Dashboard|IMCR – Overview

IMCR

Immunocore Holdings plc

Healthcare • CIK: 0001671927

Market Cap

$1.75B

P/E (TTM)

-49.6x

Rev Growth (TTM)

+29.0%

Net Margin (TTM)

-8.9%

FCF Yield (TTM)

-0.9%

FCF Margin (TTM)

-3.8%

LATEST EARNINGS

•

Q4 FY2025

•

9 days ago

•View source

Revenue

$104.48M

+24.3%

Net Income

$-30.06M

-26.5%

EPS

$-0.60

-27.7%

Operating

-18.9%↑ +4.3%

Net

-28.8%↓ -0.5%

•KIMMTRAK net product sales increased 24% year-over-year to $104.5 million in Q4 2025 and 29% year-over-year to $400.0 million for FY 2025.
•Demonstrated commercial momentum with 15 consecutive quarters of KIMMTRAK revenue growth.
•Cash, cash equivalents and marketable securities increased to $864.2 million as of December 31, 2025, up from $820.4 million in the prior year.
•Net loss improved to $30.1 million in Q4 2025 from $23.8 million in Q4 2024, and full year net loss improved to $35.5 million from $51.1 million in 2024.

View Full Earnings →

Cash Flow Health

Free Cash Flow4/8 positive

TTM$-15M

Q4 '25

$-36M-583%

Q3 '25

$-5M-120%

FCF Margin

TTM-3.8%

Q4 '25-34.0%-578%

Sector: 0.0%Below Avg

OCF Margin-2.7%

OCF/NI0.30x

CapEx Coverage-2.5x

FCF Yield-0.9%

FCF Growth (2Y)–

Cash Conversion Cycle

-1375 days

DSO: 0+DIO: 431−DPO: 1805

View Insights from Latest Filing →View Full Cash Flow Statement →

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)$-15.1M

Capital Return / FCF0.0%

Est. Dividends Paid (TTM)$0

Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM

-9.9%

Moderate

-0.0% YoY+4.7%

P25MedianP75

25th pctl (med: 0.0%)

DuPont BreakdownROIC = Margin × Turn × (1+D/E)

NOPAT Margin

-21.1%

8Q: -19.1%

Asset Turnover

0.38x

8Q: 0.36x

Leverage (1+D/E)

2.03x

D/E: 1.03x

DuPont: -16.1% ≈ -9.9% ROIC

Asset & CapEx Efficiency

Fixed Asset Turn

40.48x

8Q:37.96x

+805.4%

Invested Cap Turn

0.47x

8Q:0.45x

+7.7%

CapEx Intensity

0.5%

8Q:0.3%

CapEx/Depreciation

1.33x

Asset-based ROIC formula

Full Analysis

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	$400.0M	$104.5M↑0.8%	$103.7M↑5.8%	$98.0M↑4.3%	$93.9M↑11.7%	$84.1M↑4.7%	$80.2M↑6.4%	$75.4M↑6.9%	$70.5M
Operating Income	$-45.4M	$-19.7M↓174.6%	$-7.2M↑51.8%	$-14.9M↓311.4%	$-3.6M↑81.4%	$-19.5M↓128.8%	$-8.5M↑46.9%	$-16.0M↑39.5%	$-26.5M
Net Income	$-35.5M	$-30.1M↓16883.1%	$-177.0K↑98.3%	$-10.3M↓305.1%	$5.0M↑121.1%	$-23.8M↓372.1%	$8.7M↑175.2%	$-11.6M↑52.5%	$-24.4M
Operating Cash Flow	$-10.7M	$-32.7M↓632.8%	$-4.5M↓117.2%	$26.0M↑5868.7%	$435.0K↑103.1%	$-14.0M↓166.0%	$21.1M↓10.0%	$23.5M↑611.7%	$-4.6M
Free Cash Flow	$-15.1M	$-35.5M↓582.8%	$-5.2M↓120.4%	$25.6M↑18549.6%	$137.0K↑100.8%	$-17.5M↓186.4%	$20.3M↓12.3%	$23.1M↑561.3%	$-5.0M
Total Equity	N/A

Income Statement Cash Flow Statement Balance Sheet

Valuation Analysis

Fair Value

Price-to-EarningsTTM

-49.6x

Volatile

8Q: -97.7x+14631%

Valuation Lenses

Earnings

-49.6x

vs – sector

Cash Flow

-84.8x

EV/FCF vs –

Growth-Adj

–PEG

N/A

Quality-Adj

–P/E per %ROIC

ROIC: -9.9%

Shareholder Returns

Dividend

–

Buyback

–

Total Yield

–

Market Cap$1.75B

EV$1.28B

Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score

10/100

Below Average

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg

-9.3%

8Q:–

Return on Invested Capital (ROIC)Below Avg

-9.9%

8Q:–

+4.7%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: -21.1%

Asset Turnover: 0.38x

Earnings Quality

Cash Conversion

0.30x

OCF / Net Income

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin98.7%

Capital Efficiency

Invested Capital Turnover0.47x

Working Capital

Cash Conversion Cycle-1375 days

Growth Quality & Momentum

Moderate Growth

Growth Quality Score

70/100

Growth 40%

Margins 30%

FCF 20%

Consistency 10%

Growth Rates

Revenue Growth YoY

29.0%

OpInc Growth YoY

-1.2%

EPS Growth YoY

31.4%

FCF 3Y CAGR

N/A

Margin Quality & Sustainability

Moderate

Profitability Cascade

Gross

98.7%

Operating

-11.3%

Below Avg in sector

Net

-8.9%

Margins Unknown

Earnings Quality Signals

SBC / Revenue

—

FCF vs Net Gap

+5.1 pts

FCF: -3.8% | Net: -8.9%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress

Net Debt / EBITDA

Net Cash

(0.0x)Net Cash: $470.98M

Interest Coverage

–

+Net cash position: $470.98M

Leverage Metrics

Debt-to-Equity

1.03x

Balance sheet risk & solvency analysis