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) Beneish M-score
Xencor, Inc.'s Beneish M-score for fiscal 2025 is −2.86; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.86 | (2.67) |
| FY2024 | −0.18 | 2.54 |
| FY2023 | −2.73 | 1.20 |
| FY2022 | −3.93 | (7.29) |
| FY2021 | 3.37 | 7.43 |
| FY2020 | −4.06 | (5.03) |
| FY2019 | 0.97 | (5.91) |
| FY2018 | 6.88 | 10.99 |
| FY2017 | −4.11 | (48.82) |
| FY2016 | 44.71 | 46.59 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.42 | — | 0.39 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.77 | — | 0.31 | |
| Sales growth index | 1.14 | — | 1.01 | |
| Depreciation index | (0.24) | — | −0.03 | |
| SG&A index | 0.91 | — | −0.16 | |
| Total accruals to total assets | 0.05 | — | 0.23 | |
| Leverage index | 0.93 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.86 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| XNCR Xencor, Inc. | −2.9× |
| NVAX Novavax, Inc. compare | 0.4× |
| PVLA Palvella Therapeutics, Inc. compare | 1.4× |
| SEPN Septerna, Inc. compare | 32.9× |
| ZBIO Zenas BioPharma, Inc. compare | — |
| ADRX ADARx Pharmaceuticals, Inc. compare | — |
| TRVI Trevi Therapeutics, Inc. compare | — |
| MLYS Mineralys Therapeutics, Inc. compare | — |
| BRVE Braveheart Bio, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI