XNCRXencor, Inc.

$25.15+68% 1Y

Is the business good?

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Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.

1 to watch, 3 without data
Margin direction, 3 years−374.4 ptsderived

Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

How good a business is XNCR?

Xencor, Inc. spent more than it took in: an operating loss of $216M on $105M of revenue, 12 months to Q2 2026.

$216M

Operating loss · on $105M of revenue · 12 months to Q2 2026

Share count, year on year
+2.1%

Share count, year on year · shareholders own a smaller slice than a year ago

Operating margin by fiscal year
YearOperating margin
FY2020−63%
FY202116%
FY2022−50%
FY2023−76%
FY2024−161%
FY2025−141%
Details›
Operating margin12 months to Q2 2026
−206%
Net margin12 months to Q2 2026
−156%
Free cash flow margin
−198%
R&D as % of revenue
244%
Revenue, trailing twelve months
$105M
Free cash flow, trailing twelve months
−$208M
Net income, trailing twelve months
−$163M

Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.

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