Xencor - Public Comps and Valuation Multiples

Xencor Overview

About Xencor

Xencor Inc a clinical-stage biopharmaceutical company focused on discovering and developing engineered antibody therapeutics to treat patients with cancer and autoimmune diseases. The company uses its XmAb technology platform to create antibody product candidates. Its pipeline includes XmAb819, XmAb541, XmAb808, XmAb942, Plamotamab, and XmAb657. The group earns its revenue from collaboration agreements, product licensing agreements, and technology licensing agreements.

Founded

1997

HQ

Employees

250

Website

xencor.com

Sectors

Drug Development & Therapeutics
Biopharmaceuticals
BioTech

Financials

LTM Revenue $129M

LTM EBITDA -$180M

EV

$237M

Valuation Multiples

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Xencor Financials

As of August 2025, Xencor reported last 12-month revenue of $129M and EBITDA of -$180M.

In the same period, Xencor achieved -$198M in LTM net income.

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Xencor P&L

In the most recent fiscal year, Xencor reported revenue of $110M and EBITDA of -$186M.

Xencor expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$129M	XXX	$110M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	-$180M	XXX	-$186M	XXX	XXX	XXX
EBITDA Margin	-139%	XXX	-168%	XXX	XXX	XXX
EBIT	-$181M	XXX	-$178M	XXX	XXX	XXX
EBIT Margin	-140%	XXX	-161%	XXX	XXX	XXX
Net Profit	-$198M	XXX	-$233M	XXX	XXX	XXX
Net Margin	-154%	XXX	-211%	XXX	XXX	XXX
Net Debt	XXX	XXX	$123M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Xencor including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $129M. EBITDA for the last twelve months was -$180M. In the most recent fiscal year, Xencor achieved $110M in revenue and -$186M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$129M	Analyst estimates available to subscribers	$110M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$180M	Analyst estimates available to subscribers	-$186M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-139.2% EBITDA margin	Analyst estimates available to subscribers	-168.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$181M	Analyst estimates available to subscribers	-$178M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-140.1% EBIT margin	Analyst estimates available to subscribers	-161.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$198M	Analyst estimates available to subscribers	-$233M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-153.7% net profit margin	Analyst estimates available to subscribers	-210.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$123M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Xencor

This financial data table provides comprehensive performance metrics for Xencor, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Xencor generated $129M in revenue over the last twelve months.
The company achieved -$180M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$198M.

Fiscal Year Performance

In the most recent fiscal year, Xencor reported $110M in total revenue.
Fiscal year EBITDA was -$186M.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was -168.5%.
Net profit margin reached -210.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Xencor. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Xencor Stock Performance

Xencor has current market cap of $613M, and EV of $237M.

Market Cap Evolution

Xencor Stock Data

As of September 12, 2025, Xencor's stock price is $9.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$237M	$613M	XXX	XXX	XXX	XXX	$-2.86

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Xencor Valuation Multiples

Xencor's trades at 2.1x EV/Revenue multiple, and -1.3x EV/EBITDA.

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Xencor Financial Valuation Multiples

As of September 12, 2025, Xencor has market cap of $613M and EV of $237M.

Equity research analysts estimate Xencor's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Xencor has a P/E ratio of -3.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$613M	XXX	$613M	XXX	XXX	XXX
EV (current)	$237M	XXX	$237M	XXX	XXX	XXX
EV/Revenue	1.8x	XXX	2.1x	XXX	XXX	XXX
EV/EBITDA	-1.3x	XXX	-1.3x	XXX	XXX	XXX
EV/EBIT	-1.3x	XXX	-1.3x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-3.1x	XXX	-2.6x	XXX	XXX	XXX
EV/FCF	-3.6x	XXX	-1.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Xencor Margins & Growth Rates

Xencor's last 12 month revenue growth is 2%

Xencor's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $1.2M for the same period.

Xencor's rule of 40 is -74% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Xencor's rule of X is -135% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Xencor Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	2%	XXX	8%	XXX	XXX	XXX
EBITDA Margin	-139%	XXX	-168%	XXX	XXX	XXX
EBITDA Growth	-2%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-74%	XXX	-167%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-135%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	206%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	261%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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