Is the business good?
How good a business is XNCR?
Xencor, Inc. earns −27% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−27%
Return on invested capital · cost of capital 9.0% · 36 points below what the capital costs: growth destroys value
- Operating margin
- −218%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Share count, year on year
- +2.1%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 252%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −63% |
| FY2021 | 16% |
| FY2022 | −50% |
| FY2023 | −76% |
| FY2024 | −161% |
| FY2025 | −141% |
Details›
- Operating margin12 months to Q1 2026
- −218%
- Net margin12 months to Q1 2026
- −177%
- Free cash flow margin
- −194%
- R&D as % of revenue
- 252%
- Revenue, trailing twelve months
- $97M
- Free cash flow, trailing twelve months
- −$189M
- Net income, trailing twelve months
- −$172M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −27%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Biotechnology
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