Xencor Inc. (XNCR) intrinsic value & 10-year financials
Xencor Inc. (XNCR) has a Graham intrinsic value of $13.78 per share. At $22.85 on Oct 17, 2026, the stock trades 66% above that value. Over the last 10 fiscal years revenue grew 1.6% a year to $125.6M, with an average return on invested capital of -11.4%.
- Graham intrinsic value
- $13.78
- Share price (Oct 17, 2026)
- $22.85
- Price vs Graham value
- 66% above
- Market cap
- $1.7B
- Revenue (FY2025)
- $125.6M
- Revenue growth (10-yr CAGR)
- 1.6%
- ROIC (10-yr avg)
- -11.4%
- Free cash flow (FY2025)
- -$138.3M
XNCR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $125.6M | -$91.9M | -$1.24 | -$138.3M | -141.4% | -23.1% |
| FY2024 | $110.5M | -$232.6M | -$3.58 | -$208.3M | -161.5% | -23.7% |
| FY2023 | $168.3M | -$126.1M | -$2.08 | $66.7M | -82.4% | -19.6% |
| FY2022 | $164.6M | -$55.2M | -$0.93 | -$14.0M | -50.1% | -12.2% |
| FY2021 | $275.1M | $82.6M | $1.37 | -$30.2M | 15.9% | 8.4% |
| FY2020 | $122.7M | -$69.3M | -$1.21 | -$15.5M | -62.6% | -15.8% |
| FY2019 | $156.7M | $26.9M | $0.46 | $57.0M | 8.8% | 2.5% |
| FY2018 | $40.6M | -$70.4M | -$1.31 | -$87.0M | -195.5% | -19.8% |
| FY2017 | $46.1M | -$48.9M | -$1.05 | -$39.0M | -116.1% | -17.8% |
| FY2016 | $109.0M | $23.6M | $0.56 | $93.1M | 20.7% | 6.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Xencor Inc has demonstrated mature, steady growth, with revenue compounding at 1.6% annually over the past decade.
Xencor Inc has historically struggled to out-earn its cost of capital, averaging just -11.4% ROIC.
Xencor Inc 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, Xencor Inc is modeled at 1.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $13.78 per share.