IMCRNasdaqBiological Products, (No Diagnostic Substances)Fiscal year ends December 31
Immunocore Holdings plc
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$29.84+0.44 (+1.50%)
Close on Oct 19, 2026
- Market cap
- $1.52B
- P/E (TTM)
- –
- Dividend yield
- 0.00%
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
98.7%
Operating margin
-11.3%
Net margin
-8.9%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +29.0% | +31.9% | – | – | |
| Gross profit | +28.4% | +31.6% | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -9.6% | |
| Return on assets | – | – | -3.4% | |
| Current ratio | – | – | 4.04 | |
| Interest coverage | – | – | -3.7× | |
| Inventory turnover | – | – | 0.8× | |
| Capex to revenue | – | – | 1.1% | |
| Diluted shares | 22M | 27M | 50M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Immunocore generated $232.03M from operations and spent $18.53M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$232.03M
Used
$18.53M
Capital expenditure$18.53M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-8.9%
×Asset turnover0.39×
×Equity multiplier2.80×
=Return on equity, FY2025-9.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -8.9% | 0.39× | 2.80× | -9.6% |
| FY2024 | -16.5% | 0.39× | 2.20× | -14.0% |
| FY2023 | -22.2% | 0.44× | 1.59× | -15.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$35.51M
- Cash generatingOperating cash flow above zero-$10.71M
- Return on assets improvedROA up on the prior year-8.6% → -3.5%
- Earnings backed by cashOperating cash flow above net income-$10.71M vs -$35.51M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.38 → 4.04
- No dilutionShare count did not rise50M → 50M
- Gross margin improvedGross margin up on the prior year99.12% → 98.73%
- More efficientAsset turnover rose0.52 → 0.40