Xencor (XNCR) Stock Fundamentals, Analysis & Risk Signals

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

Xencor

NasdaqGM•Healthcare•Biotechnology

$26.90-1.01(-0.04%)After hours

Market Cap

$1.88B

P/S

17.9x

P/B

3.7x

Xencor, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery and development of engineered antibodies for the treatment of cancer and autoimmune diseases. The company provides Ultomiris to treat patients with atypical hemolytic uremic syndrome, generalized myasthenia gravis, and neuromyelitis optica spectrum disororder; and Monjuvi for the treatment of patients with relapsed or refractory diffuse large B-cell lymphoma. It also develops XmAb819, a bispecific antibody to treat renal cell carcinoma; XmAb541, which is in Phase I for the treatment of ovarian cancer; XmAb808, a bispecific antibody that binds to the broadly expressed tumor antigen; XmAb942, which is in clinical development for patients with Crohn's disease and ulcerative colitis; Plamotamab, a bispecific T-cell, which is in Phase Ib study to treat rheumatoid arthritis; and XmAb657 for patients with idiopathic inflammatory myopathies. Further, the company develops Xaluritamig, a bispecific T-cell engager that treats prostate cancer; ASP2138 to treat gastric, gastroesophageal junction, and pancreatic cancers; JNJ-9401 to treat metastatic castration-resistant prostate cancer; Obexelimab, an antibody to treat patients with autoimmune diseases; Tobevibart, a treatment for chronic hepatitis Delta; Zaltenibart to treat paroxysmal nocturnal hemoglobinuria and other alternative pathway disorders; Teropavimab and zinlirvimab to treat human immunodeficiency virus; Novartis, an antibody drug candidate that uses XmAb Fc technologies; and JNJ-1493 to treat B-cell malignancies. The company was incorporated in 1997 and is headquartered in Pasadena, California.

How this company scores

WeakMetricSide Score: 38/100

Grade capped at D — Interest coverage below 1× (-7.3x) — earnings cannot cover interest. Strongest: Balance Sheet & Red Flags (13/25); weakest: Cash & Earnings Quality (8/25).

Profitability9/25

Growth8/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality8/25

Strengths

Low leverageCash-backed earningsProfit converts from growthImproving margins

Grade capped at D

Interest coverage below 1× (-7.3x) — earnings cannot cover interest.

Valuation vs. 5-year range

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

P/E · 50.9x5y range 15.0x – 72.0x

Currently above its 4-quarter median.

P/S · 17.9x5y range 3.7x – 17.9x

Currently above its 20-quarter median.

P/B · 3.7x5y range 0.9x – 3.7x

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 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $1.88B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $104.97M
Q. Revenue: $51.22M
TTM EBITDA: $-205.79M
TTM Op. Income: $-216.08M
Q. Op. Income: $-37.07M
TTM Net Income: $-163.32M
Q. Net Income: $-21.73M
EPS: $-0.29
Shares Out.: $75.86M

$104.97M in TTM revenue declined 33.2% YoY, reaching $51.22M last quarter. TTM EBITDA of $-205.79M and TTM operating income of $-216.08M show growth is flowing through to the bottom line. However, net income is negative at $163.32M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 33% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -67.9%
Op. Margin: -72.4%
Net Margin: -42.4%

Op. margin of -72.4% is up 3.7% YoY — cost efficiency is improving. Net margin at -42.4% Over the past year, operating margin is up 5% — an improving trend.

Price Ratios

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

P/E Ratio: N/A
P/S Ratio: 17.9x
P/B Ratio: 3.7x

P/S of 17.9x and P/B of 3.7x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

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

Total Assets: $724.96M
Cash: $44.66M
Long-Term Debt: $77.54M
Book Value: $503.23M
D/E Ratio: 0.2
Debt/EBITDA: N/A

With $724.96M in assets and $77.54M in long-term debt, D/E is 0.2and book value is $503.23M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 1% — an improving trend.

Cash Flow

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

Op. Cash Flow: $-55.66M
TTM Free Cash Flow: $-208.28M
FCF Margin: -198.4%
FCF / Net Income: 1.3

TTM FCF of $-208.28M on $-55.66M in operating cash flow. The FCF / Net Income ratio of 1.3x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.