Latest Ratios: P/E Ratio -23.8x · EV/EBITDA N/A · ROE -14.0%. (2011–2025 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 | $2.7B | $1.1B | $1.5B | $1.3B | $1.6B | $2.4B | $2.5B | $2.0B | $2.0B | $1.0B | $1.1B |
| Enterprise Value | $2.8B | $1.3B | $1.7B | $1.3B | $1.6B | $2.3B | $2.3B | $2.0B | $1.9B | $1.0B | $1.1B |
| P/E Ratio → | -23.77 | — | — | — | — | 29.28 | — | 74.76 | — | — | 47.00 |
| P/S Ratio | 13.22 | 9.05 | 13.53 | 7.36 | 9.44 | 8.82 | 20.34 | 12.83 | 48.04 | 28.74 | 12.75 |
| P/B Ratio | 4.18 | 1.79 | 2.22 | 1.92 | 2.14 | 3.31 | 4.36 | 3.39 | 3.74 | 3.64 | 3.55 |
| P/FCF | — | — | — | — | — | — | — | 37.70 | — | — | 12.18 |
| P/OCF | — | — | — | — | 63.44 | — | — | 31.23 | — | — | 11.79 |
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 | — | 10.12 | 15.26 | 7.53 | 9.47 | 8.42 | 19.11 | 12.58 | 47.39 | 28.27 | 12.58 |
| EV / EBITDA | — | — | — | — | — | 45.21 | — | 108.77 | — | — | 45.87 |
| EV / EBIT | — | — | — | — | — | 28.04 | — | 142.59 | — | — | 23.87 |
| EV / FCF | — | — | — | — | — | — | — | 36.96 | — | — | 12.02 |
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 | 91.6% | 91.6% | -106.1% | 100.0% | -21.3% | 30.0% | -38.4% | 24.3% | -140.1% | -101.0% | 40.7% |
| Operating Margin | -141.4% | -141.4% | -161.5% | -75.8% | -50.1% | 15.9% | -62.6% | 8.8% | -195.5% | -150.0% | 25.8% |
| Net Profit Margin | -73.2% | -73.2% | -210.5% | -76.2% | -33.5% | 30.0% | -56.5% | 17.2% | -173.4% | -137.0% | 27.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -14.0% | -14.0% | -34.6% | -19.1% | -7.6% | 12.7% | -11.9% | 4.8% | -17.5% | -16.4% | 9.9% |
| ROA | -10.1% | -10.1% | -24.4% | -14.8% | -6.6% | 10.7% | -10.1% | 4.3% | -14.6% | -12.0% | 7.4% |
| ROIC | -16.3% | -16.3% | -17.1% | -13.9% | -9.1% | 6.3% | -11.8% | 2.0% | -15.6% | -14.2% | 7.5% |
| ROCE | -21.6% | -21.6% | -20.6% | -16.0% | -10.6% | 6.5% | -13.0% | 2.5% | -19.6% | -17.5% | 9.3% |
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 | 0.30 | 0.30 | 0.34 | 0.12 | 0.08 | 0.05 | 0.02 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 0.66 | — | 0.59 | — | — | — |
| Net Debt / Equity | — | 0.21 | 0.28 | 0.04 | 0.01 | -0.15 | -0.27 | -0.07 | -0.05 | -0.06 | -0.05 |
| Net Debt / EBITDA | — | — | — | — | — | -2.14 | — | -2.18 | — | — | -0.61 |
| Debt / FCF | — | — | — | — | — | — | — | -0.74 | — | — | -0.16 |
| Interest Coverage | -1.80 | -1.80 | -5.41 | — | — | 6357.23 | — | — | -4960.63 | -3286.69 | 2197.00 |
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 | 6.25 | 6.25 | 6.61 | 7.36 | 10.58 | 6.00 | 5.27 | 8.39 | 5.86 | 2.28 | 1.33 |
| Quick Ratio | 6.25 | 6.25 | 6.61 | 7.36 | 10.58 | 6.00 | 5.27 | 8.39 | 5.86 | 2.28 | 1.33 |
| Cash Ratio | 5.71 | 5.71 | 5.69 | 7.01 | 9.76 | 4.72 | 4.98 | 7.92 | 5.47 | 2.21 | 1.22 |
| Asset Turnover | — | 0.14 | 0.12 | 0.18 | 0.19 | 0.33 | 0.17 | 0.23 | 0.07 | 0.09 | 0.20 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 85.16 | 201.01 | 23.60 | 64.31 | 88.07 | 71.23 | 57.71 | 91.58 | 11.67 | 35.93 |
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 | — | — | — | — | — | 3.4% | — | 1.3% | — | — | 2.1% |
| FCF Yield | — | — | — | — | — | — | — | 2.7% | — | — | 8.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $74M | $65M | $61M | $60M | $60M | $57M | $58M | $54M | $47M | $42M |
Includes 30+ ratios · 15 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying XNCR stock.
Xencor, Inc.'s current P/E ratio is -23.8x. The historical average is 50.3x.
Xencor, Inc.'s return on equity (ROE) is -14.0%. The historical average is -27.5%.
Based on historical data, Xencor, Inc. is trading at a P/E of -23.8x. Compare with industry peers and growth rates for a complete picture.
Xencor, Inc. has 91.6% gross margin and -141.4% operating margin.
Key Metrics
Top Statement Risk
Thin cash versus persistent burn
Metrics are mathematically derived from official filings.
Valuation Rests on Royalty and Pipeline Options
Based on the reported figures, Xencor trades at a P/S of 21.11 and P/B of 4.18 with no positive earnings to anchor a P/E, so the market appears to be pricing royalty cash flows and pipeline optionality rather than current profitability relative to peers such as Alkermes at 32.10 P/E.
The negative trailing P/E of -28.83 reflects a TTM operating margin of -141.4%, so earnings-based multiples offer little guidance and valuation must be read through sales and book value. A 21.11 P/S multiple is high in absolute terms, which suggests investors may be attributing substantial value to internal oncology assets whose outcomes are not yet visible in the reported figures. Investors should monitor whether reported collaboration revenue can sustain the growth expectations embedded in this multiple.
Reported Profit Obscured by Operating Losses
According to the reported quarterly series, Xencor's 3Q26 net margin of 33.8% sits against a TTM operating margin of -141.4%, a divergence that suggests the single profitable quarter rests on non-operating or one-time items rather than durable earning power.
Gross margins swing between roughly -159% and 100% because revenue is dominated by lumpy milestone and upfront payments, which makes any single-quarter margin a weak indicator of structural profitability. Operating margins have been negative in the large majority of periods, driven by R&D spending above $60M per quarter in a model carrying high fixed clinical costs. The more reliable read is the sustained operating deficit, which indicates current royalty and collaboration income does not cover the internal development burden.
Returns Decaying Through Equity Erosion
Based on reported figures, Xencor's ROE moved from -11.4% in 2Q24 to 7.4% in 3Q26 while ROIC remains mostly negative, with total equity falling from $723.8M to $560.4M, indicating returns are driven by episodic gains rather than compounding capital efficiency.
The single positive ROE reading coincides with a profitable quarter that appears inconsistent with persistent operating losses, so it likely reflects a one-off gain rather than an improvement in underlying returns on invested capital. Equity has contracted as the accumulated deficit widened, meaning the capital base is being consumed faster than reported earnings replenish it. Investors should view the recent ROE recovery cautiously until it is confirmed across multiple quarters of operating profitability.
Low Leverage With Episodic Borrowing
Based on reported figures, Xencor's debt-to-equity of 0.29 appears moderate, but total debt swinging from $65.2M to $160.2M between quarters suggests borrowing is used episodically rather than as a stable capital structure, and interest coverage is distorted by negative operating income in most periods.
Interest coverage turns negative in most quarters, meaning reported operating earnings have not covered interest expense in the large majority of the series, and the 10.54 reading in 3Q26 rests on a single quarter. Debt-to-EBITDA is largely unavailable because EBITDA is negative, so the usual leverage yardstick cannot be applied with confidence. The data does not disclose covenant terms or maturity schedules, so refinancing risk cannot be assessed from the supplied figures and warrants further investigation.
Platform Thesis Tested by Recurring Losses
As reported in the quarterly series, persistent losses and cumulative R&D above $60M per quarter raise the question of whether royalty and collaboration income can fund the pipeline without further capital, challenging the platform-utility narrative.
The bull case treats XmAb as a validated platform whose royalty stream and partner-funded development should self-fund growth, yet the data shows operating losses across most of the ten-quarter window despite Ultomiris and Monjuvi royalties. If partner milestones slip or a partner deprioritizes an XmAb program, the current cash position of $59.6M could become a binding constraint. Investors should monitor cash runway disclosures and any financing activity as the clearest test of whether the platform thesis holds without dilution.