AbCellera Biologics Inc. ABCL

Health CareBiotechnology & Medical ResearchCanada

Last close 11.12 USD on Nov 2, 2026, +225.1% year to date

Quant rating

Quant rating B Rank 83 of 211 in Health Care

Growth D 162 of 211
Valuation D 164 of 211
Quality C 133 of 211
Revisions B 64 of 211
Momentum A 16 of 211

Wall Street consensus Buy (2.00)Average target 16.80 USD +51.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.6B
Enterprise value: 3.1B
52-week range: 2.75 – 15.01
3-year range: 1.93 – 15.01
Dividend yield: –
Beta (5 years): 1.59
Shares outstanding: 324M
Next earnings: Nov 9, 2026

About the company

AbCellera Biologics Inc. discovers and develops antibody medicines for indications across therapeutic areas, including cancer, metabolic and endocrine conditions, and autoimmune disorders. Its platform integrates technology, data science, infrastructure, and interdisciplinary teams to solve the challenging antibody discovery problems. It is focused on advancing an internal pipeline of programs and collaborating on drug development programs with partners. Its first two internal programs, ABCL635 and ABCL575, are in late-preclinical studies. ABCL635 is an antibody drug candidate for metabolic and endocrine conditions, and ABCL575 is an antibody drug candidate with broad potential in inflammatory conditions and autoimmune diseases and an initial indication in atopic dermatitis. ABCL575 binds OX40L to disrupt OX40/OX40L signaling, a regulator of inflammatory pathways in AD. In addition to ABCL635 and ABCL575, it is advancing a pipeline of more than 20 internal discovery programs.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	75.1	28.8	38.0	485	375	–
Revenue growth	160.6%	−24.2%	−92.2%	29.4%	60.9%	−20.3%
EPS (basic, normalized)	−0.49	−0.55	−0.51	0.50	0.48	–
EPS growth	–	–	–	4.2%	–	–
Gross margin	–	–	–	–	–	–
Net margin	−194.9%	−564.8%	−385.0%	32.7%	40.9%	−214.2%
ROE	−14.5%	−14.7%	−12.3%	14.0%	16.5%	−2.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	540
Current ratio	12.77x
Long-term debt (mil)	0
Net debt (mil)	−540
Total equity (mil)	896
Net debt / equity	−0.60x
Net debt / EBITDA	2.77x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	75.1	+160.6%	40.8x	−195	+12.2%	−15.7x	−0.49	+10.9%	−22.7x
2026	26.4	−64.9%	115.9x	−214	−9.6%	−14.3x	−0.67	−36.5%	−16.6x
2027	30.3	+14.9%	100.9x	−233	−9.1%	−13.1x	−0.75	−11.5%	−14.9x
2028	32.3	+6.4%	94.9x	−283	−21.6%	−10.8x	−0.84	−12.4%	−13.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	26.4	+0.3%	−17.4%	−12.5%	−0.67	+0.3%	−3.3%	+13.7%
2027	30.3	−1.2%	−11.7%	−15.6%	−0.75	+1.3%	−5.1%	+10.3%
2028	32.3	+2.2%	−19.9%	+3.8%	−0.84	+1.8%	+0.4%	+0.9%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	10.0	7.3	6.5	5.0	4.2	17.1	9.0	44.9	8.3	4.0
Sales mean (mil)	10.8	10.2	7.9	7.6	7.5	6.1	5.9	6.1	5.9	7.8
Surprise	−8.1%	−27.9%	−18.1%	−33.4%	−43.7%	+179.2%	+51.5%	+639.7%	+42.0%	−48.0%
EPS reported	−0.14	−0.13	−0.17	−0.11	−0.15	−0.12	−0.19	−0.03	−0.14	−0.18
EPS mean	−0.17	−0.14	−0.15	−0.15	−0.14	−0.17	−0.17	−0.17	−0.20	−0.14
Surprise	+15.8%	+9.3%	−12.1%	+28.5%	−5.6%	+27.7%	−12.6%	+82.8%	+28.5%	−26.0%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ABCL AbCellera Biologics Inc.	3.6B	2.77x	−194.9%	3.80x	−16.6x	−14.9x	−14.3x	−13.1x
RVMD Revolution Medicines, Inc.	40.3B	2.47x	–	15.47x	−19.6x	−30.8x	−20.3x	−28.8x
INSM Insmed Incorporated	24.0B	0.34x	−210.5%	33.01x	−67.1x	113.9x	−62.4x	142.0x
MDGL Madrigal Pharmaceuticals, Inc.	10.0B	1.67x	−30.1%	19.01x	−68.3x	70.9x	−53.4x	64.6x
KYMR Kymera Therapeutics, Inc.	10.9B	2.84x	−794.0%	6.74x	−32.1x	−24.9x	−23.7x	−18.1x
PTGX Protagonist Therapeutics, Inc.	9.0B	4.99x	−282.8%	10.71x	29.6x	−151.4x	27.3x	−99.3x
Mean		2.51x	−302.5%	14.79x	−29.0x	−6.2x	−24.5x	7.9x
Median		2.62x	−210.5%	13.09x	−25.9x	−19.9x	−22.0x	−15.6x

Technical analysis

1M−19.1%
3M+94.7%
1Y+100.4%
3Y+151.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, AbCellera Biologics Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	75.1	28.8	38.0	485	375	233
Cost of revenue	–	–	–	–	–	–
Gross profit	75.1	28.8	38.0	485	375	233
Selling, general & administrative expenses	83.2	85.5	75.2	66.8	48.8	15.8
Research & development	187	167	176	108	62.1	29.4
Depreciation/amortization	22.2	90.8	24.4	27.8	14.5	4.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	3.7
Other operating expenses	0	0	0	66.4	45.5	27.1
Operating income	−217	−315	−237	217	204	152
Net interest income (expense)	29.3	55.9	46.1	12.0	−2.8	−2.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	10.2	58.5	17.0	10.6	17.5	8.3
Net income before taxes	−178	−200	−174	239	219	158
Provision for taxes	−31.2	−37.5	−27.6	80.6	65.7	38.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−146	−163	−146	159	153	119
Extraordinary items	–	–	–	–	–	–
Net income	−146	−163	−146	159	153	119
EBIT, normalized	−217	−251	−234	217	204	156
EBITDA, normalized	−195	−224	−210	244	219	161
Basic EPS, normalized	−0.49	−0.55	−0.51	0.50	0.48	–

Balance sheet in millions of USD, fiscal years

Balance sheet, AbCellera Biologics Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	534	626	761	886	723	595
Receivables	153	92.1	64.4	103	175	212
Total inventory	6.3	–	1.1	1.5	1.7	–
Prepaid expenses	9.7	8.6	20.9	9.1	5.3	–
Other current assets	25.0	25.0	25.0	25.0	25.0	6.0
Total current assets	728	751	872	1,025	930	813
Property, plant & equipment	428	340	288	217	112	17.9
Goodwill	47.8	47.8	47.8	47.8	47.8	31.5
Intangibles	38.4	42.1	120	132	148	115
Long-term investments	95.1	115	98.2	72.5	50.3	19.2
Note receivable	–	–	–	–	–	0
Other long-term assets	19.4	64.2	61.9	46.3	30.6	8.4
Total assets	1,357	1,361	1,488	1,541	1,319	1,006
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	25.2	34.4	25.5	14.8	14.9	7.1
Accrued expenses	16.6	13.0	13.9	12.0	3.7	0.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	0.2
Other current liabilities	22.5	29.3	79.6	91.5	102	95.5
Total current liabilities	64.3	76.6	119	118	121	103
Long-term debt	0	0	0	0	0	2.2
Minority interest	–	–	–	–	–	–
Other liabilities	326	228	217	189	172	69.3
Total liabilities	390	304	336	308	293	175
Shareholders' equity
Preferred stock	–	–	–	–	–	0
Common stock	802	777	753	734	722	710
Additional paid-in capital	198	166	121	74.1	35.4	5.9
Retained earnings (accumulated deficit)	−29.5	117	280	426	268	114
Treasury stock	–	–	–	–	–	–
Other equity	−4.2	−4.4	−1.7	−1.4	0.3	0
Total equity	967	1,056	1,152	1,233	1,026	831
Total liabilities & shareholders' equity	1,357	1,361	1,488	1,541	1,319	1,006

Cash flow statement in millions of USD, fiscal years

Cash flow statement, AbCellera Biologics Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−146	−163	−146	159	153	119
Depreciation, depletion & amortization	22.2	90.8	24.4	27.8	14.5	4.8
Deferred taxes	–	–	2.0	−2.1	−2.0	2.1
Non-cash items	63.6	−10.7	62.9	63.3	37.0	13.5
Changes in working capital	−70.7	−25.8	13.2	29.8	41.7	−117
Cash from operations	−131	−109	−43.9	277	245	22.7
Investing activities
Capital expenditures	−42.8	−78.4	−77.5	−72.7	−58.5	−14.7
Other investing cash flows	131	200	−144	−280	−274	−105
Cash from investing	87.8	121	−221	−353	−332	−120
Financing activities
Financing cash flow items	−15.6	−0.7	−1.2	−4.1	−7.5	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	29.7	13.5	11.6	2.4	3.7	684
Cash from financing	14.1	12.8	10.4	−1.6	−3.9	684
Foreign exchange effects	1.1	−2.6	0.6	−9.6	−1.4	–
Net change in cash	−28.4	23.0	−254	−86.5	−93.0	587
Free cash flow	−174	−187	−121	205	186	8.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.