IBRX HealthcareBeta data

ImmunityBio, Inc.

$8.29+4.28%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 8.8B USD
Enterprise value: 9.7B USD
Full-time employees: 684

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers on debt, liquidity or share-price swings

Ranks #967 of 1,157 healthcare companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
ImmunityBio's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Shareholders being diluted. Shares outstanding up 151% from December 2022 to July 2026.
ImmunityBio had 151% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.ImmunityBio had 151% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 32% of revenue in 2025.
ImmunityBio paid employees $37M in stock in 2025, 32% of its $113M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -226% in 2025, the smallest loss relative to revenue of the last 6 years.
ImmunityBio still lost money on operations in 2025 (margin -226%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

StockQuotient Score

31/ 100

Oct 5 33 → Nov 4 31 (-2)

Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-11.6%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-2.4%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-3.3%

Yahoo Finance · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield-12.0%

Yahoo FinanceOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

99/100

Strong

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

12-month revenue up 17.6%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0976 · MAD: 0.2991

3-year revenue growth554.3%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 8.59Sector median: 0.0584 · MAD: 0.0840

Revenue growth192.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 10.15Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

10/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-151.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -13.06Sector median: 0.0706 · MAD: 0.1217

Return on assets-157.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -11.22Sector median: 0.0166 · MAD: 0.0537

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin99.3%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.6250 · MAD: 0.3380

Current ratio5.72×

Yahoo FinanceReported value33% base weight · Z-score 2.26Sector median: 2.5860 · MAD: 1.3850

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about ImmunityBio

Is ImmunityBio getting weaker?: Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is unchanged at 31/100 since Oct 28, 2026.
How is ImmunityBio valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -11.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -11.6% vs peers 1.5% (weaker than 100% of peers).
Is ImmunityBio growing?: Yes, faster than most of its peers. Growth scores 99/100 against 1,393 healthcare peers. 3-year revenue growth 554.3% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 554.3% vs peers 5.8% (stronger than 95% of peers).
How profitable is ImmunityBio?: Less profitable than most of its peers. Profitability scores 10/100 against 1,393 healthcare peers. Return on assets -157.9% vs a peer median of 1.7% (weaker than 100% of peers).Return on assets -157.9% vs peers 1.7% (weaker than 100% of peers).
How risky is ImmunityBio?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.72× vs a peer median of 2.59× (stronger than 77% of peers).Current ratio 5.72× vs peers 2.59× (stronger than 77% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: ImmunityBio is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	141.0M USD	165.8M USD	+17.6%
Net income (12 months)	−854.6M USD	−992.5M USD	+16.1%
Operating margin	-185.4%	-151.9%	+33.5 pts
Free cash flow (12 months)	−298.9M USD	−288.1M USD	−3.6%
Cash	205.2M USD	75.7M USD	−63.1%
Shares outstanding	1.05B	1.06B	+1.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	100.0%	100.0%	100.0%	99.3%	▼ 0.7 pts
Operating margin	-35361.9%	-146374.2%	-58239.5%	-2334.2%	-226.0%	▲ >999 pts
Net margin	-37129.6%	-173569.6%	-93761.4%	-2804.8%	-310.2%	▲ >999 pts
Return on assets (ROA)	-74.0%	-115.0%	-115.6%	-108.0%	-70.0%	▲ 38 pts
Free cash flow margin	-32974.5%	-173196.3%	-63881.2%	-2700.1%	-272.6%	▲ >999 pts
Current ratio	0.91×	0.28×	5.05×	3.36×	5.10×	▲ 52%
Quick ratio	—	—	5.05×	3.21×	5.08×	▲ 58%
Interest coverage	-22.24×	-5.53×	-2.81×	-3.00×	-4.21×	▼ 40%

IBRX price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

Arbutus Biopharma CorporationABUS97/ 100

Q32 Bio Inc.QTTB97/ 100

Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers on debt, liquidity or share-price swings

Ranks #967 of 1,157 healthcare companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

ImmunityBio's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Shareholders being diluted. Shares outstanding up 151% from December 2022 to July 2026.

ImmunityBio had 151% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.ImmunityBio had 151% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 32% of revenue in 2025.

ImmunityBio paid employees $37M in stock in 2025, 32% of its $113M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -226% in 2025, the smallest loss relative to revenue of the last 6 years.

ImmunityBio still lost money on operations in 2025 (margin -226%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Questions investors ask about ImmunityBio

Is ImmunityBio getting weaker?

Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is unchanged at 31/100 since Oct 28, 2026.

How is ImmunityBio valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -11.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -11.6% vs peers 1.5% (weaker than 100% of peers).

Is ImmunityBio growing?

Yes, faster than most of its peers. Growth scores 99/100 against 1,393 healthcare peers. 3-year revenue growth 554.3% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 554.3% vs peers 5.8% (stronger than 95% of peers).

How profitable is ImmunityBio?

Less profitable than most of its peers. Profitability scores 10/100 against 1,393 healthcare peers. Return on assets -157.9% vs a peer median of 1.7% (weaker than 100% of peers).Return on assets -157.9% vs peers 1.7% (weaker than 100% of peers).

How risky is ImmunityBio?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.72× vs a peer median of 2.59× (stronger than 77% of peers).Current ratio 5.72× vs peers 2.59× (stronger than 77% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

141.0M USD

165.8M USD

+17.6%

Net income (12 months)

−854.6M USD

−992.5M USD

+16.1%

Operating margin

-185.4%

-151.9%

+33.5 pts

Free cash flow (12 months)

−298.9M USD

−288.1M USD

−3.6%

Cash

205.2M USD

75.7M USD

−63.1%

Shares outstanding

1.05B

1.06B

+1.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

100.0%

99.3%

▼ 0.7 pts

Operating margin

-35361.9%

-146374.2%

-58239.5%

-2334.2%

-226.0%

▲ >999 pts

Net margin

-37129.6%

-173569.6%

-93761.4%

-2804.8%

-310.2%

▲ >999 pts

Return on assets (ROA)

-74.0%

-115.0%

-115.6%

-108.0%

-70.0%

▲ 38 pts

Free cash flow margin

-32974.5%

-173196.3%

-63881.2%

-2700.1%

-272.6%

▲ >999 pts

Current ratio

0.91×

0.28×

5.05×

3.36×

5.10×

▲ 52%

Quick ratio

—

5.05×

3.21×

5.08×

▲ 58%

Interest coverage

-22.24×

-5.53×

-2.81×

-3.00×

-4.21×

▼ 40%