Value Investor
Start free

GeneDx Holdings

WGS on Nasdaq. GeneDx sells genetic tests to doctors and drug companies. Market value $2.3bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-3.6%low

For every $100 of what the whole company costs, it produced $-3.55 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-38.8%five-year median

Each dollar kept in the business earns -39 cents a year. Above 10 is good.

Quality score: 44 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$71.52 a share, 122% above its 1-year low

Over the past year the price has ranged from $32.21 to $170.87.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.2
-0.3
-0.2
-0.0
0.0
-0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $76 million in the past 12 months, $14 million in the year to December 2025.

Revenue
$212m$235m$203m$305m$428m
Operating margin
-210.3%-284.5%-89.2%-7.6%-3.1%
Debt to equity
0.030.120.330.300.23
Shares outstanding
0.39bn0.03bn0.03bn0.03bn0.03bn

Health checks

  • Free cash flow positive1 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)5 of 9
  • Profit backed by cash (accruals)No
  • Debt0.23× equity
  • Revenue growth, five yearsStrong, 19.1% a year
  • Buying back its own sharesYes, 92% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $114 million last quarter, up 11% on a year ago.
  • A loss of $18 million, after a profit of $11 million a year ago.
  • It loses 20 cents on each $1 of sales, after keeping 2 cents a year earlier.
  • Over the past 12 months it spent $76 million more cash than it brought in. A year earlier it had $830,000 spare.
  • About the same number of shares as a year ago.
  • Debt is $40 million more than cash. A year ago it had $19 million more cash than debt.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$77m
December 2024$96m
March 2025$87m
June 2025$103m
September 2025$117m
December 2025$121m
March 2026$102m
June 2026$114m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$8m
December 2024$5m
March 2025-$7m
June 2025$11m
September 2025-$8m
December 2025-$18m
March 2026-$63m
June 2026-$18m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
23 February 2026
Next quarterly (estimated, 10-Q)
2 November 2026

Who owns it

2 long-term investors we follow own it, down from 3 last quarter. 223 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%; 2 of them are pushing for change.

  • Keith A. Meister
    Activist
    at least 17.9%0.0 pts
    (filed with 8 related holders)
    Since 20 May 2026
  • Eli Casdin
    Activist
    at least 12.0%0.0 pts
    (filed with 5 related holders)
    Since 14 May 2026
  • at least 5.8%+1.9 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • BlackRock, Inc.
    Passive investor
    5.5%
    Since 30 June 2026
  • at least 5.3%
    (filed with 1 related holder)
    Since 31 July 2026
  • at least 3.0%−2.1 pts
    (filed with 10 related holders)
    Since 30 June 2025
  • ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI
    Passive investor
    Sold down below 5%
    Since 21 February 2025
    What they said

    Item 4 is hereby amended and supplemented as follows: On February 19, 2025, ISMMS sold 100,000 shares of Class A Common Stock at a price of $108.5723 per share. On February 20, 2025, ISMMS sold 206,447 shares of Class A Common Stock at a price of $101.0145 per share. Each sale…

    Read the filing
  • Sold down below 5%
    Since 30 September 2025
  • FMR LLC
    Passive investor
    Sold down below 5%
    Since 30 June 2025
  • Casdin Partners FO1-MSV, LP
    Activist
    Sold down below 5%
    Since 5 May 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $107m of shares on the open market. 4 sold $22m, $510,879 of it under preset trading plans.

  • Feeley Kevin
    CHIEF FINANCIAL OFFICER
    Sold
    Date
    16 September 2026
    Shares
    3,728
    Price
    $97.61
    Value
    $363,892
  • Stueland Katherine
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    Date
    16 September 2026
    Shares
    10,501
    Price
    $97.61
    Value
    $1m
  • Feeley Kevin
    CHIEF FINANCIAL OFFICER
    Sold
    Date
    9 September 2026
    Shares
    1,285
    Price
    $84.22
    Value
    $108,220
  • Stueland Katherine
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    Date
    9 September 2026
    Shares
    3,692
    Price
    $84.22
    Value
    $310,932
  • Feeley Kevin
    CHIEF FINANCIAL OFFICER
    Sold
    Date
    1 September 2026
    Shares
    372
    Price
    $83.84
    Value
    $31,188
  • Feeley Kevin
    CHIEF FINANCIAL OFFICER
    Sold
    Date
    16 June 2026
    Shares
    3,729
    Price
    $60.76
    Value
    $226,592
  • Stueland Katherine
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    Date
    16 June 2026
    Shares
    10,501
    Price
    $60.76
    Value
    $638,092
  • Feeley Kevin
    CHIEF FINANCIAL OFFICER
    Sold
    Date
    9 June 2026
    Shares
    1,266
    Price
    $53.77
    Value
    $68,073
  • Stueland Katherine
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    Date
    9 June 2026
    Shares
    3,639
    Price
    $53.77
    Value
    $195,669
  • Casdin Eli
    Director
    Bought
    Date
    5 June 2026
    Shares
    50,000
    Price
    $52.86
    Value
    $3m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.