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ImmunityBio, Inc.

IBRX Healthcare Biotechnology

ImmunityBio, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $113.3 million, up 668.3% from fiscal 2024.

Revenue
+93.9%
EPS
−120.0%
Free cash flow
+13.4%
Total debt
+57.4%

Quarter to June 2026, against a year earlier

8.67 0.66 +8.24%
Market cap
$8.5B
P/E
0.0×
Fwd P/E
−8.7×
Dividend yield
—
F-score
4/9
Altman Z
−10.16
Beneish M
4.57
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 9.51
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 2 3 — — — 3 2 — — 2 —
Insider Ownership 61.81%

Capital & Financial Ratios $m

Size
Market Cap 8,490.00
Revenue ttm 165.79
Net income ttm (992.42)
Free cash flow ttm (288.07)
Net debt Q 416.98
Valuation
P/E 0.00
Forward P/E (8.68) (negative: loss-making)
Price / sales 54.91 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.00
Financial health
Current ratio Q 5.72 (at or above 1.5: strong)
Debt / equity Q (0.74) (negative: negative equity)
Interest coverage Q (1.97)
Growth
Revenue growth Q +93.91% (above 0%: growing)
Operating income growth Q +13.45% (above 0%: growing)
EPS, this year −152.63% (below 0%: weak)
EPS, next year A +88.18% (at or above 15%: strong)
Revenue, next year A +100.02% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +57.53% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 60.3×, against a ten-year median of 2,846×; over the ten years it ranged from 22.4× in 2025 to 21,107× in 2024.
P/S against its own 10 years 9.49%
10-year low 10-year high
EV/Sales against its own 10 years 9.35%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 266 150 243 357
Receivables — 2 43 53
Inventory — 8 1 2
Other 2 0 0 0
294 185 315 439
2023 2024 2025 Q'26
Payables 9 7 7 12
ST’ Debt — — — —
Other — — — —
58 55 62 77

Compound Annual Growth %

10y 5y 3y
Sales 85.41% 184.76% 678.62%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.09 Actual −0.08

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.10 −0.07 Beat by 0.03
Q4 FY25 −0.08 −0.06 Beat by 0.02
Q1 FY26 −0.08 −0.09 Miss by 0.01
Q2 FY26 −0.09 −0.08 Beat by 0.01
Q3 FY26 −0.08 — Reports 3 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.62) (0.22) — — —
’25 (0.15) (0.10) (0.07) (0.06) (0.38)
’24 (0.20) (0.20) (0.14) (0.09) (0.62)
’23 (0.27) (0.32) (0.19) (0.35) (1.15)
’22 (0.26) (0.24) (0.28) (0.27) (1.04)
’21 (0.21) (0.23) (0.23) (0.23) (0.90)
’20 (0.10) (0.14) (0.17) (0.18) (0.59)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 44 51 — — —
’25 17 26 32 38 113
’24 0 1 6 8 15
’23 0 0 0 0 1
’22 0 0 0 0 0
’21 0 0 0 0 1
’20 0 0 0 0 1
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (75) (66) — — —
’25 (86) (80) (69) (70) (305)
’24 (107) (100) (99) (85) (391)
’23 (84) (80) (87) (115) (367)
’22 (75) (91) (81) (91) (338)
’21 (60) (70) (73) (72) (274)
’20 (31) (46) (37) (58) (172)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (77) (70) — — —
’25 (87) (81) (70) (71) (309)
’24 (108) (101) (102) (87) (398)
’23 (93) (88) (93) (123) (397)
’22 (124) (107) (97) (110) (437)
’21 (68) (78) (60) (82) (287)
’20 (31) (46) (39) (57) (173)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 65.6% a year for ten years.

Implied
65.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 0 0 0 2 1 1 0 1 15 113 166 +139.3% 227 472 1,282 +124.5%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.34 99.34 (0.7) pt
EBT (121) (97) (97) (160) (226) (350) (417) (584) (414) (352) (993) +12.5%
EBT margin, % (275,865.91) (215,368.89) (205,806.38) (7,278.07) (37,360.83) (37,456.00) (173,869.17) (93,873.31) (2,805.32) (310.37) (598.69) +275,555.5 pt
Net income (121) (96) (96) (160) (224) (350) (417) (584) (414) (351) (992) +12.6%
Per share, $
Per share, $ Revenue 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.02 0.12 0.16 +84.4%
Earnings (1.47) (1.20) (1.22) (0.44) (0.59) (0.90) (1.04) (1.15) (0.59) (0.38) (0.97) (14.0%)
Cash flow (0.47) (0.61) (0.80) (0.42) (0.46) (0.70) (0.84) (0.72) (0.56) (0.33) (0.27) (3.8%)
Capex (0.08) (0.43) (0.16) (0.01) 0.00 (0.03) (0.25) (0.06) (0.01) 0.00 (0.01) (27.9%)
Free cash flow (0.55) (1.04) (0.96) (0.43) (0.46) (0.74) (1.09) (0.78) (0.57) (0.34) (0.27) (5.4%)
Book value 3.58 2.72 1.85 0.33 (0.31) (0.63) (1.12) (1.15) (0.70) (0.54) (1.00) n/m
Shares, m 82 81 79 366 377 389 400 509 697 920 986 +30.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 11,011.27 7,843.51 1,953.05 630.50 8,307.96 2,533.77 7,948.01 4,284.97 121.07 16.08 54.91 4,465.0
P/B 1.65 1.61 0.63 11.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.5
EV/Sales 6,536.36 5,365.04 818.49 613.79 8,581.04 2,845.85 10,306.30 5,727.04 174.91 22.40 60.33 4,099.1
EV/FCF (6.37) (2.89) (0.51) (8.65) (29.94) (9.23) (5.66) (8.97) (6.48) (8.22) (34.72) (8.7)
Cash, $m
Cash, $m Operating cash flow (39) (49) (63) (152) (172) (274) (338) (367) (391) (305) (281) +25.8%
Capex (7) (35) (13) (4) (2) (13) (99) (31) (7) (4) (7) (5.8%)
Free cash flow (45) (84) (76) (156) (173) (287) (437) (397) (398) (309) (288) +23.8%
Balance, $m
Balance, $m Working capital 193 112 62 44 44 (35) (360) 236 130 253 362 +3.1%
Net debt (196) (126) (67) (37) 165 291 566 415 312 234 417 n/m
Shareholders’ equity 293 219 146 121 (118) (244) (450) (586) (488) (500) (1,046) n/m
Returns, %
Returns, % ROA (35.31) (33.96) (44.51) (97.07) (121.73) (100.48) (100.22) (134.56) (93.21) (79.43) (192.58) (44.1) pt
ROIC (80.17) (66.58) (78.07) (116.43) (295.46) (433.97) (189.00) 0.00 0.00 0.00 0.00 +80.2 pt
ROE (37.21) (37.65) (52.75) (118.32) (20,269.62) 191.38 120.09 112.61 77.01 71.15 122.85 +108.4 pt
People
People Employees 82 139 161 148 171 587 725 628 680 691 — +26.7%
Revenue/emp, $m 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.02 0.16 — +88.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Business profile

Updated

ImmunityBio is a biotechnology company that develops and commercializes immunotherapies designed to activate patients’ immune systems against cancer and infectious diseases. Its lead product, ANKTIVA, is a biologic medicine designed to stimulate natural killer cells and certain T cells, which are part of the immune response.

In the U.S., ANKTIVA is approved for use with BCG in adults with a form of non-muscle-invasive bladder cancer that has not responded to BCG treatment. The approved group has carcinoma in situ, with or without papillary tumors. ANKTIVA also has bladder cancer approvals in the UK and Saudi Arabia and conditional authorization in the EU. In Saudi Arabia, it is conditionally approved with checkpoint inhibitors for adults with metastatic non-small cell lung cancer whose disease progressed after standard treatment.

ImmunityBio, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MDGL Madrigal Pharmaceuticals, Inc. $9.3B — (loss-making) — (loss-making) +50.13% (above 0%: growing) n/m +53.47% (above 0%: growing) 91.23% 12.98% Compare
SYRE Spyre Therapeutics, Inc. $9.2B — (loss-making) — (loss-making) −100.00% (below 0%: shrinking) n/m −108.79% (below 0%: shrinking) 0.00% 0.00% Compare
KRYS Krystal Biotech, Inc. $8.9B 39.2× 45.7× +30.21% (above 0%: growing) −22.26% (below 0%: shrinking) +137.79% (above 0%: growing) 94.07% 55.87% Compare
TGTX TG Therapeutics, Inc. $8.9B 19.6× 62.4× +70.27% (above 0%: growing) −73.68% (below 0%: shrinking) +427.05% (above 0%: growing) 82.86% 9.02% Compare
PTGX Protagonist Therapeutics, Inc. $8.8B 108× 31.2× +3,749.17% (above 0%: growing) n/m +839.65% (above 0%: growing) 100.00% 74.37% Compare
IBRX ImmunityBio, Inc. $8.5B — (loss-making) — (loss-making) +93.91% (above 0%: growing) n/m +13.38% (above 0%: growing) 99.42% (120.41%)
ARWR Arrowhead Pharmaceuticals, Inc. $8.1B — (loss-making) — (loss-making) +171.02% (above 0%: growing) n/m −15.43% (below 0%: shrinking) 100.00% (226.03%) Compare
TWST Twist Bioscience Corporation $7.9B — (loss-making) — (loss-making) +23.24% (above 0%: growing) n/m −7.23% (below 0%: shrinking) 52.76% (30.65%) Compare
CORT Corcept Therapeutics Incorporated $7.8B 47.8× 39.8× +63.97% (above 0%: growing) +525.79% (above 0%: growing) +160.98% (above 0%: growing) 98.65% 33.70% Compare
Median of peers $8.8B 43.5× 42.8× +57.05% −22.26% +95.63% 92.65% 11.00%

All 621 Biotechnology stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 19.09%
Held by the ten largest 13.37%
Holder Shares Stake Change
Vanguard 36.50m 3.47% +2.43m
BlackRock 34.08m 3.24% +7.74m
State Street 21.40m 2.03% +3.69m
D. E. Shaw 11.55m 1.10% −1.02m
Two Sigma 11.10m 1.05% +6.71m
Geode Capital Management 9.85m 0.94% +1.82m
Millennium Management 5.58m 0.53% +4.16m
UBS 3.73m 0.35% +250.12k
Northern Trust 3.57m 0.34% +1.06m
Morgan Stanley 3.43m 0.33% −586.19k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 12.72m 6.22m 14.85
2024 10.95m 4.07m 19.20
2023 1.16m 262.37k 37.66
2022 4.01m 2.75m 38.03
2021 29.02m 10.36m 45.61
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

ImmunityBio, Inc. (IBRX) Latest News

4 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Stocktwits
Impact 3 · · Business Wire

27 Oct

Impact 4 · · Stocktwits

22 Oct

Impact 4 · · Zacks

21 Oct

Impact 4 · · Stocktwits
Impact 4 · · Business Wire

19 Oct

Impact 4 · · Simply Wall St.

16 Oct

Impact 4 · · Business Wire

15 Oct

Impact 4 · · Zacks

14 Oct

Impact 4 · · Stocktwits
Impact 4 · · Business Wire
Impact 4 · · Stocktwits

8 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Stocktwits

4 Oct

Impact 4 · · Stocktwits

30 Sep

Impact 4 · · Stocktwits
Impact 4 · · Stocktwits
Impact 4 · · Insider Monkey

22 Sep

Impact 4 ·

21 Sep

Impact 3 · · Stocktwits

14 Sep

Impact 4 · · Stocktwits
Impact 4 · · Stocktwits

11 Sep

Impact 4 · · Stocktwits

9 Sep

Impact 3 · · Stocktwits

27 Aug

Impact 4 · · Stocktwits
Impact 4 · · Stocktwits

26 Aug

Impact 4 · · Stocktwits

17 Aug

Impact 3 · · Stocktwits

IBRX metrics, ten years each

stockrow.com/IBRX · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com