All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
2 warning events since 2017; the latest 2022-11-14.
From the record
Exagen Inc.'s filings since 2017 show 2 warning events of 2 kinds: a warning not to rely on past financial statements (8-K item 4.02, the latest 2022-11-14); a late-report notice (Form NT 10-K or NT 10-Q, the latest 2022-11-14) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
+10.8% a year over 8 filed years; profitable in 0 of 8.
From the record
Exagen Inc.'s 8 filed years say what it did: revenue went from $32 million in fiscal 2018 to $67 million in fiscal 2025, up 10.8% a year; it rose in 6 of 7 years; the deepest fall was 6% from fiscal 2021 to fiscal 2022; net income was positive in 0 of 8 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
SI estimate 5.2/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Exagen Inc.'s shareholder treatment is put at 5.2 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 48% of 24 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.
What are they doing right now?
Is it financially healthy right now?
ROE -114%: lost 114¢ per shareholder dollar. Leverage 70%: owes 70¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2025-12-31, Exagen Inc. lost about 114 cents for every dollar of shareholders' money, and gross profitability: its products earned about 67 cents per dollar of everything the company owns. Leverage: it owed about 70 cents per dollar of assets, and net share issuance: its share count grew 18.4% over the year (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
bottom 44% of 24 in its family; net margin -30%.
From the record
Exagen Inc.'s standing among 24 graded names in its industry family: revenue of $67 million in fiscal 2025 ranks in the bottom 33% by size; a net margin of -30% ranks in the bottom 44%; revenue growth of 13.5% a year over the last 3 filed years ranks in the top 46% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
bottom 28% of 17 in its family for leadership; chief executive since 2022.
From the record
Exagen Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Aballi, John (President and CEO, as filed), filing under that title since 2022-10-18, 4.1 years (top 50% of its family); the 8 officers and directors filing in the last fifteen months have been on the record a median of 3.7 years (bottom 17%); 6 officer or director changes were reported on Form 8-K since 2023-11-13, against the 8 people in charge now (bottom 18%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are they set up to do next?
How much room does it have to grow?
bottom 42% of 24 in its family for room to expand.
From the record
Exagen Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $32 million against debt of $22 million leaves 17.5% of its assets as net cash, top 44% of its family; cash from operations less capital spending is -21.4% of revenue (bottom 44%); a gross margin of 58.3% (top 41%); research spending of 9.4% of revenue (bottom 8%) (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What could actually drive growth from here?
bottom 47% of 23 in its family for growth drivers.
From the record
Exagen Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 13.5% a year over the last three filed years against 10.8% over all 8, speeding up (top 15% of its family); the newest year grew 19.7% (top 33%); research spending grew -14.1% a year (bottom 14%); capital spending grew -47% a year (bottom 21%) (its annual reports). Exagen Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
top 36% of 20 in its family for expectations against reality.
From the record
Exagen Inc.'s newest year against its own record: revenue of $67 million in fiscal 2025 came in 8.3% above the $61 million its prior three years' pace pointed to (top 27% of its family); net income of $20 million against a prior three-year average of $29 million (top 37%); a net margin of -30% against -58.7% before (top 42%) (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made