Immatics N.V. (IMTX) Key Metrics
IMTX key metrics, 2018–2025
Fiscal year ended December 31, 2025 · eurosIMTX returns How much profit the business earns on the capital it uses.
IMTX financial health Debt, liquidity and how easily interest is covered.
IMTX efficiency & capital use Working capital cycle and where the cash goes.
IMTX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
IMTX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
IMTX key metrics in euros
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||
| Return on equity (ROE) | −37.1% | 3.8% | −45.0% | 24.4% | −167.5% | −928.1% | — | — |
| Return on assets (ROA) | −31.2% | 2.5% | −20.6% | 9.5% | −43.5% | −108.7% | −32.5% | −51.3% |
| Return on tangible assets | −35.0% | 2.2% | −18.6% | 6.8% | −53.8% | −83.3% | −23.8% | −52.2% |
| Free cash flow margin | −364.6% | −112.0% | −23.6% | 54.3% | −251.5% | −298.0% | 372.6% | 535.2% |
| Income quality (OCF / net income) | — | −10.38 | — | 3.61 | — | — | — | — |
| Financial health | ||||||||
| Total debt | €15.6M | €16.2M | €15.4M | €14.6M | €9.9M | €6.2M | €3.2M | — |
| Cash & short-term investments | €469.1M | €604.5M | €425.9M | €362.2M | €145.1M | €232.0M | €119.4M | €52.5M |
| Net debt | −€453.5M | −€588.2M | −€410.5M | −€347.6M | −€135.3M | −€225.8M | −€116.1M | −€52.5M |
| Debt / equity | 0.03 | 0.03 | 0.07 | 0.07 | 0.41 | 0.07 | — | — |
| Debt / assets | 0.03 | 0.02 | 0.03 | 0.04 | 0.06 | 0.02 | 0.02 | — |
| Net debt / EBITDA | — | −17.07 | — | −6.95 | — | — | — | — |
| Current ratio | 11.72 | 9.26 | 2.87 | 3.54 | 1.60 | 3.08 | 1.79 | 2.06 |
| Quick ratio | 11.72 | 9.26 | 2.87 | 3.54 | 1.60 | 3.04 | 1.77 | 2.06 |
| Interest coverage | -192.4 | -43.6 | -122.4 | 28.9 | -152.5 | -241.2 | -194.2 | — |
| Working capital | €460.8M | €561.6M | €292.8M | €270.7M | €57.1M | €161.5M | €54.7M | €28.5M |
| Invested capital | €30.4M | −€13.4M | −€192.9M | −€144.3M | −€111.2M | −€138.4M | −€158.0M | −€62.9M |
| Tangible asset value | €482.3M | €573.2M | €216.1M | €201.7M | €22.7M | €86.5M | −€41.8M | −€10.2M |
| Net current asset value | €425.6M | €508.3M | €157.0M | €172.7M | €1.6M | €71.7M | −€51.1M | −€15.2M |
| Capital allocation | ||||||||
| Share buybacks (net) | — | — | — | — | — | — | — | €0 |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | 0.0% |
| Capex / revenue | 13.1% | 10.6% | 57.3% | 3.6% | 16.3% | 24.1% | 12.1% | 13.4% |
| Capex / operating cash flow | — | — | 169.8% | 6.2% | — | — | 3.1% | 2.5% |
| Capex / depreciation | 0.51 | 1.35 | 4.28 | 0.89 | 1.08 | 1.70 | 0.58 | 0.23 |
| Stock-based compensation / revenue | 31.1% | 11.3% | 38.3% | 13.1% | 76.0% | 73.4% | 4.6% | 39.2% |
| R&D / revenue | 380.9% | 95.0% | 219.8% | 61.8% | 251.9% | 214.7% | 217.3% | 901.1% |
| SG&A / revenue | 106.0% | 29.8% | 70.7% | 20.9% | 97.3% | 109.2% | 63.7% | 203.3% |
| Efficiency | ||||||||
| Days sales outstanding | 51.5 | 14.6 | 23.1 | 3.7 | 27.7 | 33.0 | 44.9 | 176.0 |
| Days of inventory on hand | — | — | 0.0 | 0.0 | 6.9 | 12.3 | 5.6 | 0.0 |
| Days payables outstanding | — | 21.9 | 31.9 | 27.5 | 11.6 | 20.2 | 44.0 | 51.6 |
| Cash conversion cycle (days) | — | -7.3 | -8.7 | -23.8 | 23.0 | 25.1 | 6.5 | 124.4 |
| Receivables turnover | 7.09 | 24.97 | 15.77 | 99.61 | 13.16 | 11.07 | 8.13 | 2.07 |
| Payables turnover | 0.00 | 16.66 | 11.45 | 13.29 | 31.48 | 18.08 | 8.29 | 7.07 |
| Inventory turnover | — | — | 118,663,000.00 | 106,779,000.00 | 53.03 | 29.56 | 64.87 | 33,971,000.00 |
| Asset turnover | 0.08 | 0.26 | 0.12 | 0.59 | 0.16 | 0.16 | 0.19 | 0.06 |
| Average receivables | €6.8M | €6.2M | €3.4M | €1.7M | €2.6M | €2.8M | €2.3M | €1.8M |
| Average payables | €5.2M | €8.9M | €10.4M | €8.0M | €2.8M | €3.7M | €4.8M | €4.8M |
| Average inventory | — | — | €1 | €1 | €1.7M | €2.3M | €618,000 | €1 |
| Intangibles / total assets | 0.3% | 0.2% | 0.3% | 0.4% | 0.8% | 0.4% | 0.8% | 1.7% |
Computed from IMTX's annual financial statements (latest annual report filed March 5, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.
IMTX valuation and financial ratios
Immatics earned a return on equity of −37.1% in fiscal 2025. It ended the year with €15.6 million of debt and €469.1 million in cash and short-term investments, a net cash position of €453.5 million.
See the IMTX income statement, the IMTX chart for price history, or the IMTX stock overview for the latest quote and news.
IMTX key metrics FAQ
What is Immatics's return on equity?
Immatics's return on equity (ROE) was −37.1% in fiscal 2025: net income of -€196.4 million on average shareholders' equity of €529.4 million.
How much debt does Immatics have?
Immatics had total debt of €15.6 million at the end of fiscal 2025, a debt-to-equity ratio of 0.03 and more cash than debt.
What is Immatics's current ratio?
Immatics's current ratio was 11.72 at the end of fiscal 2025: current assets were 11.72 times current liabilities.