Loading…
Engineers antibody drugs using its Xtend and bispecific technology, licensed to pharma partners and developed internally.
Engineers antibody drugs using its Xtend and bispecific technology, licensed to pharma partners and developed internally.
Collects royalties on partners' approved drugs that use its Xtend technology, which keeps antibodies in the blood longer, such as Ultomiris from AstraZeneca's Alexion and Monjuvi from Incyte, plus milestone payments on others. It spends that cash on its own cancer and autoimmune antibody drugs.
Moat: narrow (IP / patents, process know-how). Widely licensed Xtend antibody engineering technology embedded in multiple approved partner drugs generates royalties.
Headquarters: Pasadena, California, US · Founded: 1997 · Employees: 260
Size Xencor (XNCR) is a United States Health Care company (Biotechnology) with a market value of $2.66B, the 1615th largest of 3,117 United States companies the cockpit tracks. Shares closed at $35.75 on 6 Nov 2026.
Performance Over six months the shares gained 178.0%, against -9.1% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue fell 28.6% over the last twelve months (peer median +0.3%); the operating margin is -205.8% (peer median -8.1%).
Valuation It trades at 22.6× enterprise value to sales against a peer median of 10.3× (5th most expensive of 18).
Capital Return on invested capital runs 87.3 points below its cost of capital (8.6% WACC).
Short interest Short interest is 16.5% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $105M | $126M | $110M | $175M | $165M |
| Revenue growth | — | +14% | -37% | +6% | — |
| Gross profit | $94.8M | $115M | $98.4M | $163M | $156M |
| EBITDA | -$206M | -$167M | -$166M | -$121M | -$72.2M |
| Net income | -$163M | -$91.9M | -$233M | -$133M | -$55.2M |
| Free cash flow | -$208M | -$138M | -$208M | -$96.4M | -$14.0M |
| Capital expenditure | $2.47M | $3.15M | $9.51M | $21.3M | $43.4M |
| Total debt | $170M | $188M | $232M | $252M | $59.6M |
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 |
|---|---|---|---|---|---|---|
| Xencor XNCR | $2.66B | +178% | -29% | -206% | 22.6× | n/a |
| Amgen AMGN | $249B | +40% | +9% | 36% | 7.4× | 1.8% |
| Genmab A/S GMAB.CO | $32.1B | +115% | +14% | 32% | 9.0× | 11.6% |
| Zymeworks ZYME | $2.10B | +24% | -70% | -419% | 56.6× | n/a |
| Janux Therapeutics JANX | $1.08B | +24% | +5,367% | -598% | 5.3× | n/a |
| Immunocore Holdings Plc Shs Sponsored American Depositary Shares Repr 1 Sh IMCR | $1.60B | +5% | +20% | -5% | 2.7× | 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 | XNCR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +45.9% | -4.6% | 2nd highest of 21 |
| 6-month return | +178.0% | -9.1% | highest of 20 |
| Distance from 52-week high | -2.0% | -33.2% | 3rd highest of 21 |
| Revenue growth (TTM) | -28.6% | +0.3% | 6th lowest of 18 |
| Operating margin | -205.8% | -8.1% | 5th lowest of 17 |
| EV / Sales | 22.6× | 10.3× | 5th most expensive of 18 |
| ROIC minus cost of capital | -87.3 pp | -5.7 pp | 2nd lowest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xencor XNCR | United States | $2.66B | +178% | -29% | -206% | 22.6× | n/a | n/a |
| Hebei Changshan Biochemical Pharmaceutical 300255.SZ | China | $2.68B | -52% | 0% | -25% | 21.9× | n/a | n/a |
| Walvax Biotechnology 300142.SZ | China | $2.71B | -12% | -23% | 5% | 10.3× | 31.3% | -3.8% |
| Arcus Biosciences RCUS | United States | $2.59B | -28% | -55% | -415% | 17.1× | n/a | n/a |
| Beam Therapeutics BEAM | United States | $2.73B | -18% | +163% | -268% | 13.2× | n/a | n/a |
| Evopoint Biosciences 688837.SS | China | $2.58B | n/a | n/a | n/a | 67.9× | n/a | n/a |
| Xiamen Amoytop Biotech 688278.SS | China | $2.76B | -23% | +18% | 27% | 4.7× | 0.5% | +36.0% |
| Xeris Biopharma XERS | United States | $2.77B | +133% | +36% | 11% | 8.8× | 33.3% | +70.2% |
| Palvella Therapeutics PVLA | United States | $2.53B | +45% | -100% | n/a | n/a | n/a | n/a |
| ADMA Biologics ADMA | United States | $2.85B | +56% | +8% | 42% | 5.7× | -0.8% | +64.6% |
| Sunshine Lake Pharma 6887.HK | Hong Kong | $2.85B | -9% | +20% | -3% | 6.1× | n/a | n/a |
| MBX Biosciences MBX | United States | $2.47B | +25% | n/a | n/a | n/a | n/a | n/a |
| Rubicon Research RUBICON.NS | India | $2.91B | +74% | +37% | 21% | 14.2× | n/a | n/a |
| Zai Lab 9688.HK | Hong Kong | $2.92B | +13% | +5% | -59% | 5.5× | n/a | n/a |
| Pharvaris PHVS | United States | $2.41B | +14% | n/a | n/a | n/a | n/a | n/a |
| Bavarian Nordic A/S BAVA.CO | Denmark | $2.93B | +27% | -3% | 16% | 2.8× | -2.0% | +27.4% |
| BGI Genomics 300676.SZ | China | $2.39B | -4% | 0% | -14% | 3.7× | n/a | n/a |
| Celldex Therapeutics CLDX | United States | $2.35B | -12% | -97% | -206,220% | 10,375.3× | n/a | n/a |
| Caliway Biopharmaceuticals 6919.TW | Taiwan | $3.01B | -37% | -54% | -6,983% | 6,237.3× | n/a | n/a |
| Zealand Pharma A/S ZEAL.CO | Denmark | $2.32B | -32% | -49% | 51% | 0.3× | n/a | n/a |
| HLB 028300.KS | South Korea | $3.06B | -49% | +29% | -96% | 45.9× | n/a | n/a |