Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Xencor Inc files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
109
46.2
40.6
157
123
275
165
175
110
126
Research and development
51.9
71.8
97.5
119
170
193
200
254
228
239
General and administrative
13.1
17.5
22.5
24.3
29.7
38.8
47.5
53.4
61.2
63.6
Operating expenses
65
89.3
120
143
199
231
247
307
289
303
Operating income
44
-43.1
-79.4
13.8
-76.8
43.8
-82.5
-132
-178
-178
Interest expense
0.02
0.01
0.02
0.01
0.01
6.18
36.6
31.9
Interest income
2.09
4.19
9.1
0.86
4.83
19.3
31.9
27.5
Other non-operating income
2.08
4.17
8.96
13.4
7.46
38.9
28
12.7
-56.5
87.9
Pre-tax income
46.1
-38.9
-70.4
27.2
-69.3
82.6
-54.5
-120
-235
-89.6
Income tax
0.99
-0.46
0
0.31
0
0
0.67
13.7
1.62
2.5
Net income to minority interests
0
0
-0.16
-3.92
-0.21
Net income
45.1
-38.5
-70.4
26.9
-69.3
82.6
-55.2
-133
-233
-91.9
EBITDA
45.5
-41.1
-76.1
18.1
-71
51.3
-73.7
-121
-166
-167
EPS, basic
1.09
-0.82
-1.31
0.48
-1.21
1.42
-0.93
-2.20
-3.58
-1.24
EPS, diluted
1.07
-0.82
-1.31
0.46
-1.21
1.37
-0.93
-2.20
-3.58
-1.24
Shares, basic (weighted)
41.3
46.8
53.9
56.5
57.2
58.4
59.7
60.5
65
74.2
Shares, diluted (weighted)
42.4
46.8
53.9
58.5
57.2
60.5
59.7
60.5
65
74.2
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
14.5
16.5
26.2
50.3
164
143
53.9
53.8
40.9
54.1
Short-term investments
116
208
268
479
Receivables
8.62
1.14
10.2
21.6
11.4
66.4
29
23.7
60.8
29.3
Other current assets
2.9
5.61
10.4
6.55
10.7
23.9
23.3
18.1
19
22.8
Total current assets
142
231
316
558
638
424
675
636
578
600
Property, plant and equipment
3.11
7.09
11.8
15.8
21.7
28.2
59.2
66.1
59.8
53.3
Lease right-of-use assets
9.38
10.6
31.7
34.4
34
38.3
37.6
Intangible assets
10.4
11.1
12
14.4
16
16.5
18.5
18.7
18.5
8.39
Long-term investments
273
139
236
71.5
Other non-current assets
0.1
0.27
0.31
0.31
0.21
0.65
0.61
0.65
0.5
0.5
Total assets
429
390
577
670
703
838
846
965
952
875
Accounts payable
3.88
6.87
3.8
10.2
8.95
14
10.1
13.9
16.8
10.8
Accrued liabilities
6.69
5.48
9.66
9
17.6
19.4
18.7
23.6
19.2
35
Deferred revenue
95.5
60.1
40.1
45.2
92.6
37.3
30.3
0
0
Short-term debt
0
27.7
48.4
43.3
Total current liabilities
106
72.7
53.9
66.6
121
70.7
63.8
73.9
87.4
95.9
Long-term debt
0
162
115
76.5
Lease liabilities
8.57
9.74
34
54.9
59
65.3
64.7
Other non-current liabilities
0
Total liabilities
115
73.7
55.1
77
131
105
119
303
278
240
Total debt
0
162
115
76.5
Paid-in capital
553
571
845
888
938
1,018
1,072
1,131
1,382
1,429
Retained earnings
-238
-253
-323
-296
-366
-283
-338
-471
-704
-796
Other comprehensive income
-1.44
-1.81
-0.97
1.16
0.07
-1.51
-6.95
1.29
-0.66
1.58
Shareholders' equity
338
316
522
593
572
734
727
662
678
636
Minority interests
0
0.34
-3.59
0
Total equity
338
316
522
593
572
734
727
662
674
636
Total liabilities and equity
429
390
577
670
703
838
846
965
952
875
Shares outstanding
46.6
47
56.3
56.9
57.9
59.4
60
61
70.3
71.9
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
45.1
-38.5
-70.4
26.9
-69.3
82.6
-55.2
-133
-237
-92.1
Depreciation and amortization
1.47
2.03
3.25
4.3
5.79
7.49
8.8
11.5
12.1
10.5
Stock-based compensation
7.85
13.7
20.5
31.9
31.6
37
48.9
53.8
53.3
43.2
Deferred income tax
0
0
0
0
0
Change in receivables
19.8
-32.7
28.7
Change in payables
-2.52
2.99
-3.07
6.39
-1.24
5.05
-3.91
3.83
2.85
-3.95
Cash from operations
95.2
-33.6
-79.8
64.4
-5
-16.9
24.5
-77.9
-202
-135
Capital expenditures
-1.51
-5.31
-7.21
-7.35
-10.5
-13.3
-38.5
-18.4
-6.1
-3.15
Purchases of investments
-316
-76.5
-378
-497
-644
-510
-388
-783
-595
-299
Sales and maturities of investments
307
693
565
Cash from investing
-214
31.9
-165
-51
100
-46.2
-120
-111
-7.87
140
Stock issued
127
260
0
28.9
0
0
201
0
Cash from financing
121
3.73
254
10.7
18
43
5.7
189
197
8.23
Net change in cash
1.94
2
9.72
24.1
113
-20.1
-89.5
0.23
-12.9
13.1
Free cash flow
93.7
-38.9
-87
57
-15.5
-30.2
-14
-96.4
-208
-138
Interest paid
0.02
0.01
0.02
0.01
0.02
0.01
0.01
0.02
0.03
0.01
Income taxes paid
0.94
0.97
0.23
0.4
0
0
0.7
0
6.1
7.31
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.80 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-205.8%
Operating income / revenue.
EBITDA margin
-196.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-153.2%
Pre-tax income / revenue.
Net margin
-155.6%
Net income / revenue.
FCF margin
-198.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-196.1%
Cash from operations / revenue.
Return on equity (ROE)
-32.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-22.5%
Net income / average total assets.
Return on invested capital (ROIC)
-31.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
243.6%
Research and development expense / revenue.
Stock-based pay / revenue
37.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.4%
Capital expenditures / revenue.
D&A / revenue
9.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
13.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-8.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
0.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-6.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-4.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
2.1%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-8.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
1.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
4.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
14.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
7.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
5.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
6.39x
Current assets / current liabilities.
Quick ratio
1.06x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.55x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.15x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
10.7%
Total debt / total assets.
Liabilities / assets
30.6%
Total liabilities / total assets.
Net debt
$32.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.38
Revenue / diluted weighted shares.
FCF per share
-$2.75
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$2.71
Cash from operations / diluted weighted shares.
Book value per share
$6.77
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
16.9x
Market cap / revenue.
P/B
3.52x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.56x
Market cap / tangible book value, when positive.
EV/Sales
17.2x
Enterprise value / revenue.
FCF yield
-11.8%
Free cash flow / market cap.
Earnings yield
-9.2%
Net income / market cap (the inverse of P/E).
What was Xencor Inc's revenue in fiscal 2025?
Xencor Inc reported revenue of $125.6M for fiscal 2025, 13.7% higher than the year before.
Was Xencor Inc profitable in fiscal 2025?
No. It reported a net loss of $91.9M.
How much free cash flow did Xencor Inc generate in fiscal 2025?
Cash from operations of $135.1M minus capital expenditures of $3.2M left free cash flow of -$138.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.