesis claims
Original report summary
its single-cell and spatial biology platforms become standard research infrastructure that drive recurring high-margin consumables and operating leverage, not if they remain premium niche tools.
BULL CASE / BEAR CASE
Bull case and bear case for 10x Genomics
Where the evidence on 10x Genomics stands: Holding on the latest evidence (Oct 12, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
Lab standardization on 10x workflows should keep installed instruments converting research activity into recurring consumable demand.
Proprietary sample-prep, instrument, software, and analysis workflows can preserve premium pricing as long as customers value resolution, reproducibility, and ecosystem depth over the cheapest assay cost.
A largely built R&D and commercial platform should let incremental high-margin usage and cost discipline flow into GAAP operating leverage rather than requiring proportional expense growth.
The cash-rich balance sheet gives 10x time to keep investing through life-science funding cycles without relying on distressed capital raises.
Bear case: what would count against it
Lower-cost single-cell alternatives from Parse Biosciences, Scale Biosciences, BD, Bio-Rad, or other workflow providers win core-lab standardization decisions.
Competing platforms from Bruker/NanoString, Vizgen, Parse Biosciences, Scale Biosciences, BD, or Bio-Rad demonstrate similar scientific performance at meaningfully lower cost.
10x must sharply increase R&D or sales spending to defend share against lower-cost single-cell and spatial competitors.
Thesis-Break Engine
What has broken in 10x Genomics’s thesis
Each break OptimistFi flagged on 10x Genomics, dated — with what has historically followed the same kind of break across the market, not a forecast for 10x Genomics.
- Price target fell below the stockcondition set before this filing
Across all companies, this kind of break has happened 1,809 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
- Insider-selling clustercondition set before this filing
Across all companies, this kind of break has happened 9,137 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 30% of them trailed it by 10 points or more.
Several kinds of break have stacked on 10x Genomics at once. A cluster is a stronger read than any one signal alone.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDReported results of operations (earnings release).
10x Genomics filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MIXEDReported results of operations (earnings release).
10x Genomics filed an SEC 8-K on 2026-05-07: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- Lower-cost single-cell alternatives from Parse Biosciences, Scale Biosciences, BD, Bio-Rad, or other workflow providers win core-lab standardization decisions.
- Competing platforms from Bruker/NanoString, Vizgen, Parse Biosciences, Scale Biosciences, BD, or Bio-Rad demonstrate similar scientific performance at meaningfully lower cost.
- 10x must sharply increase R&D or sales spending to defend share against lower-cost single-cell and spatial competitors.
- A prolonged academic, NIH, or biotech capital-spending downturn reduces instrument demand and consumable usage enough to restart cash burn.
TXG news
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FINANCIAL STATEMENTS
TXG income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
TXG: quick answers
- When does 10x Genomics (TXG) report earnings next?
- 10x Genomics's next results are projected for February 11, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is TXG's short interest?
- As of October 30, 2026, 12.5M TXG shares were sold short, down 2.0% from the count before. At the stock's average daily volume that is 4.1 days to cover. FINRA publishes the count twice a month. TXG short interest history
- Have members of Congress traded TXG?
- 1 trade in TXG has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed TXG trade
- Which well-known investors own TXG?
- 3 of the 37 well-known funds tracked here reported TXG shares in their latest 13F filings. By share of the fund's portfolio: ARK Investment Management (Cathie Wood), 2.5%; Duquesne Family Office (Stanley Druckenmiller), 0.3%; Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
TXG in well-known investors’ portfolios
3 of 37 funds reported TXG shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Cathie WoodARK Investment Management | 2.5% | $384M | −14.6% | Q2 2026 |
| Stanley DruckenmillerDuquesne Family Office | 0.30% | $15.5M | New | Q2 2026 |
| Ray DalioBridgewater Associates | 0.00% | $513K | — | Q2 2026 |