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IMMUNOCORE HOLDINGS PLC-ADR (IMCR) Stock Fundamental Analysis

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

36.6  +1.56 (+4.45%)

After market: 36.6 0 (0%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to IMCR. IMCR was compared to 558 industry peers in the Biotechnology industry. While IMCR seems to be doing ok healthwise, there are quite some concerns on its profitability. While showing a medium growth rate, IMCR is valued expensive at the moment.


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.
The reported operating cash flow has been mixed in the past 5 years: IMCR reported negative operating cash flow in multiple 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 -2.10%, IMCR belongs to the best of the industry, outperforming 89.11% of the companies in the same industry.
IMCR has a better Return On Equity (-5.71%) than 89.82% of its industry peers.
Industry RankSector Rank
ROA -2.1%
ROE -5.71%
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 (99.01%) than 98.39% 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 99.01%
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.
Compared to 1 year ago, IMCR has about the same amount of shares outstanding.
IMCR has more shares outstanding than it did 5 years ago.
The debt/assets ratio for IMCR is higher compared to a year ago.
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

IMCR has an Altman-Z score of 1.73. This is a bad value and indicates that IMCR is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of IMCR (1.73) is better than 71.07% of its industry peers.
The Debt to FCF ratio of IMCR is 15.03, which is on the high side as it means it would take IMCR, 15.03 years of fcf income to pay off all of its debts.
IMCR's Debt to FCF ratio of 15.03 is amongst the best of the industry. IMCR outperforms 91.96% of its industry peers.
A Debt/Equity ratio of 1.03 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 1.03, IMCR is doing worse than 78.04% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.03
Debt/FCF 15.03
Altman-Z 1.73
ROIC/WACCN/A
WACC8.7%
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

A Current Ratio of 6.36 indicates that IMCR has no problem at all paying its short term obligations.
The Current ratio of IMCR (6.36) is better than 63.21% of its industry peers.
IMCR has a Quick Ratio of 6.31. This indicates that IMCR is financially healthy and has no problem in meeting its short term obligations.
The Quick ratio of IMCR (6.31) is better than 63.57% of its industry peers.
Industry RankSector Rank
Current Ratio 6.36
Quick Ratio 6.31
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 64.24%, which is quite impressive.
Looking at the last year, IMCR shows a very negative growth in Revenue. The Revenue has decreased by -22.97% in the last year.
IMCR shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 64.57% yearly.
EPS 1Y (TTM)64.24%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%120.41%
Revenue 1Y (TTM)-22.97%
Revenue growth 3Y127.06%
Revenue growth 5Y64.57%
Sales Q2Q%33.16%

3.2 Future

IMCR is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 45.93% yearly.
The Revenue is expected to grow by 22.66% on average over the next years. This is a very strong growth
EPS Next Y0.11%
EPS Next 2Y-13.23%
EPS Next 3Y13.83%
EPS Next 5Y45.93%
Revenue Next Year21.54%
Revenue Next 2Y14.6%
Revenue Next 3Y15.39%
Revenue Next 5Y22.66%

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 500M 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

Based on the Price/Free Cash Flow ratio, IMCR is valued cheaper than 92.50% of the companies in the same industry.
Industry RankSector Rank
P/FCF 70.6
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

A more expensive valuation may be justified as IMCR's earnings are expected to grow with 13.83% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-13.23%
EPS Next 3Y13.83%

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0

5. Dividend

5.1 Amount

IMCR does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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IMMUNOCORE HOLDINGS PLC-ADR

NASDAQ:IMCR (5/30/2025, 8:04:58 PM)

After market: 36.6 0 (0%)

36.6

+1.56 (+4.45%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Earnings (Last)05-07 2025-05-07/bmo
Earnings (Next)08-06 2025-08-06/bmo
Inst Owners91.87%
Inst Owner Change3.89%
Ins Owners0.07%
Ins Owner Change0%
Market Cap1.84B
Analysts81.74
Price Target66.3 (81.15%)
Short Float %17.52%
Short Ratio23.03
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)1
Avg EPS beat(2)22.87%
Min EPS beat(2)-79.43%
Max EPS beat(2)125.17%
EPS beat(4)3
Avg EPS beat(4)61.46%
Min EPS beat(4)-79.43%
Max EPS beat(4)147.46%
EPS beat(8)5
Avg EPS beat(8)37.27%
EPS beat(12)7
Avg EPS beat(12)-206106%
EPS beat(16)8
Avg EPS beat(16)-154578%
Revenue beat(2)1
Avg Revenue beat(2)0.21%
Min Revenue beat(2)-4.08%
Max Revenue beat(2)4.49%
Revenue beat(4)1
Avg Revenue beat(4)-0.72%
Min Revenue beat(4)-4.08%
Max Revenue beat(4)4.49%
Revenue beat(8)3
Avg Revenue beat(8)-0.39%
Revenue beat(12)7
Avg Revenue beat(12)11.76%
Revenue beat(16)11
Avg Revenue beat(16)25.3%
PT rev (1m)0%
PT rev (3m)0.72%
EPS NQ rev (1m)27.73%
EPS NQ rev (3m)-1.53%
EPS NY rev (1m)38.44%
EPS NY rev (3m)33.56%
Revenue NQ rev (1m)3.43%
Revenue NQ rev (3m)2.6%
Revenue NY rev (1m)4.73%
Revenue NY rev (3m)7.56%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 5.51
P/FCF 70.6
P/OCF 59.15
P/B 4.86
P/tB 4.86
EV/EBITDA N/A
EPS(TTM)-0.43
EYN/A
EPS(NY)-1.31
Fwd EYN/A
FCF(TTM)0.52
FCFY1.42%
OCF(TTM)0.62
OCFY1.69%
SpS6.64
BVpS7.53
TBVpS7.53
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -2.1%
ROE -5.71%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 99.01%
FCFM 7.81%
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 Turnover0.32
Health
Industry RankSector Rank
Debt/Equity 1.03
Debt/FCF 15.03
Debt/EBITDA N/A
Cap/Depr 124.56%
Cap/Sales 1.51%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 6.36
Quick Ratio 6.31
Altman-Z 1.73
F-Score5
WACC8.7%
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)64.24%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%120.41%
EPS Next Y0.11%
EPS Next 2Y-13.23%
EPS Next 3Y13.83%
EPS Next 5Y45.93%
Revenue 1Y (TTM)-22.97%
Revenue growth 3Y127.06%
Revenue growth 5Y64.57%
Sales Q2Q%33.16%
Revenue Next Year21.54%
Revenue Next 2Y14.6%
Revenue Next 3Y15.39%
Revenue Next 5Y22.66%
EBIT growth 1Y53.71%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year-12.09%
EBIT Next 3Y-16.17%
EBIT Next 5Y40.49%
FCF growth 1Y183.07%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y126.39%
OCF growth 3YN/A
OCF growth 5YN/A