At a glance
Xencor Inc is worth $2.23B. Revenue grew 13.7% to $125.6M in fiscal 2025, at a loss. It pays no dividend. The stock returned +110.5% over the past year with dividends reinvested and −5.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.7% in the 2020 crash (S&P 500: 33.7%) and 52.6% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Xencor is a clinical-stage biotechnology company, meaning its own drug candidates are still in human trials rather than on the market. It designs engineered antibody medicines for cancer and autoimmune diseases using its XmAb technology. By reworking the Fc domain, the part of an antibody that interacts with the immune system, it can build bispecific antibodies that grab two targets at once, such as a tumor cell and a T cell (an immune cell), or make a drug last longer in the body.
Xencor earns money by licensing its technology and drug candidates to other drug companies. Three marketed medicines, including Ultomiris and Monjuvi, were developed with XmAb technology and are marketed by partners such as Alexion and Incyte. In fiscal 2025, which ended December 31, 2025, revenue was $125.6 million. Royalties, a cut of partners' drug sales, supplied $80.3 million (64%). Milestone payments, one-time fees due when a partner reaches a development or regulatory goal, supplied $45.3 million (36%). The company still lost $91.9 million.
As of its annual report filed February 25, 2026, Xencor was enrolling Phase 1 or Phase 2 trials (early tests of safety and effectiveness) for five wholly owned candidates. XmAb819 is aimed at kidney cancer and XmAb541 at gynecologic and germ cell tumors; XmAb942, plamotamab and XmAb657 target autoimmune and inflammatory diseases.
Price history
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XNCR +110.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Royalties | $80.3M | 63.9% |
| Milestone | $45.3M | 36.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $51.2M, up 17.5% from a year earlier, and net income was $-21.7M.
- For fiscal 2025, revenue was $125.6M (+13.7% year over year) with a -73.2% net margin.
Financial health check
| Operating margin | -141.4% weak |
|---|---|
| Free cash flow margin | -110.1% weak |
| Return on equity (FY2025) | -14.5% weak |
| Return on assets (FY2025) | -10.5% weak |
| Net cash (cash minus debt) | $381.5M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $122.7M | $-69.3M | $-15.5M |
| FY2021 | $275.1M | $82.6M | $-30.2M |
| FY2022 | $164.6M | $-55.2M | $-14.0M |
| FY2023 | $174.6M | $-133.1M | $-96.4M |
| FY2024 | $110.5M | $-232.6M | $-208.3M |
| FY2025 | $125.6M | $-91.9M | $-138.3M |
Valuation snapshot
| Market value | $2.23B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Xencor’s market value went from $1.08B at the end of 2016 to $2.23B on Oct 28, 2026, about 2.1 times as much; since the end of 2025 it is up 104%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.23B | +104.0% |
| 2025 | $1.09B | -32.0% |
| 2024 | $1.61B | +24.4% |
| 2023 | $1.29B | -17.2% |
| 2022 | $1.56B | -33.5% |
| 2021 | $2.35B | -6.4% |
| 2020 | $2.51B | +28.5% |
| 2019 | $1.95B | -4.1% |
| 2018 | $2.03B | +97.5% |
| 2017 | $1.03B | -4.9% |
| 2016 | $1.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| XNCR price data to Oct 28, 2026 | +95.9% | +110.5% | +21.4% | -5.5% | +3.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +95.9% |
| 2025 | -33.4% |
| 2024 | +8.2% |
| 2023 | -18.5% |
| 2022 | -35.1% |
| 2021 | -8.0% |
| 2020 | +26.9% |
| 2019 | -4.9% |
| 2018 | +65.0% |
| 2017 | -16.7% |
| 2016 | +80.0% |
| 2015 | -8.8% |
| 2014 | +75.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 22% over that stretch · deepest drop along the way 42.7%, back to its old high 5.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.3% over that stretch · deepest drop along the way 52.6%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 18 sales ($3.9M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Dec 19, 2025 | Bassil I Dahiyat PRESIDENT & CEO, Director | sell | $1.8M |
| Dec 19, 2025 | John R Desjarlais SR. VICE PRESIDENT & CSO | sell | $1.2M |
| Mar 5, 2026 | Bassil I Dahiyat PRESIDENT & CEO, Director | sell | $167K |
| Jun 15, 2026 | Kevin Charles Gorman Director | sell (plan) | $93K |
| Jun 18, 2026 | Ellen Feigal Director | sell (plan) | $89K |
Who owns it
Large shareholders (13G filings)
| PRIMECAP MANAGEMENT CO/CA/ | 14.79% | Jun 30, 2025 |
| BlackRock, Inc. | 14.5% | Sep 30, 2026 |
| BIOTECHNOLOGY VALUE FUND L P | 9.99% | Dec 31, 2025 |
| RTW Investments, LP | 8.7% | Sep 30, 2025 |
| RA Capital Management, L.P. | 6.5% | Mar 23, 2026 |
| STATE STREET CORPORATION | 6.3% | Dec 31, 2025 |
| Vanguard Capital Management | 4.99% | Sep 30, 2026 |
| EcoR1 Capital, LLC | 2.9% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 2.4% | Sep 30, 2025 |
ETFs with the most weight in XNCR
| PBE Invesco Biotechnology & Genome ETF | 1.71% |
| BBC Virtus LifeSci Biotech Clinical Trials ETF | 0.45% |
| PSCH Invesco S&P SmallCap Health Care ETF | 0.43% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.34% |
| XBI SPDR S&P Biotech ETF | 0.2% |
| ISMD Inspire Small/Mid Cap ETF | 0.18% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.1% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.09% |
What could go wrong
- Its own drug candidates remain unproven. Xencor's wholly owned candidates are in Phase 1 or 2 trials. Early results, such as significant tumor shrinkage in 25% of 20 assessed XmAb819 patients, may not hold up in larger studies.
- Revenue depends on partners and lumpy milestones. All fiscal 2025 revenue was partner royalties (64%) and milestones (36%). Milestones are irregular, and revenue fell from $174.6 million in 2023 to $110.5 million in 2024. Losing a partner could hurt.
- Ongoing losses may require more fundraising. Xencor lost $91.9 million in fiscal 2025 and spent $138.3 million more cash than it brought in. It held $486.4 million in cash and investments on June 30, 2026, but expects to need more financing.
- Patents underpin the whole business. Xencor's platform rests on its XmAb patents, some managed by partners. Weak or challenged patents could let rivals copy its work, while others' infringement claims could mean costly lawsuits or damages.
- More shares dilute existing owners. Shares outstanding rose 27%, from about 58.5 million in November 2021 to 74.4 million in July 2026. New stock sales and employee share awards shrink each existing holder's slice of the company.
- A very volatile share price. Over its trading history the stock once fell 87% from a peak, and it fell 73.9% within the three years to October 28, 2026. Trial news can swing the price sharply.
Recent events
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Quarterly results released
- Major agreement signed; Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Executive or board change
- Major agreement ended
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Xencor does not pay a dividend, and its annual report says it does not intend to, so shareholder returns come only from share-price changes. It made no share buybacks from fiscal 2021 through fiscal 2025, and its share count rose 27% between November 2021 and July 2026. For an income investor, that means no cash payouts: drawing income would mean cashing in shares, which can lock in losses after a fall.
Past downturns were painful. In the 2020 COVID crash the stock fell 42.7% between February 20 and March 16, 2020, then regained its peak by September 9, 2020, about six months after its low. In the 2022 bear market it fell 52.6% from January 3 to June 13, 2022, and had not returned to its January 2022 level as of October 28, 2026. Its trading history does not reach back to the 2008 financial crisis. Single stocks, especially unprofitable biotech companies, carry more risk than diversified funds.
Questions investors ask
How does Xencor make money?
Xencor makes money by licensing its XmAb antibody technology and drug candidates to other drug companies. In fiscal 2025, which ended December 31, 2025, revenue was $125.6 million. Royalties, a share of partners' sales of medicines built with its technology, brought in $80.3 million, or 64%. Milestone payments, one-time fees triggered when partners reach development or regulatory goals, brought in $45.3 million, or 36%. Its own drug candidates were still in clinical trials as of its annual report filed February 25, 2026.
Does Xencor pay a dividend?
No. Xencor does not pay a dividend, and its annual report for fiscal 2025 says it does not intend to pay one. It also made no share buybacks from fiscal 2021 through fiscal 2025. Any return for shareholders therefore depends on the share price rising. Investors who rely on regular cash income may find dividend-paying stocks or income funds worth comparing.
Is Xencor profitable?
No. Xencor lost $91.9 million in fiscal 2025, or $1.24 per share, on revenue of $125.6 million, after losing $232.6 million in fiscal 2024. Its only profitable year from 2020 to 2025 was 2021, when it earned $82.6 million. In the quarter ended June 30, 2026, revenue rose 17.5% from a year earlier to $51.2 million, but the company still lost $21.7 million. It held $486.4 million in cash and investments and $104.9 million in debt on that date.
How has Xencor stock performed?
Strongly over the past year, after years of weak results. As of October 28, 2026, the share price was up 110.5% over one year and 95.9% year to date. It was up 79% in total over three years, but down 24% over five years, and up 45% over ten years, about 3.8% a year. Calendar years ranged from an 80% gain in 2016 to a 35.1% drop in 2022. These are price returns, since Xencor pays no dividend.
Who are Xencor's largest shareholders?
Its largest reported holders are PRIMECAP Management, with 14.79% as of June 30, 2025, and BlackRock, with 14.5% as of September 30, 2026. Biotechnology Value Fund (9.99%), RTW Investments (8.7%) and RA Capital Management (6.5%) also filed large stakes. Insiders made 18 sales worth about $3.9 million and no purchases between October 29, 2025 and October 29, 2026, including about $1.8 million by CEO Bassil Dahiyat on December 19, 2025. Five sales were under prearranged trading plans.