IBRX
ImmunityBio, Inc.
Healthcare • CIK: 0001326110
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Market Cap
$1.82B
P/E (TTM)
-5.2x
Rev Growth (TTM)
+668.3%
Net Margin (TTM)
-310.2%
FCF Yield (TTM)
-17.0%
FCF Margin (TTM)
-272.6%
Cash Flow Health
Free Cash Flow0/8 positive
TTM$-309M
Q4 '25
$-71M-2%
Q3 '25
$-70M+14%
FCF Margin
TTM-272.6%
Q4 '25-186.2%+14%
Sector: 0.0%Below Avg
OCF Margin-269.2%
OCF/NI0.87x
CapEx Coverage-79.3x
FCF Yield-17.0%
FCF Growth (2Y)–
Cash Conversion Cycle
2241 days
DSO: 75+DIO: 3197−DPO: 1031
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-308.8M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-73.3%
Volatile
+0.3% YoY+45.2%
P25MedianP75
25th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-226.0%
8Q: -654.2%
Asset Turnover
0.27x
8Q: 0.14x
Leverage (1+D/E)
1.00x
D/E: -0.00x
DuPont: -61.2% ≈ -73.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.87x
8Q:0.35x
+130.3%
Invested Cap Turn
0.32x
8Q:0.17x
+42.1%
CapEx Intensity
1.1%
8Q:1.4%
CapEx/Depreciation
0.25x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $113.3M | $38.3M↑19.4% | $32.1M↑21.3% | $26.4M↑60.0% | $16.5M↑118.7% | $7.6M↑23.7% | $6.1M↑483.2% | $1.0M↑2517.5% | $40.0K |
Operating Income | $-256.0M | $-64.7M↓16.3% | $-55.6M↑22.0% | $-71.3M↓10.6% | $-64.4M↑7.2% | $-69.4M↑13.5% | $-80.3M↑19.2% | $-99.3M↓4.3% | $-95.2M |
Net Income | $-351.4M | $-61.9M↑7.9% | $-67.3M↑27.3% | $-92.6M↑28.6% | $-129.6M↓119.1% | $-59.2M↑31.0% | $-85.7M↑36.3% | $-134.6M↓0.3% | $-134.1M |
Operating Cash Flow | $-304.9M | $-70.4M↓2.2% | $-68.9M↑13.7% | $-79.8M↑7.1% | $-85.9M↓0.9% | $-85.1M↑13.8% | $-98.8M↑1.6% | $-100.3M↑6.2% | $-107.0M |
Free Cash Flow | $-308.8M | $-71.3M↓2.4% | $-69.6M↑13.9% | $-80.9M↑7.1% | $-87.0M↑0.3% | $-87.3M↑14.1% | $-101.6M↓0.5% | $-101.1M↑6.6% | $-108.2M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-5.2x
Volatile
8Q: -31.3x-254%
Valuation Lenses
Earnings
-5.2x
vs – sector
Cash Flow
-5.4x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -73.3%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$1.82B
EV$1.66B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
18/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
64.4%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-73.3%
8Q:–
+45.2%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: -226.0%
Asset Turnover: 0.27x
Earnings Quality
Cash Conversion
0.87x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin99.3%
Capital Efficiency
Invested Capital Turnover0.32x
Working Capital
Cash Conversion Cycle2241 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
668.3%
OpInc Growth YoY
6.8%
EPS Growth YoY
39.7%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
99.3%
Operating
-226.0%
Top 25% in sector
Net
-310.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+37.6 pts
FCF: -272.6% | Net: -310.2%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $241.07M
Interest Coverage
–
+Net cash position: $241.07M
Leverage Metrics
Debt-to-Equity
-0.00x
Balance sheet risk & solvency analysis