TXG10x Genomics, Inc.

Laboratory Analytical Instruments

Revenue: $643M; 5.2% YoY
Operating margin: -9.5%; 70% YoY
EBITDA: −$25M; 84% YoY
Market cap: $9.0B
Employees: 473; $1M revenue each
Net debt / EBITDA: —; −$314M net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
17% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 88th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$490M	$516M	$619M	$611M	$643M	5.2%
Operating income	−$52M	−$168M	−$265M	−$195M	−$61M	69%
Net income	−$58M	−$166M	−$255M	−$183M	−$44M	76%
Operating cash flow	−$21M	−$34M	−$15M	$7M	$136M	1942%
Capex	$101M	$132M	$49M	$12M	$6M	52%
Stock-based comp	$96M	$137M	$167M	$141M	$109M	22%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 30, 2021	Saxonov Serge	SC 13D/A	5.3%	Active
Jul 30, 2021	Hindson Benjamin J.	SC 13D/A	4.0%	Passive
Oct 10, 2019	Saxonov Serge	SC 13D	19.9%	Passive
Oct 10, 2019	Hindson Benjamin J.	SC 13D	16.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $17M · 50
Net: −$17M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$6M	$7M	12	125
FY2024	$8M	−$21M	10	93
FY2023	$8M	$17M	40	94
FY2022	$19M	−$14M	26	90
FY2021	$12M	$21M	105	100