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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.

25.90 0.74 +2.94%
Market cap
$1.9B
P/E
0.0×
Fwd P/E
−7.4×
Dividend yield
—
F-score
3/9
Altman Z
1.73
Beneish M
−2.86
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 3.90
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 2 — — 7 1 — 5 — — — —
Insider Ownership 7.74%

Capital & Financial Ratios $m

Market Cap 1,870.00
Revenue 104.97
Net Income (163.32)
Free Cash Flow (208.28)
Net Debt (456.45)
Current Ratio 6.39 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (7.43) (negative: loss-making)
P/S ratio 18.72 (above 10: high)
P/B ratio 3.90
Past 5Y EPS Growth —
This Y EPS Growth (147.82%) (below 0%: weak)
Next Y EPS Growth (8.96%) (below 0%: weak)
Next Y revenue growth 14.03% (at or above 10%: strong)
Next 5Y EPS Growth (29.63%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 15.5×, against a ten-year median of 8.9×; over the ten years it ranged from 2.0× in 2025 to 28.0× in 2018.
P/S against its own 10 years 75.63%
10-year low 10-year high
P/B against its own 10 years 84.03%
10-year low 10-year high
EV/Sales against its own 10 years 79.43%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 594 498 548 456
Receivables 24 61 29 42
Inventory — — — —
Other — — — —
636 578 600 523
2023 2024 2025 Q'26
Payables 14 17 11 13
ST’ Debt 28 48 43 —
Other — — — 27
74 87 96 82

Compound Annual Growth %

10y 5y 3y
Sales 16.29% 0.47% (8.62%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 14.62% 2.11% (4.40%)

Revenue $m

Mar Jun Sep Dec Year
’26 5 51 — — —
’25 33 44 21 28 126
’24 16 24 18 53 110
’23 19 46 59 51 175
’22 85 30 27 22 165
’21 34 67 20 154 275
’20 32 13 35 42 123
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (68) (56) — — —
’25 (16) (36) (31) (52) (135)
’24 (57) (67) (28) (50) (202)
’23 (31) (38) (27) 18 (78)
’22 6 44 (1) (24) 24
’21 (30) (10) (39) 62 (17)
’20 9 (28) (4) 17 (5)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (68) (56) — — —
’25 (18) (37) (31) (53) (138)
’24 (58) (71) (30) (53) (212)
’23 (42) (43) (31) 16 (99)
’22 3 30 (16) (35) (19)
’21 92 (137) (43) 55 (33)
’20 7 (29) (9) 13 (19)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (1.71) (0.29) — — —
’25 (0.66) (0.41) (0.08) (0.09) (1.24)
’24 (1.11) (1.07) (0.71) (0.62) (3.58)
’23 (1.02) (0.37) (0.40) (0.42) (2.08)
’22 0.39 (0.57) (0.55) (0.20) (0.93)
’21 (0.04) 0.87 (0.69) 1.21 1.37
’20 (0.14) (0.61) (0.22) (0.24) (1.21)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
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 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 9.89 18.55 20.16 27.75 19.35 30.12 19.36 16.49 15.31 6.92 (3.9%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 29.38 28.64 48.38 46.33 47.85 58.35 42.30 38.20 27.24 24.66 (1.9%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 83 114 156 166 202 254 281 280 250 260 +13.5% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 1.31 0.40 0.26 0.94 0.61 1.08 0.59 0.62 0.44 0.48 (10.5%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 109 46 41 157 123 275 165 175 110 126 +1.6% 143 122 125 (0.3%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 46 (39) (70) 27 (69) 83 (55) (120) (235) (90) n/m
EBT margin, % 42.30 (84.40) (173.41) 17.35 (56.51) 30.04 (33.12) (68.51) (212.61) (71.38) (113.7) pt
Net income 45 (38) (70) 27 (69) 83 (55) (133) (237) (92) n/m
Depreciation 4 5 3 0 6 12 10 (1) (2) 7 +6.9%
Per share, $
Per share, $ Revenue 2.64 0.99 0.75 2.77 2.14 4.71 2.76 2.89 1.70 1.69 (4.8%)
Earnings 1.09 (0.82) (1.31) 0.48 (1.21) 1.42 (0.93) (2.08) (3.58) (1.24) n/m
Cash flow 2.31 (0.72) (1.48) 1.14 (0.09) (0.29) 0.41 (1.29) (3.11) (1.82) n/m
Capex (0.07) (0.16) (0.17) (0.20) (0.24) (0.27) (0.73) (0.35) (0.15) (0.04) (5.8%)
Free cash flow 2.23 (0.87) (1.65) 0.94 (0.33) (0.56) (0.32) (1.64) (3.25) (1.86) n/m
Book value 7.61 6.76 9.67 10.49 10.01 12.56 12.20 10.94 10.36 8.56 +1.3%
Shares, m 41 47 54 57 57 58 60 61 65 74 +6.7%
Valuation, ×
Valuation, × P/E 23.02 0.00 0.00 70.18 0.00 28.25 0.00 0.00 0.00 0.00 12.1
P/S 9.51 14.41 23.43 12.41 20.34 8.51 9.41 7.80 13.53 9.05 12.8
P/B 3.30 3.37 3.74 3.28 4.36 3.19 2.13 2.06 2.22 1.79 2.9
EV/Sales 8.32 11.38 19.89 9.09 15.53 7.42 5.98 5.48 10.50 5.64 9.9
EV/FCF 9.83 (20.63) (18.63) 26.72 (101.48) (62.23) (52.04) (9.66) (5.48) (5.09) (23.9)
Cash, $m
Cash, $m Operating cash flow 95 (34) (80) 64 (5) (17) 24 (78) (202) (135) n/m
Capex (3) (7) (9) (11) (14) (16) (43) (21) (10) (3) +0.5%
Free cash flow 92 (41) (89) 53 (19) (33) (19) (99) (212) (138) n/m
Balance, $m
Balance, $m Working capital 35 158 262 492 517 354 611 562 490 504 +34.3%
Total debt — — — 11 12 34 60 189 164 120 +49.5%
Net debt (130) (224) (294) (519) (591) (300) (563) (404) (334) (428) +14.1%
Shareholders’ equity 314 316 522 593 572 734 727 662 674 636 +8.2%
Returns, %
Returns, % ROA 14.20 (9.40) (14.56) 4.31 (10.10) 10.72 (6.55) (14.70) (24.27) (10.06) (24.3) pt
ROIC 14.97 (29.19) (21.82) 11.65 0.00 6.31 (31.42) (32.08) (32.81) (53.44) (68.4) pt
ROE 18.94 (12.21) (16.80) 4.82 (11.90) 12.65 (7.55) (19.16) (34.82) (14.04) (33.0) pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.82 Actual −0.29

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.72 −0.08 Beat by 0.64
Q4 FY25 −0.64 −0.09 Beat by 0.55
Q1 FY26 −0.65 −1.71 Miss by 1.06
Q2 FY26 −0.82 −0.29 Beat by 0.53
Q3 FY26 −0.35 — Reports 4 November 2026

Charts ten years each

Xencor, 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
ADRX ADARx Pharmaceuticals, Inc. $1.9B — — — — — — — Compare
SEPN Septerna, Inc. $1.9B — (loss-making) — (loss-making) +22,375.63% (above 0%: growing) n/m −9.01% (below 0%: shrinking) 100.00% (62.95%) Compare
BRVE Braveheart Bio, Inc. $1.9B — — — n/m — — 0.00% Compare
XNCR Xencor, Inc. $1.9B — (loss-making) — (loss-making) +17.46% (above 0%: growing) n/m −52.91% (below 0%: shrinking) 100.00% (72.37%)
MLYS Mineralys Therapeutics, Inc. $1.9B — (loss-making) — — n/m −7.91% (below 0%: shrinking) — 0.00% Compare
ZBIO Zenas BioPharma, Inc. $1.8B — (loss-making) — (loss-making) — n/m −37.12% (below 0%: shrinking) 100.00% (10,765.90%) Compare
NVAX Novavax, Inc. $1.8B — (loss-making) — (loss-making) −76.30% (below 0%: shrinking) n/m +42.95% (above 0%: growing) 74.87% (96.84%) Compare
PVLA Palvella Therapeutics, Inc. $1.8B — (loss-making) — (loss-making) −99.09% (below 0%: shrinking) n/m −136.38% (below 0%: shrinking) 100.00% 0.00% Compare
TRVI Trevi Therapeutics, Inc. $1.8B — (loss-making) — — n/m −73.77% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $1.9B — — −76.30% — −23.06% 100.00% 0.00%

All 643 Biotechnology stocks →

Xencor, Inc. (XNCR) key facts

  • Strength: Xencor, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $125.6 million, up 13.7% from fiscal 2024.
  • Xencor, Inc. (XNCR) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
  • As of October 22, 2026, XNCR traded at $25.90, a market capitalization of $1.9 billion.
  • Return on equity was −14.0% and debt-to-equity 0.00.
  • Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 1.73 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Xencor, Inc. (XNCR) Latest News

29 Jul

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stockrow.com/XNCR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com