ImmunityBio, Inc.

Biological Products, (No Diagnostic Substances)

IBRXStrained4 of 9 basics passed

$10.57

+6.66%

Market cap $11.2B

$10.57

+6.66%

Market cap $11.2B

ImmunityBio Inc is a biotechnology company focused on developing and commercializing next-generation immunotherapies designed to activate the patient's immune system and provide durable protection against cancer and infectious diseases.

It is a $11.2B healthcare company. Revenue grew 192.9% over the last year, and it currently loses money.

Website: immunitybio.com
Location: San Diego, CA
Employees: 691
Sector: Healthcare

Share price · 3 years

$1.43 → $10.57+639.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $166M
Loss: spends more than it earns; -$992M
Free cash flow: cash left after running the business; -$288M
Shares: up 136% since 2021 — dilution; 919.9M
Volatility: beta vs the market — under 1 swings less; 0.18

Revenue, last 10 years

52-week range

Low $1.98$10.57High $11.55

Today's price is 90% of the way from the year's low to its high.

Valuation vs own history

P/S

67.2×

77%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$1.12Mnet selling

Purchases$0

Sales$1.12M

Insiders trading, last 14d0 buy · 2 sell

Standing in Healthcare

Size$11.2Btop 79%
Revenue growth+679%top 1%
Net margin-599%top 96%
Return on equity-193%top 97%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Health, Quality and Moat lag behind.

Valuation20

P/E vs own historyn/a · 10/25
FCF yield-2.6% · 0/25
P/S67.2x · 0/25
EV/EBITDAn/a · 10/25

Growth25

Revenue CAGR231.9% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability0

ROICn/a · 0/25
ROE-193.3% · 0/25
Net margin-598.6% · 0/25
Operating margin-151.9% · 0/25

Health28

Altman Z-6.14 · 3/25
Current ratio5.72 · 25/25
Interest coverage-1.4x · 0/25
Net cash / debtn/a · 0/25

Quality15

Piotroski F5/9 · 15/25
Beneish M2.51 · 0/25
FCF conversionn/a · 0/25
Margin stabilityσ 178505.7% · 0/25

Moat0

ROIC >12% years0/5 yrs · 0/25
Median gross marginn/a · 0/25
FCF-positive years0/10 yrs · 0/25
Worst-year net marginworst -274565.9% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2020Product
A product developed by ImmunityBio was rumoured to be a potential SARS-CoV-2 coronavirus vaccine

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$10 302 today — price return only

$113.3M revenue in FY2025

Revenue up 192.9% year over year

691 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (99.3%)
Revenue growing 192.9% year over year

Watch-outs

Not profitable — 598.6% net margin
Negative free cash flow (-$288.0M)
Altman Z-Score -6.14 — elevated financial-distress risk
Thin interest coverage (-1.4×)
Loss-making in 10 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

4 of 9 checks passed

Revenue growing — the company sells more than a year ago+192.9% YoY
Profitable — makes more than it spends-$992M TTM
Profit growing — earnings are higher than last year+15.0% YoY
Generates cash — cash left after running and investing-$288M TTM
Debt under control — could handle its obligationscurrent ratio 5.72
Established company — not a micro-cap — lower blow-up risk$11.2B market cap
Not printing shares — share count not ballooning — you keep your slice+136.3% shares over ~5y
Proven track record — years of profitability behind it0/10 profitable years
Financially stable — balance sheet not near distressAltman Z -6.1 — distress
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsno data

Peer comparisonImmunityBio, Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
IBRX this company	$11.2B	—	+192.9%	-598.6%	Strained
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: IBRX vs LLY · IBRX vs JNJ · IBRX vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 5Hold 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $166M · net income -$992M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$166M

YoY 192.9%

Net income (TTM)

-$992M

Margin -598.6%

Gross margin

99.3%

Operating margin

-151.9%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.0	0.0	0.0	0.0	0.0	0.1
Gross profit	—	—	—	—	0.0	0.1
Operating income (EBIT)	-0.1	-0.3	-0.4	-0.4	-0.3	-0.3
Net income	-0.1	-0.3	-0.4	-0.6	-0.4	-0.4
EPS (diluted)	—	-0.89	-1.04	-1.15	-0.59	-0.38

Cash flowFree cash flow -$288M · operating cash flow -$281M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$288M

Margin -173.7%

Operating cash flow (TTM)

-$281M

FCF margin

-173.7%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	-0.1	-0.3	-0.3	-0.4	-0.4	-0.3
Capital expenditure	-0.0	-0.0	-0.1	-0.0	-0.0	-0.0
Free cash flow	-0.1	-0.3	-0.4	-0.4	-0.4	-0.3
FCF margin	-65891.0%	-32972.5%	-173192.5%	-63888.1%	-2699.8%	-272.5%

Balance sheetAssets $502M · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $502M of assets is financed

200%

Liabilities $1.00B — borrowed moneyEquity -$500M — owners' stake

Altman Z-Score

-6.14

Distress zone

Interest coverage

-1.4x

EBIT ÷ interest expense

ROE

-193.3%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.3	0.1	0.3	0.1	0.2
Total assets	0.2	0.5	0.4	0.5	0.4	0.5
Total liabilities	0.0	0.7	0.8	1.1	0.9	1.0
Total debt	—	—	—	—	—	—
Equity	0.1	-0.2	-0.4	-0.6	-0.5	-0.5
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of IBRX on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $10.57 · market cap $11.2B.