Immunocore Holdings PLC (IMCR) intrinsic value & 10-year financials
Immunocore Holdings PLC (IMCR) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 9 fiscal years revenue grew 49.8% a year to £400.0M, with an average return on invested capital of 132.3%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- £29.40
- Market cap
- £1.5B
- Revenue (FY2025)
- £400.0M
- Revenue growth (9-yr CAGR)
- 49.8%
- ROIC (10-yr avg)
- 132.3%
- Free cash flow (FY2025)
- -£15.1M
IMCR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | £400.0M | -£35.5M | -£0.71 | -£15.1M | -11.3% | 90.7% |
| FY2024 | £310.2M | -£51.1M | -£1.02 | £20.9M | -22.7% | 146.2% |
| FY2023 | £238.7M | -£55.3M | -£1.13 | -£2.5M | -25.0% | 174.0% |
| FY2022 | £140.7M | -£52.5M | -£1.15 | -£51.4M | -36.8% | 139.3% |
| FY2021 | £4.1M | -£180.0M | -£4.24 | -£144.5M | -4281.2% | 308.3% |
| FY2020 | £30.1M | -£74.1M | -£2.79 | -£63.6M | -286.2% | 119.6% |
| FY2019 | £25.7M | -£103.9M | -£4.66 | -£105.5M | -460.9% | 164.6% |
| FY2018 | £23.7M | -£71.6M | — | -£20.1M | -395.1% | -84.2% |
| FY2017 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in GBP.
Executive summary
Immunocore Holdings plc revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Immunocore Holdings plc has earned high returns on invested capital, averaging 71.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Immunocore Holdings plc has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Immunocore Holdings plc is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-23.58 per share.