Latest Ratios: P/E Ratio -60.3x · 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 | $1.2B | $1.3B | $1.5B | $3.1B | $2.3B | $1.3B | — | — | — | — | — |
| P/E Ratio → | -60.26 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.46 | 5.87 | 5.95 | 16.92 | 18.09 | 55.53 | — | — | — | — | — |
| P/B Ratio | 4.22 | 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 | — | 4.45 | 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% | -473.7% | -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% | -59.9% | -33.1% | -10.7% |
| ROA | -2.5% | -2.5% | -5.5% | -8.8% | -9.3% | -44.2% | -33.4% | -47.1% | -31.2% | -24.7% | -8.4% |
| ROIC | -17.2% | -17.2% | -24.4% | -272.4% | -442.4% | — | — | -31597.3% | -312.2% | -94.7% | -142.9% |
| ROCE | -4.2% | -4.2% | -9.7% | -12.0% | -11.4% | -55.4% | -62.4% | -84.5% | -50.7% | -39.0% | -13.0% |
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 | 0.11 | 0.11 | 1.20 | 0.23 | 0.24 | 0.37 | 1.35 | 4.02 | 0.33 | 0.12 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.11 | -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 ($44M)
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 |
HLA-restricted market ceiling
Based on current market data, Immunocore trades at a price-to-sales multiple of 5.28, which suggests that investors are pricing in significant future growth from the ImmTAC platform rather than relying on the current, relatively modest revenue contribution from KIMMTRAK's niche orphan oncology indication.
The forward P/E of 258.63 indicates that the market expects a substantial earnings inflection as the company scales its pipeline. This valuation premium appears to be driven by the scarcity of validated TCR-based platforms, though it leaves little room for error regarding the clinical success of the PRAME program.
As reported in financial statements, the company's ROIC has struggled to maintain positive territory, frequently dipping into negative values such as -7.4% in 2024Q2, which highlights the ongoing challenge of generating sufficient returns on the heavy R&D investment required to sustain the ImmTAC platform.
The erratic ROE and ROIC trends suggest that the company is still in a capital-intensive phase where returns are highly sensitive to the timing of milestone payments. Investors should monitor whether the transition to larger solid tumor indications can drive a more consistent, positive return on invested capital.
According to recent quarterly filings, the cash conversion cycle has exhibited extreme volatility, swinging from -5651 days in 2023Q4 to -670 days in 2024Q2, which reflects the lumpy nature of collaboration revenue and the inherent difficulty in managing working capital for a commercial-stage biotech firm.
The high DIO and DPO figures suggest that inventory management and supplier payment terms are not the primary drivers of efficiency, but rather the timing of large, non-recurring milestone receipts. This makes traditional efficiency metrics less reliable for assessing the underlying operational health of the business.
Based on reported figures, Immunocore has successfully reduced its debt-to-equity ratio from 1.32 in 2024Q2 to 0.11 by 2026Q1, indicating a significant improvement in the company's balance sheet health and a reduced reliance on external financing to fund its ongoing clinical development programs.
The improved interest coverage ratio, which reached 2.39 in 2026Q1, suggests that the company is becoming more comfortable servicing its remaining debt obligations. This deleveraging trend provides a necessary buffer against potential volatility in future milestone-based cash inflows.
Investors frequently misapply the P/E ratio to Immunocore, as the company's current earnings are heavily distorted by lumpy milestone payments and massive R&D reinvestment, which obscures the underlying commercial viability of the KIMMTRAK product and the long-term value of the ImmTAC platform.
A more appropriate metric for this business model would be EV/Revenue or a risk-adjusted net present value of the pipeline, as the P/E ratio fails to account for the optionality inherent in early-stage clinical assets. Relying on P/E may lead to an inaccurate assessment of the company's true earning power.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying IMCR stock.
Immunocore Holdings plc's current P/E ratio is -60.3x. 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 -68.9%.
Based on historical data, Immunocore Holdings plc is trading at a P/E of -60.3x. 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.