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Immatics NV (IMTX) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Immatics NV $3.03, price $8.60, upside -64.8%, quality 20 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · US · ISIN NL0015285941

IN Immatics NV logo Thin data Sep 23, 2026

Immatics NV

IMTX · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $3.03 · Strongly overvalued (−65%)
!Quality 20/100
!Weak Growth (revenue 5y +9.1 %/yr)
!negative free cash flow
!Trails peers (0/7)
!Narrow moat 8/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$15.46 $3.50 Fair Value $3.03 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $3.50 – $15.46 · fair‑value band $2.00 – $3.79 · the $8.60 price screens above the $3.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Immatics N.V., a clinical-stage biopharmaceutical company, focuses on the research and development of potential T cell redirecting immunotherapies for the treatment of cancer in the United States.

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Immatics N.V., a clinical-stage biopharmaceutical company, focuses on the research and development of potential T cell redirecting immunotherapies for the treatment of cancer in the United States. The company is developing targeted immunotherapies with a focus on treating solid tumors through two distinct treatment modalities, such as adoptive cell therapies (ACT) and antibody-like TCR Bispecifics. Its products pipeline includes Anzu-cel (IMA203), a one-time infusion PRAME cell therapy, which is in Phase 2 trial; IMA203CD8, a cell therapy product that is in Phase 1 clinical trial; IMA204 that targets tumor stroma, which is in Phase 1 clinical trial; and Anzu-cel in combination with Moderna's PRAME cell therapy enhancer (mRNA-4203), which is in Phase 1 clinical trial. The company also develops TCR Bispecifics products, including IMA401 and IMA402, which is in Phase 1a clinical trial. The company has a strategic collaboration agreement with MD Anderson Cancer Center to develop multiple T cell and TCR-based adoptive cellular therapies; Celgene Corporation to develop novel adoptive cell therapies targeting multiple cancers; and Genmab A/S to develop T cell engaging bispecific immunotherapies targeting multiple cancer indications. Immatics N.V. is headquartered in Tübingen, Germany.

Stock analysis

Immatics NV (IMTX) currently trades at $8.60, while our model-based Fair Value estimate is $3.03, implying the stock looks roughly 184.2% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: $2.00 (bear) to $3.79 (bull), the price of $8.60 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 20/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Immatics NV reported revenue of €48.3M in FY2025 versus €34.8M in FY2021, a compound +8.6%/yr. Reported net income was −€196M in FY2025.

Key figures

Market cap $1.3B · P/S ratio 35.8 · EPS (TTM) $−1.98 · Return on equity −43.2% · Return on assets (EBIT) −20.0% · Operating margin −868% · Revenue (TTM) €37.3M · Revenue growth (YoY) −59.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 28% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −65%, IMTX screens richer than that median.

Fair Value models

Bear $2.00 Fair Value $3.03 Bull $3.79
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
NCAV (Graham) $1.77 $2.37 $3.54 51
All 1 models by family
Asset-Based
NCAV (Graham) $1.77 $2.37 $3.54 51

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Quality Score breakdown

Overall quality 20/100

Of which business quality 27 · Market factors (momentum, volatility) 36

Profitability 3
Margins and returns on capital today
Quality Growth 10
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 27
Disciplined investing over empire-building
Low Volatility 19
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 19/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−69.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−34.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.1%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+43.9%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−223.1% (2020) → −377.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

IMTX screens 184% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 653 stocks

Beats the industry median on 0/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 27 · Bottom 25%
Fair Value upside −65% · Below median
Profitability
Return on assets −22% · Below median
Growth and dividend
Revenue growth −59% · Bottom 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 2.76× · Pricier than median
P/S (TTM) 35.84× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $514.99 $566.49 +10%
Regeneron Pharmaceuticals, Inc REGN $803.90 $1,252 +56%
argenx SE ARGX $963.79 $918.60 −5%
Samsung Biologics Co 207940 1,366,000 KRW 1,502,600 KRW +10%
CSL Limited CSL A$179.24 A$197.16 +10%
Alnylam Pharmaceuticals, Inc ALNY $251.65 $218.36 −13%
Royalty Pharma plc RPRX $58.52 $24.22 −59%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
BeOne Medicines AG ONC $368.08 $280.94 −24%
BioNTech SE BNTX $100.87 $63.62 −37%

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Immatics NV · Fair Value
$3.03 −184%Fair Value
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Cite: Fair Value Calculator (2026). "Immatics NV Fair Value". https://www.fairvalue-calculator.com/stock/IMTX

Frequently asked questions

Is Immatics NV (IMTX) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $3.03 versus a price of $8.60, about −65% upside (overvalued).
What is the fair value of IMTX?
Our model-based fair value for Immatics NV is $3.03 (as of Sep 23, 2026), built from audited fundamentals. The current price: $8.60.
What is the quality score of IMTX?
Immatics NV has a Quality Score of 20/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Immatics NV (IMTX)?
Our model-based price target is the fair value of $3.03 (as of Sep 23, 2026) from 1 valuation models. Cautious scenario $2.00, optimistic scenario $3.79. It is a calculation from audited fundamentals, not an analyst target.
What is the Immatics NV stock forecast for 2026?
Our models put fair value at $3.03, about −65% upside versus a price of $8.60 (overvalued). Cautious scenario $2.00, optimistic scenario $3.79. The calculation is refreshed regularly with new filings.
What is the revenue of Immatics NV (IMTX)?
Immatics NV reported trailing-twelve-month revenue of about €37.3M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Immatics NV (IMTX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Immatics NV it is $3.03 per share (as of Sep 23, 2026), against a price of $8.60. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Immatics NV stock overvalued or undervalued in 2026?
As of Sep 23, 2026, IMTX trades above its calculated fair value: price $8.60, fair value $3.03, a gap of about −65% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IMTX?
No. The price is what the market pays today ($8.60); the fair value is what the company's own numbers justify ($3.03). For Immatics NV the two are $5.57 per share apart. That gap is exactly why we show both numbers side by side.
How much is Immatics NV worth?
The market values Immatics NV at about $1.3B (market capitalisation, as of Sep 23, 2026). Per share that is $8.60; our models calculate a fair value of $3.03 per share.
What do the bullish and bearish scenarios say about IMTX?
Our models span a range for Immatics NV: cautious scenario $2.00, base $3.03, optimistic $3.79 per share (as of Sep 23, 2026, price $8.60). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Immatics NV (IMTX)?
Balance-sheet figures for Immatics NV (as of Sep 23, 2026): return on equity −43.2%. They feed the Quality Score of 20/100, which measures business quality independently of the share price.
How far is IMTX from its 52-week high?
Immatics NV trades at $8.60, about 28% below its 52-week high of $11.87 and 22% above the low of $7.05 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $3.03 is for.
Which stocks are comparable to Immatics NV?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Immatics NV stock attractive at the current price?
The data as of Sep 23, 2026: price $8.60, calculated fair value $3.03 (−65%), Quality Score 20/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IMTX calculated?
We run Immatics NV through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $3.03, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Immatics NV itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Immatics NV (IMTX)?
The closing price on Sep 23, 2026 was $8.60. Our model-based fair value is $3.03, about −65% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Immatics NV right now?
The price sits above even our optimistic bull case ($3.79). The favourable scenario is already priced in. Weak quality (20/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($2.00 to $3.79) leaves room in how you read the outcome.

Key figures of Immatics NV

How large is the market capitalisation of Immatics NV (IMTX)?
The market capitalisation of Immatics NV is $1.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Immatics NV (IMTX)?
The price-to-sales ratio of Immatics NV is 35.8 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Immatics NV (IMTX)?
Earnings per share at Immatics NV are $−1.98. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Immatics NV (IMTX)?
The return on equity (ROE) of Immatics NV is −43.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Immatics NV (IMTX)?
On an EBIT basis the return on assets of Immatics NV is −20.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Immatics NV (IMTX)?
The operating margin of Immatics NV is −868% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Immatics NV (IMTX)?
Revenue at Immatics NV is growing −59.0% versus a year earlier (3y avg −34.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Immatics NV (IMTX) generate?
The free cash flow of Immatics NV is −€176M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Immatics NV (IMTX) hold?
Immatics NV holds more cash than debt, €330M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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