XOMA
XOMA Royalty Corp
Next earnings Aug 11, 2026 · consensus $0.18 EPS, $14.2M rev
Last earnings +1.3% on 2026-03-18
$42.15
▼ -0.12%$42.15▲ +60.76%
over 1Y
L $22.89EODHDH $42.40
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-0.1%
1W+0.4%
1M+1.0%
3M+39.7%
YTD+50.6%
1Y+60.8%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 9 analysts
Buy
Royalty aggregator with a real (if lumpy) business; FY25 GAAP earnings flatter the picture, but optionality justifies owning, not chasing.
Total cash receipts $50.5M · FY2025
The read
Middling fundamentals offset by an attractive price (~32% below fair value) — worth a look on the value angle.
XOMA is a royalty aggregator with economic rights tied to 120+ therapeutic candidates, anchored by seven commercial-stage assets. MD&A discloses $50.5M of FY2025 cash receipts ($33.6M commercial + $16.9M milestones/fees) — a far more honest measure of the business than the $10.3M GAAP revenue line, which under the effective-interest-rate (EIR) method only periodically recognizes income. The $31.7M FY25 net income is real but heavily distorted: it includes a $17.9M bargain purchase gain on HilleVax and a $3.2M bargain gain on Mural, meaning roughly two-thirds of reported earnings came from acquisition accounting rather than operating royalty cash flow. That makes the headline 28.9x P/E and 306% net margin meaningless as forward gauges, and the 48.5x P/S off the GAAP line equally misleading.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $36.5M | $4.15M | $2.65M | $6.65M | $10.3M |
| Gross profit | — | — | — | — | — |
| Operating income | $17.5M | -$17.4M | -$41.8M | -$40.0M | $11.4M |
| Net income | $15.8M | -$17.1M | -$40.8M | -$13.8M | $31.7M |
| Diluted EPS | $0.65 | -$1.98 | -$4.04 | -$1.65 | $1.46 |
| Net margin | 43.3% | -412.1% | -1540.8% | -207.8% | 306.4% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$528M
EV / EBITDA46.3
EV / Sales51.0
EV / FCF—
P / FCF—
PEG (trailing)0.09
Earnings yield6.3%
FCF yield-19.1%
Quality & risk
ROIC (est.)4.7%
Free cash flow-$96.1M
Total debt$109M
Net cash-$26.1M
Altman Z-Score-3.95 distress
Piotroski F-Score6/8
Capital returns
Buyback yield3.2%
Dividend yield (est.)1.1%
Shareholder yield4.3%
Shares Δ YoY-0.6%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Reg FD disclosure2026-06-12
Reg FD/other event disclosure with exhibits; likely portfolio or licensee update
- 8-K Officer / director change2026-05-22
Annual meeting results, bylaw amendments and officer/director changes disclosed
- 8-K Material agreement2026-05-18
Entered a new material definitive agreement — likely a royalty acquisition
- 10-Q Quarterly report2026-05-12
Q1 2026 10-Q covering first full quarter post Mural/LAVA/HilleVax acquisitions
- 8-K Material agreement2026-04-27
Amendment adding financial statements/pro formas for prior acquisition
- 8-K/A Amended 8-K2026-04-27
Amendment adding financial statements/pro formas for prior acquisition
- DEF 14A Proxy statement2026-03-30
Annual proxy: director slate, say-on-pay and auditor ratification
- 8-K Earnings results2026-03-18
FY2025 10-K: $10.3M revenue, $31.7M net income, Mural/LAVA/HilleVax bargain gains
- 10-K Annual report2026-03-18
FY2025 10-K: $10.3M revenue, $31.7M net income, Mural/LAVA/HilleVax bargain gains
Recent filings
all on EDGAR ↗DEFA14AFiling2026-06-12open ↗8-KPeriod ending 2026-06-122026-06-12open ↗DEFM14AFiling2026-06-10open ↗4Period ending 2026-05-212026-05-26open ↗4Period ending 2026-05-212026-05-26open ↗4Period ending 2026-05-212026-05-26open ↗4Period ending 2026-05-212026-05-26open ↗4Period ending 2026-05-212026-05-26open ↗4Period ending 2026-05-212026-05-26open ↗425Filing2026-05-26open ↗8-KPeriod ending 2026-05-212026-05-22open ↗4Period ending 2026-05-142026-05-18open ↗
Frequently asked
- Is XOMA Royalty Corp (XOMA) a buy?
- XOMA currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Royalty aggregator with a real (if lumpy) business; FY25 GAAP earnings flatter the picture, but optionality justifies owning, not chasing.
- What is XOMA's fair value?
- A Modified-Graham model based on XOMA's SEC fundamentals estimates a fair value of about $55.48. It is an estimate from reported earnings, not a price target.
- Is XOMA overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, XOMA currently appears undervalued relative to its SEC-grounded earnings power.
- What is XOMA Royalty Corp's quality score?
- XOMA scores 76.56862745098037/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000791908, latest 10-Q filed 2026-05-12) · EODHD · analysis by claude-code · as of 6/25/2026, 3:11:25 PM.
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