IMCR Healthcare

Immunocore Holdings plc

$30.03+0.81%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United Kingdom
Market cap: 1.5B USD
Enterprise value: 1.1B USD
Full-time employees: 524

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: more debt relative to equity (1.04× vs a peer median of 0.22×)higher risk: more debt vs equity (1.04× vs peers 0.22×)

Ranks #777 of 1,157 healthcare companies (bottom 33%)

See how it ranks against its peers

Worth knowing

Operating loss narrowing. Operating margin -11% in 2025, the smallest loss relative to revenue of the last 5 years.
Immunocore still lost money on operations in 2025 (margin -11%), but that was its smallest operating loss relative to revenue in the 5 years of filings we have.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Immunocore looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Immunocore reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

43/ 100

Oct 5 43 → Nov 4 43

Valuation

Is the price right?

29/100

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-1.2%

SEC filings · 12 months to Jun 2026Negative (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 yield0.1%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.98Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-2.7%

SEC filings · 12 months to Jun 2026 · 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 yield27.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

79/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.4%

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

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth31.9%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score 3.10Sector median: 0.0584 · MAD: 0.0840

Revenue growth21.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.53Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

34/100

Weak

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

Operating margin rose 3.1 points to -5.2%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA

Compare with peers

Behind the score

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

Operating margin-5.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.01Sector median: 0.0706 · MAD: 0.1217

Return on assets-1.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.61Sector 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 margin98.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-4.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

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.

Beta0.74

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.35Sector median: 0.6250 · MAD: 0.3380

Current ratio4.47×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.36Sector median: 2.5860 · MAD: 1.3850

Debt / equity1.04×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -3.99Sector 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 Immunocore

Is Immunocore getting weaker?: Its latest SEC filing (Aug 6, 2026) got stronger: operating margin rose 3.1 points to -5.2%. Its overall score is unchanged at 43/100 since Oct 28, 2026.
How is Immunocore valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 29/100 against 1,393 healthcare peers. Earnings yield -1.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.2% vs peers 1.5% (weaker than 100% of peers).
Is Immunocore growing?: Yes, faster than most of its peers. Growth scores 79/100 against 1,393 healthcare peers. 3-year revenue growth 31.9% vs a peer median of 5.8% (stronger than 88% of peers).3-year revenue growth 31.9% vs peers 5.8% (stronger than 88% of peers).
How profitable is Immunocore?: Less profitable than most of its peers. Profitability scores 34/100 against 1,393 healthcare peers. Operating margin -5.2% vs a peer median of 7.1% (weaker than 71% of peers).Operating margin -5.2% vs peers 7.1% (weaker than 71% of peers).
How risky is Immunocore?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 4.47× vs a peer median of 2.59× (stronger than 69% of peers).Current ratio 4.47× vs peers 2.59× (stronger than 69% of peers). Debt / equity 1.04× vs a peer median of 0.22× (weaker than 82% of peers).Debt / equity 1.04× vs peers 0.22× (weaker than 82% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 3.1 points to -5.2%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	412.8M USD	430.8M USD	+4.4%
Net income (12 months)	−27.6M USD	−18.1M USD	−34.4%
Operating margin	-8.3%	-5.2%	+3.1 pts
Free cash flow (12 months)	−30.7M USD	−41.2M USD	+33.9%
Cash	452.7M USD	484.9M USD	+7.1%
Shares outstanding	50.9M	51.5M	+1.2%

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

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%	99.4%	99.6%	99.1%	98.7%	▼ 0.4 pts
Operating margin	-478.5%	-29.7%	-23.9%	-22.7%	-11.3%	▲ 11 pts
Net margin	-493.4%	-30.1%	-22.2%	-16.5%	-8.9%	▲ 7.6 pts
Return on assets (ROA)	—	-10.0%	-9.3%	-5.1%	-3.3%	▲ 1.7 pts
Return on equity (ROE)	-77.0%	-15.5%	-15.0%	-14.2%	-9.3%	▲ 4.8 pts
Free cash flow margin	-396.0%	-29.5%	-1.0%	6.7%	-3.8%	▼ 10 pts
Current ratio	—	4.70×	3.80×	4.38×	4.04×	▼ 7.8%
Quick ratio	—	4.69×	3.77×	4.36×	4.01×	▼ 7.9%
Interest coverage	-31.33×	-9.56×	-11.57×	-3.74×	-3.73×	▲ 0.3%

IMCR price history

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

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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: more debt relative to equity (1.04× vs a peer median of 0.22×)higher risk: more debt vs equity (1.04× vs peers 0.22×)

Ranks #777 of 1,157 healthcare companies (bottom 33%)

See how it ranks against its peers

Worth knowing

Operating loss narrowing. Operating margin -11% in 2025, the smallest loss relative to revenue of the last 5 years.

Immunocore still lost money on operations in 2025 (margin -11%), but that was its smallest operating loss relative to revenue in the 5 years of filings we have.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Immunocore looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Immunocore reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about Immunocore

Is Immunocore getting weaker?

Its latest SEC filing (Aug 6, 2026) got stronger: operating margin rose 3.1 points to -5.2%. Its overall score is unchanged at 43/100 since Oct 28, 2026.

How is Immunocore valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 29/100 against 1,393 healthcare peers. Earnings yield -1.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.2% vs peers 1.5% (weaker than 100% of peers).

Is Immunocore growing?

Yes, faster than most of its peers. Growth scores 79/100 against 1,393 healthcare peers. 3-year revenue growth 31.9% vs a peer median of 5.8% (stronger than 88% of peers).3-year revenue growth 31.9% vs peers 5.8% (stronger than 88% of peers).

How profitable is Immunocore?

Less profitable than most of its peers. Profitability scores 34/100 against 1,393 healthcare peers. Operating margin -5.2% vs a peer median of 7.1% (weaker than 71% of peers).Operating margin -5.2% vs peers 7.1% (weaker than 71% of peers).

How risky is Immunocore?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 4.47× vs a peer median of 2.59× (stronger than 69% of peers).Current ratio 4.47× vs peers 2.59× (stronger than 69% of peers). Debt / equity 1.04× vs a peer median of 0.22× (weaker than 82% of peers).Debt / equity 1.04× vs peers 0.22× (weaker than 82% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

412.8M USD

430.8M USD

+4.4%

Net income (12 months)

−27.6M USD

−18.1M USD

−34.4%

Operating margin

-8.3%

-5.2%

+3.1 pts

Free cash flow (12 months)

−30.7M USD

−41.2M USD

+33.9%

Cash

452.7M USD

484.9M USD

+7.1%

Shares outstanding

50.9M

51.5M

+1.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

100.0%

99.4%

99.6%

99.1%

98.7%

▼ 0.4 pts

Operating margin

-478.5%

-29.7%

-23.9%

-22.7%

-11.3%

▲ 11 pts

Net margin

-493.4%

-30.1%

-22.2%

-16.5%

-8.9%

▲ 7.6 pts

Return on assets (ROA)

—

-10.0%

-9.3%

-5.1%

-3.3%

▲ 1.7 pts

Return on equity (ROE)

-77.0%

-15.5%

-15.0%

-14.2%

-9.3%

▲ 4.8 pts

Free cash flow margin

-396.0%

-29.5%

-1.0%

6.7%

-3.8%

▼ 10 pts

Current ratio

—

4.70×

3.80×

4.38×

4.04×

▼ 7.8%

Quick ratio

—

4.69×

3.77×

4.36×

4.01×

▼ 7.9%

Interest coverage

-31.33×

-9.56×

-11.57×

-3.74×

-3.73×

▲ 0.3%