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German biotech engineering T-cell receptor (TCR) bispecific drugs and cell therapies targeting cancer antigens like PRAME.
German biotech engineering T-cell receptor (TCR) bispecific drugs and cell therapies targeting cancer antigens like PRAME.
Has no approved product, so it lives on upfront and milestone payments from collaborations with large drug makers, plus share sales. Its main in-house programs target PRAME, a protein many tumours carry, while partners fund other candidates. Dutch-registered, with its research and operations based in Germany and the US.
Moat: narrow (IP / patents, process know-how). Proprietary TCR-discovery platform is licensed to multiple large pharma partners for milestones.
Headquarters: Tübingen, Germany · Founded: 2000 · Employees: 407
Size Immatics (IMTX) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $952M, the 2281st largest of 3,117 United States companies the cockpit tracks. Shares closed at $6.36 on 6 Nov 2026.
Performance Over six months the shares fell 44.1%, against -11.9% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue fell 65.4% over the last twelve months (peer median +2.4%); the operating margin is -555.6% (peer median 5.8%).
Valuation It trades at 10.7× enterprise value to sales against a peer median of 4.5× (3rd most expensive of 17).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $48.6M | $54.5M | $169M | $58.4M | $182M |
| Revenue growth | — | -68% | +189% | -68% | — |
| EBITDA | -$256M | -$197M | -$28.6M | -$103M | $38.8M |
| Net income | -$241M | -$222M | $16.5M | -$102M | $39.4M |
| Free cash flow | -$246M | -$207M | -$189M | -$13.6M | $99.2M |
| Capital expenditure | $4.50M | $7.68M | $17.8M | $33.5M | $6.53M |
| Total debt | $16.7M | $18.4M | $18.6M | $38.0M | $33.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Immatics IMTX | $952M | -44% | -65% | -556% | 10.7× | n/a |
| Immunocore Holdings Plc Shs Sponsored American Depositary Shares Repr 1 Sh IMCR | $1.60B | +5% | +20% | -5% | 2.7× | n/a |
| Iovance Biotherapeutics IOVA | $3.64B | +64% | +35% | -91% | 10.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IMTX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.7% | -7.3% | 5th lowest of 20 |
| 6-month return | -44.1% | -11.9% | 2nd lowest of 20 |
| Distance from 52-week high | -48.8% | -30.1% | 3rd lowest of 21 |
| Revenue growth (TTM) | -65.4% | +2.4% | lowest of 18 |
| Operating margin | -555.6% | 5.8% | lowest of 18 |
| EV / Sales | 10.7× | 4.5× | 3rd most expensive of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Immatics IMTX | United States | $952M | -44% | -65% | -556% | 10.7× | n/a | n/a |
| Northeast Pharmaceutical 000597.SZ | China | $948M | -10% | -6% | 3% | 1.0× | -6.8% | -0.7% |
| City Therapeutics CTY | United States | $944M | n/a | +388% | -442% | n/a | n/a | n/a |
| Hunan Warrant Pharmaceutical 688799.SS | China | $942M | -20% | +5% | 9% | 4.7× | n/a | n/a |
| Procter & Gamble Health PGHL.NS | India | $971M | +4% | +13% | 31% | 6.3× | 5.5% | +9.3% |
| Nxera Pharma 4565.T | Japan | $932M | +63% | +24% | 14% | 5.1× | 16.2% | +27.3% |
| Kissei Pharmaceutical 4547.T | Japan | $973M | -16% | +6% | 6% | 1.1× | n/a | n/a |
| Strides Pharma Science STAR.NS | India | $973M | -13% | +11% | 14% | 2.1× | 18.1% | +7.8% |
| Jiangsu Yahong Meditech 688176.SS | China | $973M | -12% | +15% | -172% | 17.8× | n/a | n/a |
| GuangYuYuan Chinese Herbal Medicine 600771.SS | China | $930M | -24% | -6% | 5% | 4.4× | 33.2% | +4.2% |
| Dezhan Healthcare 000813.SZ | China | $928M | -18% | -10% | -121% | 15.8× | n/a | n/a |
| MoonLake Immunotherapeutics MLTX | United States | $981M | -32% | n/a | n/a | n/a | n/a | n/a |
| Zhejiang Garden Biopharmaceutical 300401.SZ | China | $983M | -7% | +2% | 24% | 5.5× | 10.2% | +13.4% |
| SSY 2005.HK | Hong Kong | $990M | +10% | -4% | 12% | 2.3× | 2.1% | -0.5% |
| Oric Pharmaceuticals ORIC | United States | $914M | 0% | n/a | n/a | n/a | n/a | n/a |
| Savara SVRA | United States | $992M | -8% | n/a | n/a | n/a | n/a | n/a |
| Bide Pharmatech 688073.SS | China | $912M | +5% | +10% | 19% | 3.6× | 16.7% | +27.7% |
| Hunan Er-Kang Pharmaceutical 300267.SZ | China | $909M | -33% | -14% | -29% | 5.2× | n/a | n/a |
| Wanbangde Pharmaceutical 002082.SZ | China | $909M | -65% | -11% | -3% | 5.9× | -1.2% | -39.5% |
| Guizhou Bailing Group Pharmaceutical 002424.SZ | China | $907M | -12% | -25% | 2% | 2.9× | 16.2% | -0.2% |
| Harbin Gloria Pharmaceuticals 002437.SZ | China | $999M | -15% | -16% | 13% | 3.0× | 8.8% | -6.9% |