XNCR Healthcare

Xencor, Inc.

$30.64+3.30%

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

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 2.3B USD
Enterprise value: 1.8B USD
Full-time employees: 260

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity
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 #1,018 of 1,157 healthcare companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 24% from December 2022 to July 2026.
Xencor had 24% 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.Xencor had 24% 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 34% of revenue in 2025.
Xencor paid employees $43M in stock in 2025, 34% of its $126M 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, Xencor 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.
Xencor reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

27/ 100

Oct 5 27 → Nov 4 27

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-7.2%

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 yield-8.3%

SEC filings · 12 months to Jun 2026Negative (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 yield22.1%

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

Growth

Is it growing?

15/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 7.8%

Why

Weaker than most peers on:

▼ Revenue growth
▼ 3-yr revenue

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 growth-2.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -1.00Sector median: 0.0584 · MAD: 0.0840

Revenue growth-28.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.56Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

14/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

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

Operating margin-205.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -17.49Sector median: 0.0706 · MAD: 0.1217

Return on assets-22.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -4.51Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-30.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.49Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin-143.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-32.5%

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

Compare with peers

Behind the score

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

Beta0.88

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.76Sector median: 0.6250 · MAD: 0.3380

Current ratio6.39×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.75Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.21×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.06Sector 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 Xencor

Is Xencor getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 27/100 since Oct 28, 2026.
How is Xencor 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 -7.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -7.2% vs peers 1.5% (weaker than 100% of peers).
Is Xencor growing?: More slowly than most of its peers. Growth scores 15/100 against 1,393 healthcare peers. Revenue growth -28.6% vs a peer median of 6.1% (weaker than 93% of peers).Revenue growth -28.6% vs peers 6.1% (weaker than 93% of peers).
How profitable is Xencor?: Less profitable than most of its peers. Profitability scores 14/100 against 1,393 healthcare peers. Operating margin -205.8% vs a peer median of 7.1% (weaker than 90% of peers).Operating margin -205.8% vs peers 7.1% (weaker than 90% of peers).
How risky is Xencor?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 6.39× vs a peer median of 2.59× (stronger than 79% of peers).Current ratio 6.39× vs peers 2.59× (stronger than 79% of peers). Beta 0.88 vs a peer median of 0.63 (weaker than 66% of peers).Beta 0.88 vs peers 0.63 (weaker than 66% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

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

No major changes

Worth watching: Xencor 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)	97.4M USD	105.0M USD	+7.8%
Net income (12 months)	−172.4M USD	−163.3M USD	−5.3%
Operating margin	-217.9%	-205.8%	+12.1 pts
Free cash flow (12 months)	−188.8M USD	−208.3M USD	+10.3%
Debt	108.5M USD	104.9M USD	−3.4%
Cash	14.2M USD	44.7M USD	+215.2%
Shares outstanding	74.1M	74.4M	+0.3%

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
Operating margin	15.9%	-50.1%	-75.8%	-161.5%	-141.4%	▲ 20 pts
Net margin	30.0%	-33.5%	-76.2%	-210.5%	-73.2%	▲ 137 pts
Return on assets (ROA)	9.9%	-6.5%	-13.8%	-24.4%	-10.5%	▲ 14 pts
Return on equity (ROE)	11.3%	-7.6%	-20.1%	-34.3%	-14.5%	▲ 20 pts
Free cash flow margin	-11.0%	-8.5%	-55.2%	-188.5%	-110.1%	▲ 78 pts
Current ratio	6.00×	10.58×	8.60×	6.61×	6.25×	▼ 5.3%
Debt to equity	—	0.00×	0.29×	0.24×	0.19×	▼ 22%
Interest coverage	3366.69×	-6344.08×	-21.43×	-4.87×	-5.56×	▼ 14%

XNCR 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

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity

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 #1,018 of 1,157 healthcare companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 24% from December 2022 to July 2026.

Xencor had 24% 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.Xencor had 24% 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 34% of revenue in 2025.

Xencor paid employees $43M in stock in 2025, 34% of its $126M 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, Xencor 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.

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

Questions investors ask about Xencor

Is Xencor getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 27/100 since Oct 28, 2026.

How is Xencor 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 -7.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -7.2% vs peers 1.5% (weaker than 100% of peers).

Is Xencor growing?

More slowly than most of its peers. Growth scores 15/100 against 1,393 healthcare peers. Revenue growth -28.6% vs a peer median of 6.1% (weaker than 93% of peers).Revenue growth -28.6% vs peers 6.1% (weaker than 93% of peers).

How profitable is Xencor?

Less profitable than most of its peers. Profitability scores 14/100 against 1,393 healthcare peers. Operating margin -205.8% vs a peer median of 7.1% (weaker than 90% of peers).Operating margin -205.8% vs peers 7.1% (weaker than 90% of peers).

How risky is Xencor?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 6.39× vs a peer median of 2.59× (stronger than 79% of peers).Current ratio 6.39× vs peers 2.59× (stronger than 79% of peers). Beta 0.88 vs a peer median of 0.63 (weaker than 66% of peers).Beta 0.88 vs peers 0.63 (weaker than 66% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

97.4M USD

105.0M USD

+7.8%

Net income (12 months)

−172.4M USD

−163.3M USD

−5.3%

Operating margin

-217.9%

-205.8%

+12.1 pts

Free cash flow (12 months)

−188.8M USD

−208.3M USD

+10.3%

Debt

108.5M USD

104.9M USD

−3.4%

Cash

14.2M USD

44.7M USD

+215.2%

Shares outstanding

74.1M

74.4M

+0.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

15.9%

-50.1%

-75.8%

-161.5%

-141.4%

▲ 20 pts

Net margin

30.0%

-33.5%

-76.2%

-210.5%

-73.2%

▲ 137 pts

Return on assets (ROA)

9.9%

-6.5%

-13.8%

-24.4%

-10.5%

▲ 14 pts

Return on equity (ROE)

11.3%

-7.6%

-20.1%

-34.3%

-14.5%

▲ 20 pts

Free cash flow margin

-11.0%

-8.5%

-55.2%

-188.5%

-110.1%

▲ 78 pts

Current ratio

6.00×

10.58×

8.60×

6.61×

6.25×

▼ 5.3%

Debt to equity

—

0.00×

0.29×

0.24×

0.19×

▼ 22%

Interest coverage

3366.69×

-6344.08×

-21.43×

-4.87×

-5.56×

▼ 14%