IMTX Healthcare

Immatics N.V.

$7.07+0.21%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: Germany
Market cap: 1.1B USD
Enterprise value: 647.6M USD
Full-time employees: 704

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.33 vs a peer median of 0.63)bigger price swings (beta 1.33 vs peers 0.63)

Ranks #1,037 of 1,157 healthcare companies (bottom 11%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.
Immatics made a loss per share in its latest year after a profit the year before.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Immatics 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 December 2025.
Immatics reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

26/ 100

Oct 5 26 → Nov 4 26

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-23.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rateNegative (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-38.2%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · EUR→USD convertedNegative (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-21.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rate · 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 yield57.3%

SEC filings (IFRS mapped) · latest balance sheet · EUR→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

3/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ Revenue growth
▼ EPS 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

Earnings per share turned from a profit to a loss33% base weight · Z-score -1.99Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth-34.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.70Sector median: 0.0584 · MAD: 0.0840

Revenue growth-69.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · fiscal year to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.87Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

7/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

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

Operating margin-377.1%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score -31.56Sector median: 0.0706 · MAD: 0.1217

Return on assets-34.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -6.82Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-104.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -10.83Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin0.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-40.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ 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.

Beta1.33

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.09Sector median: 0.6250 · MAD: 0.3380

Current ratio11.72×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 6.59Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.04×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.91Sector 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 Immatics

Is Immatics getting weaker?: Its latest SEC filing (Mar 5, 2026) showed no major changes. Its overall score is unchanged at 26/100 since Oct 28, 2026.
How is Immatics 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 -23.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -23.3% vs peers 1.5% (weaker than 100% of peers).
Is Immatics growing?: More slowly than most of its peers. Growth scores 3/100 against 1,393 healthcare peers. 3-year revenue growth -34.6% vs a peer median of 5.8% (weaker than 100% of peers).3-year revenue growth -34.6% vs peers 5.8% (weaker than 100% of peers).
How profitable is Immatics?: Less profitable than most of its peers. Profitability scores 7/100 against 1,393 healthcare peers. Return on invested capital -104.1% vs a peer median of 4.7% (weaker than 93% of peers).Return on invested capital -104.1% vs peers 4.7% (weaker than 93% of peers).
How risky is Immatics?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 11.72× vs a peer median of 2.59× (stronger than 90% of peers).Current ratio 11.72× vs peers 2.59× (stronger than 90% of peers). Beta 1.33 vs a peer median of 0.63 (weaker than 83% of peers).Beta 1.33 vs peers 0.63 (weaker than 83% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Mar 5, 2026 · compared with the quarter ended Jun 30, 2025

No major changes

Worth watching: Immatics 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
Net income (12 months)	−74.8M EUR	−196.4M EUR	+162.8%
Free cash flow (12 months)	−174.4M EUR	−183.2M EUR	+5.0%
Cash	256.6M EUR	345.9M EUR	+34.8%

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 · amounts in EUR, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Return on assets (ROA)	-53.4%	6.8%	-18.6%	2.2%	-34.9%	▼ 37 pts
Return on equity (ROE)	-387.9%	13.6%	-43.5%	2.6%	-40.6%	▼ 43 pts
Current ratio	1.60×	3.54×	2.87×	9.26×	11.72×	▲ 27%
Interest coverage	-152.46×	28.86×	-122.41×	-43.58×	-192.41×	▼ 341%

IMTX 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: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

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

Drawback: its share price swings more than most peers’ (beta 1.33 vs a peer median of 0.63)bigger price swings (beta 1.33 vs peers 0.63)

Ranks #1,037 of 1,157 healthcare companies (bottom 11%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.

Immatics made a loss per share in its latest year after a profit the year before.

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

Relative to its free cash flow, Immatics 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 December 2025.

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

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about Immatics

Is Immatics getting weaker?

Its latest SEC filing (Mar 5, 2026) showed no major changes. Its overall score is unchanged at 26/100 since Oct 28, 2026.

How is Immatics 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 -23.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -23.3% vs peers 1.5% (weaker than 100% of peers).

Is Immatics growing?

More slowly than most of its peers. Growth scores 3/100 against 1,393 healthcare peers. 3-year revenue growth -34.6% vs a peer median of 5.8% (weaker than 100% of peers).3-year revenue growth -34.6% vs peers 5.8% (weaker than 100% of peers).

How profitable is Immatics?

Less profitable than most of its peers. Profitability scores 7/100 against 1,393 healthcare peers. Return on invested capital -104.1% vs a peer median of 4.7% (weaker than 93% of peers).Return on invested capital -104.1% vs peers 4.7% (weaker than 93% of peers).

How risky is Immatics?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 11.72× vs a peer median of 2.59× (stronger than 90% of peers).Current ratio 11.72× vs peers 2.59× (stronger than 90% of peers). Beta 1.33 vs a peer median of 0.63 (weaker than 83% of peers).Beta 1.33 vs peers 0.63 (weaker than 83% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Net income (12 months)

−74.8M EUR

−196.4M EUR

+162.8%

Free cash flow (12 months)

−174.4M EUR

−183.2M EUR

+5.0%

Cash

256.6M EUR

345.9M EUR

+34.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Return on assets (ROA)

-53.4%

6.8%

-18.6%

2.2%

-34.9%

▼ 37 pts

Return on equity (ROE)

-387.9%

13.6%

-43.5%

2.6%

-40.6%

▼ 43 pts

Current ratio

1.60×

3.54×

2.87×

9.26×

11.72×

▲ 27%

Interest coverage

-152.46×

28.86×

-122.41×

-43.58×

-192.41×

▼ 341%