Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Xencor Inc (XNCR)
A forensic read on Xencor Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.2
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-28.8%
ROE
$1.1B
Market cap
Xencor Inc earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 2.2, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-18%Return on invested capital.Return on invested capital is -18% and slipping from -9% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+8.2%/yrShare-count dilution.Diluted share count changed +24% over the last 3 years to FY2025 (+8.2%/yr). The count is GROWING — existing holders are being diluted. That's ~8.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~24%.
34% of revStock-based comp load.Stock-based compensation ran 34% of revenue in FY2025 — about $0.58 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-73.2%
Debt / Equity0.19x
Free Cash Flow$-138.3M
Latest Revenue$125.6M
Return on Equity-14.5%
Revenue Growth YoY+13.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Xencor Inc:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about XNCR's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown