Does 10x Genomics, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores 10x Genomics, Inc. (TXG) 43.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 93, returns on capital 0, balance-sheet safety 55, capital discipline 24.

How has TXG's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 43.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

10x Genomics, Inc.

TXG · Healthcare · $5.6B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power93

Median gross margin 76.7% over 9y, stable.

Returns on capital0

Median ROIC -42.0%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $43.74
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

10 years of fundamentals

The business, in plain English

10x Genomics, Inc. booked $642.8M of revenue in FY2025 in the Healthcare sector and kept 69.1% of it as gross profit — a high-margin business by that measure. After every other cost, −6.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $71.1M (FY2017) to $642.8M (FY2025) — about 31.7% a year compounded over 8 years.

It earned −14.9% on invested capital in FY2025, with a median of −42.0% across 7 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $0 of total debt in FY2020. Balance-Sheet Safety scores it 55/100.

The share count rose 777.6% between FY2018 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (93/100) and Returns on Capital the weakest (0/100), which is how TXG lands at 44/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$642.8M FY2025

Gross marginRevenue kept after cost of goods69.1% FY2025

Return on invested capitalOperating profit on the capital employed−14.9% FY2025

Owner earningsCash an owner could take out−$13.3M FY2025

Gaps in a line mean that item isn’t in TXG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale43.7 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — TXG has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#193 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#191PCYN PROCYON CORPORATION43.7 out of 100, Shallow moatShallow moat
#192FEMY Femasys Inc.43.7 out of 100, Shallow moatShallow moat
#194TDOC TELADOC HEALTH, INC.43.6 out of 100, Shallow moatShallow moat
#195MKSI MKS INC43.5 out of 100, Shallow moatShallow moat

Compare TXG with its nearest peers →All Healthcare companies on the Index →

Common questions about TXG

Does 10x Genomics, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores 10x Genomics, Inc. (TXG) 43.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 93, returns on capital 0, balance-sheet safety 55, capital discipline 24.
How has TXG's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 43.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TXG. See the disclaimer.