Share count
50Mpeak FY2025
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IMCR, Immunocore Holdings plc
We are a commercial stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases, and autoimmune diseases.
In 2022, we received approval for our lead product, KIMMTRAK, for the treatment of unresectable or metastatic uveal melanoma ("mUM") from the FDA, the European Commission and other health authorities.
KIMMTRAK is now approved in 39 countries and the Company has commercially launched the product in 30 countries, including the United States, Germany and France, among other territories.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$400M
+29.0% YoY · 215% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $413M 5-yr avg $228M
ROIC −7%
Revenue $107M +13.6% vs yr-ago qtr
Operating margin 6.8% yr-ago −3.9%
Net income $13M yr-ago $5M
Net margin 12.2% yr-ago 5.4%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Operating margin has run around −24% through the cycle on a 99% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Stock-based pay runs about 13% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $4M | $174M | $249M | $310M | $400M | $413M | RevenueRevenue |
| 100% | 99% | 100% | 99% | 99% | 99% | Gross marginGross mgn |
| n/m | 71% | 58% | 50% | 41% | 40% | SG&A / revenueSG&A/rev |
| n/m | 58% | 66% | 72% | 69% | 68% | R&D / revenueR&D/rev |
| ($175M) | ($52M) | ($60M) | ($70M) | ($45M) | ($34M) | Operating incomeOp. inc. |
| n/m | −29.7% | −23.9% | −22.7% | −11.3% | −8.3% | Operating marginOp. mgn |
| ($180M) | ($53M) | ($55M) | ($51M) | ($36M) | ($28M) | Net incomeNet inc. |
| Cash flow & returns | ||||||
| ($143M) | ($49M) | $3M | $26M | ($11M) | ($25M) | Operating cash flowOp. cash |
| $8M | $5M | $4M | $4M | $3M | $3M | DepreciationDeprec. |
| ($20M) | ($35M) | $22M | $39M | ($16M) | ($35M) | Working capital & otherWC & other |
| $1M | $2M | $5M | $5M | $4M | $6M | CapexCapex |
| 34.0% | 1.3% | 2.2% | 1.7% | 1.1% | 1.4% | Capex / revenueCapex/rev |
| ($144M) | ($51M) | ($1M) | $21M | ($14M) | ($28M) | Owner earningsOwner earn. |
| n/m | −29.5% | −0.5% | 6.7% | −3.5% | −6.8% | Owner earnings marginOE mgn |
| ($144M) | ($51M) | ($2M) | $21M | ($15M) | ($31M) | Free cash flowFCF |
| n/m | −29.5% | −1.0% | 6.7% | −3.8% | −7.4% | Free cash flow marginFCF mgn |
| -77% | -16% | -15% | -14% | -9% | -7% | Return on equityROE |
| −77% | −16% | −15% | −14% | −9% | −7% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| $321M | $402M | $443M | $820M | $864M | $845M | Cash & investmentsCash+inv |
| — | $34M | $52M | $63M | — | $63M | ReceivablesReceiv. |
| — | $692K | $5M | $5M | $7M | $8M | InventoryInvent. |
| — | $14M | $18M | $25M | $24M | $30M | Accounts payablePayables |
| — | $20M | $39M | $43M | ($18M) | $41M | Operating working capitalOper. WC |
| — | $474M | $529M | $930M | $997M | $1.0B | Current assetsCur. assets |
| — | $101M | $139M | $212M | $247M | $240M | Current liabilitiesCur. liab. |
| — | 4.7× | 3.8× | 4.4× | 4.0× | 4.2× | Current ratioCurr. ratio |
| — | $527M | $597M | $1.0B | $1.1B | $1.1B | Total assetsAssets |
| -31.3× | -9.6× | -11.6× | -3.7× | -3.7× | -2.8× | Interest coverageInt. cov. |
| $234M | $339M | $369M | $361M | $381M | $394M | Shareholders’ equityEquity |
| n/m | 18.9% | 13.0% | 11.0% | 9.4% | 8.4% | Stock comp / revenueSBC/rev |
| Per share | ||||||
| 42.5M | 45.7M | 48.9M | 50.0M | 50.3M | 52.9M | Shares out (diluted)Shares |
| $0.10 | $3.81 | $5.10 | $6.21 | $7.95 | $7.80 | Revenue / shareRev/sh |
| $-4.24 | $-1.15 | $-1.13 | $-1.02 | $-0.71 | $-0.52 | EPS (diluted)EPS |
| $-3.40 | $-1.12 | $-0.02 | $0.42 | $-0.27 | $-0.53 | Owner earnings / shareOE/sh |
| $-3.40 | $-1.12 | $-0.05 | $0.42 | $-0.30 | $-0.58 | Free cash flow / shareFCF/sh |
| $0.03 | $0.05 | $0.11 | $0.10 | $0.09 | $0.11 | Cap. spending / shareCapex/sh |
| $5.50 | $7.41 | $7.54 | $7.22 | $7.57 | $7.44 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +201.6%/yr | +201.6%/yr (4-yr) |
| Capital spending / share | +27.5%/yr | +27.5%/yr (4-yr) |
| Book value / share | +8.3%/yr | +8.3%/yr (4-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
99%low FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($14M)owner earningsvs.($36M)net incomelow FY2021
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned ($14M) of owner earnings, the operating cash left after the $3M it takes just to hold its position. It put $1M more into growth; free cash flow, after that spending, was ($15M).
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($36M) | ($51M) | ($55M) | ($53M) | ($180M) |
| Depreciation & amortizationnon-cash charge added back | +$3M | +$4M | +$4M | +$5M | +$8M |
| Stock-based compensationreal costnon-cash, but a real cost | +$38M | +$34M | +$32M | +$33M | +$49M |
| Working capital & othertiming of cash in and out, other non-cash items | −$16M | +$39M | +$22M | −$35M | −$20M |
| Cash from operations | ($11M) | $26M | $3M | ($49M) | ($143M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$3M | −$5M | −$4M | −$2M | −$1M |
| Owner earnings | ($14M) | $21M | ($1M) | ($51M) | ($144M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$1M | — | −$1M | — | — |
| Free cash flow | ($15M) | $21M | ($2M) | ($51M) | ($144M) |
| Owner-earnings marginowner earnings ÷ revenue | -3% | 7% | 0% | -29% | -3543% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $3M, roughly its depreciation, the rate its assets wear out). The other $1M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $38M), owner earnings is nearer ($52M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -3.7×Does not cover its interestOperating income ($45M) ÷ interest expense $12M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cash, debt-freeCash $468M + ST investments $396M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $864M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- How long is cash tied up? -1207dNegative, funded by othersDSO 57 + DIO 484 − DPO 1748 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.
Is it a good business?
- Not enough dataIndustry peers: median -39%
What this means
The filing data didn't include the inputs for this check.
- Consumes cash through the cycle5-yr median margin, range -3543%–7%; latest ($14M) = operating cash ($11M) − maintenance capex $3MIndustry peers: median -92%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -3% of revenue this year, a -3% median across 5 years. Treating stock comp as the real expense it is (less $38M of SBC) leaves ($52M).
- Are earnings backed by cash? ($11M)Loss, and burning cashNet income ($36M) · cash from operations ($11M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 1.40×ExpandingCapex $4M ÷ depreciation $3M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 4 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $400M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 4.04×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Earnings stability MissA profit every year (5-yr record) · 5 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.93/share (latest year $-0.70), the averaged base the calculator's gate runs on, and book value is $7.49/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2021–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 0 of 5
What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
- Operating margin −2155% → −17% (2-yr avg ends)
In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.
What this means
Through the cycle the operating margin widened — about −2155% early to −17% lately, median −24% — pricing power intact or improving.
- Worst year 2021 · −4281.2% op. margin
What this means
Operations went underwater in 2021, understand why before trusting the good years.
- Share count +4.3%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“Competing products may gain faster or greater market acceptance than our products, if any, and medical advances or rapid technological development by competitors, including increased use of artificial intelligence-based technologies, may result in our product candidates becoming non-competitive or obsolete before we ar…”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$1.0B
- Cash & short-term investments$845M
- Receivables$63M
- Inventory$8M
- Other current assets$88M
Current liabilities$240M
- Accounts payable$30M
- Other current liabilities$210M
Current ratio4.18×all current assets ÷ what's due · Graham looked for 2×
Quick ratio4.15×stricter: inventory excluded
Cash ratio3.52×strictest: cash alone against what's due
Working capital$764Mthe cushion left after near-term bills
Cash runway27.5 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago+13.6%the freshest read on whether the business is still growing
Current ratio, recent quarters5.2× → 4.2×
Deeper floors
Tangible book value$394Mequity stripped of goodwill & intangibles
Net current asset value$325MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$481M$42M of it operating leases
Deferred revenue$5Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | Dr. Jallal | $34.8M | $71.3M | ($144M) |
| 2022 | Dr. Jallal | $8.0M | $51.3M | ($51M) |
| 2023 | Dr. Jallal | $11.7M | $22.0M | ($1M) |
| 2024 | Dr. Jallal | $12.9M | −$21.4M | $21M |
| 2025 | Dr. Jallal | $10.9M | $12.2M | ($14M) |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Stock-based compensation$38M
The slice of the business handed to employees in shares this year, 9% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Biotechnology
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| ADMAADMA Biologics Inc | $510M | -13% | -106.6% | -39% | -158% |
| TARSTarsus Pharmaceuticals Inc. | $451M | — | -65.9% | -41% | -46% |
| IMCRImmunocore Holdings plc | $400M | 99% | -23.9% | — | -3% |
| KRYSKrystal Biotech | $389M | — | 22.6% | -21% | 41% |
| TWSTTwist Bioscience Corporation | $377M | 38% | -115.4% | -51% | -92% |
| ADPTAdaptive Biotechnologies Corporation | $277M | 68% | -108.0% | -32% | -97% |
| VCELVericel Corporation | $276M | 67% | -4.7% | -4% | 10% |
| IOVAIovance Biotherapeutics Inc. | $264M | 34% | -240.9% | -65% | -222% |
| Group median | — | 53% | -86.3% | — | -69% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Immunocore Holdings plc has delivered.
Immunocore Holdings plc’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow ($31M) on 51M shares outstanding, per the 10-Q cover, as of 2026-04-30; net cash $406M. The if-converted diluted count is 53M, 4% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($6M) runs well above depreciation ($3M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about ($28M), the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Immunocore Holdings plc (IMCR), the owner's record," https://ownerscorecard.com/c/IMCR, data as of 2026-07-09.
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