Immunocore Holdings (IMCR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Immunocore Holdings

NasdaqGS•Healthcare•Biotechnology

$36.13-1.44(-0.04%)Market closed

Market Cap

$1.65B

P/S

3.8x

P/B

3.9x

Immunocore Holdings plc, together with its subsidiaries, engages in the development and commercialization of immunomodulating medicines for patients with cancer, infectious diseases, and autoimmune disease in the United States, Europe, and internationally. The company offers KIMMTRAK for the treatment of unresectable or metastatic uveal melanoma. It also develops oncology programs, including tebentafusp which is in Phase 3 clinical trial for the treatment of advanced cutaneous melanoma and adjuvant uveal melanoma; brenetafusp which is in Phase 3 clinical trial for the treatment of first-line advanced cutaneous melanoma and in Phase 1/2 clinical trial for the treatment of various tumor types; IMC-R117C which is in Phase 1/2 clinical trial for the treatment of advanced solid tumors, such as colorectal cancer; and IMC-P115C which is in Phase 1 clinical trial for patients with tumors that express PRAME. In addition, the company is involved in the development of IMC-M113V which is in Phase 1 clinical trial for a potential functional cure of human immunodeficiency virus; and IMC-I109V which is in Phase 1 clinical trial for a potential functional cure of hepatitis B virus. Further, it develops IMC-S118AI which is in pre-investigation stage for the treatment of type 1 diabetes; and IMC-U120AI which is in pre-investigation stage for the treatment of atopic dermatitis. The company was founded in 1999 and is headquartered in Abingdon, the United Kingdom.

How this company scores

WeakMetricSide Score: 47/100

Grade capped at D — Interest coverage below 1× (-1.8x) — earnings cannot cover interest. Strongest: Growth (19/25); weakest: Cash & Earnings Quality (6/25).

Profitability9/25

Growth19/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality6/25

Strengths

Growing revenueLong cash runwayNet cash position

Grade capped at D

Interest coverage below 1× (-1.8x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 3.8x5y range 3.3x – 4.7x

Currently near its 8-quarter median.

P/B · 3.9x5y range 3.8x – 9.1x

Currently near its 11-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $1.65B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $430.77M
Q. Revenue: $115.93M
TTM EBITDA: $-17.39M
TTM Op. Income: $-22.58M
Q. Op. Income: $-3.00M
TTM Net Income: $-18.07M
Q. Net Income: $-808,000
EPS: $-0.02
Shares Out.: $50.97M

$430.77M in TTM revenue grew 21.0% YoY, reaching $115.93M last quarter. TTM EBITDA of $-17.39M and TTM operating income of $-22.58M show growth is flowing through to the bottom line. However, net income is negative at $18.07M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 99.1%
EBITDA Margin: -1.7%
Op. Margin: -2.6%
Net Margin: -0.7%

Op. margin of -2.6% is up 12.6% YoY — cost efficiency is improving. Net margin at -0.7% and gross margin of 99.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 83% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 3.8x
P/B Ratio: 3.9x

P/S of 3.8x and P/B of 3.9x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.12B
Cash: $484.92M
Long-Term Debt: $394.21M
Book Value: $419.80M
D/E Ratio: 0.9
Debt/EBITDA: N/A

With $1.12B in assets and $394.21M in long-term debt, D/E is 0.9and book value is $419.80M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $15.93M
TTM Free Cash Flow: $-41.15M
FCF Margin: -9.6%
FCF / Net Income: 2.3

TTM FCF of $-41.15M on $15.93M in operating cash flow. The FCF / Net Income ratio of 2.3x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 4 consecutive quarters — a weakening trend.