olivLaw · US equity research
10x Genomics, Inc. TXG
Laboratory Analytical Instruments · SIC 3826 · Vertical: Laboratory Analytical Instruments (SIC 3826)
10x Genomics builds instruments, consumables and software for analysing biology at single cell and spatial resolution, sold mainly to academic and biopharmaceutical customers. Revenue for fiscal 2025 was 642.8 million USD, and the company is adjusting its 2026 guidance while expanding into multiomics and diagnostics.
At the close of 04 Nov 2026, 10x Genomics, Inc. (TXG) stock was 67.52 USD (+3.42% on the day), with market capitalisation 8.6 bn USD, beta 2.07, 52-week range 13.00–97.74 USD. Latest reported quarter (Q2 2026): revenue of 151.0 m USD (−12.6% YoY), net income of -17.9 m USD (−151.9% YoY), diluted EPS -0.14 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.3
- weak (30–45)
- Bollinger (20, 2)
- 62.35 – 83.57
- in the lower half of the band · %B 0.24 · band width 29.1%
- SMA 50 / 200
- 74.19 / 41.23
- mixed trend
- MACD (12, 26, 9)
- -1.90 / -0.70
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −30.9% | −1.1% | −29.8 pp | — |
| 3 months | +42.3% | −0.5% | +42.7 pp | — |
| 6 months | +196.9% | +4.4% | +192.5 pp | — |
| Year to date | +314.0% | +12.3% | +301.7 pp | — |
| 1 year | +405.4% | +13.5% | +391.8 pp | +14.4% |
| 3 years | +70.0% | +76.4% | −6.4 pp | −8.6% |
| 5 years | −62.1% | +63.7% | −125.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 151.7 m | 165.0 m | 154.9 m | 172.9 m | 149.0 m | 166.0 m | 150.8 m | 151.0 m |
| Cost of revenue | 45.3 m | 54.1 m | 49.4 m | 47.8 m | 48.7 m | 53.0 m | 44.7 m | 38.5 m |
| Gross profit | 106.4 m | 111.0 m | 105.4 m | 125.1 m | 100.3 m | 113.0 m | 106.2 m | 112.5 m |
| SG&A | 81.7 m | 93.8 m | 89.7 m | 74.4 m | 75.4 m | 76.6 m | 66.4 m | 78.7 m |
| Operating income | -41.5 m | -49.8 m | -39.3 m | 30.1 m | -32.2 m | -19.5 m | -17.0 m | -19.6 m |
| Depreciation & amortisation | 9.0 m ≈ | 8.8 m | 8.0 m | 7.8 m ≈ | 10.3 m ≈ | 10.1 m | 10.0 m | 9.7 m ≈ |
| Interest expense | 2.0 k | 0 | 0 | 3.0 k | -3.0 k | 0 | — | 0 |
| Pre-tax income | -34.4 m | -48.4 m | -33.5 m | 37.0 m | -28.2 m | -15.2 m | -12.8 m | -18.6 m |
| Income tax | 1.3 m | 648.0 k | 852.0 k | 2.5 m | -733.0 k | 1.1 m | 623.0 k | -714.0 k |
| Net income | -35.8 m | -49.0 m | -34.4 m | 34.5 m | -27.5 m | -16.3 m | -13.5 m | -17.9 m |
| Diluted EPS | -0.30 | -0.40 ≈ | -0.28 | 0.28 | -0.22 | -0.13 ≈ | -0.10 | -0.14 |
| Operating cash flow | 21.6 m ≈ | -6.7 m | 34.4 m | 17.7 m ≈ | 43.2 m ≈ | 40.8 m | 26.1 m | 17.0 m ≈ |
| Capex | 3.9 m ≈ | 2.7 m | 1.9 m | 1.6 m ≈ | 687.0 k ≈ | 1.8 m | 1.6 m | 1.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 146.3 m | 245.9 m | 298.8 m | 490.5 m | 516.4 m | 618.7 m | 610.8 m | 642.8 m |
| Revenue YoY | +105.8% | +68.1% | +21.5% | +64.1% | +5.3% | +19.8% | −1.3% | +5.2% |
| Net income | -112.5 m | -31.3 m | -542.7 m | -58.2 m | -166.0 m | -255.1 m | -182.6 m | -43.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.80 | -5.37 | -0.53 | -1.46 | -2.18 | -1.52 | -0.35 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -76.9% | -12.7% | -181.6% | -11.9% | -32.1% | -41.2% | -29.9% | -6.8% |
| Free cash flow | -82.7 m | -8.1 m | -254.6 m | -122.7 m | -165.3 m | -63.8 m | -5.7 m | 130.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 474.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 796.3 m USD
- Total assets
- 1.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 4.46x
- ROE
- -5.8%
- ROA
- -4.4%
- FCF margin
- 20.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 298.8 m | 490.5 m | 516.4 m | 618.7 m | 610.8 m | 642.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 58.5 m | 74.1 m | 120.4 m | 209.4 m | 196.3 m | 198.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 240.4 m | 416.4 m | 396.0 m | 409.3 m | 414.5 m | 443.9 m | SEC (XBRL)· 13 Feb 2026verified |
| SG&A | 202.3 m | 257.6 m | 298.3 m | 343.3 m | 344.3 m | 316.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | -534.1 m | -52.3 m | -167.9 m | -265.3 m | -194.6 m | -61.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 14.0 m | 21.1 m | 25.4 m | 35.5 m | 35.9 m | 36.2 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | -520.1 m ≈ | -31.1 m ≈ | -142.6 m ≈ | -229.8 m ≈ | -158.7 m ≈ | -24.8 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | 1.7 m | 866.0 k | 476.0 k | 33.0 k | 4.0 k | 0 | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | -534.5 m | -53.7 m | -162.0 m | -248.8 m | -177.7 m | -39.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 8.3 m | 4.5 m | 4.0 m | 6.3 m | 4.9 m | 3.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | -542.7 m | -58.2 m | -166.0 m | -255.1 m | -182.6 m | -43.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | -5.37 | -0.53 | -1.46 | -2.18 | -1.52 | -0.35 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 101.2 m | 110.3 m | 113.9 m | 117.2 m | 120.5 m | 124.7 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 663.6 m | 587.4 m | 219.7 m | 359.3 m | 344.1 m | 474.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 51.2 m | 85.3 m | 104.2 m | 114.8 m | 87.9 m | 47.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 30.0 m | 60.0 m | 81.6 m | 73.7 m | 83.1 m | 56.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 774.4 m | 747.6 m | 635.0 m | 596.0 m | 584.4 m | 684.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 72.8 m | 169.5 m | 289.3 m | 279.6 m | 252.6 m | 226.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 0 | 4.5 m | 4.5 m | 4.5 m | 4.5 m | 4.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 22.4 m | 25.4 m | 22.9 m | 16.6 m | 15.7 m | 62.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 929.3 m | 1.0 bn | 1.0 bn | 965.1 m | 918.6 m | 1.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 4.7 m | 17.4 m | 21.6 m | 15.7 m | 12.9 m | 12.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Long-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Current liabilities | 118.1 m | 110.4 m | 131.0 m | 127.2 m | 117.6 m | 153.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 190.3 m | 201.3 m | 223.2 m | 224.1 m | 208.5 m | 245.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 739.1 m † | 817.6 m † | 805.7 m † | 741.0 m † | 710.1 m † | 796.3 m † | SEC (XBRL)· 13 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -217.9 m | -21.4 m | -33.6 m | -15.2 m | 6.7 m | 136.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 36.7 m | 101.3 m | 131.7 m | 48.6 m | 12.4 m | 5.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | -254.6 m ≈ | -122.7 m ≈ | -165.3 m ≈ | -63.8 m ≈ | -5.7 m ≈ | 130.1 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -38.4 m | -106.7 m | -350.9 m | 133.5 m | -32.6 m | -13.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | 468.9 m | 35.3 m | 15.8 m | 13.7 m | 10.9 m | 6.8 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.6 bn USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -12.2% | 47 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 7.6% | 63 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -29,461.3x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 5.7x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.4% | 18 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial63/100 · 1/2 factors with a value
- Quality· partial47/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial18/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
10x Genomics, Inc. (TXG). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 642.8 m USD in 2025; YoY growth 5.2%; net margin -12.2%; ROE -9.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.7x
What contradicts it
- Interest coverage: -29,461.3x
- FCF yield: 1.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Laboratory Analytical Instruments (SIC 3826) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AAgilent Technologies, Inc. | 49.9 bn | 34.9 | 21.0% | 19.5% | +6.7% | +15% / +39% |
| WATWaters Corporation | 45.9 bn | 116.6 | 1.9% | 3.6% | +7.0% | +16% / +67% |
| MTDMettler-Toledo International Inc. | 34.5 bn | 38.8 | — | 21.9% | +4.0% | +17% / +58% |
| ILMNIllumina, Inc. | 34.3 bn | 38.8 | 32.4% | 19.7% | −0.7% | +72% / +128% |
| RVTYRevvity, Inc | 17.8 bn | 76.0 | 3.2% | 8.2% | +3.7% | +53% / +79% |
| AVTRAvantor, Inc. | 10.6 bn | 31.5 | 5.9% | 5.1% | −3.4% | +33% / −26% |
| BRKRBruker Corporation | 9.7 bn | — | -3.4% | -2.0% | +2.1% | +31% / −2% |
| TXG10x Genomics, Inc. | 8.6 bn | — | -9.4% | -12.2% | +5.2% | +405% / +70% |
| PACBPacific Biosciences of California, Inc. | 792.6 m | — | -929.3% | -82.5% | +3.9% | +10% / −70% |
| CTKBCytek Biosciences, Inc. | 769.0 m | — | -23.2% | -39.1% | +0.5% | +4% / −15% |
| MASS908 Devices Inc. | 457.6 m | — | -25.2% | -57.0% | +17.7% | +74% / +39% |
| NAUTNautilus Biotechnology, Inc. | 291.7 m | — | -41.0% | — | unavailable | +2% / −17% |
| QTRXQuanterix Corporation | 143.8 m | — | -46.5% | -80.2% | +1.1% | −58% / −87% |
| SEERSeer, Inc. | 94.1 m | — | -26.4% | -478.0% | +17.0% | −11% / +6% |
| HBIOHarvard Bioscience, Inc. | 39.2 m | — | -89.9% | -11.9% | −8.1% | +13% / −80% |
| PRPOPrecipio, Inc. | 35.0 m | — | -9.0% | -4.5% | +29.8% | −20% / +187% |
| EYPTEyePoint, Inc. | 34.1 m | — | -148.7% | -10,994.7% | −27.5% | −97% / −94% |
| BNGOBionano Genomics, Inc. | 14.0 m | — | -83.6% | -106.6% | −7.4% | −36% / −99% |
| ASTCAstrotech Corporation | 9.1 m | — | -75.4% | -1,580.2% | −8.7% | +41% / −44% |
| BIOBio-Rad Laboratories, Inc. | — | 10.0 | 14.3% | 39.5% | +0.7% | +17% / +25% |
| RPIDRapid Micro Biosystems, Inc. | — | — | -141.6% | -145.6% | +19.7% | −84% / −42% |
1- and 3-year price returns: for TXG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
10x Genomics builds instruments, consumables and software for analysing biology at single cell and spatial resolution, sold mainly to academic and biopharmaceutical customers. Revenue for fiscal 2025 was 642.8 million USD, and the company is adjusting its 2026 guidance while expanding into multiomics and diagnostics.
SWOT
Strengths
- An integrated portfolio of instruments, consumables and software, with a large installed base of instruments sold worldwide.
- High gross margins and a large number of consumables sold, which support recurring revenue.
- A large body of scientific publications built on data generated with the company's products.
Weaknesses
- Heavy dependence on academic and government funding in the United States, which can be reduced or delayed.
- Past revenue was supported by one-time litigation receipts, and quarterly results can fluctuate significantly.
- Instrument sales declined in the first half of 2026, which could weigh on future consumables revenue.
Opportunities
- Expansion into proteomics and diagnostics could open new markets, particularly after recent acquisitions.
- If biopharma customers account for a larger share of sales, the company could diversify its customer base.
- New product launches such as Atera could increase the installed base of instruments.
Threats
- Larger competitors or new technologies could reduce the company's market share.
- Tariffs and trade restrictions, including those linked to China, could affect costs and sales.
- Reliance on single source suppliers for some components could delay production if disruptions occur.
Risks
- Dependence on public fundinghigh
Reductions or delays in academic funding in the United States could directly reduce demand for instruments and consumables.
- Quarterly fluctuationshigh
Results can vary widely from quarter to quarter due to budget cycles, product launches and litigation receipts.
- Intense competitionmedium
The emergence of competitors with greater resources could pressure prices and market share.
- Supply chainmedium
Reliance on single source suppliers for some components could lead to production delays.
- International trade and tariffsmedium
Tariffs, export restrictions and Chinese regulations could affect sales in the Asia-Pacific region.
Investment thesis
What would need to be true (bull case)
- Revenue guidance for 2026 was raised and gross margin improved, which may indicate better operating efficiency 3.
- Strong customer response to Atera and early orders could support an acceleration of instrument sales 3.
- The estimated addressable market is large, and expansion into proteomics and diagnostics could add new revenue sources 12.
What would break the thesis
- Revenue fell in the second quarter of 2026, and instrument sales declined significantly 2.
- The company reported a net loss in the first half of 2026, and operating expenses rose compared with the prior year 3.
- Dependence on academic funding and government budgets could slow growth if funds are reduced 1.
What to watch
- Achievement of 2026 revenue guidance of 610 to 630 million USD2026
- Development of instrument sales and Atera ordersQ3 2026
- Gross margin and the effect of tariff refundsQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company describes itself as a life sciences technology company with the mission to accelerate the mastery of biology. Its integrated research solutions include instruments, consumables and software for analysing biological systems at a resolution and scale that matches the complexity of biology 1. Customers are mainly academic, government and biopharmaceutical researchers, and direct sales focus on North America and parts of Europe 1.
The company had sold 8046 instruments from its first product launch in 2015 through 31 December 2025, and consumable reactions reached 424000 in 2025 1. Products are sold in over 50 countries, directly or through third-party distributors 1.
In August 2025 the company acquired Scale Biosciences, adding single cell genomics kits, and in June 2026 it agreed to acquire Proteintech Genomics to expand proteomics capabilities 12.
Market context
The company estimates that much of the roughly 75 billion USD global life sciences research tools market is accessible to it 1. Its total addressable market estimate exceeds 21 billion USD annually, and its serviceable addressable market exceeds 13 billion USD annually 1.
Demand depends heavily on academic and government funding, including NIH grants, so revenue could fluctuate from one quarter to the next 1.
Trends
- Uncertain academic fundingheadwind
Changes in U.S. government budgets could delay or reduce purchases by academic customers, which make up a large part of direct sales 1.
- Atera launchtailwind
The results release mentions strong customer response to the Atera product and very strong early order flow, which could support instrument sales in the second half of the year 3.
- Rising gross margintailwind
Gross margin reached 74% in the second quarter of 2026, supported by lower manufacturing costs and tariff refunds 3.
Competitive position
The industry is highly competitive, with established and new companies launching products for genomics, single cell, spatial and in situ analysis 1. Some competitors have greater financial and research resources, and the company relies on product performance, intellectual property and customer experience to differentiate itself 1.
The company warns that new competitors could keep emerging and that other technologies could rival or replace its products 1.
- Single cell and genomics instrument companies
Competitors mentioned in general terms in the annual report, without specific names in the sources provided.
- Customers building in-house solutions
Researchers who develop their own solutions could reduce demand for the company's products.
- New entrants in spatial technologies
Companies launching spatial or in situ platforms compete directly with Visium and Xenium.
- Proteomics partners and suppliers
Competition in proteomics is intensifying as the company expands its capabilities in this area.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Departure or appointment of officers
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report08 Jun 2026Shareholder vote
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement24 Apr 2026
- Annual report13 Feb 2026
- Current report12 Feb 2026Results of operations · Financial statements and exhibits
- Current report12 Jan 2026Results of operations
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / 10x Genomics, Inc. · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / 10x Genomics, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / 10x Genomics, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.