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Side-by-side financial comparison of EXELIXIS, INC. (EXEL) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Natera, Inc. is the larger business by last-quarter revenue ($665.5M vs $598.7M, roughly 1.1× EXELIXIS, INC.). EXELIXIS, INC. runs the higher net margin — 40.8% vs 7.1%, a 33.7% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 5.6%). EXELIXIS, INC. produced more free cash flow last quarter ($332.4M vs $37.8M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% CAGR vs 18.7%).
Exelixis, Inc. is a genomics-based drug discovery company located in Alameda, California, and the producer of Cometriq, a treatment approved by the U.S. Food and Drug Administration (FDA) for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
EXEL vs NTRA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.7M | $665.5M |
| Net Profit | $244.5M | $47.3M |
| Gross Margin | 95.6% | — |
| Operating Margin | 39.3% | -3.4% |
| Net Margin | 40.8% | 7.1% |
| Revenue YoY | 5.6% | 39.8% |
| Net Profit YoY | 74.8% | 187.9% |
| EPS (diluted) | $0.89 | $0.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $598.7M | — | ||
| Q4 25 | $597.8M | $665.5M | ||
| Q3 25 | $568.3M | $592.2M | ||
| Q2 25 | $555.4M | $546.6M | ||
| Q1 25 | $566.8M | $501.8M | ||
| Q4 24 | — | $476.1M | ||
| Q3 24 | $539.5M | $439.8M | ||
| Q2 24 | $637.2M | $413.4M |
| Q1 26 | $244.5M | — | ||
| Q4 25 | $193.6M | $47.3M | ||
| Q3 25 | $184.8M | $-87.5M | ||
| Q2 25 | $159.6M | $-100.9M | ||
| Q1 25 | $139.9M | $-66.9M | ||
| Q4 24 | — | $-53.8M | ||
| Q3 24 | $118.0M | $-31.6M | ||
| Q2 24 | $226.1M | $-37.5M |
| Q1 26 | 95.6% | — | ||
| Q4 25 | 96.9% | — | ||
| Q3 25 | 96.6% | — | ||
| Q2 25 | 96.5% | — | ||
| Q1 25 | 96.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 96.8% | — | ||
| Q2 24 | 97.2% | — |
| Q1 26 | 39.3% | — | ||
| Q4 25 | 39.6% | -3.4% | ||
| Q3 25 | 37.6% | -16.5% | ||
| Q2 25 | 33.6% | -20.2% | ||
| Q1 25 | 28.8% | -15.8% | ||
| Q4 24 | — | -13.6% | ||
| Q3 24 | 25.2% | -8.9% | ||
| Q2 24 | 43.3% | -10.6% |
| Q1 26 | 40.8% | — | ||
| Q4 25 | 32.4% | 7.1% | ||
| Q3 25 | 32.5% | -14.8% | ||
| Q2 25 | 28.7% | -18.5% | ||
| Q1 25 | 24.7% | -13.3% | ||
| Q4 24 | — | -11.3% | ||
| Q3 24 | 21.9% | -7.2% | ||
| Q2 24 | 35.5% | -9.1% |
| Q1 26 | $0.89 | — | ||
| Q4 25 | $0.69 | $0.36 | ||
| Q3 25 | $0.65 | $-0.64 | ||
| Q2 25 | $0.55 | $-0.74 | ||
| Q1 25 | $0.47 | $-0.50 | ||
| Q4 24 | — | $-0.41 | ||
| Q3 24 | $0.40 | $-0.26 | ||
| Q2 24 | $0.77 | $-0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.2B | $1.7B |
| Total Assets | $2.8B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.1B | — | ||
| Q4 25 | $988.5M | — | ||
| Q3 25 | $791.1M | $1.0M | ||
| Q2 25 | $1.0B | $16.0M | ||
| Q1 25 | $1.1B | $17.8M | ||
| Q4 24 | — | $22.7M | ||
| Q3 24 | $1.2B | $29.5M | ||
| Q2 24 | $1.0B | $90.3M |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $2.2B | $1.7B | ||
| Q3 25 | $2.0B | $1.3B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.2B | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $2.3B | $878.5M | ||
| Q2 24 | $2.1B | $836.5M |
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.8B | $2.4B | ||
| Q3 25 | $2.7B | $1.8B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.9B | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $2.8B | $1.5B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $333.5M | $73.9M |
| Free Cash FlowOCF − Capex | $332.4M | $37.8M |
| FCF MarginFCF / Revenue | 55.5% | 5.7% |
| Capex IntensityCapex / Revenue | 0.2% | 5.4% |
| Cash ConversionOCF / Net Profit | 1.36× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $875.8M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $333.5M | — | ||
| Q4 25 | $290.3M | $73.9M | ||
| Q3 25 | $49.0M | $59.4M | ||
| Q2 25 | $211.4M | $37.6M | ||
| Q1 25 | $240.3M | $44.5M | ||
| Q4 24 | — | $52.9M | ||
| Q3 24 | $271.3M | $51.8M | ||
| Q2 24 | $119.5M | $4.0M |
| Q1 26 | $332.4M | — | ||
| Q4 25 | $288.8M | $37.8M | ||
| Q3 25 | $46.2M | $37.0M | ||
| Q2 25 | $208.5M | $11.7M | ||
| Q1 25 | $236.3M | $22.6M | ||
| Q4 24 | — | $34.8M | ||
| Q3 24 | $263.1M | $35.5M | ||
| Q2 24 | $113.0M | $-7.7M |
| Q1 26 | 55.5% | — | ||
| Q4 25 | 48.3% | 5.7% | ||
| Q3 25 | 8.1% | 6.2% | ||
| Q2 25 | 37.5% | 2.1% | ||
| Q1 25 | 41.7% | 4.5% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | 48.8% | 8.1% | ||
| Q2 24 | 17.7% | -1.9% |
| Q1 26 | 0.2% | — | ||
| Q4 25 | 0.2% | 5.4% | ||
| Q3 25 | 0.5% | 3.8% | ||
| Q2 25 | 0.5% | 4.7% | ||
| Q1 25 | 0.7% | 4.3% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | 1.5% | 3.7% | ||
| Q2 24 | 1.0% | 2.8% |
| Q1 26 | 1.36× | — | ||
| Q4 25 | 1.50× | 1.56× | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 1.32× | — | ||
| Q1 25 | 1.72× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.30× | — | ||
| Q2 24 | 0.53× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXEL
| Cabometyx | $544.7M | 91% |
| Collaboration | $52.1M | 9% |
| Collaborative Arrangementwith Takeda | $5.9M | 1% |
| Cometriq | $1.8M | 0% |
NTRA
Segment breakdown not available.
