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3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Immunocore Holdings's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 35.14%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Immunocore Holdings's 3-Year ROIIC % or its related term are showing as below:
IMCR's 3-Year ROIIC % is ranked better than 70.05% of 1322
companies
in the Biotechnology industry
Industry Median: -4.9
vs IMCR: 35.14
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Immunocore Holdings 3-Year ROIIC % Related Terms
Immunocore Holdings 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Immunocore Holdings's 3-Year ROIIC % 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 MAZE, DMRA, AVBP: 3-Year ROIIC % Comparison
For the Biotechnology subindustry, Immunocore Holdings's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Immunocore Holdings's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Immunocore Holdings's 3-Year ROIIC % falls into.
Immunocore Holdings's 3-Year ROIIC % for the quarter that ended in Dec. 2025 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( -45.353 (Dec. 2025) - -51.708 (Dec. 2022) )
/
( 89.658 (Dec. 2025) - 71.573 (Dec. 2022) )
=
6.355
/
18.085
=
35.14%***
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Immunocore Holdings (IMCR) has a 3-Year ROIIC % of 35.14 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Immunocore Holdings and its competitors. According to the industry distribution chart, Immunocore Holdings ranks #396 out of 1322 companies in the Biotechnology industry, placing it in the top 30%.
Is Immunocore Holdings' 3-Year ROIIC % too high?
Immunocore Holdings' current 3-Year ROIIC % is 35.14. Based on the distribution chart, Immunocore Holdings ranks #396 out of 1322 companies in the Biotechnology industry, which is above the industry midpoint. Overall, Immunocore Holdings has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Immunocore Holdings' 3-Year ROIIC % compare to MAZE and DMRA?
According to the Biotechnology industry distribution chart, Immunocore Holdings ranks #396 out of 1322 companies for 3-Year ROIIC %. This puts Immunocore Holdings in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for a Biotechnology company?
A good 3-Year ROIIC % depends on the Biotechnology industry context. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Immunocore Holdings and its competitors. Immunocore Holdings's current 3-Year ROIIC % is 35.14. 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 $46.26, compared to a current price of $34.05 — trading 26.4% below its estimated fair value. The current 3-Year ROIIC % is 35.14. Immunocore Holdings' overall GF Score™ is 76/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Immunocore Holdings (IMCR), the current 3-Year ROIIC % is 35.14 as of Dec. 2025. 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 $34.05 is trading 26.4% below its estimated GF Value™ of $46.26.
GuruFocus considers Immunocore Holdings to be Modestly Undervalued.
Key valuation signals for IMCR:
3-Year ROIIC %: 35.14
GF Value™: $46.26 vs. price of $34.05 (26.4% below fair value)
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.
76GF Score
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