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Xencor

XNCR on Nasdaq. Xencor develops experimental antibody medicines for people with cancer or autoimmune diseases. Market value $1.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-11.5%low

For every $100 of what the whole company costs, it produced $-11.50 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-15.4%five-year median

Each dollar kept in the business earns -15 cents a year. Above 10 is good.

Quality score: 21 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$24.36 a share, 135% above its 1-year low

Over the past year the price has ranged from $10.38 to $30.61.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.1
-0.2
-0.1
-0.2
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $208 million in the past 12 months, a shortfall of $138 million in the year to December 2025.

Revenue
$275m$165m$175m$110m$126m
Operating margin
15.9%-50.1%-75.8%-161.5%-141.4%
Debt to equity
n/a0.000.290.240.19
Shares outstanding
0.06bn0.06bn0.07bn0.07bn0.07bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • Debt0.19× equity
  • Revenue growth, five yearsSlow, 0.5% a year
  • Buying back its own sharesNo, 24% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $51 million last quarter, up 17% on a year ago.
  • A loss of $22 million, compared with a loss of $31 million a year ago.
  • It loses 206 cents on each $1 of sales, compared with 98 cents a year earlier.
  • Over the past 12 months it spent $208 million more cash than it brought in, compared with $135 million a year earlier.
  • 2% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $60 million more than cash, down from $101 million a year ago.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$18m
December 2024Not reported
March 2025$33m
June 2025$44m
September 2025$21m
December 2025$28m
March 2026$5m
June 2026$51m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$46m
December 2024Not reported
March 2025-$48m
June 2025-$31m
September 2025-$6m
December 2025-$7m
March 2026-$129m
June 2026-$22m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
25 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

None of the long-term investors we follow own it. 208 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 9 sold $4m, $379,135 of it under preset trading plans.

  • Feigal Ellen
    Director
    Sold
    under a preset trading plan
    Date
    18 June 2026
    Shares
    6,843
    Price
    $13.06
    Value
    $89,370
  • GUSTAFSON KURT A
    Director
    Sold
    under a preset trading plan
    Date
    15 June 2026
    Shares
    5,474
    Price
    $12.31
    Value
    $67,385
  • Montgomery Alan Bruce
    Director
    Sold
    under a preset trading plan
    Date
    15 June 2026
    Shares
    5,064
    Price
    $12.31
    Value
    $62,338
  • RANIERI RICHARD J
    Director
    Sold
    under a preset trading plan
    Date
    15 June 2026
    Shares
    5,474
    Price
    $12.31
    Value
    $67,385
  • GORMAN KEVIN CHARLES
    Director
    Sold
    under a preset trading plan
    Date
    15 June 2026
    Shares
    7,527
    Price
    $12.31
    Value
    $92,657
  • Cornelissen Bart Jan
    SR. VICE PRESIDENT & CFO
    Sold
    Date
    10 April 2026
    Shares
    3,499
    Price
    $12.29
    Value
    $43,003
  • Eckert Celia
    SVP, GENERAL COUNSEL
    Sold
    Date
    6 March 2026
    Shares
    1,767
    Price
    $11.02
    Value
    $19,472
  • Desjarlais John R
    SR. VICE PRESIDENT & CSO
    Sold
    Date
    6 March 2026
    Shares
    2,502
    Price
    $11.02
    Value
    $27,572
  • Dahiyat Bassil I
    PRESIDENT & CEO, Director
    Sold
    Date
    6 March 2026
    Shares
    6,606
    Price
    $11.02
    Value
    $72,798
  • Cornelissen Bart Jan
    SR. VICE PRESIDENT & CFO
    Sold
    Date
    5 March 2026
    Shares
    2,517
    Price
    $11.25
    Value
    $28,316

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • Sales have barely grown: 0.5% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.