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Held by 195 of 5,944 reporting institutions (91th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -12%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~26.7% on $120M of debt.
Cash of $54M fully covers short-term debt of $43M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $125.6M 100.0% | $110.5M 100.0% | $174.6M 100.0% | $164.6M 100.0% | $275.1M 100.0% | $122.7M 100.0% | $156.7M 100.0% | $40.6M 100.0% | $46.1M 100.0% | $109.0M 100.0% |
| Research & Development | $239.4M 190.7% | $227.7M 206.1% | $253.6M 145.2% | $199.6M 121.3% | $192.5M 70.0% | $169.8M 138.4% | $118.6M 75.7% | $97.5M 240.1% | $71.8M 155.5% | $51.9M 47.6% |
| Selling, General & Admin | $63.6M 50.7% | $61.2M 55.4% | $53.4M 30.6% | $47.5M 28.9% | $38.8M 14.1% | $29.7M 24.2% | $24.3M 15.5% | $22.5M 55.3% | $17.5M 37.9% | $13.1M 12.0% |
| Total Operating Expenses | $303.1M 241.4% | $288.9M 261.5% | $307.0M 175.8% | $247.1M 150.1% | $231.3M 84.1% | $199.5M 162.6% | $142.9M 91.2% | $120.0M 295.5% | $89.3M 193.4% | $65.0M 59.6% |
| Operating Income | -$177.5M -141.4% | -$178.4M -161.5% | -$132.4M -75.8% | -$82.5M -50.1% | $43.8M 15.9% | -$76.8M -62.6% | $13.8M 8.8% | -$79.4M -195.5% | -$43.1M -93.4% | $44.0M 40.4% |
| Interest Expense | $31.9M 25.4% | $36.6M 33.2% | $6.2M 3.5% | $13K 0.0% | $13K 0.0% | — | — | $16K 0.0% | $13K 0.0% | $21K 0.0% |
| Interest & Investment Income | $27.5M 21.9% | $31.9M 28.9% | $19.3M 11.1% | $4.8M 2.9% | $862K 0.3% | — | — | $9.1M 22.4% | $4.2M 9.1% | $2.1M 1.9% |
| Other Income (Expense), net | $87.9M 70.0% | -$56.5M -51.1% | $12.7M 7.3% | $28.0M 17.0% | $38.9M 14.1% | $7.5M 6.1% | $13.4M 8.5% | $9.0M 22.1% | $4.2M 9.0% | $2.1M 1.9% |
| Pretax Income | -$89.6M -71.4% | -$234.9M -212.6% | -$119.6M -68.5% | -$54.5M -33.1% | $82.6M 30.0% | -$69.3M -56.5% | $27.2M 17.3% | -$70.4M -173.4% | -$38.9M -84.4% | $46.1M 42.3% |
| Income Tax Expense | $2.5M 2.0% | $1.6M 1.5% | $13.7M 7.8% | $673K 0.4% | $0 0.0% | $0 0.0% | $312K 0.2% | $0 0.0% | -$463K -1.0% | $991K 0.9% |
| Net Income | -$91.9M -73.2% | -$232.6M -210.5% | -$133.1M -76.2% | -$55.2M -33.5% | $82.6M 30.0% | -$69.3M -56.5% | $26.9M 17.2% | -$70.4M -173.4% | -$38.5M -83.4% | $45.1M 41.4% |
| Per Share | ||||||||||
| EPS (Basic) | $-1.24 | $-3.58 | $-2.20 | $-0.93 | $1.42 | $-1.21 | $0.48 | $-1.31 | $-0.82 | $1.09 |
| EPS (Diluted) | $-1.24 | $-3.58 | $-2.20 | $-0.93 | $1.37 | $-1.21 | $0.46 | $-1.31 | $-0.82 | $1.07 |
| Weighted Avg Shares (Basic) | 74.2M | 65.0M | 60.5M | 59.7M | 58.4M | 57.2M | 56.5M | 53.9M | 46.8M | 41.3M |
| Weighted Avg Shares (Diluted) | 74.2M | 65.0M | 60.5M | 59.7M | 60.5M | 57.2M | 58.5M | 53.9M | 46.8M | 42.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage rising year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$138M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
No standout strengths flagged.
Where each multiple sits in its own 13-yr range · 46th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| R&D | 240.1 | 75.7 | 138.4 | 70.0 | 121.3 | 145.2 | 206.1 | 190.7 |
| SG&A | 55.3 | 15.5 | 24.2 | 14.1 | 28.9 | 30.6 | 55.4 | 50.7 |
| Operating Income | -195.5 | 8.8 | -62.6 | 15.9 | -50.1 | -75.8 | -161.5 | -141.4 |
| Income Tax | 0.0 | 0.2 | 0.0 | 0.0 | 0.4 | 7.8 | 1.5 | 2.0 |
| Net Income | -173.4 | 17.2 | -56.5 | 30.0 | -33.5 | -76.2 | -210.5 | -73.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on XNCR: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.20T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.02T | 49.6× | — | 15.7× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $916.2B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $643.4B | 24.2× | — | 6.8× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $464.4B | 111.2× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $252.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $202.8B | 26.4× | 17.4× | 5.5× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $183.3B | 21.8× | 20.0× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.2B | 27.5× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $147.3B | 41.3× | 30.5× | 6.0× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $135.8B | 48.6× | 37.3× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $129.4B | 18.4× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| LGVN | $117.4B | — | — | 97924.4× | -49.9% | 67.0% | -1894% | -400% | -400% | — | 31 |
| CVS | $116.6B | 66.0× | 11.7× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.7B | 15.2× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.1B | 16.4× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| XNCR | $1.7B | — | — | 13.6× | 13.7% | — | -73.2% | -14.5% | -12.2% | -0.7× | 195 |
Peers = companies sharing XNCR's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.