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ZYBERNO

Stock Report

Updated May 31, 2026

EXACT SCIENCES CORP (EXAS)

Healthcare • NASDAQ

$104.91

Exact Sciences Corporation is an American molecular diagnostics company headquartered in Madison, Wisconsin, focused on cancer detection and prevention. The company's Cologuard non-invasive stool DNA colorectal cancer screening test was the first FDA-approved test of its kind, and its Oncotype DX breast cancer and colon cancer recurrence tests are used by oncologists to guide treatment decisions for early-stage cancer patients.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

46.0/100

WEAK BUSINESS

EXACT SCIENCES CORP (EXAS) scores 46/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full EXAS quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

-100.0%

Overvalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

-13.6%

5-year annualised assuming price converges to intrinsic value

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full EXAS valuation analysis · → View full EXAS Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-8.5%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.17x)

Operating Margin (Operational Efficiency):CRITICAL (-6.4%)

Return on Capital (Capital Efficiency):CRITICAL (-8.6%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

EXACT SCIENCES CORP (EXAS) stock report — Zyberno Score 46/100 (WEAK BUSINESS), Margin of Safety -100.0%, -14% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, EXACT SCIENCES CORP (EXAS) trades at $104.91 against an estimated intrinsic value per share of $37.40 — a -100.0% Margin of Safety based on Owner Earnings of $394.74M TTM, projected at 6.2% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of -13.6% annually.

Over the trailing twelve months, EXAS generated $394.74M in Owner Earnings. Capital was deployed as follows: $134.66M invested in capital expenditures. Reinvestment rate: -24.5%. Owner Earnings have grown at 6.2% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:104.91

Market Cap:$19.80B

Valuation Multiples (3)

P/B Ratio:8.24x

P/S Ratio:6.10x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$19.20B

Ev Ebitda Ratio:218.75x

Pfcf Ratio:55.48x

B. Profitability Assessment

Return Metrics (5)

ROE:

-8.5%

📊 Click to view full EXAS ROE analysis →

ROA:-3.6%

Roic:

-8.6%

📊 Click to view full EXAS ROIC analysis →

Reinvestment Rate:-24.5%

Fundamental Growth Rate (g):2.1%

Margin Analysis (3)

Operating Margin Ttm:-6.4%

Net Margin Ttm:-6.4%

Ebitda Margin:2.7%

TTM Performance (3)

Gross Margin Ttm:69.7%

Operating Margin Ttm:-6.4%

Net Margin Ttm:-6.4%

Yield Metrics (3)

Earnings Yield:-$1.05

Owner Earnings Yield:$1.99

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+4.00

📊 Click to view full EXAS Earnings Surprise analysis →

EPS Surprise vs Expected:90.7%

Latest Earnings Filed:2026-02-13

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):15.0%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):9.8%

Operating Cash Flow Growth Rate (Linear):7.3%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.43x

Quick Ratio:2.17x

Cash Ratio:1.49x

Leverage Analysis (3)

Debt To Equity Ttm:0.17x

Debt-to-Equity Ratio:0.17x

Debt To Ebitda:4.13x

Coverage Ratios (2)

Interest Coverage Ratio:-5.24x

Times Interest Earned:-5.24

Capital Structure (4)

Working Capital:914,697,000.00

Cash And Cash Equivalents:955,996,000.00

Long Term Debt:$329.32M

Net Debt:-$593.09M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $3.25B

Linear Growth: 15.0%

📊 Click to view full EXAS Revenue analysis & methodology →

Cost Of Revenue Ttm:$984.24M

Profitability Breakdown (2)

Gross profit TTM: $2.26B

Linear Growth: 31.5%

📊 Click to view full EXAS Gross Profit analysis & methodology →

-$206.30M

Bottom Line Performance (3)

-$207.95M

Income Before Tax:-$203.89M

Ebitda Ttm:87,782,000.00

Operating Expenses (5)

Operating Expenses:2,469,053,000.00

R And D Expense:522,996,000.00

Sga Expense:888,674,000.00

Income Tax Expense:$4.06M

Interest Expense:39,361,000.00

Expense Ratios (3)

R And D To Revenue Percentage:59.5%

Sga To Revenue Percentage:101.2%

Ebitda Margin:2.7%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$5.86B

Current Assets:$1.56B

Ppe Net:708,664,000.00

Goodwill:2,368,048,000.00

Intangible Assets:$919.93M

Liability Structure (4)

Total Liabilities:3,459,577,000.00

Current Liabilities:641,152,000.00

Long Term Debt:$329.32M

Short Term Debt:$33.59M

Equity & Capital (3)

Equity:$2.40B

Retained Earnings:-$4.71B

Common Stock:400,000,000.00

Working Capital Items (3)

Accounts Receivable:298,653,000.00

Inventory:166,201,000.00

Accounts Payable:175,868,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:55,642,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $491.44M

Linear Growth: 7.3%

Free cash flow TTM: $356.78M

Linear Growth: 9.8%

📊 Click to view full EXAS Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$91.12M

Capital Expenditures Ttm:134,656,000.00

Financing Activities (3)

Financing Cash Flow:-$75.87M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$250.40M

Non-Cash Items (1)

Depreciation Amortization Ttm:294,080,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.10

-$1.10

Earnings Per Share Ttm:-$1.10

Revenue & Cash Per Share (3)

Sales Per Share Ttm:17.21

Operating Cash Flow Per Share:$2.60

Fcf Per Share Ttm:1.89

Book Value & Capital (2)

Book Value Per Share:$12.72

Cash Per Share:5.07

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.56x

Working Capital Turnover Ttm:3.55x

Receivables Management (2)

Receivables Turnover Ttm:10.87x

Days Sales Outstanding Ttm:33.57

Inventory Management (2)

Inventory Turnover Ttm:5.92x

Days Inventory Outstanding Ttm:61.64

Payables & Cash Cycle (2)

Days Payable Outstanding:65.22

Cash Conversion Cycle:29.99

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:55.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $394.74M

Linear Growth: 6.2%

📊 Click to view full EXAS Owner Earnings analysis & methodology →

Owner Earnings Per Share:$2.09

Owner Earnings Yield:$1.99

Growth Assessment (1)

Owner Earnings Growth Rate:$6.18

Damodaran Growth Analysis (2)

Reinvestment Rate:-24.5%

Fundamental Growth Rate (g):2.1%

Intrinsic Value Models (1)

Intrinsic Value:

$7.06B

📊 Click to view full EXAS DCF valuation →

Margin of Safety (1)

Margin Of Safety:

-100.0%

📊 Click to view full EXAS valuation analysis →

Return Scenarios (1)

Theoretical 5-Year Return:

-13.6%

📊 Click to view full EXAS expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):15.0%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):9.8%

Operating Cash Flow Growth Rate (Linear):7.3%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):31.5%

Book Value Growth Rate (Linear):-5.0%

Owner Earnings Growth Rate:$6.18

C. Company Profile & Context

Corporate Information (6)

Symbol:EXAS

Company Name:EXACT SCIENCES CORP

Sector:Healthcare

Industry:Services-Medical Laboratories

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:188.69M

Shares Outstanding Basic:188.69M

Shares Outstanding Diluted:188.69M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-05-31 06:01:48 UTC

Data Timestamp:2026-05-31T06:01:48.746331