Xencor, Inc.
XNCR Healthcare Biotechnology
Xencor, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $125.6 million, up 13.7% from fiscal 2024. In the quarter to June 2026, revenue grew 17.5%, EPS grew 29.3% and free cash flow fell 52.9%, each against the same quarter a year earlier.
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Xencor, Inc. (XNCR) Altman Z-score
Xencor, Inc.'s Altman Z-score for fiscal 2025 is 1.73, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.73 | (0.57) |
| FY2024 | 2.31 | 0.02 |
| FY2023 | 2.29 | (5.74) |
| FY2022 | 8.03 | (5.93) |
| FY2021 | 13.96 | 2.54 |
| FY2020 | 11.42 | (4.28) |
| FY2019 | 15.70 | (4.93) |
| FY2018 | 20.64 | 12.95 |
| FY2017 | 7.68 | 2.08 |
| FY2016 | 5.60 | (0.48) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.58 | — | 0.69 | |
| Retained earnings / total assets | (0.91) | — | −1.27 | |
| EBIT / total assets | (0.20) | — | −0.67 | |
| Market value of equity / total liabilities | 4.74 | — | 2.84 | |
| Sales / total assets | 0.14 | — | 0.14 | |
| Altman Z-score | Distress zone | 1.73 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.23 | ||
Z and Z″ put Xencor, Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SEPN Septerna, Inc. compare | 3.4× |
| XNCR Xencor, Inc. | 1.7× |
| ZBIO Zenas BioPharma, Inc. compare | 1.7× |
| NVAX Novavax, Inc. compare | −2.2× |
| PVLA Palvella Therapeutics, Inc. compare | −11.5× |
| ADRX ADARx Pharmaceuticals, Inc. compare | — |
| TRVI Trevi Therapeutics, Inc. compare | — |
| MLYS Mineralys Therapeutics, Inc. compare | — |
| BRVE Braveheart Bio, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets