📊 IMCR Key Takeaways
Is Immunocore Holdings plc (IMCR) a Good Investment?
Strong revenue growth (29% YoY) and EPS expansion (30.4% YoY) demonstrate market traction, but the stark disconnect between reported net income and negative operating cash flow (-$13.8M) raises critical questions about earnings quality and sustainability. Elevated leverage (1.11x D/E) combined with cash burn presents financial stability risks despite substantial liquid reserves.
Immunocore is growing revenue at a strong 29% YoY while trending toward breakeven with narrowing net losses and modest cash burn. A robust liquidity position (4.0x current ratio, ~$468M cash) provides runway to improve margins despite elevated leverage and negative interest coverage. If growth persists and operating efficiency improves, fundamentals support continued improvement toward sustainable profitability.
Why Buy Immunocore Holdings plc Stock? IMCR Key Strengths
- Strong topline growth of 29% YoY with net margin expansion to 12.2%
- Diluted EPS growth of 30.4% demonstrates operating leverage and market momentum
- Robust liquidity position with $452.7M cash and 4.18x current ratio providing runway
- Strong revenue growth (+29% YoY)
- Robust liquidity (current ratio ~4x; substantial cash)
- Improving losses and near-breakeven free cash flow
IMCR Stock Risks: Immunocore Holdings plc Investment Risks
- Critical disconnect: negative operating cash flow of -$13.8M despite positive net income signals earnings quality concerns or unsustainable working capital dynamics
- Elevated leverage with 1.11x debt-to-equity and 2.4x interest coverage leaves limited margin for error
- Extremely low returns on equity (3.3%) and assets (1.2%) indicate inefficient capital deployment despite growth
- Continued operating and net losses (negative margins)
- High leverage with negative interest coverage
- Biotech execution and concentration risk in revenue sources
Key Metrics to Watch
- Operating cash flow trend - must turn positive to validate earnings sustainability
- Debt reduction trajectory and interest coverage maintenance
- Return on equity improvement - critical for long-term shareholder value creation
- Operating cash flow (trend to positive)
- Interest coverage ratio
Immunocore Holdings plc (IMCR) Financial Metrics & Key Ratios
💡 AI Analyst Insight
Strong liquidity with a 4.18x current ratio provides a solid financial cushion.
IMCR Profit Margin, ROE & Profitability Analysis
IMCR vs Healthcare Sector: How Immunocore Holdings plc Compares
How Immunocore Holdings plc compares to Healthcare sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is Immunocore Holdings plc Stock Overvalued? IMCR Valuation Analysis 2026
Based on fundamental analysis, Immunocore Holdings plc shows some fundamental concerns relative to the Healthcare sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
Immunocore Holdings plc Balance Sheet: IMCR Debt, Cash & Liquidity
IMCR Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: Immunocore Holdings plc's revenue has grown significantly by 68% over the 5-year period, indicating strong business expansion. The most recent EPS of $-1.13 indicates the company is currently unprofitable.
IMCR Revenue Growth, EPS Growth & YoY Performance
IMCR Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $93.9M | $5.0M | $0.10 |
| Q3 2025 | $80.2M | -$177.0K | $0.00 |
| Q2 2025 | $75.4M | $5.0M | $-0.11 |
| Q1 2025 | $70.5M | $5.0M | $0.10 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
Immunocore Holdings plc Dividends, Buybacks & Capital Allocation
IMCR SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for Immunocore Holdings plc (CIK: 0001671927)
📋 Recent SEC Filings
❓ Frequently Asked Questions about IMCR
What is the AI rating for IMCR?
Immunocore Holdings plc (IMCR) has a Combined AI Rating of BUY from Claude (HOLD) and ChatGPT (BUY) with 66% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are IMCR's key strengths?
Claude: Strong topline growth of 29% YoY with net margin expansion to 12.2%. Diluted EPS growth of 30.4% demonstrates operating leverage and market momentum. ChatGPT: Strong revenue growth (+29% YoY). Robust liquidity (current ratio ~4x; substantial cash).
What are the risks of investing in IMCR?
Claude: Critical disconnect: negative operating cash flow of -$13.8M despite positive net income signals earnings quality concerns or unsustainable working capital dynamics. Elevated leverage with 1.11x debt-to-equity and 2.4x interest coverage leaves limited margin for error. ChatGPT: Continued operating and net losses (negative margins). High leverage with negative interest coverage.
What is IMCR's revenue and growth?
Immunocore Holdings plc reported revenue of $106.7M.
Does IMCR pay dividends?
Immunocore Holdings plc does not currently pay dividends.
Where can I find IMCR SEC filings?
Official SEC filings for Immunocore Holdings plc (CIK: 0001671927) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is IMCR's EPS?
Immunocore Holdings plc has a diluted EPS of $0.25.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is IMCR a good stock to buy right now?
Based on our AI fundamental analysis in May 2026, Immunocore Holdings plc has a BUY rating with 66% confidence. The AI analysis suggests favorable fundamentals based on SEC filings. This is not investment advice.
Is IMCR stock overvalued or undervalued?
Valuation metrics for IMCR: ROE of 3.3% (sector avg: 15%), net margin of 12.2% (sector avg: 12%). Compare these metrics with sector averages to assess valuation.
Should I buy IMCR stock in 2026?
Our dual AI analysis gives Immunocore Holdings plc a combined BUY rating for 2026. Revenue is data pending, with profitability above sector average. Always conduct your own research.
What is IMCR's free cash flow?
Immunocore Holdings plc's operating cash flow is $-13.8M, with capital expenditures of $1.8M. FCF margin is -14.6%.
How does IMCR compare to other Healthcare stocks?
Vs Healthcare sector averages: Net margin 12.2% (avg: 12%), ROE 3.3% (avg: 15%), current ratio 4.18 (avg: 2).