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IMMUNOCORE HOLDINGS PLC-ADR (IMCR) Stock Fundamental Analysis

NASDAQ:IMCR - Nasdaq - US45258D1054 - ADR - Currency: USD

32.34  +0.03 (+0.09%)

After market: 32.34 0 (0%)

Fundamental Rating

4

Taking everything into account, IMCR scores 4 out of 10 in our fundamental rating. IMCR was compared to 549 industry peers in the Biotechnology industry. While IMCR seems to be doing ok healthwise, there are quite some concerns on its profitability. IMCR is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year IMCR has reported negative net income.
IMCR had a positive operating cash flow in the past year.
IMCR had negative earnings in each of the past 5 years.
In multiple years IMCR reported negative operating cash flow during the last 5 years.
IMCR Yearly Net Income VS EBIT VS OCF VS FCFIMCR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 2024 0 -50M -100M

1.2 Ratios

With an excellent Return On Assets value of -1.88%, IMCR belongs to the best of the industry, outperforming 88.71% of the companies in the same industry.
Looking at the Return On Equity, with a value of -5.23%, IMCR belongs to the top of the industry, outperforming 89.62% of the companies in the same industry.
Industry RankSector Rank
ROA -1.88%
ROE -5.23%
ROIC N/A
ROA(3y)-7.93%
ROA(5y)-20.99%
ROE(3y)-14.64%
ROE(5y)-50.92%
ROIC(3y)N/A
ROIC(5y)N/A
IMCR Yearly ROA, ROE, ROICIMCR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 2024 -200 -400 -600

1.3 Margins

IMCR has a better Gross Margin (99.26%) than 98.36% of its industry peers.
IMCR does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 99.26%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
IMCR Yearly Profit, Operating, Gross MarginsIMCR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 2024 0 -100 -200 -300 -400

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5

2. Health

2.1 Basic Checks

IMCR does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for IMCR remains at a similar level compared to 1 year ago.
IMCR has more shares outstanding than it did 5 years ago.
IMCR has a worse debt/assets ratio than last year.
IMCR Yearly Shares OutstandingIMCR Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
IMCR Yearly Total Debt VS Total AssetsIMCR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.2 Solvency

Based on the Altman-Z score of 1.48, we must say that IMCR is in the distress zone and has some risk of bankruptcy.
The Altman-Z score of IMCR (1.48) is better than 68.85% of its industry peers.
IMCR has a debt to FCF ratio of 13.78. This is a negative value and a sign of low solvency as IMCR would need 13.78 years to pay back of all of its debts.
With an excellent Debt to FCF ratio value of 13.78, IMCR belongs to the best of the industry, outperforming 91.62% of the companies in the same industry.
A Debt/Equity ratio of 1.01 is on the high side and indicates that IMCR has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 1.01, IMCR is doing worse than 77.23% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.01
Debt/FCF 13.78
Altman-Z 1.48
ROIC/WACCN/A
WACC8.6%
IMCR Yearly LT Debt VS Equity VS FCFIMCR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 0 100M -100M 200M 300M

2.3 Liquidity

IMCR has a Current Ratio of 5.89. This indicates that IMCR is financially healthy and has no problem in meeting its short term obligations.
With a decent Current ratio value of 5.89, IMCR is doing good in the industry, outperforming 60.84% of the companies in the same industry.
A Quick Ratio of 5.86 indicates that IMCR has no problem at all paying its short term obligations.
With a decent Quick ratio value of 5.86, IMCR is doing good in the industry, outperforming 61.38% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 5.89
Quick Ratio 5.86
IMCR Yearly Current Assets VS Current LiabilitesIMCR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

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6

3. Growth

3.1 Past

IMCR shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 62.60%, which is quite impressive.
IMCR shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -22.69%.
Measured over the past years, IMCR shows a very strong growth in Revenue. The Revenue has been growing by 64.57% on average per year.
EPS 1Y (TTM)62.6%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%13.04%
Revenue 1Y (TTM)-22.69%
Revenue growth 3Y127.06%
Revenue growth 5Y64.57%
Sales Q2Q%30.02%

3.2 Future

Based on estimates for the next years, IMCR will show a very strong growth in Earnings Per Share. The EPS will grow by 39.54% on average per year.
IMCR is expected to show a strong growth in Revenue. In the coming years, the Revenue will grow by 20.06% yearly.
EPS Next Y19.6%
EPS Next 2Y-7.27%
EPS Next 3Y18.02%
EPS Next 5Y39.54%
Revenue Next Year22.96%
Revenue Next 2Y15.58%
Revenue Next 3Y15.54%
Revenue Next 5Y20.06%

3.3 Evolution

The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
IMCR Yearly Revenue VS EstimatesIMCR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 200M 400M 600M 800M 1B
IMCR Yearly EPS VS EstimatesIMCR Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 0 5 -5

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2

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for IMCR. In the last year negative earnings were reported.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for IMCR. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
IMCR Price Earnings VS Forward Price EarningsIMCR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 50 -50

4.2 Price Multiples

Compared to the rest of the industry, the Price/Free Cash Flow ratio of IMCR indicates a rather cheap valuation: IMCR is cheaper than 92.35% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 57.1
EV/EBITDA N/A
IMCR Per share dataIMCR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6

4.3 Compensation for Growth

IMCR's earnings are expected to grow with 18.02% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-7.27%
EPS Next 3Y18.02%

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0

5. Dividend

5.1 Amount

No dividends for IMCR!.
Industry RankSector Rank
Dividend Yield N/A

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IMMUNOCORE HOLDINGS PLC-ADR

NASDAQ:IMCR (8/19/2025, 8:00:02 PM)

After market: 32.34 0 (0%)

32.34

+0.03 (+0.09%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Earnings (Last)08-07 2025-08-07/bmo
Earnings (Next)11-04 2025-11-04/bmo
Inst Owners94.14%
Inst Owner Change-3.75%
Ins Owners0.03%
Ins Owner Change0%
Market Cap1.62B
Analysts81.67
Price Target61.27 (89.46%)
Short Float %18.38%
Short Ratio23.6
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)62.74%
Min EPS beat(2)0.3%
Max EPS beat(2)125.17%
EPS beat(4)3
Avg EPS beat(4)48.38%
Min EPS beat(4)-79.43%
Max EPS beat(4)147.46%
EPS beat(8)5
Avg EPS beat(8)35.65%
EPS beat(12)7
Avg EPS beat(12)-206113%
EPS beat(16)9
Avg EPS beat(16)-154577%
Revenue beat(2)2
Avg Revenue beat(2)2.92%
Min Revenue beat(2)1.34%
Max Revenue beat(2)4.49%
Revenue beat(4)2
Avg Revenue beat(4)-0.15%
Min Revenue beat(4)-4.08%
Max Revenue beat(4)4.49%
Revenue beat(8)4
Avg Revenue beat(8)-0.07%
Revenue beat(12)7
Avg Revenue beat(12)3.9%
Revenue beat(16)11
Avg Revenue beat(16)25.29%
PT rev (1m)0.48%
PT rev (3m)-7.58%
EPS NQ rev (1m)-2.48%
EPS NQ rev (3m)8.41%
EPS NY rev (1m)0%
EPS NY rev (3m)19.51%
Revenue NQ rev (1m)4.64%
Revenue NQ rev (3m)8.9%
Revenue NY rev (1m)0.48%
Revenue NY rev (3m)1.17%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 4.56
P/FCF 57.1
P/OCF 48.39
P/B 4.18
P/tB 4.18
EV/EBITDA N/A
EPS(TTM)-0.4
EYN/A
EPS(NY)-1.17
Fwd EYN/A
FCF(TTM)0.57
FCFY1.75%
OCF(TTM)0.67
OCFY2.07%
SpS7.09
BVpS7.73
TBVpS7.73
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -1.88%
ROE -5.23%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 99.26%
FCFM 7.99%
ROA(3y)-7.93%
ROA(5y)-20.99%
ROE(3y)-14.64%
ROE(5y)-50.92%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score5
Asset Turnover0.33
Health
Industry RankSector Rank
Debt/Equity 1.01
Debt/FCF 13.78
Debt/EBITDA N/A
Cap/Depr 133.61%
Cap/Sales 1.44%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 5.89
Quick Ratio 5.86
Altman-Z 1.48
F-Score5
WACC8.6%
ROIC/WACCN/A
Cap/Depr(3y)97.19%
Cap/Depr(5y)68.03%
Cap/Sales(3y)1.79%
Cap/Sales(5y)3.88%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)62.6%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%13.04%
EPS Next Y19.6%
EPS Next 2Y-7.27%
EPS Next 3Y18.02%
EPS Next 5Y39.54%
Revenue 1Y (TTM)-22.69%
Revenue growth 3Y127.06%
Revenue growth 5Y64.57%
Sales Q2Q%30.02%
Revenue Next Year22.96%
Revenue Next 2Y15.58%
Revenue Next 3Y15.54%
Revenue Next 5Y20.06%
EBIT growth 1Y54.93%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year14.66%
EBIT Next 3Y-13.65%
EBIT Next 5Y35.12%
FCF growth 1Y82.73%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y63.54%
OCF growth 3YN/A
OCF growth 5YN/A