Latest Ratios: P/E Ratio -59.0x · EV/EBITDA N/A · ROE -7.1%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.7B | $1.5B | $3.3B | $2.6B | $1.5B | — | — | — | — | — |
| Enterprise Value | $1.6B | $1.7B | $1.5B | $3.1B | $2.3B | $1.3B | — | — | — | — | — |
| P/E Ratio → | -59.04 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.35 | 5.87 | 5.95 | 16.92 | 18.09 | 55.53 | — | — | — | — | — |
| P/B Ratio | 4.13 | 4.59 | 4.09 | 11.44 | 7.70 | 6.49 | — | — | — | — | — |
| P/FCF | — | — | 70.60 | — | — | — | — | — | — | — | — |
| P/OCF | — | — | 56.59 | 1435.62 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.77 | 5.85 | 15.48 | 15.86 | 46.85 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | 69.50 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.9% | 97.9% | 97.8% | 99.6% | 96.3% | 100.0% | -148.4% | -289.5% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -11.3% | -11.3% | -22.7% | -23.9% | -29.7% | -478.5% | -286.2% | -460.9% | -395.1% | -467.4% | -197.3% |
| Net Profit Margin | -8.9% | -8.9% | -16.5% | -22.2% | -30.1% | -493.4% | -246.0% | -404.9% | -302.8% | -343.1% | -140.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.1% | -7.1% | -12.5% | -13.9% | -15.2% | -93.0% | -197.8% | -273.0% | -73.8% | -31.7% | -9.4% |
| ROA | -2.5% | -2.5% | -5.5% | -8.8% | -9.3% | -44.2% | -33.4% | -47.1% | -36.4% | -23.8% | -7.4% |
| ROIC | -7.4% | -7.4% | -24.4% | -272.4% | -442.4% | — | — | -31597.3% | -643.0% | -90.9% | -149.5% |
| ROCE | -4.2% | -4.2% | -9.7% | -12.0% | -11.4% | -55.4% | -62.4% | -84.5% | -59.5% | -37.0% | -11.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.15 | 1.15 | 1.20 | 0.23 | 0.24 | 0.37 | 1.35 | 4.02 | 0.33 | 0.12 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.08 | -0.06 | -0.97 | -0.95 | -1.01 | -1.85 | -0.99 | -1.86 | -0.49 | -0.77 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | -1.10 | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.17 | -0.17 | -2.22 | -10.81 | -7.91 | -23.18 | -28.57 | -31.17 | -110.99 | — | — |
Net cash position: cash ($468M) exceeds total debt ($437M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.04 | 4.04 | 4.38 | 3.80 | 4.70 | 4.29 | 2.78 | 1.47 | 3.45 | 4.82 | 8.76 |
| Quick Ratio | 4.01 | 4.01 | 4.36 | 3.77 | 4.69 | 4.29 | 2.90 | 1.47 | 3.60 | 4.82 | 8.76 |
| Cash Ratio | 3.50 | 3.50 | 3.87 | 3.18 | 3.99 | 3.89 | 3.21 | 0.88 | 2.51 | 3.93 | 8.10 |
| Asset Turnover | — | 0.28 | 0.25 | 0.42 | 0.27 | 0.07 | 0.15 | 0.10 | 0.12 | 0.07 | 0.08 |
| Inventory Turnover | 0.92 | 0.92 | 1.02 | 0.23 | 7.65 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 90.74 | 122.31 | 89.90 | 144.45 | 452.46 | 24.86 | 942.79 | 67.49 | 0.10 | 9.53 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 1.4% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $50M | $50M | $49M | $46M | $44M | $32M | $27M | $27M | $2M | $2M |
Includes 30+ ratios · 13 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying IMCR stock.
Immunocore Holdings plc's current P/E ratio is -59.0x. This places it at the 50th percentile of its historical range.
Immunocore Holdings plc's return on equity (ROE) is -7.1%. The historical average is -69.8%.
Based on historical data, Immunocore Holdings plc is trading at a P/E of -59.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Immunocore Holdings plc has 97.9% gross margin and -11.3% operating margin.
Key Metrics
Top Statement Risk
PRAME competition and HLA restriction
Metrics are mathematically derived from official filings.
Gross Margin Strength, Operating Leverage Emerging
Gross margin held above 99% in 2026Q2, while operating margin improved to -2.6% from -15.2% a year earlier, signaling a potential inflection point, per reported financials.
The 99.1% gross margin reflects the high price-to-volume economics of orphan oncology biologics, but the real story is the 12.6 percentage point swing in operating margin year-over-year. This suggests that KIMMTRAK's commercial scale is beginning to absorb the fixed R&D infrastructure, though the -2.6% operating margin still indicates the pipeline investment is not yet fully funded by product sales. Investors should monitor whether this trajectory continues as R&D spend for PRAME programs ramps.
Return on Capital Still Negative but Improving
ROIC improved from -4.4% in 2024Q4 to -0.6% in 2026Q2, while ROE swung to -0.2%, reflecting narrowing losses and a growing capital base, per SEC filings.
The improvement in ROIC is driven by both margin expansion and a relatively stable invested capital base, as total assets hover near $1.1B. However, the negative returns indicate the company is still in the investment phase, with the PRAME program likely to require additional capital. The trend suggests that if operating margins continue to improve, ROIC could turn positive within the next few quarters, but this depends on the pace of R&D spending.
Working Capital Efficiency Distorted by Timing
The cash conversion cycle remained deeply negative at -1,622 days in 2026Q2, driven by unusually high DPO of 2,362 days, reflecting supplier payment terms and collaboration milestones, per company filings.
The negative CCC is a result of very high DPO, which likely stems from deferred revenue and milestone-based payments from partners like Genentech and GSK, rather than operational efficiency. DSO of 69 days is reasonable for a specialty pharma, but DIO of 671 days is inflated by the nature of biologic inventory. These metrics are volatile quarter-to-quarter, as seen in the wide swings in DPO, so investors should focus on the underlying cash conversion trend rather than any single quarter.
Debt Stable, Coverage Improving
Debt-to-equity declined to 1.04 in 2026Q2 from 1.31 in 2024Q1, while interest coverage turned positive at 0.83, reflecting narrowing operating losses, as reported in financial statements.
Total debt has remained flat near $435M, but the improving operating income has lifted interest coverage from negative levels in 2025 to a positive 0.83 in 2026Q2. This suggests that the company is approaching a point where operating earnings can cover interest expenses, though the coverage is still thin. The stable debt load and growing equity base indicate that the balance sheet is not under immediate stress, but the lack of significant debt reduction means the company remains reliant on cash reserves and potential future financing.
Liquidity Buffer Remains Robust
Current ratio stood at 4.47 in 2026Q2, with cash of $484.9M, providing a substantial cushion against operating losses, per the latest balance sheet.
The current ratio of 4.47 is well above the 2:1 threshold, and the quick ratio of 4.44 indicates that inventory is not a significant liquidity constraint. With cash and cash equivalents of $484.9M, the company can fund its operations for several quarters even if revenue growth stalls. However, the negative FCF margin of -5.4% in 2026Q2 suggests that cash burn is ongoing, and the company will need to manage its runway carefully as it invests in the PRAME program.
Misapplied Metric: P/E on Negative Earnings
The trailing P/E of -64.55 is meaningless for a company with negative earnings; instead, investors should focus on EV/Sales or price-to-revenue, which at 5.84 reflects the market's premium for platform optionality, per valuation data.
Using P/E for IMCR is misleading because the company is not yet profitable on a trailing basis, and the forward P/E of 502.35 implies an unrealistic near-term earnings recovery. A more appropriate metric is EV/Sales, which at 5.84 is reasonable for a commercial-stage biotech with 20% revenue growth and a validated platform. However, this multiple still embeds expectations for the PRAME program, which is not yet approved, so investors should adjust for the probability of success in that indication.