Xencor, Inc. (XNCR) 10-Year Financial Performance & Capital Metrics

XNCR •

HealthcareBiotechnologyDrug Discovery and Antibody Platforms

AboutXencor, Inc., a clinical stage biopharmaceutical company, focuses on the discovery and development of engineered monoclonal antibody and cytokine therapeutics to treat patients with cancer and autoimmune diseases. The company provides Sotrovimab that targets the SARS-CoV-2 virus; Ultomiris for the treatment of patients with paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome; and Monjuvi for the treatment of patients with relapsed or refractory diffuse large B-cell lymphoma. It develops Plamotamab, a tumor-targeted antibody, which is in Phase I clinical trial to treat non-Hodgkin lymphoma; Vudalimab, a bispecific antibody, which is in Phase II clinical trial to treat metastatic castration-resistant prostate cancer and other solid tumor types; and Tidutamab that is in Phase II clinical trial to treat neuroendocrine tumors. The company is also developing XmAb306, which is in Phase I clinical trial to treat solid tumors; XmAb104 and XmAb841, which are in Phase I clinical trial to treat patients with selected solid tumors; XmAb564 that is in Phase I clinical trial to treat autoimmune diseases; AMG 509, which is in Phase I clinical trial to treat prostate cancer; XmAb819 for patients with renal cell carcinoma; and Novartis XmAb. It develops VIR-3434, which is in Phase II clinical trial for patients with hepatitis B virus infection; VIR-2482 that is in Phase 1/2 clinical trial to trat influenza A; VIR-7832, which is in Phase 1b/2a trial to treat mild-to-moderate COVID-19; and BMS-986414 + BMS-986413 is in Phase 2/3 NIH ACTIV-2 trial in treating COVID-19. The company develops AIMab7195 to reduce blood serum levels of IgE that mediates allergic responses and allergic disease; Obexelimab to treat autoimmune disease; and Xpro1595 to treat patients with Alzheimer's disease, mild cognitive impairment, and depression. It has a license agreement with Caris Life Sciences. Xencor, Inc. was incorporated in 1997 and is headquartered in Monrovia, California.Show more

Revenue $0 -100.0%
EBITDA $0 +100.0%
Net Income -$92M +60.5%
EPS (Diluted) -1.24 +65.4%
Gross Margin -
EBITDA Margin -
Operating Margin -
Net Margin -
ROE -9.45% +72.7%
ROIC -
Debt/Equity 0.05 -84.5%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.7x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Shares diluted 14.1% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM-100%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM61.57%

EPS CAGR

10Y-

5Y-

3Y-

TTM65.75%

ROCE

10Y Avg-8.79%

5Y Avg-10.2%

3Y Avg-18.32%

Latest-

Peer Comparison

Drug Discovery and Antibody Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
REGNRegeneron Pharmaceuticals, Inc.	107.56B	781.67	18.84	0.99%	31.41%	14.41%	3.79%	0.09
CTMXCytomX Therapeutics, Inc.	430.14M	5.37	14.13	36.45%	24.66%	26.09%
PRTCPureTech Health plc	405.3M	16.77	8.39	44.98%	-495.91%	-8.53%		0.05
DNAGinkgo Bioworks Holdings, Inc.	327.53M	6.75	-1.20	-25.06%	-183.81%	-61.5%		0.82
BCYCBicycle Therapeutics plc	111.38M	5.73	-1.98	30.76%	-8.85%	-40.53%		0.01
CCCCC4 Therapeutics, Inc.	261.67M	2.70	-2.13	-100%		-40.92%		0.23
MOLNMolecular Partners AG	187.84M	5.02	-2.43	-29.38%	-10.87%	-63.06%		0.02
RXRXRecursion Pharmaceuticals, Inc.	1.94B	3.67	-2.55	26.92%	-8.65%	-57.01%		0.07

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	87.52M	35.71M	40.6M	156.7M	122.69M	275.11M	164.58M	174.62M	110.49M	0
Revenue Growth %	215.25%	-59.2%	13.7%	285.93%	-21.7%	124.23%	-40.18%	6.1%	-36.72%	-100%
Cost of Goods Sold+	51.87M	71.77M	97.5M	118.59M	169.8M	0	0	0	0	0
COGS % of Revenue	59.27%	200.98%	240.13%	75.68%	138.39%	-	-	-	-	-
Gross Profit+	35.65M	-36.06M	-56.9M	38.11M	-47.11M	275.11M	164.58M	174.62M	110.49M	0
Gross Margin %	40.73%	-100.98%	-140.13%	24.32%	-38.39%	100%	100%	100%	100%	-
Gross Profit Growth %	658.92%	-201.16%	-57.78%	166.98%	-223.61%	684%	-40.18%	6.1%	-36.72%	-100%
Operating Expenses+	64.98M	89.27M	119.97M	24.29M	29.69M	231.34M	247.05M	306.98M	288.9M	303.08M
OpEx % of Revenue	74.25%	249.99%	295.48%	15.5%	24.2%	84.09%	150.11%	175.8%	261.47%	-
Selling, General & Admin	13.11M	17.5M	22.47M	24.29M	29.69M	38.84M	47.49M	53.38M	61.22M	63.64M
SG&A % of Revenue	14.98%	49.01%	55.35%	15.5%	24.2%	14.12%	28.85%	30.57%	55.4%	-
Research & Development	51.87M	71.77M	97.5M	118.59M	169.8M	192.51M	199.56M	253.6M	227.69M	239.43M
R&D % of Revenue	59.27%	200.98%	240.13%	75.68%	138.39%	69.97%	121.26%	145.23%	206.06%	-
Other Operating Expenses	2.08M	4.17M	8.96M	-118.59M	-169.8M	0	0	0	0	0
Operating Income+	22.54M	-53.56M	-79.37M	13.82M	-76.8M	43.77M	-82.47M	-132.36M	-178.41M	0
Operating Margin %	25.75%	-149.99%	-195.48%	8.82%	-62.59%	15.91%	-50.11%	-75.8%	-161.47%	-
Operating Income Growth %	222.91%	-337.63%	-48.18%	117.42%	-655.53%	156.99%	-288.44%	-60.49%	-34.79%	100%
EBITDA+	24.01M	-51.53M	-76.12M	18.12M	-71M	51.26M	-73.67M	-120.86M	-166.3M	0
EBITDA Margin %	27.43%	-144.3%	-187.47%	11.56%	-57.87%	18.63%	-44.77%	-69.22%	-150.51%	-
EBITDA Growth %	239.37%	-314.66%	-47.71%	123.81%	-491.81%	172.19%	-243.73%	-64.05%	-37.59%	100%
D&A (Non-Cash Add-back)	1.47M	2.03M	3.25M	4.3M	5.79M	7.49M	8.8M	11.5M	12.11M	0
EBIT	46.14M	-42.73M	-79.37M	13.82M	-76.8M	82.64M	-54.49M	-113.46M	-198.28M	0
Net Interest Income+	2.07M	4.18M	9.09M	13.62M	7.26M	849K	4.82M	18.63M	-4.71M	0
Interest Income	2.09M	4.19M	9.1M	13.62M	7.26M	862K	4.82M	18.63M	31.93M	27.52M
Interest Expense	21K	13K	16K	0	0	13K	0	0	36.64M	-31.93M
Other Income/Expense	2.08M	4.17M	8.96M	13.36M	7.46M	38.86M	27.96M	12.73M	-56.52M	0
Pretax Income+	24.62M	-49.39M	-70.41M	27.19M	-69.33M	82.63M	-54.51M	-119.63M	-234.92M	-89.42M
Pretax Margin %	28.13%	-138.3%	-173.41%	17.35%	-56.51%	30.04%	-33.12%	-68.51%	-212.61%	-
Income Tax+	991K	-463K	0	312K	0	0	673K	13.66M	1.62M	2.5M
Effective Tax Rate %	95.97%	99.06%	100%	98.85%	100%	100%	101.23%	111.28%	99.02%	102.8%
Net Income+	23.63M	-48.92M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.13M	-232.62M	-91.92M
Net Margin %	26.99%	-137%	-173.41%	17.15%	-56.51%	30.04%	-33.53%	-76.24%	-210.53%	-
Net Income Growth %	234.29%	-307.09%	-43.91%	138.17%	-357.98%	219.18%	-166.78%	-141.27%	-74.73%	60.48%
Net Income (Continuing)	45.13M	-38.49M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.3M	-236.54M	-91.92M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	337K	-3.58M	635.59M
EPS (Diluted)+	0.56	-1.05	-1.31	0.46	-1.11	1.37	-0.93	-2.08	-3.58	-1.24
EPS Growth %	224.44%	-287.5%	-24.76%	135.11%	-341.3%	223.42%	-167.88%	-123.66%	-72.12%	65.36%
EPS (Basic)	0.57	-1.05	-1.31	0.48	-1.11	1.42	-0.93	-2.08	-3.58	-1.24
Diluted Shares Outstanding	42.39M	46.82M	53.94M	58.47M	57.21M	60.5M	59.65M	60.5M	65.04M	74.24M
Basic Shares Outstanding	41.27M	46.82M	53.75M	56.53M	57.21M	58.38M	59.65M	60.5M	65.04M	74.24M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	141.65M	230.88M	315.73M	558.4M	637.67M	424.37M	675.34M	623.16M	577.6M	599.82M
Cash & Short-Term Investments	130.14M	224.13M	294.36M	527.08M	603M	334.11M	623.06M	593.73M	497.77M	435.23M
Cash Only	14.53M	16.53M	26.25M	50.31M	163.54M	143.48M	53.94M	53.79M	40.88M	54.07M
Short-Term Investments	115.61M	207.6M	268.12M	476.77M	439.46M	190.63M	569.12M	539.93M	456.9M	381.16M
Accounts Receivable	8.62M	1.14M	10.19M	24.78M	23.94M	66.38M	29M	11.29M	60.85M	29.3M
Days Sales Outstanding	35.93	11.67	91.58	57.71	71.23	88.07	64.31	23.6	201.01	-
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	2.9M	5.61M	804K	6.55M	0	0	23.28M	18.14M	18.98M	135.29M
Total Non-Current Assets+	286.91M	159.22M	261M	111.84M	65.57M	413.84M	170.92M	329.53M	374.34M	275.67M
Property, Plant & Equipment	3.1M	7.09M	11.81M	25.18M	32.28M	59.97M	93.6M	100.12M	98.14M	90.9M
Fixed Asset Turnover	28.19x	5.04x	3.44x	6.22x	3.80x	4.59x	1.76x	1.74x	1.13x	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	10.36M	11.15M	11.97M	14.42M	15.98M	16.49M	18.5M	18.66M	18.48M	8.38M
Long-Term Investments	273.34M	139.2M	236.11M	71.53M	17.1M	331.73M	58.21M	209.72M	256.83M	0
Other Non-Current Assets	103K	265K	311K	713K	212K	653K	613K	1.03M	885K	176.39M
Total Assets+	428.56M	390.1M	576.73M	670.25M	703.24M	838.21M	846.27M	952.69M	951.95M	875.5M
Asset Turnover	0.20x	0.09x	0.07x	0.23x	0.17x	0.33x	0.19x	0.18x	0.12x	-
Asset Growth %	107.13%	-8.97%	47.84%	16.22%	4.92%	19.19%	0.96%	12.58%	-0.08%	-8.03%
Total Current Liabilities+	106.29M	101.34M	53.85M	66.56M	121.06M	70.74M	63.84M	84.71M	87.43M	95.91M
Accounts Payable	3.88M	6.87M	3.8M	10.19M	8.95M	14M	10.09M	13.91M	16.76M	10.83M
Days Payables Outstanding	27.3	34.93	14.21	31.36	19.25	-	-	-	-	-
Short-Term Debt	0	0	0	2.17M	0	0	0	6.33M	48.45M	3.26M
Deferred Revenue (Current)	95.52M	88.81M	40.08M	45.2M	92.61M	37.29M	30.32M	31.68M	0	0
Other Current Liabilities	193K	60.3M	315K	8.99M	0	0	0	0	0	81.82M
Current Ratio	1.33x	2.28x	5.86x	8.39x	5.27x	6.00x	10.58x	7.36x	6.61x	6.25x
Quick Ratio	1.33x	2.28x	5.86x	8.39x	5.27x	6.00x	10.58x	7.36x	6.61x	6.25x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	8.32M	6.71M	1.2M	10.49M	9.74M	33.97M	54.93M	198.85M	190.49M	144M
Long-Term Debt	0	0	0	0	0	0	0	14.64M	115.16M	64.73M
Capital Lease Obligations	0	0	0	8.56M	9.74M	33.97M	54.93M	59.02M	65.34M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	397K	-4.54M	1.2M	0	0	0	0	0	9.99M	79.27M
Total Liabilities	114.61M	108.06M	55.05M	77.05M	130.8M	104.71M	118.77M	283.56M	277.92M	239.91M
Total Debt+	0	0	0	10.73M	11.63M	33.97M	59.63M	83.43M	231.95M	68M
Net Debt	-14.53M	-16.53M	-26.25M	-39.58M	-151.92M	-109.51M	5.69M	29.64M	191.08M	13.93M
Debt / Equity	-	-	-	0.02x	0.02x	0.05x	0.08x	0.12x	0.34x	0.05x
Debt / EBITDA	-	-	-	0.59x	-	0.66x	-	-	-	-
Net Debt / EBITDA	-0.61x	-	-	-2.18x	-	-2.14x	-	-	-	-
Interest Coverage	1073.33x	-4120.15x	-4960.63x	-	-	3366.69x	-	-	-4.87x	-
Total Equity+	313.95M	282.05M	521.68M	593.2M	572.44M	733.5M	727.5M	669.13M	674.03M	1.27B
Equity Growth %	93.28%	-10.16%	84.96%	13.71%	-3.5%	28.14%	-0.82%	-8.02%	0.73%	88.59%
Book Value per Share	7.41	6.02	9.67	10.15	10.01	12.12	12.20	11.06	10.36	17.12
Total Shareholders' Equity	313.95M	282.05M	521.68M	593.2M	572.44M	733.5M	727.5M	668.8M	677.61M	635.59M
Common Stock	466K	470K	563K	569K	580K	595K	601K	611K	703K	718K
Retained Earnings	-237.96M	-287.29M	-323.28M	-296.4M	-365.74M	-283.1M	-338.29M	-464.37M	-704.04M	-795.96M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.44M	-1.81M	-971K	1.16M	74K	-1.51M	-6.95M	1.29M	-663K	1.58M
Minority Interest	0	0	0	0	0	0	0	337K	-3.58M	635.59M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	94.62M	-33.68M	-79.76M	64.37M	-5M	-16.85M	24.48M	-77.93M	-202.19M	-135.12M
Operating CF Margin %	108.11%	-94.32%	-196.43%	41.08%	-4.08%	-6.13%	14.88%	-44.63%	-182.99%	-
Operating CF Growth %	254.82%	-135.6%	-136.78%	180.71%	-107.77%	-236.79%	245.29%	-418.26%	-159.46%	33.17%
Net Income	23.63M	-48.92M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.13M	-236.54M	-91.92M
Depreciation & Amortization	1.47M	2.03M	3.25M	4.3M	5.79M	7.49M	8.8M	11.5M	12.11M	10.51M
Stock-Based Compensation	7.85M	13.65M	20.55M	31.85M	31.62M	36.98M	48.91M	0	53.28M	43.23M
Deferred Taxes	65K	0	0	0	0	-18.97M	0	0	0	0
Other Non-Cash Items	2.32M	3.32M	21K	-4.09M	-21.26M	-22.38M	-26.91M	24.58M	9.36M	-96.93M
Working Capital Changes	59.29M	-3.76M	-33.17M	5.44M	48.18M	-102.6M	48.87M	19.13M	-40.4M	0
Change in Receivables	-8.57M	7.47M	-9.04M	-11M	-185K	-54.94M	36.86M	19.83M	-32.67M	28.73M
Change in Inventory	828K	-5.64M	-1.36M	0	0	1.4M	0	0	0	0
Change in Payables	-2.52M	2.99M	-3.07M	6.39M	-1.24M	5.05M	-3.91M	3.83M	2.85M	-3.95M
Cash from Investing+	-213.65M	31.95M	-164.77M	-50.97M	100.19M	-46.25M	-119.72M	-110.56M	-7.87M	139.99M
Capital Expenditures	-3.01M	-7.28M	-9.15M	-7.35M	-10.54M	-15.98M	-38.49M	-21.25M	-6.1M	-3.15M
CapEx % of Revenue	3.44%	20.38%	22.53%	4.69%	8.59%	5.81%	23.39%	12.17%	5.52%	-
Acquisitions	920K	-33.92M	-1.93M	0	0	-2.66M	0	501K	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-920K	33.92M	2.02M	-3.69M	-3.23M	-3.16M	90K	0	-3.38M	14.39M
Cash from Financing+	120.97M	3.73M	254.24M	10.66M	18.04M	43.04M	5.7M	188.72M	197.15M	8.23M
Debt Issued (Net)	0	0	0	0	0	0	0	0	0	0
Equity Issued (Net)	1000K	0	1000K	0	0	1000K	0	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	1.29M
Other Financing	-5.57M	3.73M	-6M	10.66M	18.04M	14.12M	5.7M	183.33M	-4.1M	8.23M
Net Change in Cash	1.94M	2M	9.72M	24.07M	113.23M	-20.06M	-89.54M	-152K	-12.91M	13.1M
Free Cash Flow+	91.61M	-40.96M	-88.9M	53.34M	-18.77M	-32.83M	-18.92M	-96.37M	-208.28M	-138.27M
FCF Margin %	104.67%	-114.7%	-218.96%	34.04%	-15.3%	-11.93%	-11.5%	-55.19%	-188.51%	-
FCF Growth %	298.45%	-144.71%	-117.04%	159.99%	-135.2%	-74.91%	42.38%	-409.4%	-116.12%	33.62%
FCF per Share	2.16	-0.87	-1.65	0.91	-0.33	-0.54	-0.32	-1.59	-3.20	-1.86
FCF Conversion (FCF/Net Income)	4.00x	0.69x	1.13x	2.40x	0.07x	-0.20x	-0.44x	0.59x	0.87x	1.47x
Interest Paid	21K	13K	16K	11K	15K	0	13K	0	33K	0
Taxes Paid	936K	969K	233K	400K	0	0	700K	0	6.1M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.92%	-16.42%	-17.52%	4.82%	-11.9%	12.65%	-7.55%	-19.06%	-34.64%	-9.45%
Return on Invested Capital (ROIC)	7.53%	-14.22%	-15.65%	1.98%	-11.83%	6.29%	-9.12%	-13.87%	-17.11%	-
Gross Margin	40.73%	-100.98%	-140.13%	24.32%	-38.39%	100%	100%	100%	100%	-
Net Margin	26.99%	-137%	-173.41%	17.15%	-56.51%	30.04%	-33.53%	-76.24%	-210.53%	-
Debt / Equity	-	-	-	0.02x	0.02x	0.05x	0.08x	0.12x	0.34x	0.05x
Interest Coverage	1073.33x	-4120.15x	-4960.63x	-	-	3366.69x	-	-	-4.87x	-
FCF Conversion	4.00x	0.69x	1.13x	2.40x	0.07x	-0.20x	-0.44x	0.59x	0.87x	1.47x
Revenue Growth	215.25%	-59.2%	13.7%	285.93%	-21.7%	124.23%	-40.18%	6.1%	-36.72%	-100%

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Xencor, Inc. (XNCR) 10-Year Financial Performance & Capital Metrics

XNCR •

HealthcareBiotechnologyDrug Discovery and Antibody Platforms

Revenue $0 -100.0%
EBITDA $0 +100.0%
Net Income -$92M +60.5%
EPS (Diluted) -1.24 +65.4%
Gross Margin -
EBITDA Margin -
Operating Margin -
Net Margin -
ROE -9.45% +72.7%
ROIC -
Debt/Equity 0.05 -84.5%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.7x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Shares diluted 14.1% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM-100%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM61.57%

EPS CAGR

10Y-

5Y-

3Y-

TTM65.75%

ROCE

10Y Avg-8.79%

5Y Avg-10.2%

3Y Avg-18.32%

Latest-

Peer Comparison

Drug Discovery and Antibody Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
REGNRegeneron Pharmaceuticals, Inc.	107.56B	781.67	18.84	0.99%	31.41%	14.41%	3.79%	0.09
CTMXCytomX Therapeutics, Inc.	430.14M	5.37	14.13	36.45%	24.66%	26.09%
PRTCPureTech Health plc	405.3M	16.77	8.39	44.98%	-495.91%	-8.53%		0.05
DNAGinkgo Bioworks Holdings, Inc.	327.53M	6.75	-1.20	-25.06%	-183.81%	-61.5%		0.82
BCYCBicycle Therapeutics plc	111.38M	5.73	-1.98	30.76%	-8.85%	-40.53%		0.01
CCCCC4 Therapeutics, Inc.	261.67M	2.70	-2.13	-100%		-40.92%		0.23
MOLNMolecular Partners AG	187.84M	5.02	-2.43	-29.38%	-10.87%	-63.06%		0.02
RXRXRecursion Pharmaceuticals, Inc.	1.94B	3.67	-2.55	26.92%	-8.65%	-57.01%		0.07

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	87.52M	35.71M	40.6M	156.7M	122.69M	275.11M	164.58M	174.62M	110.49M	0
Revenue Growth %	215.25%	-59.2%	13.7%	285.93%	-21.7%	124.23%	-40.18%	6.1%	-36.72%	-100%
Cost of Goods Sold+	51.87M	71.77M	97.5M	118.59M	169.8M	0	0	0	0	0
COGS % of Revenue	59.27%	200.98%	240.13%	75.68%	138.39%	-	-	-	-	-
Gross Profit+	35.65M	-36.06M	-56.9M	38.11M	-47.11M	275.11M	164.58M	174.62M	110.49M	0
Gross Margin %	40.73%	-100.98%	-140.13%	24.32%	-38.39%	100%	100%	100%	100%	-
Gross Profit Growth %	658.92%	-201.16%	-57.78%	166.98%	-223.61%	684%	-40.18%	6.1%	-36.72%	-100%
Operating Expenses+	64.98M	89.27M	119.97M	24.29M	29.69M	231.34M	247.05M	306.98M	288.9M	303.08M
OpEx % of Revenue	74.25%	249.99%	295.48%	15.5%	24.2%	84.09%	150.11%	175.8%	261.47%	-
Selling, General & Admin	13.11M	17.5M	22.47M	24.29M	29.69M	38.84M	47.49M	53.38M	61.22M	63.64M
SG&A % of Revenue	14.98%	49.01%	55.35%	15.5%	24.2%	14.12%	28.85%	30.57%	55.4%	-
Research & Development	51.87M	71.77M	97.5M	118.59M	169.8M	192.51M	199.56M	253.6M	227.69M	239.43M
R&D % of Revenue	59.27%	200.98%	240.13%	75.68%	138.39%	69.97%	121.26%	145.23%	206.06%	-
Other Operating Expenses	2.08M	4.17M	8.96M	-118.59M	-169.8M	0	0	0	0	0
Operating Income+	22.54M	-53.56M	-79.37M	13.82M	-76.8M	43.77M	-82.47M	-132.36M	-178.41M	0
Operating Margin %	25.75%	-149.99%	-195.48%	8.82%	-62.59%	15.91%	-50.11%	-75.8%	-161.47%	-
Operating Income Growth %	222.91%	-337.63%	-48.18%	117.42%	-655.53%	156.99%	-288.44%	-60.49%	-34.79%	100%
EBITDA+	24.01M	-51.53M	-76.12M	18.12M	-71M	51.26M	-73.67M	-120.86M	-166.3M	0
EBITDA Margin %	27.43%	-144.3%	-187.47%	11.56%	-57.87%	18.63%	-44.77%	-69.22%	-150.51%	-
EBITDA Growth %	239.37%	-314.66%	-47.71%	123.81%	-491.81%	172.19%	-243.73%	-64.05%	-37.59%	100%
D&A (Non-Cash Add-back)	1.47M	2.03M	3.25M	4.3M	5.79M	7.49M	8.8M	11.5M	12.11M	0
EBIT	46.14M	-42.73M	-79.37M	13.82M	-76.8M	82.64M	-54.49M	-113.46M	-198.28M	0
Net Interest Income+	2.07M	4.18M	9.09M	13.62M	7.26M	849K	4.82M	18.63M	-4.71M	0
Interest Income	2.09M	4.19M	9.1M	13.62M	7.26M	862K	4.82M	18.63M	31.93M	27.52M
Interest Expense	21K	13K	16K	0	0	13K	0	0	36.64M	-31.93M
Other Income/Expense	2.08M	4.17M	8.96M	13.36M	7.46M	38.86M	27.96M	12.73M	-56.52M	0
Pretax Income+	24.62M	-49.39M	-70.41M	27.19M	-69.33M	82.63M	-54.51M	-119.63M	-234.92M	-89.42M
Pretax Margin %	28.13%	-138.3%	-173.41%	17.35%	-56.51%	30.04%	-33.12%	-68.51%	-212.61%	-
Income Tax+	991K	-463K	0	312K	0	0	673K	13.66M	1.62M	2.5M
Effective Tax Rate %	95.97%	99.06%	100%	98.85%	100%	100%	101.23%	111.28%	99.02%	102.8%
Net Income+	23.63M	-48.92M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.13M	-232.62M	-91.92M
Net Margin %	26.99%	-137%	-173.41%	17.15%	-56.51%	30.04%	-33.53%	-76.24%	-210.53%	-
Net Income Growth %	234.29%	-307.09%	-43.91%	138.17%	-357.98%	219.18%	-166.78%	-141.27%	-74.73%	60.48%
Net Income (Continuing)	45.13M	-38.49M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.3M	-236.54M	-91.92M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	337K	-3.58M	635.59M
EPS (Diluted)+	0.56	-1.05	-1.31	0.46	-1.11	1.37	-0.93	-2.08	-3.58	-1.24
EPS Growth %	224.44%	-287.5%	-24.76%	135.11%	-341.3%	223.42%	-167.88%	-123.66%	-72.12%	65.36%
EPS (Basic)	0.57	-1.05	-1.31	0.48	-1.11	1.42	-0.93	-2.08	-3.58	-1.24
Diluted Shares Outstanding	42.39M	46.82M	53.94M	58.47M	57.21M	60.5M	59.65M	60.5M	65.04M	74.24M
Basic Shares Outstanding	41.27M	46.82M	53.75M	56.53M	57.21M	58.38M	59.65M	60.5M	65.04M	74.24M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	141.65M	230.88M	315.73M	558.4M	637.67M	424.37M	675.34M	623.16M	577.6M	599.82M
Cash & Short-Term Investments	130.14M	224.13M	294.36M	527.08M	603M	334.11M	623.06M	593.73M	497.77M	435.23M
Cash Only	14.53M	16.53M	26.25M	50.31M	163.54M	143.48M	53.94M	53.79M	40.88M	54.07M
Short-Term Investments	115.61M	207.6M	268.12M	476.77M	439.46M	190.63M	569.12M	539.93M	456.9M	381.16M
Accounts Receivable	8.62M	1.14M	10.19M	24.78M	23.94M	66.38M	29M	11.29M	60.85M	29.3M
Days Sales Outstanding	35.93	11.67	91.58	57.71	71.23	88.07	64.31	23.6	201.01	-
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	2.9M	5.61M	804K	6.55M	0	0	23.28M	18.14M	18.98M	135.29M
Total Non-Current Assets+	286.91M	159.22M	261M	111.84M	65.57M	413.84M	170.92M	329.53M	374.34M	275.67M
Property, Plant & Equipment	3.1M	7.09M	11.81M	25.18M	32.28M	59.97M	93.6M	100.12M	98.14M	90.9M
Fixed Asset Turnover	28.19x	5.04x	3.44x	6.22x	3.80x	4.59x	1.76x	1.74x	1.13x	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	10.36M	11.15M	11.97M	14.42M	15.98M	16.49M	18.5M	18.66M	18.48M	8.38M
Long-Term Investments	273.34M	139.2M	236.11M	71.53M	17.1M	331.73M	58.21M	209.72M	256.83M	0
Other Non-Current Assets	103K	265K	311K	713K	212K	653K	613K	1.03M	885K	176.39M
Total Assets+	428.56M	390.1M	576.73M	670.25M	703.24M	838.21M	846.27M	952.69M	951.95M	875.5M
Asset Turnover	0.20x	0.09x	0.07x	0.23x	0.17x	0.33x	0.19x	0.18x	0.12x	-
Asset Growth %	107.13%	-8.97%	47.84%	16.22%	4.92%	19.19%	0.96%	12.58%	-0.08%	-8.03%
Total Current Liabilities+	106.29M	101.34M	53.85M	66.56M	121.06M	70.74M	63.84M	84.71M	87.43M	95.91M
Accounts Payable	3.88M	6.87M	3.8M	10.19M	8.95M	14M	10.09M	13.91M	16.76M	10.83M
Days Payables Outstanding	27.3	34.93	14.21	31.36	19.25	-	-	-	-	-
Short-Term Debt	0	0	0	2.17M	0	0	0	6.33M	48.45M	3.26M
Deferred Revenue (Current)	95.52M	88.81M	40.08M	45.2M	92.61M	37.29M	30.32M	31.68M	0	0
Other Current Liabilities	193K	60.3M	315K	8.99M	0	0	0	0	0	81.82M
Current Ratio	1.33x	2.28x	5.86x	8.39x	5.27x	6.00x	10.58x	7.36x	6.61x	6.25x
Quick Ratio	1.33x	2.28x	5.86x	8.39x	5.27x	6.00x	10.58x	7.36x	6.61x	6.25x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	8.32M	6.71M	1.2M	10.49M	9.74M	33.97M	54.93M	198.85M	190.49M	144M
Long-Term Debt	0	0	0	0	0	0	0	14.64M	115.16M	64.73M
Capital Lease Obligations	0	0	0	8.56M	9.74M	33.97M	54.93M	59.02M	65.34M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	397K	-4.54M	1.2M	0	0	0	0	0	9.99M	79.27M
Total Liabilities	114.61M	108.06M	55.05M	77.05M	130.8M	104.71M	118.77M	283.56M	277.92M	239.91M
Total Debt+	0	0	0	10.73M	11.63M	33.97M	59.63M	83.43M	231.95M	68M
Net Debt	-14.53M	-16.53M	-26.25M	-39.58M	-151.92M	-109.51M	5.69M	29.64M	191.08M	13.93M
Debt / Equity	-	-	-	0.02x	0.02x	0.05x	0.08x	0.12x	0.34x	0.05x
Debt / EBITDA	-	-	-	0.59x	-	0.66x	-	-	-	-
Net Debt / EBITDA	-0.61x	-	-	-2.18x	-	-2.14x	-	-	-	-
Interest Coverage	1073.33x	-4120.15x	-4960.63x	-	-	3366.69x	-	-	-4.87x	-
Total Equity+	313.95M	282.05M	521.68M	593.2M	572.44M	733.5M	727.5M	669.13M	674.03M	1.27B
Equity Growth %	93.28%	-10.16%	84.96%	13.71%	-3.5%	28.14%	-0.82%	-8.02%	0.73%	88.59%
Book Value per Share	7.41	6.02	9.67	10.15	10.01	12.12	12.20	11.06	10.36	17.12
Total Shareholders' Equity	313.95M	282.05M	521.68M	593.2M	572.44M	733.5M	727.5M	668.8M	677.61M	635.59M
Common Stock	466K	470K	563K	569K	580K	595K	601K	611K	703K	718K
Retained Earnings	-237.96M	-287.29M	-323.28M	-296.4M	-365.74M	-283.1M	-338.29M	-464.37M	-704.04M	-795.96M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.44M	-1.81M	-971K	1.16M	74K	-1.51M	-6.95M	1.29M	-663K	1.58M
Minority Interest	0	0	0	0	0	0	0	337K	-3.58M	635.59M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	94.62M	-33.68M	-79.76M	64.37M	-5M	-16.85M	24.48M	-77.93M	-202.19M	-135.12M
Operating CF Margin %	108.11%	-94.32%	-196.43%	41.08%	-4.08%	-6.13%	14.88%	-44.63%	-182.99%	-
Operating CF Growth %	254.82%	-135.6%	-136.78%	180.71%	-107.77%	-236.79%	245.29%	-418.26%	-159.46%	33.17%
Net Income	23.63M	-48.92M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.13M	-236.54M	-91.92M
Depreciation & Amortization	1.47M	2.03M	3.25M	4.3M	5.79M	7.49M	8.8M	11.5M	12.11M	10.51M
Stock-Based Compensation	7.85M	13.65M	20.55M	31.85M	31.62M	36.98M	48.91M	0	53.28M	43.23M
Deferred Taxes	65K	0	0	0	0	-18.97M	0	0	0	0
Other Non-Cash Items	2.32M	3.32M	21K	-4.09M	-21.26M	-22.38M	-26.91M	24.58M	9.36M	-96.93M
Working Capital Changes	59.29M	-3.76M	-33.17M	5.44M	48.18M	-102.6M	48.87M	19.13M	-40.4M	0
Change in Receivables	-8.57M	7.47M	-9.04M	-11M	-185K	-54.94M	36.86M	19.83M	-32.67M	28.73M
Change in Inventory	828K	-5.64M	-1.36M	0	0	1.4M	0	0	0	0
Change in Payables	-2.52M	2.99M	-3.07M	6.39M	-1.24M	5.05M	-3.91M	3.83M	2.85M	-3.95M
Cash from Investing+	-213.65M	31.95M	-164.77M	-50.97M	100.19M	-46.25M	-119.72M	-110.56M	-7.87M	139.99M
Capital Expenditures	-3.01M	-7.28M	-9.15M	-7.35M	-10.54M	-15.98M	-38.49M	-21.25M	-6.1M	-3.15M
CapEx % of Revenue	3.44%	20.38%	22.53%	4.69%	8.59%	5.81%	23.39%	12.17%	5.52%	-
Acquisitions	920K	-33.92M	-1.93M	0	0	-2.66M	0	501K	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-920K	33.92M	2.02M	-3.69M	-3.23M	-3.16M	90K	0	-3.38M	14.39M
Cash from Financing+	120.97M	3.73M	254.24M	10.66M	18.04M	43.04M	5.7M	188.72M	197.15M	8.23M
Debt Issued (Net)	0	0	0	0	0	0	0	0	0	0
Equity Issued (Net)	1000K	0	1000K	0	0	1000K	0	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	1.29M
Other Financing	-5.57M	3.73M	-6M	10.66M	18.04M	14.12M	5.7M	183.33M	-4.1M	8.23M
Net Change in Cash	1.94M	2M	9.72M	24.07M	113.23M	-20.06M	-89.54M	-152K	-12.91M	13.1M
Free Cash Flow+	91.61M	-40.96M	-88.9M	53.34M	-18.77M	-32.83M	-18.92M	-96.37M	-208.28M	-138.27M
FCF Margin %	104.67%	-114.7%	-218.96%	34.04%	-15.3%	-11.93%	-11.5%	-55.19%	-188.51%	-
FCF Growth %	298.45%	-144.71%	-117.04%	159.99%	-135.2%	-74.91%	42.38%	-409.4%	-116.12%	33.62%
FCF per Share	2.16	-0.87	-1.65	0.91	-0.33	-0.54	-0.32	-1.59	-3.20	-1.86
FCF Conversion (FCF/Net Income)	4.00x	0.69x	1.13x	2.40x	0.07x	-0.20x	-0.44x	0.59x	0.87x	1.47x
Interest Paid	21K	13K	16K	11K	15K	0	13K	0	33K	0
Taxes Paid	936K	969K	233K	400K	0	0	700K	0	6.1M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.92%	-16.42%	-17.52%	4.82%	-11.9%	12.65%	-7.55%	-19.06%	-34.64%	-9.45%
Return on Invested Capital (ROIC)	7.53%	-14.22%	-15.65%	1.98%	-11.83%	6.29%	-9.12%	-13.87%	-17.11%	-
Gross Margin	40.73%	-100.98%	-140.13%	24.32%	-38.39%	100%	100%	100%	100%	-
Net Margin	26.99%	-137%	-173.41%	17.15%	-56.51%	30.04%	-33.53%	-76.24%	-210.53%	-
Debt / Equity	-	-	-	0.02x	0.02x	0.05x	0.08x	0.12x	0.34x	0.05x
Interest Coverage	1073.33x	-4120.15x	-4960.63x	-	-	3366.69x	-	-	-4.87x	-
FCF Conversion	4.00x	0.69x	1.13x	2.40x	0.07x	-0.20x	-0.44x	0.59x	0.87x	1.47x
Revenue Growth	215.25%	-59.2%	13.7%	285.93%	-21.7%	124.23%	-40.18%	6.1%	-36.72%	-100%

Xencor, Inc. (XNCR) 10-Year Financial Performance & Capital Metrics

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Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

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Xencor, Inc. (XNCR) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare XNCR vs Peers

vs REGN

vs CNTA

Compare Top 5

Profit & Loss

Balance Sheet

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Deep Dive Analysis

Valuation Overview

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Dividend History

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Financial Ratios