2007 volvo v50 T5 engine skipped timing

I have a t5 volvo engine that skipped timing. The thing starts right up but sounded like exhaust coming out of intake. I take everything apart and lineup the crank timing mark and the cams are both off about 5 teeth. Is this engine toast? I haven't done any compression tests or anything but 5 teeth to me would think some valves must have gotten slapped by the pistons but it does start right up which confuses me