XENE Healthcare

Xenon Pharmaceuticals Inc.

$38.23+1.62%

Price as of close on Nov 3, 2026 · Financials updated Oct 2, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: Canada
Market cap: 3.7B USD
Enterprise value: 2.8B USD
Full-time employees: 358

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

Ranks #1,009 of 1,157 healthcare companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 55% from December 2022 to August 2026.
Xenon Pharmaceuticals had 55% more shares at August 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.Xenon Pharmaceuticals had 55% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Operating margin at a 4-year low. -4974% in 2025, the weakest of the last 4 years.
Xenon Pharmaceuticals's operating margin fell to -4974% in 2025, its lowest in the 4 years of filings we have.
Stock-based pay is a large cost. Stock pay was 716% of revenue in 2025.
Xenon Pharmaceuticals paid employees $54M in stock in 2025, 716% of its $8M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Xenon Pharmaceuticals 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.

StockQuotient Score

28/ 100▼ 1 since Oct 27 close

Oct 5 29 → Nov 4 28 (-1)

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-11.1%

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 yield-15.8%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · 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-9.1%

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 yield33.6%

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

Growth

Is it growing?

6/100

Weak▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 7 → 6

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Revenue growth
▼ 3-yr revenue
▼ 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

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth-7.4%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score -1.57Sector median: 0.0584 · MAD: 0.0840

Revenue growth-100.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.87Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

4/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

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

Operating margin-4974.3%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -71.87Sector median: 0.0706 · MAD: 0.1217

Return on assets-31.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -6.19Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-31.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.56Sector 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-32.9%

SEC filings · 12 months to Jun 2026Reported 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.

Beta0.62

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.03Sector median: 0.6250 · MAD: 0.3380

Current ratio21.02×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 11.07Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.01×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.06Sector 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 Xenon Pharmaceuticals

Is Xenon Pharmaceuticals getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is 28/100, down 1 since Oct 28, 2026.
How is Xenon Pharmaceuticals 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 -11.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -11.1% vs peers 1.5% (weaker than 100% of peers).
Is Xenon Pharmaceuticals growing?: More slowly than most of its peers. Growth scores 6/100 against 1,393 healthcare peers. Revenue growth -100.0% vs a peer median of 6.1% (weaker than 100% of peers).Revenue growth -100.0% vs peers 6.1% (weaker than 100% of peers).
How profitable is Xenon Pharmaceuticals?: Less profitable than most of its peers. Profitability scores 4/100 against 1,393 healthcare peers. Operating margin -4974.3% vs a peer median of 7.1% (weaker than 100% of peers).Operating margin -4974.3% vs peers 7.1% (weaker than 100% of peers).
How risky is Xenon Pharmaceuticals?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 21.02× vs a peer median of 2.59× (stronger than 95% of peers).Current ratio 21.02× vs peers 2.59× (stronger than 95% 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

No major changes

Worth watching: Xenon Pharmaceuticals 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)	0 USD	0 USD	—
Net income (12 months)	−383.2M USD	−409.2M USD	+6.8%
Free cash flow (12 months)	−307.3M USD	−338.5M USD	+10.2%
Cash	545.9M USD	119.5M USD	−78.1%
Shares outstanding	96.7M	96.8M	+0.2%

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
Operating margin	-428.4%	-1368.9%	—	—	-4974.3%	—
Net margin	-427.8%	-1328.9%	—	—	-4612.1%	—
Return on assets (ROA)	-13.8%	-16.6%	-18.9%	-29.4%	-54.6%	▼ 25 pts
Return on equity (ROE)	-14.3%	-17.4%	-19.7%	-31.0%	-59.5%	▼ 28 pts
Free cash flow margin	-388.1%	-1101.6%	—	—	-3732.2%	—
Current ratio	39.03×	26.44×	23.65×	17.85×	13.42×	▼ 25%
Interest coverage	—	—	—	—	—	—

XENE 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

Ranks #1,009 of 1,157 healthcare companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 55% from December 2022 to August 2026.

Xenon Pharmaceuticals had 55% more shares at August 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.Xenon Pharmaceuticals had 55% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Operating margin at a 4-year low. -4974% in 2025, the weakest of the last 4 years.

Xenon Pharmaceuticals's operating margin fell to -4974% in 2025, its lowest in the 4 years of filings we have.

Stock-based pay is a large cost. Stock pay was 716% of revenue in 2025.

Xenon Pharmaceuticals paid employees $54M in stock in 2025, 716% of its $8M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

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

Relative to its free cash flow, Xenon Pharmaceuticals 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.

Questions investors ask about Xenon Pharmaceuticals

Is Xenon Pharmaceuticals getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is 28/100, down 1 since Oct 28, 2026.

How is Xenon Pharmaceuticals 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 -11.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -11.1% vs peers 1.5% (weaker than 100% of peers).

Is Xenon Pharmaceuticals growing?

More slowly than most of its peers. Growth scores 6/100 against 1,393 healthcare peers. Revenue growth -100.0% vs a peer median of 6.1% (weaker than 100% of peers).Revenue growth -100.0% vs peers 6.1% (weaker than 100% of peers).

How profitable is Xenon Pharmaceuticals?

Less profitable than most of its peers. Profitability scores 4/100 against 1,393 healthcare peers. Operating margin -4974.3% vs a peer median of 7.1% (weaker than 100% of peers).Operating margin -4974.3% vs peers 7.1% (weaker than 100% of peers).

How risky is Xenon Pharmaceuticals?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 21.02× vs a peer median of 2.59× (stronger than 95% of peers).Current ratio 21.02× vs peers 2.59× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

0 USD

0 USD

—

Net income (12 months)

−383.2M USD

−409.2M USD

+6.8%

Free cash flow (12 months)

−307.3M USD

−338.5M USD

+10.2%

Cash

545.9M USD

119.5M USD

−78.1%

Shares outstanding

96.7M

96.8M

+0.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-428.4%

-1368.9%

—

-4974.3%

—

Net margin

-427.8%

-1328.9%

—

-4612.1%

—

Return on assets (ROA)

-13.8%

-16.6%

-18.9%

-29.4%

-54.6%

▼ 25 pts

Return on equity (ROE)

-14.3%

-17.4%

-19.7%

-31.0%

-59.5%

▼ 28 pts

Free cash flow margin

-388.1%

-1101.6%

—

-3732.2%

—

Current ratio

39.03×

26.44×

23.65×

17.85×

13.42×

▼ 25%

Interest coverage

—