Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Immunocore HoldingsIMCR +1.49%80 Debt-to-Equity is 1.04 as of Jun. 2026, which is 44% above its 10-year median of 0.72. GuruFocus rates IMCR with a GF Score™ of 80/100 and a GF Value™ of $45.16 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 956 Biotechnology companies, Immunocore Holdings ranks worse than 87.76% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Immunocore Holdings's Debt-to-Equity or its related term are showing as below:
IMCR'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.23 Med: 0.72 Max: 4.02
Current: 1.04
During the past 8 years, the highest Debt-to-Equity Ratio of Immunocore Holdings was 4.02. The lowest was 0.23. And the median was 0.72.
IMCR's Debt-to-Equity is ranked worse than 87.76% of 956
companies
in the Biotechnology industry
Industry Median: 0.16
vs IMCR: 1.04
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Immunocore Holdings Debt-to-Equity Related Terms
Immunocore Holdings Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Immunocore Holdings's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
IMCR vs TSHA, KARD, GHRS: Debt-to-Equity Comparison
For the Biotechnology subindustry, Immunocore Holdings's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Immunocore Holdings Debt-to-Equity vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Immunocore Holdings's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Immunocore Holdings's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Immunocore Holdings (IMCR) has a Debt-to-Equity of 1.04 as of Jun. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Immunocore Holdings and its competitors. This is 44% above median its historical median of 0.72. Over the past decade, Immunocore Holdings' Debt-to-Equity has ranged from 0.23 to 4.02. According to the industry distribution chart, Immunocore Holdings ranks #839 out of 956 companies in the Biotechnology industry, placing it in the top 87.8%.
Is Immunocore Holdings' Debt-to-Equity too high?
Immunocore Holdings' current Debt-to-Equity of 1.04 is 44% above median its 10-year median of 0.72. Over the past 10 years, this metric has ranged from a low of 0.23 to a high of 4.02. The Biotechnology industry median Debt-to-Equity is 0.16. Immunocore Holdings' value of 1.04 is 550% above this industry median. Based on the distribution chart, Immunocore Holdings ranks #839 out of 956 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Immunocore Holdings has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Immunocore Holdings' Debt-to-Equity compare to TSHA and KARD?
According to the Biotechnology industry distribution chart, Immunocore Holdings ranks #839 out of 956 companies for Debt-to-Equity. This places Immunocore Holdings in the lower half of its industry. The industry median Debt-to-Equity is 0.16. Immunocore Holdings' value of 1.04 is 550% above this benchmark. Historically, Immunocore Holdings' own Debt-to-Equity has ranged from 0.23 to 4.02 over the past decade. While the company's 10-year median is 0.72 vs. the industry median of 0.16, Immunocore Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for a Biotechnology company?
The median Debt-to-Equity among Biotechnology companies is 0.16, based on 956 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Immunocore Holdings's current Debt-to-Equity of 1.04 is 550% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Immunocore Holdings and its competitors. For the Biotechnology industry, the median Debt-to-Equity is 0.16 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Immunocore Holdings's current Debt-to-Equity is 1.04, which is 44% above median its own 10-year median of 0.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Immunocore Holdings stock overvalued right now?
Based on GuruFocus' analysis, Immunocore Holdings (IMCR) is currently considered Modestly Undervalued. The stock's GF Value™ is $45.16, compared to a current price of $36.95 — trading 18.2% below its estimated fair value. The current Debt-to-Equity is 1.04, which is 44% above median its 10-year median of 0.72 and 550% above the Biotechnology industry median of 0.16. Immunocore Holdings' overall GF Score™ is 80/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Immunocore Holdings (IMCR), the current Debt-to-Equity is 1.04 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Immunocore Holdings (IMCR) Overvalued in 2026?
Based on GuruFocus' analysis, Immunocore Holdings stock appears to be undervalued.
The current stock price of $36.95 is trading 18.2% below its estimated GF Value™ of $45.16.
GuruFocus considers Immunocore Holdings to be Modestly Undervalued.
Key valuation signals for IMCR:
Debt-to-Equity: 1.04 (44% above median its 10-year median of 0.72)
GF Value™: $45.16 vs. price of $36.95 (18.2% below fair value)
Industry Position: 550% above the Biotechnology median (#839 of 956)
No single metric tells the full story. See the IMCR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Immunocore Holdings PLC is a commercial-stage biotechnology company. Using its ImmTAX platform, the company is developing a deep pipeline in multiple therapeutic areas, including clinical stage programs in oncology and infectious disease, pre-clinical programs in autoimmune disease, and earlier pre-clinical programs across three therapeutic areas. The company's main product, KIMMTRAK, is used for the treatment of unresectable or metastatic uveal melanoma (mUM). The other drug candidates in its pipeline include Brenetafusp, IMC-P115C, IMC-T119C, IMC-R117C, IMC-S118AI, IMC-U120AI, and others, being developed as a potential treatment for various oncology, infectious, and autoimmune diseases.
80GF Score
Get the complete analysis for IMCR
Debt-to-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
IMCR has been successfully added to your 
