10x Genomics (TXG) closed out FY 2025 with Q4 revenue of US$166.0 million and a basic EPS loss of US$0.13, alongside trailing twelve month revenue of US$642.8 million and a TTM basic EPS loss of US$0.35. Over recent quarters, the company has seen revenue fluctuate between US$149.0 million and US$172.9 million, while quarterly basic EPS has moved between a loss of US$0.40 and a profit of US$0.28, highlighting an uneven path on the income line. For investors, the latest print keeps the focus on how quickly margins can stabilize and whether the business can turn those revenue levels into more consistent profitability.

See our full analysis for 10x Genomics.

With the headline numbers on the table, the next step is to assess these results against the key narratives around growth, profitability and execution to determine which stories are supported by the data and which are being challenged.

Losses Narrow On A TTM Basis

• On a trailing twelve month view, revenue came in at US$642.8 million with a net loss of US$43.5 million and a basic EPS loss of US$0.35, compared with a TTM net loss of US$182.6 million and a basic EPS loss of US$1.52 a year earlier.
• What stands out for the bullish narrative is that this five year trend of shrinking losses at an average rate of 28.7% per year now lines up with the most recent TTM move, even though forecasts used here still do not show a return to profitability in the next three years.
  • Bulls point to improving loss levels as a platform for future earnings, while current forecasts explicitly assume revenue growth of around 3.4% to 5.3% per year and continued losses for several more years.
  • This mix of smaller losses and no near term profit in the models keeps the bullish argument focused on longer term margin improvement rather than any quick turnaround.

Over several quarters of shrinking losses, bulls argue the earnings base is improving even if profits are still out of reach, and they lean on that to support a more optimistic long term story for the stock, 🐂 10x Genomics Bull Case

Quarterly Profit Line Still Uneven

• Across FY 2025, net income swung from a profit of US$34.5 million in Q2 to losses of US$34.4 million in Q1, US$27.5 million in Q3 and US$16.3 million in Q4, with basic EPS ranging from a profit of US$0.28 to losses between US$0.13 and US$0.28.
• Bears highlight that this choppy pattern, together with forecasts that do not project profitability in the next three years, supports a cautious view on how quickly the business can turn higher revenue into steady earnings.
  • The FY 2025 quarters show revenue holding between roughly US$149.0 million and US$172.9 million while the income line flips between profit and loss, which fits the bearish concern about earnings sensitivity to spending and funding conditions.
  • At the same time, the move from a Q4 FY 2024 net loss of US$49.0 million to a Q4 FY 2025 net loss of US$16.3 million shows the income statement is not simply deteriorating, which tempers the most pessimistic angle of that bearish story.

Bears often point to the lack of forecast profitability and swings between profit and loss as reasons for caution, and those are exactly the patterns showing up in these FY 2025 numbers, 🐻 10x Genomics Bear Case

Valuation Signals Versus Slower Growth

• The stock trades at US$22.42 with a P/S of 4.5x, compared with a peer average of 9.2x and a US Life Sciences industry average of 3.4x, while the DCF fair value used here is US$34.65.
• Consensus narrative comments that modest revenue growth of 4.9% per year, alongside ongoing losses and a DCF fair value above the current share price, leaves investors weighing slower growth against a valuation that some may see as more attractive than peers on a sales multiple basis.
  • The 4.9% revenue growth rate is below an 11.4% market growth rate, so the lower P/S versus peers and the DCF fair value gap of roughly US$12 per share are being assessed in the context of a business that is currently growing more slowly than the broader US market.
  • Recent significant insider selling also sits next to this DCF fair value gap, which gives investors extra information to consider when deciding how much weight to place on the implied upside from the valuation models.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for 10x Genomics on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With both concerns and optimism coming through in these numbers, it makes sense to look at the figures yourself and decide where you stand. If you want a clearer view of what could go right or wrong from here, take a closer look at the 2 key rewards and 2 important warning signs.

See What Else Is Out There

10x Genomics is still posting losses, has uneven quarterly profitability and slower forecast revenue growth than the broader market, which could limit its appeal for some investors.

If that mix of choppy earnings and ongoing losses makes you want a steadier profile, compare it with companies in the 72 resilient stocks with low risk scores that score better on overall risk today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.