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Xencor Inc (XNCR) stock

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NASDAQ: XNCR Nasdaq Biotechnology Next results ~November 4, 2026

C Fundamentals grade

Xencor Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Xencor Inc is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Xencor Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 9 selling0 purchases and 18 sales by directors and officers, last 12 monthsInsider trades
  • Funds113 adding, 80 cuttingOf 40 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Xencor files

Where Xencor stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $105m, down 28.6% on a year earlier, a steeper fall than the 23.5% decline a quarter earlier. That puts it 42 of 49 for growth among the biotechnology companies we cover. Free-cash-flow margin fell to -198.4% from -92.1% a year earlier. Operating margin narrowed to -205.8% from -98.5%. The diluted share count is up 5.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 3 of our 6 financial-health checks.

Our model value for Xencor is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Xencor Inc's trailing-twelve-month revenue fell 28.6% year on year, with a free-cash-flow margin of -198.4%. Where it lags: days sales outstanding of 147 days ranks 85 of 100 biotechnology companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 53.9% while net income grew 4.5%: a 58pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Xencor Inc's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 28.6% over the last 12 months.
  • Growth slowing. The growth rate is 5.1 points lower than a quarter earlier.
  • Loss-making. Operating margin is -205.8%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 107.3 points on a year ago.
  • Burning cash. Free cash flow was -198.4% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 37.2% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
-$0.29 against an average estimate of -$0.84: beat by 65.6%
Revenue
$51m, up 17.5% on a year earlier
Share reaction
+19.1% in the first session after the results on October 26, 2026, against +1.3% for the S&P 500
Next report
November 4, 2026; average EPS estimate -$0.34

Xencor's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.5%
  • 1 week+1.6%
  • 1 month+19.4%
  • This year+93.7%
  • 1 year+101.6%
  • 5 years-31.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$105M
Operating margin
-205.8%
Net margin
-155.6%
EPS (TTM, diluted)
$-2.18

Growth

Revenue growth
−28.6%
Change in growth rate
−5.1 pts
Share count change
+5.2%

Cash

Free cash flow (TTM)
-$208M
FCF margin
-198.4%
Stock pay % of revenue
37.2%

Earnings

Last results
October 26, 2026
Next results (est.)
January 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Xencor Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Xencor Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$5.0 ~$5.1–$19 Left out: out of range vs price (0.17x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Xencor Inc with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$26.32$21.92$36.16$34.39$43.63$40.12$26.04$21.23$22.98$15.31$29.66
Market value$1.1bn$1.0bn$2.0bn$2.0bn$2.5bn$2.4bn$1.6bn$1.3bn$1.5bn$1.1bn$2.2bn
+ Net debt (− = net cash)−$15m−$17m−$26m−$50m−$164m−$143m−$54m$136m$123m$66m$60m
Enterprise value$1.1bn$1.0bn$1.9bn$2.0bn$2.3bn$2.3bn$1.5bn$1.4bn$1.6bn$1.2bn$2.3bn
Multiples
Price / sales 10.2x22.2x48.0x12.8x20.3x8.8x9.4x7.4x13.5x9.1x21.2x
Price / earnings 24.7x——74.8x—29.4x—————
Price / free cash flow 11.9x——35.3x———————
EV / EBITDA 24.2x——108.2x—44.6x—————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

11 /100

Weak moat

How hard Xencor's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -12.2% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -101.1%; its worst year was -205.8%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 8 years, at a median -83.1% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 28.7% over five years; stock-based pay has been a median 34.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (16 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $63m and EPS of −$0.34 (range −$1.21 to $0.22) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$3.07 −148% $149m +19%
Next −$3.54 −15% $121m −19%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −23.8% on 90 days ago. In the last 30 days, 9 analysts raised Xencor Inc's forecast and 2 cut it.

Consensus EPS forecast Xencor Inc, last 90 days
−$6.00 −$4.00 −$2.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$4.03 Current fiscal year, 60 days ago: −$3.11 Current fiscal year, 30 days ago: −$3.15 Current fiscal year, 7 days ago: −$3.15 Current fiscal year, Now: −$3.07 −$3.07 Next fiscal year, 90 days ago: −$3.55 Next fiscal year, 60 days ago: −$3.49 Next fiscal year, 30 days ago: −$3.55 Next fiscal year, 7 days ago: −$3.56 Next fiscal year, Now: −$3.54 −$3.54

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$4.03−$3.55
60 days ago −$3.11−$3.49
30 days ago −$3.15−$3.55
7 days ago −$3.15−$3.56
Now −$3.07−$3.54

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.84 −$0.29 +65.6%
Mar 2026 −$0.75 −$1.71 −129.0%
Dec 2025 −$0.58 −$0.09 +84.6%
Sept 2025 −$0.70 −$0.08 +88.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

14 analysts, Oct 2026
Buy1286%
Hold214%
Sell00%

Monthly trend

  1. Oct 202639214
  2. Sep 202639214
  3. Aug 202639214
  4. Jul 202639214

Counts of recommendations published by analysts covering Xencor Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
23.4%
of tradable shares
Days to cover
8.09
at average volume
Short interest, 1 month
−22%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
260
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +101.6%

$14.71 on October 31, 2025 to $29.66

ThenNowEffect
Revenue (last 12 months) $147m $105m −28.6%
P/S multiple 7.1x 21.2x +197.0%
Share count 71m 75m −5.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +60.8%

$18.45 on November 3, 2023 to $29.66

ThenNowEffect
Revenue (last 12 months) $113m $105m −7.4%
P/S multiple 9.7x 21.2x +119.4%
Share count 59m 75m −20.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
XNCR−8%−35%−19%+8%−33%+94%
Industry peers (median)−36%−57%−17%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
XNCR42%33%33%50%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
XNCR−43%−53%−55%−41%−71%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 87% from February 8, 2021 to August 11, 2025. Getting back needed a 670% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$10.41 – $29.99
From 52-week high
−1.1%
vs 50-day average
+15.1%
vs 200-day average
+74.1%
Volatility (1 year)
64%
Beta vs S&P 500
1.10

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±7.4%
After a week
5 up, 7 down
typical move ±7.0%
After a month
7 up, 4 down
typical move ±20.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 26, 2026 +19.1% +1.3% +17.8% —
August 5, 2026 +0.4% −0.4% +16.4% +33.6%
July 29, 2026 +7.6% +0.1% −0.7% +44.6%
May 6, 2026 −4.2% +1.1% −3.7% −8.4%
February 25, 2026 +14.7% +0.3% +7.9% +4.2%
January 8, 2026 −7.1% +0.7% −11.6% −20.2%
November 5, 2025 +2.2% −0.7% +5.0% +26.3%
August 6, 2025 −7.9% +0.7% −2.9% +7.5%
May 7, 2025 +3.9% +1.1% −3.8% +14.1%
February 27, 2025 +6.8% −0.1% −3.7% −21.9%
January 13, 2025 −7.3% +0.3% −0.8% −21.3%
November 6, 2024 +7.7% +3.3% +9.7% +17.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Xencor Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Xencor Inc
$80M $100M $120M $140M $160M $180M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $145.3M Revenue (TTM), FY23 Q4: $174.6M Revenue (TTM), FY24 Q1: $171.7M Revenue (TTM), FY24 Q2: $150M Revenue (TTM), FY24 Q3: $108.7M Revenue (TTM), FY24 Q4: $110.5M Revenue (TTM), FY25 Q1: $127.2M Revenue (TTM), FY25 Q2: $146.9M Revenue (TTM), FY25 Q3: $150.1M Revenue (TTM), FY25 Q4: $125.6M Revenue (TTM), FY26 Q1: $97.4M Revenue (TTM), FY26 Q2: $105M $105M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $145.3M
FY23 Q4 $174.6M
FY24 Q1 $171.7M
FY24 Q2 $150M
FY24 Q3 $108.7M
FY24 Q4 $110.5M
FY25 Q1 $127.2M
FY25 Q2 $146.9M
FY25 Q3 $150.1M
FY25 Q4 $125.6M
FY26 Q1 $97.4M
FY26 Q2 $105M
Revenue growth, TTM YoY Xencor Inc
-100% -50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -51.1% Revenue growth, TTM YoY, FY23 Q4: 6.1% Revenue growth, TTM YoY, FY24 Q1: 75.1% Revenue growth, TTM YoY, FY24 Q2: 32.3% Revenue growth, TTM YoY, FY24 Q3: -25.2% Revenue growth, TTM YoY, FY24 Q4: -36.7% Revenue growth, TTM YoY, FY25 Q1: -25.9% Revenue growth, TTM YoY, FY25 Q2: -2.1% Revenue growth, TTM YoY, FY25 Q3: 38.2% Revenue growth, TTM YoY, FY25 Q4: 13.7% Revenue growth, TTM YoY, FY26 Q1: -23.5% Revenue growth, TTM YoY, FY26 Q2: -28.6% -28.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -51.1%
FY23 Q4 6.1%
FY24 Q1 75.1%
FY24 Q2 32.3%
FY24 Q3 -25.2%
FY24 Q4 -36.7%
FY25 Q1 -25.9%
FY25 Q2 -2.1%
FY25 Q3 38.2%
FY25 Q4 13.7%
FY26 Q1 -23.5%
FY26 Q2 -28.6%
Operating margin (TTM) Xencor Inc
-300% -200% -100% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -101.6% Operating margin (TTM), FY23 Q4: -75.8% Operating margin (TTM), FY24 Q1: -73.6% Operating margin (TTM), FY24 Q2: -103.7% Operating margin (TTM), FY24 Q3: -177.2% Operating margin (TTM), FY24 Q4: -161.5% Operating margin (TTM), FY25 Q1: -131.2% Operating margin (TTM), FY25 Q2: -98.5% Operating margin (TTM), FY25 Q3: -91.3% Operating margin (TTM), FY25 Q4: -141.4% Operating margin (TTM), FY26 Q1: -217.9% Operating margin (TTM), FY26 Q2: -205.8% -205.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -101.6%
FY23 Q4 -75.8%
FY24 Q1 -73.6%
FY24 Q2 -103.7%
FY24 Q3 -177.2%
FY24 Q4 -161.5%
FY25 Q1 -131.2%
FY25 Q2 -98.5%
FY25 Q3 -91.3%
FY25 Q4 -141.4%
FY26 Q1 -217.9%
FY26 Q2 -205.8%
FCF margin (TTM) Xencor Inc
-200% -150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -101.9% FCF margin (TTM), FY23 Q4: -55.2% FCF margin (TTM), FY24 Q1: -65.2% FCF margin (TTM), FY24 Q2: -93.5% FCF margin (TTM), FY24 Q3: -128.5% FCF margin (TTM), FY24 Q4: -188.5% FCF margin (TTM), FY25 Q1: -132.8% FCF margin (TTM), FY25 Q2: -92.1% FCF margin (TTM), FY25 Q3: -91.2% FCF margin (TTM), FY25 Q4: -110.1% FCF margin (TTM), FY26 Q1: -194.0% FCF margin (TTM), FY26 Q2: -198.4% -198.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -101.9%
FY23 Q4 -55.2%
FY24 Q1 -65.2%
FY24 Q2 -93.5%
FY24 Q3 -128.5%
FY24 Q4 -188.5%
FY25 Q1 -132.8%
FY25 Q2 -92.1%
FY25 Q3 -91.2%
FY25 Q4 -110.1%
FY26 Q1 -194.0%
FY26 Q2 -198.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 109 46 41 157 123 275 165 175 110 126 105
EBITDA 46 −41 −76 18 −71 51 −74 −121 −166 −167 −206
Operating income 44 −43 −79 14 −77 44 −82 −132 −178 −178 −216
Net income 45 −38 −70 27 −69 83 −55 −133 −233 −92 −163
Diluted EPS $1.07 −$0.82 −$1.31 $0.46 −$1.21 $1.37 −$0.93 −$2.20 −$3.58 −$1.24 −$2.18
Growth (year on year)
Revenue — −57.7% −12.0% +285.9% −21.7% +124.2% −40.2% +6.1% −36.7% +13.7% −28.6%
EBITDA — −190.3% — — −491.8% — −243.7% — — — —
Operating income — −197.9% — — −655.5% — −288.4% — — — —
Net income — −185.3% — — −358.0% — −166.8% — — — —
Diluted EPS — −176.6% — — −363.0% — −167.9% — — — —
Margins
EBITDA margin 41.7% −89.0% −187.5% 11.6% −57.9% 18.6% −44.8% −69.2% −150.5% −133.0% −196.5%
Operating margin 40.4% −93.4% −195.5% 8.8% −62.6% 15.9% −50.1% −75.8% −161.5% −141.4% −205.8%
Net margin 41.4% −83.4% −173.4% 17.2% −56.5% 30.0% −33.5% −76.2% −210.5% −73.2% −155.6%
Free-cash-flow margin 86.0% −84.3% −214.2% 36.4% −12.7% −11.0% −8.5% −55.2% −188.5% −110.1% −198.4%
Cash flow
Cash from operations 95 −34 −80 64 −5 −17 24 −78 −202 −135 −206
Capital spending 2 5 7 7 11 13 38 18 6 3 2
Free cash flow 94 −39 −87 57 −16 −30 −14 −96 −208 −138 −208
Stock-based pay 8 14 21 32 32 37 49 54 53 43 39
Free cash flow after stock pay 86 −53 −108 25 −47 −67 −63 −150 −262 −181 −247
Balance sheet
Cash 15 17 26 50 164 143 54 54 41 54 45
Total debt 0 0 0 0 0 0 0 189 164 120 105
Net debt (negative = net cash) −15 −17 −26 −50 −164 −143 −54 136 123 66 60
Diluted shares 42m 47m 54m 58m 57m 60m 60m 61m 65m 74m 75m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $725m
Short-term assets $523mLonger-term assets $202m
What it owes, and who funded it · $725m
Short-term liabilities $82mLonger-term liabilities $140mShareholders' equity $503m
  • Short-term assets cover short-term liabilities $523m of assets due within a year against $82m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $523m short-term assets against $140m of longer-dated liabilities.
  • More cash than debt $45m of cash against $105m of debt.
  • Debt below 40% of shareholders' equity Debt is 21% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$206m of operating cash flow against $105m of debt.
  • Operating profit covers interest at least five times over Operating income of −$216m against $27m of interest.

From Xencor Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+5.2%
year over year
R&D spending
243.6%
of revenue
Days sales outstanding
147 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated XNCR KYMR SEPN AGIO SPRY RCUS Median
Revenue, last 12 months $105m $102m $99m $98m $117m $117m $56m
Revenue growth, last 12 months −28.6% 133.8% >999% 140.6% 4.1% −55.3% 12.6%
Revenue growth, 3-year average −2.5% 29.7% — 69.6% 711.3% −1.1% 13.7%
Revenue growth, latest quarter 17.5% −100.0% >999% 259.3% 114.2% −74.4% 10.2%
Gross margin — 0.0% — 92.0% — — 82.9%
Operating margin −205.8% −396.0% −44.0% −466.8% −185.0% −415.4% −189.4%
Operating margin, 3-year average −136.0% −461.5% <−999% −963.3% <−999% −221.0% −363.5%
Net margin −155.6% −341.8% −24.5% −418.2% −184.2% −393.2% −169.8%
Cash from operations / revenue −196.1% −281.3% 107.2% −366.7% −168.0% −405.1% −168.0%
Free-cash-flow margin −198.4% −282.6% 106.3% −371.4% −168.1% −406.0% −162.4%
Free-cash-flow margin, 3-year average −128.0% −326.1% — −784.8% <−999% −214.9% −310.0%
Stock pay / revenue 37.2% 66.7% 16.5% 59.0% 26.7% 53.8% 20.0%
Change in share count 5.2% 17.6% — 0.4% −3.9% 22.7% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth -28.6% 12.6% 129 of 172
Change in growth rate Growth -5.1pp -0.1pp 104 of 172
Operating margin Profitability -205.8% -189.4% 94 of 175
Net margin Profitability -155.6% -157.3% 89 of 180
Free-cash-flow margin Cash generation -198.4% -145.4% 101 of 176
Stock pay as % of revenue Cash generation 37.2% 19.2% 108 of 179
Long-term debt as % of assets Balance sheet 10.7% 20.6% 27 of 78
Change in share count Balance sheet 5.2% 7.9% 69 of 156
Days sales outstanding Balance sheet 147 days 75 days 85 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Royalty $80.3M 63.9% ▲ 18.9%
Milestone $45.3M 36.1% ▲ 31.3%
Licenses $0 0.0% ▼ 100.0%
Collaboration $0 0.0% —

From Xencor Inc's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.4B
Institutions reporting
207
Shares held vs prior quarter
▼ 0.3%
Positions opened / closed
30 / 24

Top buyers and sellers, Q2 2026: 113 institutions bought and 80 sold ; the biggest buyer was Price T Rowe Associates Inc (+796K shares) and the biggest seller Ecor1 Capital, LLC (−2.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $220M 13.7M 16.2% ▲ 4.7%
Primecap Management Co $164M 10.2M 12.1% ▼ 1.5%
Bvf Inc $115M 7.1M 8.5% 0.0%
RTW Investments, LP $109M 6.8M 8.0% 0.0%
RA Capital Management, L.P. $84.9M 5.3M 6.3% ▲ 7.7%
State Street Corp $79.8M 5.0M 5.9% ▲ 13.8%
Vanguard Capital Management LLC $52.8M 3.3M 3.9% ▲ 5.7%
Tcg Crossover Management, LLC $39.5M 2.5M 2.9% 0.0%
Price T Rowe Associates Inc $37.9M 2.4M 2.8% ▲ 51.0%
Vanguard Portfolio Management LLC $35.7M 2.2M 2.6% ▼ 36.7%
Geode Capital Management, LLC $30.9M 1.9M 2.3% ▲ 5.8%
Morgan Stanley $28.2M 1.8M 2.1% ▲ 12.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Xencor Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.9M 18 trades by 9 insiders · 10% under pre-set plans
Net ▼ $3.9M net selling
Insider Date Trade Shares Price Value
Feigal Ellen Director June 18, 2026 Sell pre-set plan 6,843 $13.06 $89,370
Montgomery Alan Bruce Director June 15, 2026 Sell pre-set plan 5,064 $12.31 $62,338
Ranieri Richard J Director June 15, 2026 Sell pre-set plan 5,474 $12.31 $67,385
Gustafson Kurt A Director June 15, 2026 Sell pre-set plan 5,474 $12.31 $67,385
Gorman Kevin Charles Director June 15, 2026 Sell pre-set plan 7,527 $12.31 $92,657
Cornelissen Bart Jan SR. VICE PRESIDENT & CFO April 10, 2026 Sell 3,499 $12.29 $43,003
Dahiyat Bassil I PRESIDENT & CEO March 6, 2026 Sell 6,606 $11.02 $72,798
Eckert Celia SVP, GENERAL COUNSEL March 6, 2026 Sell 1,767 $11.02 $19,472
Desjarlais John R SR. VICE PRESIDENT & CSO March 6, 2026 Sell 2,502 $11.02 $27,572
Dahiyat Bassil I PRESIDENT & CEO March 5, 2026 Sell 14,870 $11.25 $167,288
Cornelissen Bart Jan SR. VICE PRESIDENT & CFO March 5, 2026 Sell 2,517 $11.25 $28,316
Eckert Celia SVP, GENERAL COUNSEL March 5, 2026 Sell 3,244 $11.25 $36,495

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 11, 2027 estimated from the company's past filing pattern, not announced

  • October 26, 2026
  • August 5, 2026
  • July 29, 2026
  • May 6, 2026
  • February 25, 2026
  • January 8, 2026

Recent SEC filings

Data status

When each part of this page on Xencor Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Xencor Inc in brief

What does Xencor Inc do?
Xencor Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Xencor Inc's stock ticker?
Xencor Inc trades under the ticker XNCR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Xencor Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Xencor Inc reported revenue of $105M, 28.6% lower than a year earlier, according to its SEC filings.
What is Xencor Inc's free cash flow?
Xencor Inc's free-cash-flow margin is -198.4% of revenue over the trailing twelve months, ranking 101 of the 176 biotechnology companies we cover.
Who are Xencor Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Primecap Management Co and Bvf Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Xencor Inc's market cap?
On November 2, 2026, Xencor Inc's market capitalisation was about $2.2B and net debt of $60.2M. Market figures come from third-party market data and may be delayed.
How much debt does Xencor Inc have?
Xencor Inc's debt-to-equity ratio is 20.8%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Xencor Inc's competitors?
In our Biotechnology peer group, the companies closest to Xencor Inc are Kymera Therapeutics, Inc., Septerna, Inc., Agios Pharmaceuticals, Inc., ARS Pharmaceuticals, Inc. and Arcus Biosciences, Inc. The side-by-side comparison below sets their revenue, margins and growth against Xencor Inc's.
Are insiders buying or selling Xencor Inc stock?
Over the last 12 months, Xencor Inc's directors and officers reported 0 open-market purchases and 18 sales on Form 4. The insider trading page charts every trade.
When is Xencor Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Xencor Inc announces its own schedule.