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Xencor Inc key statistics and ratios

In fiscal 2025, Xencor Inc had return on equity of -14.0% and a net margin of -73.2%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin41.4%−83.4%−173.4%17.2%−56.5%30.0%−33.5%−76.2%−210.5%−73.2%−155.6%
Return on equity13.4%−11.8%−16.8%4.8%−11.9%12.7%−7.6%−19.2%−34.7%−14.0%−28.7%
Return on assets10.5%−9.4%−14.6%4.3%−10.1%10.7%−6.6%−14.7%−24.3%−10.1%−20.4%
Effective tax rate2.1%——1.1%—0.0%—————
R&D as % of revenue47.6%155.5%240.1%75.7%138.4%70.0%121.3%145.2%206.1%190.7%243.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Xencor Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Xencor Inc.