Immatics N.V.
Immatics N.V. is a clinical-stage biopharmaceutical company focused on the discovery and development of T cell receptor-based immunotherapies for cancer. The company develops T-cell redirecting treatments designed to help the immune system recognize and attack solid tumors, with programs spanning adoptive cell therapies and TCR bispecifics. Its current work centers on PRAME-targeted immunotherapy, a cancer-associated target used across multiple oncology applications. Immatics N.V. operates as a research-driven oncology company with a pipeline built around precision immunotherapy platforms and collaborations that support the development of next-generation cancer treatments. Headquartered in Tübingen, Germany, the company serves the broader biopharmaceutical market through its focus on novel therapies for patients with difficult-to-treat cancers.
$6.73
-$0.41 (-5.74%)
EOD Oct 16, 2026
The business is unprofitable at the operating level (-377.11% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 69.0% YoY. Margins deteriorated 352.3pp alongside, both lines moving the wrong way.
ROIC dropped from -6.62% to -26.37%, capital efficiency is deteriorating. Negative free cash flow of -€183M. The business is consuming cash, not generating it.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€42M
▼ -69.0% YoY
Net Income (TTM)
-€207M
▼ -1390.9% YoY
Op. Margin
-543.79%
▼ -352.3pp YoY
ROIC
-26.37%
▼ -19.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€210M
▼ -5.1% YoY
Op. Cash Flow (TTM)
-€206M
▼ -29.1% YoY
Net Debt
-€454M
Net Cash Position
Cash & Equiv.
€469M
3Y CAGR: -34.6%
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Is Immatics (IMTX) overvalued?
Immatics (IMTX)'s valuation is best read against its own history, its peers, and the growth its price implies. A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Immatics scores 10/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
Is Immatics a high-quality business?+
Immatics scores 10 out of 100 on Intrinsiqq's quality score, a weighted blend of 6 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a -543.8% operating margin and a -26.4% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is Immatics a good stock to buy right now?+
That depends on valuation and quality together, not either alone. you should weigh IMTX's valuation and scores 10/100 on quality (lower-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.