Latest Ratios: P/E Ratio -12.0x · 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 | $1.1B | $1.1B | $1.5B | $1.3B | $1.6B | $2.4B | $2.5B | $2.0B | $2.0B | $1.0B | $1.1B |
| Enterprise Value | $1.2B | $1.3B | $1.7B | $1.3B | $1.6B | $2.3B | $2.3B | $2.0B | $1.9B | $1.0B | $1.1B |
| P/E Ratio → | -12.01 | — | — | — | — | 29.28 | — | 74.76 | — | — | 47.00 |
| P/S Ratio | 8.70 | 9.05 | 13.53 | 7.36 | 9.44 | 8.82 | 20.34 | 12.83 | 48.04 | 28.74 | 12.75 |
| P/B Ratio | 1.74 | 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% | 100.0% | 100.0% | 100.0% | 100.0% | -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 |
Critical Cash Runway Depletion
Based on current market data, Xencor trades at a price-to-sales ratio of 8.79, which appears to discount the inherent volatility of its milestone-driven revenue model while placing a heavy premium on the long-term potential of its proprietary XmAb platform relative to its clinical-stage biotechnology peers.
The lack of a meaningful P/E or EV/EBITDA multiple highlights that investors are currently valuing the firm as an R&D option rather than a cash-flow-generating entity. This valuation suggests that the market is heavily discounting the internal pipeline, potentially viewing the company's future success as contingent on external partnership validation rather than independent commercial execution.
As reported in recent financial statements, Xencor's ROIC has remained consistently negative, fluctuating around -5% in recent quarters, which indicates that the capital deployed into the XmAb platform has yet to generate returns exceeding the cost of capital required to sustain its aggressive clinical development programs.
The persistent negative ROIC is a structural byproduct of the company's heavy investment in late-stage oncology trials, which consume significant capital without immediate revenue offsets. Investors should monitor whether the pivot toward autoimmune indications can improve capital efficiency, as the current trend suggests a continued reliance on external financing to bridge the gap between R&D spend and commercial returns.
According to historical data, Xencor's asset turnover remains extremely low at approximately 0.03, reflecting a business model where the primary value resides in intangible intellectual property rather than the efficient utilization of tangible assets to drive recurring revenue streams through traditional manufacturing or distribution channels.
The extreme volatility in days sales outstanding, which has swung between 47 and 152 days, underscores the lumpy nature of milestone payments from partners. This lack of operational consistency makes traditional efficiency metrics less relevant, as the company's working capital cycle is dictated by partner-controlled clinical timelines rather than internal operational management.
Based on the 2026Q1 balance sheet, Xencor's current ratio of 6.57 appears superficially strong, yet this figure masks a rapid depletion of cash reserves, which fell to $14.2 million, suggesting that the company's liquidity position is increasingly vulnerable to its high-burn clinical trial commitments.
While the current ratio remains elevated, the absolute decline in cash indicates that the company may face a liquidity crunch in the near term. The reliance on debt as a tactical financing tool, rather than a stable capital source, warrants further investigation into the company's ability to secure additional funding without significant shareholder dilution.
Analysts frequently misapply traditional revenue growth metrics to Xencor, failing to account for the fact that top-line fluctuations are driven by lumpy milestone payments rather than organic product demand, which obscures the underlying sustainability of the company's royalty-generating business model in the face of high R&D costs.
Using year-over-year revenue growth as a proxy for operational success is misleading because it ignores the non-recurring nature of collaboration income. A more accurate assessment would involve isolating net royalty income from milestone payments to determine the true earning power of the XmAb platform, as this would provide a clearer view of the company's long-term viability.
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Quick answers to the most common questions about buying XNCR stock.
Xencor, Inc.'s current P/E ratio is -12.0x. 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 -12.0x. Compare with industry peers and growth rates for a complete picture.
Xencor, Inc. has 91.6% gross margin and -141.4% operating margin.