Teva Pharmaceutical Industries Limited (TEVA) Stock Price & Analysis
Teva Pharmaceutical Industries Limited (TEVA) closed at USD 40.21 on Thursday, October 22, 2026, down 1.01% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 40.62; the Oct 22, 2026 session ranged USD 39.59–40.45 on volume of 4,068,812 shares. Market capitalization is $46.90B, with a 52-week range of USD 18.85–42.02 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:16 UTC.
Also available as compact Markdown for AI agents: nexqual.com/TEVA.md
Key facts (TEVA)
- Last four reported quarters (through Jun 30, 2026): revenue $14.1B, net income $706M (5.0% margin), free cash flow $1.35B (SEC filings).
- Valuation: P/E 66.4x (avg 25.7x at the last 1 fiscal year-ends).
- Earnings quality: non-operating income -$897M vs operating income $1.60B over the last four quarters; P/E excluding non-operating income ≈29.5x (estimate: non-operating income taxed at the company's 1.7% effective rate).
- Insider open-market sales, last ~7 months: 18 Form 4 filings, $35.9M; 10 not under a Rule 10b5-1 plan ($22.6M); 4 by opportunistic insiders (2 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.77 on a 1–5 scale) (13 analysts), mean target USD 47.58 (range 42–55).
- Total return with dividends: 1Y +111.4% vs S&P 500 +14.9%; 5Y +296.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.73, revenue estimate $4.24B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (TEVA)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $15.9B | $14.9B | $15.8B | $16.5B | $17.3B | $14.1B |
| Gross profit | $7.59B | $6.97B | $7.64B | $8.06B | $8.94B | — |
| Operating income | $1.72B | -$2.20B | $433M | -$303M | $2.16B | $1.60B |
| Net income | $417M | -$2.45B | -$559M | -$1.64B | $1.41B | $706M |
| EPS (diluted) | $0.38 | -$2.20 | -$0.50 | -$1.45 | $1.21 | — |
| Free cash flow | $236M | $1.04B | $842M | $749M | $1.15B | $1.35B |
| Gross margin | 47.8% | 46.7% | 48.2% | 48.7% | 51.8% | — |
| Operating margin | 10.8% | -14.7% | 2.7% | -1.8% | 12.5% | 11.4% |
| Net margin | 2.6% | -16.4% | -3.5% | -9.9% | 8.2% | 5.0% |
| Revenue growth | -4.7% | -6.0% | +6.2% | +4.4% | +4.3% | — |
| Cash + short-term investments | $2.17B | $2.80B | $3.23B | $3.30B | $3.56B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (TEVA)
P/E 66.4x · P/E ex non-operating (est.) ≈29.5x · P/S 3.3x · P/FCF 34.8x · P/B 6.0x · FCF yield 2.87% · Earnings yield 1.51%
P/E at fiscal year-ends: Dec 2025 25.7x.
Insider sales (SEC Form 4, open-market, last ~7 months) (TEVA)
8 of 18 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-18 | Savage Brian | Interim Chief Legal Officer | 7,342 | $285K | 46.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Mignone Roberto | Director | 367,600 | $14.4M | 75.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-21 | Weiss Amir | Chief Accounting Officer | 9,445 | $355K | 41.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-21 | Satchi-Fainaro Ronit | Director | 415 | $15K | 0.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Lippman Evan | EVP, Business Development | 18,600 | $680K | 42.1% | Yes (adopted May 16, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | Zaks Tal Zvi | Director | 17 | $1K | 0% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Jover Placid | See "Remarks" | 12,827 | $447K | 65.4% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-03 | Hughes Eric A | See "Remarks" | 25,578 | $892K | 15.9% | Yes (adopted November 10, 2025) | Routine (sold in Aug each year 2023–2025) |
| 2026-06-18 | Shields Matthew | EVP, Global Operations | 9,989 | $322K | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-11 | Kalif Eliyahu Sharon | EVP, Chief Financial Officer | 106,563 | $3.6M | 61.9% | Yes (adopted November 26, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-05 | Francis Richard D | President and CEO | 6,153 | $211K | 0.5% | Yes (adopted November 14, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-03 | Shields Matthew | EVP, Global Operations | 16,195 | $532K | 61.9% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-14 | Lippman Evan | EVP, Business Development | 41,658 | $1.5M | 48.5% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Kalif Eliyahu Sharon | EVP, Chief Financial Officer | 153,251 | $5.5M | 47.1% | Yes (adopted November 26, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | Weiss Amir | Chief Accounting Officer | 10,679 | $384K | 34.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Daniell Richard | EVP, Europe Commercial | 30,000 | $1.1M | 35% | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-01 | Sabag Mark | See "Remarks" | 144,180 | $5.0M | 64.1% | No | Too little history (no open-market trades in 2023) |
| 2026-04-30 | Fox Christine | EVP, U.S. Commercial | 21,258 | $751K | 25% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (TEVA)
Consensus Buy (mean 1.77 on a 1–5 scale), 13 analysts; mean target USD 47.58 (low 42, high 55).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Barclays | Target raised | Overweight | $42 → $47 |
| 2026-10-12 | JP Morgan | Target raised | Overweight | $40 → $50 |
| 2026-10-01 | TD Cowen | Initiated | Buy | $55 |
| 2026-09-23 | Oppenheimer | Initiated | Outperform | $50 |
| 2026-09-09 | Leerink Partners | Initiated | Outperform | $45 |
| 2026-09-04 | UBS | Target raised | Buy | $42 → $48 |
| 2026-08-12 | Barclays | Target raised | Overweight | $40 → $42 |
| 2026-07-28 | Piper Sandler | Target raised | Overweight | $42 → $44 |
Total return (dividends reinvested) (TEVA)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +111.4% | +296.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +112.0% | +31.7% |
| Volatility (annualized) | 37.9% | 43.6% |
| Max drawdown | -21.8% (Feb 2026→Mar 2026) | -40.9% (Dec 2024→Apr 2025) |
TEVA revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $1.70B | 41.1% | -4.7% |
| Europe | $1.26B | 30.5% | -2.7% |
| Other Activities | $627.0M | 15.1% | +5.0% |
| International Markets | $550.0M | 13.3% | +11.1% |
| Total revenue | $4.14B | 100% | — |
TEVA revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Austedo | $676.0M | 16.3% | +36.6% |
| — Product (part of Austedo) | $527.0M | 12.7% | +12.4% |
| — Other Products (part of Austedo) | $84.0M | 2.0% | -24.3% |
| — Respiratory Product (part of Austedo) | $58.0M | 1.4% | +5.5% |
| — License (part of Austedo) | $7.0M | 0.2% | -22.2% |
| Generics Medicians Including Otc & Biosimilars | $660.0M | 15.9% | -31.3% |
| Ajovy | $116.0M | 2.8% | +84.1% |
| Uzedy | $77.0M | 1.9% | +42.6% |
| COPAXONE | $61.0M | 1.5% | -1.6% |
| Bendeka & Treanda | $28.0M | 0.7% | -30.0% |
| Distribution Service | $20.0M | 0.5% | +66.7% |
| Total revenue | $4.14B | 100% | — |
TEVA revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $1.70B | 41.1% | -4.7% |
| Europe | $1.26B | 30.5% | -2.7% |
| Total revenue | $4.14B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
TEVA suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Royalty Pharma plc (RPRX) | “In line with our Pivot to Growth strategy, and our focus on internal growth that leverages our R&D capabilities, we have entered into, and expect to pursue, in-licensing, acquisition, collaboration, funding and other strategic opportunities to supplement and expand our existing innovative medicines and biosimilar pipeline (e.g., the transactions with mAbxience, Launch Therapeutics, Alvotech, Modag, Sanofi, Royalty…” |
| Partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | “In December 2016, Teva entered into a license agreement with a subsidiary of Takeda Pharmaceutical Company Ltd. ("Takeda"), for the research, development, manufacture and commercialization of ATTENUKINE” |
| Partner | MODAG | “In line with our Pivot to Growth strategy, and our focus on internal growth that leverages our R&D capabilities, we have entered into, and expect to pursue, in-licensing, acquisition, collaboration, funding and other strategic opportunities to supplement and expand our existing innovative medicines and biosimilar pipeline (e.g., the transactions with mAbxience, Launch Therapeutics, Alvotech, Modag, Sanofi, Royalty…” |
| Partner | Biolojic Design | “In line with our Pivot to Growth strategy, and our focus on internal growth that leverages our R&D capabilities, we have entered into, and expect to pursue, in-licensing, acquisition, collaboration, funding and other strategic opportunities to supplement and expand our existing innovative medicines and biosimilar pipeline (e.g., the transactions with mAbxience, Launch Therapeutics, Alvotech, Modag, Sanofi, Royalty…” |
| Partner | Samsung Electronics | “On January 10, 2025, we announced that we entered into a strategic partnership with Samsung Bioepis for the commercialization of EPYSQLI® (eculizumab), Samsung Bioepis's biosimilar to Soliris® (eculizumab-aagh) in the U.S., which was available and launched in the U.S. on April 7, 2025, for the treatment of patients with paroxysmal nocturnal hemoglobinuria (PNH), atypical hemolytic uremic syndrome (aHUS) and genera…” |
Quoted from the company's 10-K filed Feb 3, 2026.
Companies that name TEVA in their SEC reports
| Relationship to TEVA | Company | Filing | Sentence |
|---|---|---|---|
| partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | 20-F Jun 17, 2026 | “•During the fiscal year ended March 31, 2025, Takeda decided to enter into discussions with Teva Pharmaceutical Industries Ltd. to dissolve a joint venture business in Japan primarily focused on generic medicines and long-listed products.” |
| partner | Intercure Ltd. (INCR) | 20-F Apr 30, 2026 | “September 2019, we entered into a distribution agreement with SLE, a subsidiary of Teva Group Pharmaceutical Industries Ltd. (NYSE: TEVA)” |
| partner | Alto Neuroscience, Inc. (ANRO) | 10-K Mar 16, 2026 | “Effective October 4, 2021, the Company entered into an agreement with Teva Pharmaceutical Industries, Ltd to acquire patents, know-how and other rights to ALTO-203 and a specified related compound (the "Teva Acquired Compound"), and assumed all post-acquisition liabilities related thereto.” |
| partner | Sagimet Biosciences Inc. (SGMT) | 10-K Mar 11, 2026 | “In December 2025, we entered into a license agreement with Assia Chemical Industries Ltd., doing business as TAPI Technology & API Services (TAPI), a subsidiary of Teva Pharmaceutical Industries Ltd. (the TAPI Agreement).” |
| customer | Axsome Therapeutics, Inc. (AXSM) | 10-K Feb 23, 2026 | “Provigil and Nuvigil, which are manufactured by Teva.” |
| customer | HALOZYME THERAPEUTICS, INC. (HALO) | 10-K Feb 17, 2026 | “Teva License, Development and Supply Agreements” |
| partner | Royalty Pharma plc (RPRX) | 10-K Feb 11, 2026 | “(2)We entered into a funding agreement with Teva Pharmaceuticals for TEV-'408 in January 2026.” |
| partner | CEL SCI CORP (CVM) | 10-K Dec 29, 2025 | “In August 2008, CEL-SCI signed an agreement with Teva Pharmaceutical Industries Ltd., or Teva, that gives Teva the exclusive right and license to market, distribute and sell Multikine, if approved, in Israel and Turkey for treatment of head and neck cancer.” |
TEVA company outlook (results filed Jul 29, 2026)
- “Outlook for All Three Key Innovative Brands, Reflecting Continued Execution of Its Pivot to Growth Strategy Q2 2026 revenues of $4.1 billion decreased by 1% in U.S. dollars year-over-year (YoY) and by 3% in local currency (LC) terms, mainly due to lower generics revenues.”
- “Our key innovative brands collectively grew 43% YoY in LC, to over $1 billion in revenues, and we raised our 2026 outlook for all three, highlighting Teva's continued execution of its Pivot to Growth strategy.”
- “UZEDY continues to be the fastest growing LAI amongst atypical LAI's for schizophrenia, creating a strong foundation for Teva's schizophrenia franchise. 1 Teva is raising its 2026 revenue outlook for each of these key innovative brands, and now expects combined 2026 revenue of ~$3.7 billion reflecting a ~17% YoY growth at the mid-point.”
Quoted word-for-word from the SEC 8-K results press release.
TEVA analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.73 | $0.00 | — | $4.24B | 10 |
| Next quarter (ends Dec 2026) | $0.75 | $0.00 | — | $4.22B | 10 |
| Current fiscal year (ends Dec 2026) | $2.11 | $0.00 | — | $16.66B | 13 |
| Next fiscal year (ends Dec 2027) | $3.09 | $0.00 | — | $17.23B | 13 |
TEVA options: expected move
Options price a move of about ±6.8% (±$2.74) by Nov 6, 2026, which includes earnings on Nov 3, 2026; the earnings reaction alone is priced at about ±3.8%. Over the last 8 reports the stock moved ±10.2% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 35.6% | ±4.2% |
| Nov 6, 2026 | 14 | 41.9% | ±6.8% |
| Nov 13, 2026 | 21 | 47.2% | ±9.3% |
| Nov 20, 2026 | 28 | 44.1% | ±9.9% |
| Nov 27, 2026 | 35 | 42.2% | ±10.5% |
| Dec 18, 2026 | 56 | 39.1% | ±12.3% |
| Jan 15, 2027 | 84 | 39.2% | ±15.0% |
| Mar 19, 2027 | 147 | 39.2% | ±19.8% |
30-day implied volatility 43.9% vs 28.2% realized over the last 30 trading days. Put/call ratio (volume) 0.08. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:16 UTC)
| Price | USD 40.21 |
|---|---|
| Change | ▼ 1.01% (down) |
| Previous Close | USD 40.62 |
| Open | USD 40.2 |
| Day Range | USD 39.59 – 40.45 |
| 52-Week Range | USD 18.85 – 42.02 |
| Volume | 4,068,812 shares |
| Market Cap | $46.90B |
| Exchange | NYQ |
Technical Analysis (TEVA)
Nexqual's technical model rates TEVA "STRONG BUY" based on 5 bullish and 0 bearish signals across 127 daily candles, as of October 23, 2026 at 09:16 UTC.
| Overall Signal | STRONG BUY |
|---|---|
| RSI (14) | 55.94 (neutral) |
| vs SMA50 | Above (USD 38.63) |
| MACD | 0.69 (positive) |
Analyst Ratings (TEVA)
Wall Street analysts rate TEVA "Buy" based on 13 analysts, with a mean price target of USD 47.58 (range USD 42–55), per Nexqual as of October 23, 2026 at 09:16 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 13 |
| Mean Target | USD 47.58 |
| High Target | USD 55 |
| Low Target | USD 42 |
| Buy / Hold / Sell | 12 / 1 / 0 |
Earnings (TEVA)
| Next Earnings Date | 2026-11-03 |
|---|---|
| EPS Estimate | USD 0.73 |
| Revenue Estimate | $4.24B |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
Financials & Fundamentals (TEVA)
| Total Revenue | $17.32B |
|---|---|
| Revenue Growth (latest quarter, YoY) | -0.80% |
| Gross Margin | +52.46% |
| Operating Margin | +4.03% |
| Profit Margin | +4.08% |
| ROE | +9.69% |
| Debt / Equity | 2.18 |
| Current Ratio | 0.88 |
| Total Cash | $3.66B |
| Total Debt | $16.89B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $1.35B (9.6% of revenue) |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
Financial Health Score (TEVA)
Nexqual rates Teva Pharmaceutical Industries Limited's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:16 UTC.
| Growth | Mixed — Revenue +4.3% YoY (annual), slow |
|---|---|
| Profitability | Solid — Gross margin 52%, operating 4% (last 12 months) |
| Balance Sheet | Critical — $3.66B cash vs $16.9B debt |
| Cash Flow | Solid — FCF $1.35B (last 4 quarters to Jun 2026, SEC), 10% margin |
| Efficiency | Mixed — ROE 10%, ROA 5.1% |
Ownership (TEVA)
| Insider Ownership | +0.56% |
|---|---|
| Institutional Ownership | +27.24% |
| Shares Outstanding | 1.17B |
| Float | 1.09B |
| Short % of Float | +2.57% |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
Leadership (TEVA)
Teva Pharmaceutical Industries Limited is led by Richard D. Francis, President, CEO & Director, per Nexqual as of October 23, 2026 at 09:16 UTC.
| President, CEO & Director | Richard D. Francis |
|---|---|
| Executive VP & CFO | Eliyahu Sharon Kalif |
| Executive Vice President of Business Development | Evan Lippman |
| Executive Vice President of Global Operations | Matthew Shields |
| Senior Vice President of Investor Relations & Competitive Intelligence | Christopher J. Stevo |
Major Backers & Investors (TEVA)
Notable institutional backers of Teva Pharmaceutical Industries Limited include Harel Insurance Investments & Financial Services Ltd., Phoenix Financial Ltd., WCM Investment Management, LLC, according to Nexqual as of October 23, 2026 at 09:16 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Harel Insurance Investments & Financial Services Ltd. | 4.13% |
| Phoenix Financial Ltd. | 3.68% |
| WCM Investment Management, LLC | 3.55% |
| Clal Insurance Enterprises Holdings Ltd | 3.48% |
| Menora Mivtachim Holdings Ltd. | 3.42% |
| Migdal Insurance & Financial Holdings Ltd. | 3.34% |
| NORGES BANK | 2.77% |
| FMR, LLC | 2.6% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 5.48% |
| Vanguard Group | 2.44% |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
From Teva Pharmaceutical Industries Limited's Latest SEC 10-K Filing (filed 2026-02-03)
Key Strengths & Strategy (as disclosed to the SEC)
- Our API plants are regularly inspected by the FDA, European agencies and other authorities, as applicable.
- Our API R&D specializes in the development of processes and physical compound characterization for the manufacturing of generic and innovative APIs, including intermediates, synthetic and fermentation products both for internal use and for external customers.
- The API R&D division also seeks methods to continuously reduce API production costs, enabling us to improve our cost structure.
- Our API intellectual property portfolio includes hundreds of granted patents and pending applications.
Partnerships
- Below is a description of key products in our innovative medicines pipeline as of January 26, 2026: We have additional biosimilar products in development internally and with our partners that are in various stages of development, including confirmatory clinical trials for biosimilars to Xolair® (omalizumab); to Entyvio® (vedolizumab) and Entyvio® SC (vedolizumab), which are in collaboration with Alvotech for the U.S. market; and TEV-‘333 and TEV-‘316, both in collaboration with mAbxience.
- On January 13, 2025, we announced we entered into a collaboration agreement with Formycon for the commercialization of FYB203, Formycon's biosimilar candidate to Eylea® (aflibercept) in Europe (excluding Italy), the United Kingdom, Switzerland and in Israel, for the treatment of neovascular age-related macular degeneration (nAMD) and other severe retinal diseases.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| HLN | Haleon plc | USD 10.37 | ▲ 3.49% |
| TAK | Takeda Pharmaceutical Company L | USD 20.36 | ▲ 2.16% |
| ZTS | Zoetis Inc. | USD 82 | ▲ 2.99% |
| UTHR | United Therapeutics Corporation | USD 584.79 | ▲ 3.78% |
| VTRS | Viatris Inc. | USD 18.48 | ▲ 0.16% |
| NBIX | Neurocrine Biosciences, Inc. | USD 143.29 | ▲ 1.4% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:16 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt