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Exagen Inc.. (XGN) Stock Fundamental Analysis & AI Rating 2026

XGN Nasdaq Services-Medical Laboratories DE CIK: 0001274737
Recently Updated • Analysis: Apr 19, 2026 • SEC Data: 2025-12-31
STRONG SELL
82% Conf
Pending
Analysis scheduled

📊 XGN Key Takeaways

Revenue: $66.6M
Net Margin: -30.0%
Free Cash Flow: $-14.3M
Current Ratio: 3.45x
Debt/Equity: 1.31x
EPS: $-0.93
AI Rating: STRONG SELL with 82% confidence
Exagen Inc.. (XGN) receives a STRONG SELL rating with 82% confidence from our AI fundamental analysis based on SEC 10-K filings. With revenue of $66.6M, net profit margin of -30.0%, and return on equity (ROE) of -114.3%, Exagen Inc.. demonstrates mixed fundamentals in the Healthcare sector. Below is our complete XGN stock analysis for 2026.

Is Exagen Inc.. (XGN) a Good Investment?

Claude

EXAGEN demonstrates strong top-line growth (19.7% YoY) but is experiencing accelerating losses (-32% YoY net income deterioration) with negative operating cash flow of -$13.6M, indicating the business model is not scaling profitably. The combination of 1.31x debt-to-equity leverage, negative free cash flow, and a -30% net margin on $66.6M revenue suggests severe operational inefficiencies despite healthy 58.3% gross margins, creating unsustainable cash burn dynamics.

Why Buy Exagen Inc.. Stock? XGN Key Strengths

Claude
  • + Revenue growth of 19.7% YoY demonstrates market demand for services
  • + Gross margin of 58.3% indicates core service delivery economics are intact
  • + Strong liquidity position with current ratio of 3.45x and $32.2M cash reserves

XGN Stock Risks: Exagen Inc.. Investment Risks

Claude
  • ! Negative operating cash flow of -$13.6M and free cash flow of -$14.3M indicate unsustainable cash burn
  • ! Net losses accelerating at -32% YoY with -30% net margin despite revenue growth signals operational leverage moving in wrong direction
  • ! Elevated debt-to-equity ratio of 1.31x combined with negative interest coverage (-25.6x) and unprofitable operations creates financial distress risk
  • ! Negative ROE (-114.3%) and ROA (-34.4%) demonstrate severely impaired capital efficiency
  • ! Cash runway of approximately 2+ years at current burn rate creates existential risk without profitability inflection

Key Metrics to Watch

Claude
  • * Operating cash flow trend and path to positive FCF generation
  • * Operating margin progression toward profitability
  • * Revenue retention and customer acquisition costs relative to lifetime value
  • * Debt reduction progress and interest burden management

Exagen Inc.. (XGN) Financial Metrics & Key Ratios

Revenue
$66.6M
Net Income
$-20.0M
EPS (Diluted)
$-0.93
Free Cash Flow
$-14.3M
Total Assets
$58.0M
Cash Position
$32.2M

💡 AI Analyst Insight

Strong liquidity with a 3.45x current ratio provides a solid financial cushion.

XGN Profit Margin, ROE & Profitability Analysis

Gross Margin 58.3%
Operating Margin -21.1%
Net Margin -30.0%
ROE -114.3%
ROA -34.4%
FCF Margin -21.4%

XGN vs Healthcare Sector: How Exagen Inc.. Compares

How Exagen Inc.. compares to Healthcare sector averages

Net Margin
XGN -30.0%
vs
Sector Avg 12.0%
XGN Sector
ROE
XGN -114.3%
vs
Sector Avg 15.0%
XGN Sector
Current Ratio
XGN 3.5x
vs
Sector Avg 2.0x
XGN Sector
Debt/Equity
XGN 1.3x
vs
Sector Avg 0.6x
XGN Sector

Sector benchmarks are approximate industry averages. Actual sector performance may vary.

Is Exagen Inc.. Stock Overvalued? XGN Valuation Analysis 2026

Based on fundamental analysis, Exagen Inc.. shows some fundamental concerns relative to the Healthcare sector in 2026.

Return on Equity
-114.3%
Sector avg: 15%
Net Profit Margin
-30.0%
Sector avg: 12%
Revenue Growth
N/A
Year-over-year
Debt/Equity
1.31x
Sector avg: 0.6x

Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.

Exagen Inc.. Balance Sheet: XGN Debt, Cash & Liquidity

Current Ratio
3.45x
Quick Ratio
3.45x
Debt/Equity
1.31x
Debt/Assets
69.9%
Interest Coverage
-25.63x
Long-term Debt
$22.9M

XGN Revenue & Earnings Growth: 5-Year Financial Trend

XGN 5-year financial data: Year 2021: Revenue $48.3M, Net Income -$16.7M, EPS $-1.32. Year 2022: Revenue $48.3M, Net Income -$26.9M, EPS $-1.68. Year 2023: Revenue $52.5M, Net Income -$47.4M, EPS $-2.77. Year 2024: Revenue $55.6M, Net Income -$23.7M, EPS $-1.34. Year 2025: Revenue $66.6M, Net Income -$15.1M, EPS $-0.83.
Revenue
Net Income
EPS (right axis)

5-Year Trend Summary: Exagen Inc..'s revenue has grown significantly by 38% over the 5-year period, indicating strong business expansion. The most recent EPS of $-0.83 indicates the company is currently unprofitable.

XGN Revenue Growth, EPS Growth & YoY Performance

Revenue Growth
N/A
Year-over-year
Net Income Growth
N/A
Year-over-year
EPS Growth
N/A
Earnings per share
FCF Margin
-21.4%
Free cash flow / Revenue

XGN Quarterly Earnings & Performance

Quarterly financial performance data for Exagen Inc.. including revenue, net income, and earnings per share.
Quarter Revenue Net Income EPS
Q3 2025 $12.5M -$3.0M $-0.28
Q2 2025 $15.1M -$3.0M $-0.16
Q1 2025 $14.4M -$3.4M $-0.19
Q3 2024 $12.5M -$3.0M $-0.28
Q2 2024 $14.1M -$3.0M $-0.16
Q1 2024 $11.2M -$3.4M $-0.19
Q3 2023 $13.4M -$5.0M $-0.31
Q2 2023 $7.6M -$5.0M $-0.28

Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.

Exagen Inc.. Dividends, Buybacks & Capital Allocation

Operating Cash Flow
-$13.6M
Cash generated from operations
Capital Expenditures
$641.0K
Investment in assets
Dividends
None
No dividend program

XGN SEC Filings: Latest 10-K & 10-Q Analysis

Access official SEC EDGAR filings for Exagen Inc.. (CIK: 0001274737)

📋 Recent SEC Filings

Date Form Document Action
Mar 16, 2026 4 xslF345X05/wk-form4_1773703046.xml View →
Mar 16, 2026 4 xslF345X05/wk-form4_1773702995.xml View →
Mar 10, 2026 10-K exdx-20251231.htm View →
Mar 10, 2026 8-K exdx-20260310.htm View →
Mar 4, 2026 4 xslF345X05/wk-form4_1772654400.xml View →

Frequently Asked Questions about XGN

What is the AI rating for XGN?

Exagen Inc.. (XGN) has an AI rating of STRONG SELL with 82% confidence, based on fundamental analysis of SEC EDGAR filings.

What are XGN's key strengths?

Claude: Revenue growth of 19.7% YoY demonstrates market demand for services. Gross margin of 58.3% indicates core service delivery economics are intact.

What are the risks of investing in XGN?

Claude: Negative operating cash flow of -$13.6M and free cash flow of -$14.3M indicate unsustainable cash burn. Net losses accelerating at -32% YoY with -30% net margin despite revenue growth signals operational leverage moving in wrong direction.

What is XGN's revenue and growth?

Exagen Inc.. reported revenue of $66.6M.

Does XGN pay dividends?

Exagen Inc.. does not currently pay dividends.

Where can I find XGN SEC filings?

Official SEC filings for Exagen Inc.. (CIK: 0001274737) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.

What is XGN's EPS?

Exagen Inc.. has a diluted EPS of $-0.93.

How is the AI analysis conducted?

Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.

Is XGN a good stock to buy right now?

Based on our AI fundamental analysis in April 2026, Exagen Inc.. has a STRONG SELL rating with 82% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.

Is XGN stock overvalued or undervalued?

Valuation metrics for XGN: ROE of -114.3% (sector avg: 15%), net margin of -30.0% (sector avg: 12%). Compare these metrics with sector averages to assess valuation.

Should I buy XGN stock in 2026?

Our dual AI analysis gives Exagen Inc.. a combined STRONG SELL rating for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.

What is XGN's free cash flow?

Exagen Inc..'s operating cash flow is $-13.6M, with capital expenditures of $641.0K. FCF margin is -21.4%.

How does XGN compare to other Healthcare stocks?

Vs Healthcare sector averages: Net margin -30.0% (avg: 12%), ROE -114.3% (avg: 15%), current ratio 3.45 (avg: 2).

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Disclaimer: This analysis is generated by Claude AI (Anthropic) and ChatGPT (OpenAI) based on publicly available SEC EDGAR filings. It does not include stock price data and should not be considered financial advice. All fundamental data is sourced from SEC public domain filings. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.
Data Source: SEC EDGAR | Analysis Date: Apr 19, 2026 | Data as of: 2025-12-31 | Powered by Claude AI