XNCR Nasdaq Pharmaceutical Preparations Financials FY2016βFY2025
Xencor Inc had $126M of revenue in fiscal 2025, up 13.7% on the year before. Over five years, revenue changed +0.5% a year on average.
Last close Β· Oct 23, 2026
$25.18
2.6%Hi! I read Xencor Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+13.7%
Yes. Sales grew 13.7% last year.
Does it make a profit?
β73.2%
No. It lost money last year.
Does profit turn into cash?
β110.1%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 8
Weak. It passes 3 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Xencor Inc had $126M of revenue in fiscal 2025, up 13.7% on the year before. Over five years, revenue changed +0.5% a year on average. Its operating margin was β141.4%, up 20.1Β pts: of every 100 in sales, about β141 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Xencor Inc lost $91.9M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$138M in fiscal 2025, β110.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $3.9M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$3.9M
9 insiders
Of sales under plans
10%
$0.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 18, 2026 | Ellen FeigalDirector | Sold plan | 6,843 | $13.06 | $0.1M | Form 4 |
| Jun 15, 2026 | Richard J RanieriDirector | Sold plan | 5,474 | $12.31 | $0.1M | Form 4 |
| Jun 15, 2026 | Kurt A GustafsonDirector | Sold plan | 5,474 | $12.31 | $0.1M | Form 4 |
| Jun 15, 2026 | Kevin Charles GormanDirector | Sold plan | 7,527 | $12.31 | $0.1M | Form 4 |
| Jun 15, 2026 | Alan Bruce MontgomeryDirector | Sold plan | 5,064 | $12.31 | $0.1M | Form 4 |
| Apr 10, 2026 | Bart Jan CornelissenSr. Vice President & CFO | Sold | 3,499 | $12.29 | $0.0M | Form 4 |
| Mar 6, 2026 | Celia EckertSVP, General Counsel | Sold | 1,767 | $11.02 | $0.0M | Form 4 |
| Mar 6, 2026 | John R DesjarlaisSr. Vice President & Cso | Sold | 2,502 | $11.02 | $0.0M | Form 4 |
| Mar 6, 2026 | Bassil I DahiyatPresident & CEO, Director | Sold | 6,606 | $11.02 | $0.1M | Form 4 |
| Mar 5, 2026 | Celia EckertSVP, General Counsel | Sold | 3,244 | $11.25 | $0.0M | Form 4 |
| Mar 5, 2026 | John R DesjarlaisSr. Vice President & Cso | Sold | 4,118 | $11.25 | $0.0M | Form 4 |
| Mar 5, 2026 | Bassil I DahiyatPresident & CEO, Director | Sold | 14,870 | $11.25 | $0.2M | Form 4 |
| Mar 5, 2026 | Bart Jan CornelissenSr. Vice President & CFO | Sold | 2,517 | $11.25 | $0.0M | Form 4 |
| Mar 3, 2026 | Celia EckertSVP, General Counsel | Sold | 1,492 | $11.90 | $0.0M | Form 4 |
| Mar 3, 2026 | John R DesjarlaisSr. Vice President & Cso | Sold | 2,663 | $11.90 | $0.0M | Form 4 |
| Mar 3, 2026 | Bassil I DahiyatPresident & CEO, Director | Sold | 6,758 | $11.90 | $0.1M | Form 4 |
| Dec 19, 2025 | John R DesjarlaisSr. Vice President & Cso | Sold | 73,367 | $15.72 | $1.2M | Form 4 |
| Dec 19, 2025 | Bassil I DahiyatPresident & CEO, Director | Sold | 114,377 | $15.71 | $1.8M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Xencor Inc owes $65.7M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Xencor Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $143M | $53.9M | $53.8M | $40.9M | $54.1M |
| Debt incl. finance leases | β | $0.0M | $189M | $164M | $120M |
| Debt / equity | β | 0.0x | 0.3x | 0.2x | 0.2x |
| Interest coverage | 3,366.7x | β6,344.1x | β21.4x | β4.9x | β5.6x |
| Current ratio | 6.0x | 10.6x | 8.6x | 6.6x | 6.3x |
| Quick ratio | 6.0x | 10.6x | 8.6x | 6.6x | 6.3x |
| Total assets | $838M | $846M | $965M | $952M | $875M |
| Total liabilities | $105M | $119M | $303M | $278M | $240M |
| Shareholders' equity | $734M | $727M | $662M | $678M | $636M |
| Net debt (β = net cash) | β | β$53.9M | $136M | $123M | $65.7M |
KIRA Β· Its return on capital was β20.0%: every 100 invested in the business earned about β20 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Xencor Inc passes 3 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 7 | 1 / 7 | 6 / 7 | 2 / 7 | 4 / 7 | 4 / 7 | 1 / 8 | 2 / 8 | 3 / 8 |
| Accruals ratio | β11.7% | β1.2% | 1.9% | β6.0% | β9.4% | 12.9% | β9.5% | β6.1% | β3.2% | 4.7% |
| Altman Z'' | 2.52 | 4.31 | 10.18 | 11.59 | 6.99 | 9.37 | 9.21 | 3.60 | 2.27 | 2.23 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $109M | $46.2M | $40.6M | $157M | $123M | $275M | $165M | $175M | $110M | $126M |
| Net interest income | β | $4.2M | $9.1M | $13.6M | $7.3M | $0.8M | $4.8M | $19.3M | $31.9M | β |
| Research and development | $51.9M | $71.8M | $97.5M | $119M | $170M | $193M | $200M | $254M | $228M | $239M |
| Operating income | $44.0M | β$43.1M | β$79.4M | $13.8M | β$76.8M | $43.8M | β$82.5M | β$132M | β$178M | β$178M |
| Interest expense | $0.0M | $0.0M | $0.0M | β | β | $0.0M | $0.0M | $6.2M | $36.6M | $31.9M |
| Pretax income | $46.1M | β$38.9M | β$70.4M | $27.2M | β$69.3M | $82.6M | β$54.5M | β$120M | β$235M | β$89.6M |
| Income tax | $1.0M | β$0.5M | $0.0M | $0.3M | $0.0M | $0.0M | $0.7M | $13.7M | $1.6M | $2.5M |
| Net income | $45.1M | β$38.5M | β$70.4M | $26.9M | β$69.3M | $82.6M | β$55.2M | β$133M | β$233M | β$91.9M |
| Net income to common | $45.1M | β$38.5M | β$70.4M | $26.9M | β$69.3M | $82.6M | β$55.2M | β$133M | β$233M | β$91.9M |
| Diluted EPS | $1.07 | β$0.82 | β$1.31 | $0.46 | β$1.21 | $1.37 | β$0.93 | β$2.20 | β$3.58 | β$1.24 |
| Diluted shares | 0.04B | 0.05B | 0.05B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.07B | 0.07B |
| Cash flow | ||||||||||
| Cash from operations | $95.2M | β$33.6M | β$79.8M | $64.4M | β$5.0M | β$16.9M | $24.5M | β$77.9M | β$202M | β$135M |
| Capital expenditure | $1.5M | $5.3M | $7.2M | $7.4M | $10.5M | $13.3M | $38.5M | $18.4M | $6.1M | $3.2M |
| Free cash flow | $93.7M | β$38.9M | β$87.0M | $57.0M | β$15.5M | β$30.2M | β$14.0M | β$96.4M | β$208M | β$138M |
| Depreciation and amortization | $1.5M | $2.0M | $3.3M | $4.3M | $5.8M | $7.5M | $8.8M | $11.5M | $12.1M | $10.5M |
| Stock-based compensation | $7.8M | $13.7M | $20.5M | $31.9M | $31.6M | $37.0M | $48.9M | $53.8M | $53.3M | $43.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $130M | $224M | $294M | $530M | $164M | $143M | $53.9M | $53.8M | $40.9M | $54.1M |
| Total debt | β | β | β | β | β | β | $0.0M | $189M | $164M | $120M |
| Current assets | $142M | $231M | $316M | $558M | $638M | $424M | $675M | $636M | $578M | $600M |
| Current liabilities | $106M | $72.7M | $53.9M | $66.6M | $121M | $70.7M | $63.8M | $73.9M | $87.4M | $95.9M |
| Property and equipment, net | $3.1M | $7.1M | $11.8M | $15.8M | $21.7M | $28.2M | $59.2M | $66.1M | $59.8M | $53.3M |
| Intangible assets | $10.4M | $11.1M | $12.0M | $14.4M | $16.0M | $16.5M | $18.5M | $18.7M | $18.5M | $8.4M |
| Total assets | $429M | $390M | $577M | $670M | $703M | $838M | $846M | $965M | $952M | $875M |
| Total liabilities | $115M | $73.7M | $55.1M | $77.0M | $131M | $105M | $119M | $303M | $278M | $240M |
| Preferred stock | β | β | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | β |
| Shareholders' equity | $338M | $316M | $522M | $593M | $572M | $734M | $727M | $662M | $678M | $636M |
| Margins | ||||||||||
| Operating margin | 40.4% | β93.4% | β195.5% | 8.8% | β62.6% | 15.9% | β50.1% | β75.8% | β161.5% | β141.4% |
| EBITDA margin | 41.7% | β89.0% | β187.5% | 11.6% | β57.9% | 18.6% | β44.8% | β69.2% | β150.5% | β133.0% |
| Net margin | 41.4% | β83.4% | β173.4% | 17.2% | β56.5% | 30.0% | β33.5% | β76.2% | β210.5% | β73.2% |
| FCF margin | 86.0% | β84.3% | β214.2% | 36.4% | β12.7% | β11.0% | β8.5% | β55.2% | β188.5% | β110.1% |
| Net interest share of revenue | β | 9.1% | 22.4% | 8.7% | 5.9% | 0.3% | 2.9% | 11.1% | 28.9% | β |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β | β | β9.7% | β13.1% | β17.6% | β20.0% |
| Return on capital employed | 13.7% | β13.6% | β15.2% | 2.3% | β13.2% | 5.7% | β10.5% | β14.9% | β20.6% | β22.8% |
| Return on equity | 13.4% | β11.8% | β16.8% | 4.8% | β11.9% | 12.7% | β7.6% | β19.2% | β34.7% | β14.0% |
| Return on assets | 10.5% | β9.4% | β14.6% | 4.3% | β10.1% | 10.7% | β6.6% | β14.7% | β24.3% | β10.1% |
| Return on tangible equity | 13.8% | β12.6% | β13.8% | 4.6% | β12.5% | 11.5% | β7.8% | β20.7% | β35.3% | β14.7% |
| Growth | ||||||||||
| Revenue growth | β | β57.7% | β12.0% | 285.9% | β21.7% | 124.2% | β40.2% | 6.1% | β36.7% | 13.7% |
| Net income growth | β | β185.3% | β | β | β358.0% | β | β166.8% | β | β | β |
| EPS growth | β | β176.6% | β | β | β363.0% | β | β167.9% | β | β | β |
| FCF growth | β | β141.5% | β | β | β127.3% | β | β | β | β | β |
| Share count change | β | 10.4% | 15.2% | 8.4% | β2.1% | 5.7% | β1.4% | 1.4% | 7.5% | 14.1% |
| Financial health | ||||||||||
| Debt / equity | β | β | β | β | β | β | 0.0x | 0.3x | 0.2x | 0.2x |
| Interest coverage | 2,097.1x | β3,317.2x | β4,960.6x | β | β | 3,366.7x | β6,344.1x | β21.4x | β4.9x | β5.6x |
| Current ratio | 1.3x | 3.2x | 5.9x | 8.4x | 5.3x | 6.0x | 10.6x | 8.6x | 6.6x | 6.3x |
| Quick ratio | 1.3x | 3.2x | 5.9x | 8.4x | 5.3x | 6.0x | 10.6x | 8.6x | 6.6x | 6.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.4% | 11.5% | 17.8% | 4.7% | 8.6% | 4.8% | 23.4% | 10.6% | 5.5% | 2.5% |
| Stock comp / revenue | 7.2% | 29.6% | 50.6% | 20.3% | 25.8% | 13.4% | 29.7% | 30.8% | 48.2% | 34.4% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 1.0 | 6.0 | 2.0 | 4.0 | 4.0 | 1.0 | 2.0 | 3.0 |
| Altman Z'' | 2.5 | 4.3 | 10.2 | 11.6 | 7.0 | 9.4 | 9.2 | 3.6 | 2.3 | 2.2 |
| Accruals ratio | β11.7% | β1.2% | 1.9% | β6.0% | β9.4% | 12.9% | β9.5% | β6.1% | β3.2% | 4.7% |
Source: SEC EDGAR XBRL filings (CIK 0001326732). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
