Immatics (NasdaqCM:IMTX) opened 2026 with Q1 revenue of €7.6 million and a basic EPS loss of €0.43, alongside a net income loss of €57.8 million. This sets a clear snapshot of where the business is in its growth and investment cycle. Over recent quarters the company has reported revenue between €4.7 million and €56.3 million, with basic EPS ranging from a profit of €0.35 to losses such as €0.58 per share. This gives investors a wide set of reference points for how current margins compare with recent history. With revenue growth expectations running high and profitability still out of reach, this latest print puts the focus on how efficiently Immatics is converting its pipeline spending into potential future margins.

See our full analysis for Immatics.

With the headline numbers on the table, the next step is to see how these results line up with the most widely held narratives around Immatics and where the data starts to challenge those stories.

€214.4m trailing loss frames the investment case

• Over the last twelve months, Immatics reported total revenue of €37.3 million against a net income loss of €214.4 million, which means the business is currently spending far more than it is bringing in from revenue.
• What stands out for a bullish view that focuses on revenue growth is that the same twelve month period combines this €214.4 million loss with a forecast that revenue could grow about 48.1% per year, so any bullish argument needs to weigh that growth story against:
  • Trailing twelve month basic EPS shows a loss of €1.70 per share, compared with individual quarterly EPS figures that have ranged from a profit of €0.35 per share to a loss of €0.58 per share in the historical data.
  • Losses have grown over the past five years at about 3.4% a year according to the analysis, which means the business has not yet shown a trend toward sustained profitability in the figures provided.

Premium 33.1x P/S despite ongoing losses

• Immatics trades on a P/S ratio of 33.1x, compared with a peer average of 31.1x and a US Biotechs industry average of 9.7x, so the stock is valued at a higher multiple of its €37.3 million trailing revenue than these comparison groups.
• Critics highlight that this richer P/S multiple sits alongside a business that is forecast to remain unprofitable for the next three years, which challenges a bearish concern that valuation already prices in flawless execution by pointing to:
  • Net income has stayed in loss making territory across recent quarters, including a loss of €57.8 million in Q1 2026 and €35.7 million in Q4 2025, so there is no earnings base yet to support valuation metrics beyond sales.
  • The absence of a DCF valuation in the data means there is no cash flow based cross check provided here against that 33.1x sales multiple, leaving investors focused on the relationship between revenue scale and the current share price of €10.79.

€7.6m Q1 revenue versus €37.3m trailing total

• Q1 2026 revenue of €7.6 million sits within a trailing twelve month total of €37.3 million, showing that this quarter represents a relatively small slice of the yearly revenue base rather than an outsized spike.
• Consensus style analysis that emphasizes revenue growth as the main reward is heavily tested by these figures, because the same dataset that underpins the roughly 48.1% revenue growth forecast also shows:
  • Quarterly net income losses running from €39.9 million to €70.3 million across 2025, and a Q1 2026 net loss of €57.8 million, which means each period so far has required significant spending relative to the revenue being reported.
  • Trailing twelve month basic EPS shifting from a profit of €0.14 per share at the end of 2024 to a loss of €1.70 per share by Q1 2026, which keeps the focus on how long this loss making phase may continue alongside the expected revenue growth.

Curious how numbers like the 33.1x P/S and €214.4 million trailing loss translate into real investor stories? Curious how numbers become stories that shape markets? Explore Community Narratives

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Immatics's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

The mix of risks and rewards in these numbers is hard to ignore. Check the data yourself, move quickly, and weigh both sides with the help of 1 key reward and 1 important warning sign

Explore Alternatives

Immatics is still reporting sizeable losses, including a €214.4m trailing net income deficit and a €1.70 trailing basic EPS loss, while trading on a richer 33.1x P/S.

If you want ideas where current pricing and fundamentals are aimed more at value than promise, check out the 46 high quality undervalued stocks to quickly spot stocks that look more reasonably valued today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.