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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Xencor reported revenue of $126M in the fiscal year ended Dec 2025, up 13.7% from the year before. Operating income was −$178M, an operating margin of −141.4%, and net income was −$92M. Operating cash flow of −$135M less capital expenditure of $3M left free cash flow of −$138M. Net debt was $66M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 275 | 165 | 175 | 110 | 126 |
| Research & development | 193 | 200 | 254 | 228 | 239 |
| Operating income | 43.8 | −82.5 | −132 | −178 | −178 |
| Net interest incomeBanks | 0.8 | 4.8 | 19.3 | 31.9 | – |
| Interest expense | 0.0 | 0.0 | 6.2 | 36.6 | 31.9 |
| Pre-tax income | 82.6 | −54.5 | −120 | −235 | −89.6 |
| Income tax | 0.0 | 0.7 | 13.7 | 1.6 | 2.5 |
| Net income | 82.6 | −55.2 | −133 | −233 | −91.9 |
| Diluted EPS | 1.37 | −0.93 | −2.20 | −3.58 | −1.24 |
| Diluted shares | 60.5 | 59.7 | 60.5 | 65.0 | 74.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 143 | 53.9 | 53.8 | 40.9 | 54.1 |
| Receivables | 66.4 | 29.0 | 23.7 | 60.8 | 29.3 |
| Current assets | 424 | 675 | 636 | 578 | 600 |
| Net PP&E | 28.2 | 59.2 | 66.1 | 59.8 | 53.3 |
| Total assets | 838 | 846 | 965 | 952 | 875 |
| Payables | 14.0 | 10.1 | 13.9 | 16.8 | 10.8 |
| Deferred revenue | 37.3 | 30.3 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 70.7 | 63.8 | 73.9 | 87.4 | 95.9 |
| Short-term debt | – | 0.0 | 27.7 | 48.4 | 43.3 |
| Long-term debt | – | 0.0 | 162 | 115 | 76.5 |
| Total liabilities | 105 | 119 | 303 | 278 | 240 |
| Shareholders' equity | 734 | 727 | 662 | 678 | 636 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −16.9 | 24.5 | −77.9 | −202 | −135 |
| Capital expenditure | 13.3 | 38.5 | 18.4 | 6.1 | 3.2 |
| Free cash flow | −30.2 | −14.0 | −96.4 | −208 | −138 |
| Depreciation & amortisation | 7.5 | 8.8 | 11.5 | 12.1 | 10.5 |
| Stock-based compensation | 37.0 | 48.9 | 53.8 | 53.3 | 43.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −40.2% | 6.1% | −36.7% | 13.7% |
| Operating income growth (YoY) | – | −288.4% | – | – | – |
| EPS growth (YoY) | – | −167.9% | – | – | – |
| Operating margin | 15.9% | −50.1% | −75.8% | −161.5% | −141.4% |
| Net margin | 30.0% | −33.5% | −76.2% | −210.5% | −73.2% |
| Return on equityBlank when equity is negative | 11.3% | −7.6% | −20.1% | −34.3% | −14.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.7% | −10.5% | −14.9% | −20.6% | −22.8% |
| Free cash flow margin | −11.0% | −8.5% | −55.2% | −188.5% | −110.1% |
| Cash conversion (CFO ÷ net income) | −0.20x | −0.44x | 0.59x | 0.87x | 1.47x |
| Receivable days | 88 | 64 | 50 | 201 | 85 |
| Interest cover | 3367x | −6344x | −21.4x | −4.87x | −5.56x |
| Debt ÷ equity | – | 0.00x | 0.29x | 0.24x | 0.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −53.9 | 136 | 123 | 65.7 |
| Current ratio | 6.00x | 10.6x | 8.60x | 6.61x | 6.25x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.