Exact Sciences Corporation

EXAS

HealthcareMedical - Diagnostics & ResearchNASDAQ

$104.91

Market Cap: $20.03B

Exact Sciences Corporation (EXAS) Valuation Summary

Updated Apr 15, 2026 22:20

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.72 – $75.43	$17.63	-83.2%
Revenue DCF 10Y	$1.17 – $104.94	$27.89	-73.4%
▸ Trading Multiples
EV/Revenue	$26.97 – $209.61	$73.46	-30.0%

Valuation History

DCF Analysis

Exact Sciences Corporation (EXAS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$27.89

Market Price

$104.91

Upside / Downside

-73.4%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -3.0% to a target of 13.3% over 5 years, discounted at a WACC of 7.9%, Exact Sciences Corporation (EXAS) has an intrinsic value of $27.89 per share (range: $1.17 – $104.94).

Key Assumptions

Current Operating Margin

-3.0%

Target Operating Margin

13.3%

WACC

7.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.4%

Target CapEx/Rev

12.8%

D&A/Revenue

8.5%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	3,694	13.8%	0.2%	8	7	314	(260)	115	-54	-52
2027	4,183	13.2%	3.5%	147	116	356	(321)	53	97	87
2028	4,601	10.0%	6.8%	312	247	392	(382)	46	210	173
2029	4,925	7.0%	10.1%	495	391	419	(441)	35	334	256
2030	5,124	4.0%	13.3%	683	540	436	(491)	22	463	329
2031	5,851	14.2%	13.3%	780	616	498	(598)	80	437	287
2032	6,550	11.9%	13.3%	874	690	558	(711)	76	460	280
2033	7,187	9.7%	13.3%	959	757	612	(826)	70	473	267
2034	7,724	7.5%	13.3%	1,030	814	657	(937)	59	475	249
2035	8,128	5.2%	13.3%	1,084	856	692	(1,038)	44	466	226

Enterprise Value Bridge

Sum of PV(FCFF)2,102

Terminal Value (Gordon Growth at 3.0%)9,755

PV of Terminal Value4,727

Enterprise Value6,830

(–) Net Debt1,567

Equity Value5,263

(÷) Shares Outstanding189

Fair Value per Share$27.89

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
5.9%	$4	$29	$55	$80	$105
6.9%	$1	$20	$38	$56	$74
7.9%	$-1	$14	$28	$42	$56
8.9%	$-2	$10	$21	$33	$44
9.9%	$-3	$7	$17	$26	$36

Current price: $104.91. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Exact Sciences Corporation (EXAS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$17.63

Market Price

$104.91

Upside / Downside

-83.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-3.0%

Target Operating Margin

13.3%

WACC

7.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.4%

Target CapEx/Rev

12.8%

D&A/Revenue

8.5%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	3,694	13.8%	0.2%	8	7	314	(284)	115	-78	-75
2027	4,183	13.2%	3.5%	147	116	356	(374)	53	44	39
2028	4,601	10.0%	6.8%	312	247	392	(470)	46	122	101
2029	4,925	7.0%	10.1%	495	391	419	(566)	35	209	160
2030	5,124	4.0%	13.3%	683	540	436	(654)	22	300	213

Enterprise Value Bridge

Sum of PV(FCFF)439

Terminal Value (Gordon Growth at 3.0%)6,278

PV of Terminal Value4,454

Enterprise Value4,893

(–) Net Debt1,567

Equity Value3,326

(÷) Shares Outstanding189

Fair Value per Share$17.63

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
5.9%	$-1	$18	$37	$56	$75
6.9%	$-3	$11	$25	$39	$53
7.9%	$-4	$7	$18	$29	$40
8.9%	$-5	$4	$13	$22	$31
9.9%	$-6	$2	$9	$17	$24

Current price: $104.91. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$73.46

Market Price

$104.91

Upside / Downside

-30.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Exact Sciences Corporation (EXAS) has a fair value of $73.46 based on 7 comparable companies in the Medical - Diagnostics & Research industry.

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Exact Sciences CorporationEXAS	19,795	6.6x	5.8x
Viatris Inc.VTRS	15,958	2.0x	2.1x
BridgeBio Pharma, Inc.BBIO	15,063	34.3x	18.7x
Guardant Health, Inc.GH	11,131	12.7x	9.8x
Revvity, Inc.RVTY	10,387	4.5x	4.4x
ICON Public Limited CompanyICLR	8,896	1.4x	1.5x
Qiagen N.V.QGEN	8,581	4.5x	4.2x
Doximity, Inc.DOCS	4,490	7.5x	6.7x
Industry Median		4.5x	4.4x
(*) Revenue		3,247	3,694
= Enterprise Value		14,760	16,094
(-) Net Debt		1,567	1,567
Equity Value		13,193	14,527
(/) Outstanding shares		189	189
Fair Price		$70	$77

Selected Fair Value (avg of trailing + forward)

$73.46

-30.0%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.72 – $75.43

$17.63

-83.2%

Revenue DCF 10Y

$1.17 – $104.94

$27.89

-73.4%

▸ Trading Multiples

EV/Revenue

$26.97 – $209.61

$73.46

-30.0%

DCF Analysis

Exact Sciences Corporation (EXAS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$27.89

Market Price

$104.91

Upside / Downside

-73.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-3.0%

Target Operating Margin

13.3%

WACC

7.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.4%

Target CapEx/Rev

12.8%

D&A/Revenue

8.5%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	3,694	13.8%	0.2%	8	7	314	(260)	115	-54	-52
2027	4,183	13.2%	3.5%	147	116	356	(321)	53	97	87
2028	4,601	10.0%	6.8%	312	247	392	(382)	46	210	173
2029	4,925	7.0%	10.1%	495	391	419	(441)	35	334	256
2030	5,124	4.0%	13.3%	683	540	436	(491)	22	463	329
2031	5,851	14.2%	13.3%	780	616	498	(598)	80	437	287
2032	6,550	11.9%	13.3%	874	690	558	(711)	76	460	280
2033	7,187	9.7%	13.3%	959	757	612	(826)	70	473	267
2034	7,724	7.5%	13.3%	1,030	814	657	(937)	59	475	249
2035	8,128	5.2%	13.3%	1,084	856	692	(1,038)	44	466	226

Enterprise Value Bridge

Sum of PV(FCFF)2,102

Terminal Value (Gordon Growth at 3.0%)9,755

PV of Terminal Value4,727

Enterprise Value6,830

(–) Net Debt1,567

Equity Value5,263

(÷) Shares Outstanding189

Fair Value per Share$27.89

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
5.9%	$4	$29	$55	$80	$105
6.9%	$1	$20	$38	$56	$74
7.9%	$-1	$14	$28	$42	$56
8.9%	$-2	$10	$21	$33	$44
9.9%	$-3	$7	$17	$26	$36

Current price: $104.91. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$73.46

Market Price

$104.91

Upside / Downside

-30.0%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Exact Sciences CorporationEXAS	19,795	6.6x	5.8x
Viatris Inc.VTRS	15,958	2.0x	2.1x
BridgeBio Pharma, Inc.BBIO	15,063	34.3x	18.7x
Guardant Health, Inc.GH	11,131	12.7x	9.8x
Revvity, Inc.RVTY	10,387	4.5x	4.4x
ICON Public Limited CompanyICLR	8,896	1.4x	1.5x
Qiagen N.V.QGEN	8,581	4.5x	4.2x
Doximity, Inc.DOCS	4,490	7.5x	6.7x
Industry Median		4.5x	4.4x
(*) Revenue		3,247	3,694
= Enterprise Value		14,760	16,094
(-) Net Debt		1,567	1,567
Equity Value		13,193	14,527
(/) Outstanding shares		189	189
Fair Price		$70	$77

Selected Fair Value (avg of trailing + forward)

$73.46

-30.0%