Immatics N.V.
IMTX Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2018โFY2025
Last close ยท Oct 23, 2026
$7.31
3.1%
Revenue
Total sales reported in the income statement.
โ
vs prior year
Operating margin
Operating income as a share of revenue.
โ
Net income
Profit after all expenses, interest and tax.
โ$222M
1,445.6%
Free cash flow
Cash from operations minus capital spending.
โ$207M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ
Market cap
Last close times the latest diluted share count, so it is approximate.
$894M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$1.82 EPS (TTM)
What Immatics N.V. does
No business description yet.
- Legal name
- Immatics N.V.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท Mar 5, 2026
- Accession ยท CIK
- 0001193125-26-092529
0001809196
Revenue and margins
Immatics N.V. had โ of revenue in fiscal 2025.
FY18
Revenue โ
FY19
Revenue โ
FY20
Revenue โ
FY21
Revenue โ
FY22
Revenue โ
FY23
Revenue โ
FY24
Revenue โ
FY25
Revenue โ
FY18
Gross โ
Operating โ
Net โ
FCF โ
FY19
Gross โ
Operating โ
Net โ
FCF โ
FY20
Gross โ
Operating โ
Net โ
FCF โ
FY21
Gross โ
Operating โ
Net โ
FCF โ
FY22
Gross โ
Operating โ
Net โ
FCF โ
FY23
Gross โ
Operating โ
Net โ
FCF โ
FY24
Gross โ
Operating โ
Net โ
FCF โ
FY25
Gross โ
Operating โ
Net โ
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income โ$37.1M
FY19
Net income โ$35.3M
FY20
Net income โ$241M
FY21
Net income โ$110M
FY22
Net income $29.1M
FY23
Net income โ$102M
FY24
Net income $16.5M
FY25
Net income โ$222M
Q2 '20
Net income โ$23.2M
Q2 '21
Net income โ$32.0M
Q2 '22
Net income โ$14.9M
Q2 '23
Net income โ$26.8M
Q1 '24
Net income โ$2.4M
Q2 '24
Net income โ$19.4M
Q3 '24
Net income โ$5.8M
Q4 '24
Net income $43.5M
Q2 '25
Net income โ$79.7M
FY18
Diluted EPS โ$1.12
FY19
Diluted EPS โ$1.06
FY20
Diluted EPS โ$5.02
FY21
Diluted EPS โ$1.75
FY22
Diluted EPS $0.42
FY23
Diluted EPS โ$1.28
FY24
Diluted EPS $0.15
FY25
Diluted EPS โ$1.82
Q2 '20
Diluted EPS โ$0.70
Q2 '21
Diluted EPS โ$0.51
Q2 '22
Diluted EPS โ$0.23
Q2 '23
Diluted EPS โ$0.35
Q1 '24
Diluted EPS โ$0.03
Q2 '24
Diluted EPS โ$0.18
Q3 '24
Diluted EPS โ$0.09
Q4 '24
Diluted EPS $0.45
Q2 '25
Diluted EPS โ$0.66
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital โ
Return on equity โ
Return on assets โ
FY19
Return on capital โ
Return on equity โ
Return on assets โ23.4%
FY20
Return on capital โ
Return on equity โ799.9%
Return on assets โ104.0%
FY21
Return on capital โ
Return on equity โ164.2%
Return on assets โ43.3%
FY22
Return on capital โ
Return on equity 23.9%
Return on assets 9.2%
FY23
Return on capital โ
Return on equity โ44.8%
Return on assets โ20.5%
FY24
Return on capital โ
Return on equity 3.9%
Return on assets 2.6%
FY25
Return on capital โ
Return on equity โ38.0%
Return on assets โ32.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$207M in fiscal 2025, โ of revenue. Cash from operations minus capital spending.
FY18
Free cash flow $23.9M
FY19
Free cash flow $77.0M
FY20
Free cash flow โ$100M
FY21
Free cash flow โ$106M
FY22
Free cash flow $99.2M
FY23
Free cash flow โ$13.6M
FY24
Free cash flow โ$189M
FY25
Free cash flow โ$207M
FY18
Cash from operations $24.4M
Capital spending $0.5M
FY19
Cash from operations $79.4M
Capital spending $2.4M
FY20
Cash from operations โ$92.0M
Capital spending $8.5M
FY21
Cash from operations โ$100M
Capital spending $6.0M
FY22
Cash from operations $105M
Capital spending $6.0M
FY23
Cash from operations $19.7M
Capital spending $33.3M
FY24
Cash from operations โ$171M
Capital spending $17.6M
FY25
Cash from operations โ$199M
Capital spending $7.4M
Cash from operations
Capital spending
Q2 '20
Cash from operations โ$17.9M
Capital spending โ
Q2 '21
Cash from operations โ
Capital spending โ
Q2 '22
Cash from operations โ
Capital spending โ
Q2 '23
Cash from operations โ
Capital spending โ
Q1 '24
Cash from operations โ$35.4M
Capital spending โ
Q2 '24
Cash from operations โ$35.8M
Capital spending โ
Q3 '24
Cash from operations โ$37.0M
Capital spending โ
Q4 '24
Cash from operations โ$62.4M
Capital spending โ
Q2 '25
Cash from operations โ
Capital spending โ
Cash from operations
Capital spending
Dividends, buybacks and share count
Immatics N.V. returned โ to shareholders in fiscal 2025. The diluted share count rose 14.6%.
FY18
Dividends โ
Buybacks โ
FY19
Dividends โ
Buybacks โ
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY18
Diluted shares 0.03B
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.06B
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.08B
FY24
Diluted shares 0.11B
FY25
Diluted shares 0.12B
Balance sheet
Cash, debt and the ratios that show how comfortably Immatics N.V. can carry it.
FY18
Cash $45.1M
Debt โ
FY19
Cash $116M
Debt โ
FY20
Cash $255M
Debt โ
FY21
Cash $151M
Debt โ
FY22
Cash $158M
Debt โ
FY23
Cash $241M
Debt โ
FY24
Cash $246M
Debt โ
FY25
Cash $406M
Debt โ
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $151M | $158M | $241M | $246M | $406M |
| Interest coverage | โ152.5x | 28.9x | โ122.4x | โ43.6x | โ192.4x |
| Current ratio | 1.6x | 3.5x | 2.9x | 9.3x | 11.7x |
| Quick ratio | 1.6x | 3.5x | 2.9x | 9.3x | 11.7x |
| Total assets | $198M | $435M | $564M | $723M | $661M |
| Total liabilities | $171M | $218M | $323M | $126M | $91.9M |
| Shareholders' equity | $27.3M | $217M | $240M | $597M | $569M |
| Net debt (โ = net cash) | โ | โ | โ | โ | โ |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 4 | โ / 6 | โ / 6 | โ / 6 | โ / 6 | โ / 6 | โ / 6 |
| Accruals ratio | โ | โ76.1% | โ64.3% | โ4.0% | โ24.1% | โ24.4% | 29.1% | โ3.2% |
| Altman Z'' | โ | โ4.88 | โ2.69 | โ11.20 | 1.81 | โ0.63 | 7.12 | 5.23 |
8 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Research and development | $40.1M | $44.9M | $76.5M | $104M | $112M | $128M | $160M | $207M |
| Operating income | โ$40.6M | โ$37.0M | โ$79.5M | โ$102M | $31.5M | โ$110M | โ$41.8M | โ$205M |
| Interest expense | $0.2M | $0.3M | $0.3M | $0.7M | $1.1M | $0.9M | $1.0M | $1.1M |
| Pretax income | โ$38.2M | โ$36.4M | โ$241M | โ$110M | $44.2M | โ$105M | $23.1M | โ$224M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $15.1M | โ$2.5M | $6.6M | โ$2.2M |
| Net income | โ$37.1M | โ$35.3M | โ$241M | โ$110M | $29.1M | โ$102M | $16.5M | โ$222M |
| Net income to common | โ$37.1M | โ$35.3M | โ$241M | โ$110M | $29.1M | โ$102M | โ | โ |
| Diluted EPS | โ$1.12 | โ$1.06 | โ$5.02 | โ$1.75 | $0.42 | โ$1.28 | $0.15 | โ$1.82 |
| Diluted shares | 0.03B | 0.03B | 0.05B | 0.06B | 0.07B | 0.08B | 0.11B | 0.12B |
| Cash flow | ||||||||
| Cash from operations | $24.4M | $79.4M | โ$92.0M | โ$100M | $105M | $19.7M | โ$171M | โ$199M |
| Capital expenditure | $0.5M | $2.4M | $8.5M | $6.0M | $6.0M | $33.3M | $17.6M | $7.4M |
| Free cash flow | $23.9M | $77.0M | โ$100M | โ$106M | $99.2M | โ$13.6M | โ$189M | โ$207M |
| Depreciation and amortization | $2.6M | $4.3M | $5.0M | $6.2M | $7.3M | $7.8M | $13.2M | $14.0M |
| Stock-based compensation | $1.6M | $0.8M | $0.1M | $31.2M | $23.7M | $22.4M | $19.1M | $16.9M |
| Balance sheet | ||||||||
| Cash and short-term investments | $45.1M | $116M | $255M | $151M | $158M | $241M | $246M | $406M |
| Current assets | โ | $139M | $293M | $172M | $402M | $497M | $654M | $592M |
| Current liabilities | โ | $77.8M | $95.1M | $108M | $114M | $173M | $70.6M | $50.5M |
| Property and equipment, net | โ | $5.3M | $9.7M | $11.9M | $14.4M | $48.3M | $52.3M | $49.5M |
| Intangible assets | โ | $1.1M | $1.1M | $1.5M | $1.7M | $1.7M | $1.7M | $1.9M |
| Total assets | โ | $151M | $312M | $198M | $435M | $564M | $723M | $661M |
| Total liabilities | โ | $198M | $205M | $171M | $218M | $323M | $126M | $91.9M |
| Shareholders' equity | โ$10.5M | โ$47.0M | $107M | $27.3M | $217M | $240M | $597M | $569M |
| Returns | ||||||||
| Return on capital employed | โ | โ50.6% | โ36.5% | โ113.3% | 9.8% | โ28.2% | โ6.4% | โ33.6% |
| Return on equity | โ | โ | โ799.9% | โ164.2% | 23.9% | โ44.8% | 3.9% | โ38.0% |
| Return on assets | โ | โ23.4% | โ104.0% | โ43.3% | 9.2% | โ20.5% | 2.6% | โ32.0% |
| Return on tangible equity | โ | โ | โ227.0% | โ428.4% | 13.5% | โ42.9% | 2.8% | โ39.1% |
| Growth | ||||||||
| Net income growth | โ | โ | โ | โ | โ | โ451.5% | โ | โ1,445.6% |
| EPS growth | โ | โ | โ | โ | โ | โ403.5% | โ | โ1,298.3% |
| FCF growth | โ | 222.3% | โ230.4% | โ | โ | โ113.7% | โ | โ |
| Share count change | โ | 0.0% | 45.0% | 31.1% | 9.4% | 17.0% | 32.6% | 14.6% |
| Financial health | ||||||||
| Interest coverage | โ213.7x | โ125.1x | โ241.2x | โ152.5x | 28.9x | โ122.4x | โ43.6x | โ192.4x |
| Current ratio | โ | 1.8x | 3.1x | 1.6x | 3.5x | 2.9x | 9.3x | 11.7x |
| Quick ratio | โ | 1.8x | 3.1x | 1.6x | 3.5x | 2.9x | 9.3x | 11.7x |
| Quality scores | ||||||||
| Altman Z'' | โ | โ4.9 | โ2.7 | โ11.2 | 1.8 | โ0.6 | 7.1 | 5.2 |
| Accruals ratio | โ | โ76.1% | โ64.3% | โ4.0% | โ24.1% | โ24.4% | 29.1% | โ3.2% |
Source: SEC EDGAR XBRL filings (CIK 0001809196). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in EUR under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only โ not investment advice. Check the original filings before relying on any figure.