IBRXImmunityBio, Inc.
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is IBRX?
ImmunityBio, Inc. spent more than it took in: an operating loss of $252M on $166M of revenue, 12 months to Q2 2026.
Operating loss · on $166M of revenue · 12 months to Q2 2026
- Share count, year on year
- +18%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 99%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −36509% |
| FY2021 | −35362% |
| FY2022 | −146374% |
| FY2023 | −58240% |
| FY2024 | −2334% |
| FY2025 | −226% |
Details›
- Gross margin12 months to Q2 2026
- 99%
- Operating margin12 months to Q2 2026
- −152%
- Net margin12 months to Q2 2026
- −599%
- Free cash flow margin
- −174%
- Revenue, trailing twelve months
- $166M
- Free cash flow, trailing twelve months
- −$288M
- Net income, trailing twelve months
- −$992M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from IBRX and who it buys from, as the companies report it.
- Top 4 customers96%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; IBRX’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.