Forensic Analysis · General / Diversified · as of Jun 27, 2026
10x Genomics, Inc. (TXG)
A forensic read on 10x Genomics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.6
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-2.9%
ROE
$4.7B
Market cap
10x Genomics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.6, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+74.0%Accruals ratio.Net operating assets grew +74.0% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -31% of net operating assets.
-5%Return on invested capital.Return on invested capital is -5% and rising from -20% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.2%/yrShare-count dilution.Diluted share count changed +10% over the last 3 years to FY2025 (+3.2%/yr). The count is GROWING — existing holders are being diluted. That's ~3.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~10%.
17% of revStock-based comp load.Stock-based compensation ran 17% of revenue and 84% of free cash flow in FY2025 — about $0.87 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-6.8%
Debt / Equity0.00x
Free Cash Flow$130.1M
Latest Revenue$642.8M
Return on Equity-5.5%
Revenue Growth YoY+5.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on 10x Genomics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about TXG's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown