INCYTE CORP (INCY) Fundamental Analysis & Valuation

NASDAQ:INCY • US45337C1027

Current stock price

97.57 USD
+2.02 (+2.11%)
Last:

This INCY fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

9

1. INCY Profitability Analysis

1.1 Basic Checks

  • INCY had positive earnings in the past year.
  • In the past year INCY had a positive cash flow from operations.
  • Each year in the past 5 years INCY has been profitable.
  • In the past 5 years INCY always reported a positive cash flow from operatings.
INCY Yearly Net Income VS EBIT VS OCF VS FCFINCY Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B

1.2 Ratios

  • INCY's Return On Assets of 18.49% is amongst the best of the industry. INCY outperforms 95.93% of its industry peers.
  • INCY has a better Return On Equity (24.90%) than 96.12% of its industry peers.
  • INCY has a better Return On Invested Capital (19.49%) than 97.48% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for INCY is significantly below the industry average of 27.73%.
  • The 3 year average ROIC (10.37%) for INCY is below the current ROIC(19.49%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 18.49%
ROE 24.9%
ROIC 19.49%
ROA(3y)9.3%
ROA(5y)10.59%
ROE(3y)12.45%
ROE(5y)14.06%
ROIC(3y)10.37%
ROIC(5y)10.71%
INCY Yearly ROA, ROE, ROICINCY Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20

1.3 Margins

  • Looking at the Profit Margin, with a value of 25.03%, INCY belongs to the top of the industry, outperforming 93.41% of the companies in the same industry.
  • INCY's Profit Margin has improved in the last couple of years.
  • INCY has a Operating Margin of 26.12%. This is amongst the best in the industry. INCY outperforms 94.57% of its industry peers.
  • In the last couple of years the Operating Margin of INCY has grown nicely.
  • With an excellent Gross Margin value of 93.26%, INCY belongs to the best of the industry, outperforming 93.99% of the companies in the same industry.
  • INCY's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 26.12%
PM (TTM) 25.03%
GM 93.26%
OM growth 3Y13.93%
OM growth 5YN/A
PM growth 3Y35.6%
PM growth 5YN/A
GM growth 3Y-0.45%
GM growth 5Y-0.55%
INCY Yearly Profit, Operating, Gross MarginsINCY Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40 60 80

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8

2. INCY Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), INCY is creating value.
  • The number of shares outstanding for INCY has been increased compared to 1 year ago.
  • Compared to 5 years ago, INCY has less shares outstanding
  • Compared to 1 year ago, INCY has an improved debt to assets ratio.
INCY Yearly Shares OutstandingINCY Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M 200M
INCY Yearly Total Debt VS Total AssetsINCY Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

2.2 Solvency

  • INCY has an Altman-Z score of 8.40. This indicates that INCY is financially healthy and has little risk of bankruptcy at the moment.
  • INCY's Altman-Z score of 8.40 is fine compared to the rest of the industry. INCY outperforms 79.84% of its industry peers.
  • The Debt to FCF ratio of INCY is 0.03, which is an excellent value as it means it would take INCY, only 0.03 years of fcf income to pay off all of its debts.
  • INCY's Debt to FCF ratio of 0.03 is amongst the best of the industry. INCY outperforms 96.32% of its industry peers.
  • A Debt/Equity ratio of 0.01 indicates that INCY is not too dependend on debt financing.
  • INCY has a Debt to Equity ratio (0.01) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.03
Altman-Z 8.4
ROIC/WACC2.13
WACC9.15%
INCY Yearly LT Debt VS Equity VS FCFINCY Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B 2B 3B 4B 5B

2.3 Liquidity

  • INCY has a Current Ratio of 3.32. This indicates that INCY is financially healthy and has no problem in meeting its short term obligations.
  • The Current ratio of INCY (3.32) is comparable to the rest of the industry.
  • INCY has a Quick Ratio of 3.25. This indicates that INCY is financially healthy and has no problem in meeting its short term obligations.
  • INCY has a Quick ratio (3.25) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 3.32
Quick Ratio 3.25
INCY Yearly Current Assets VS Current LiabilitesINCY Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B 5B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. INCY Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 414.39% over the past year.
  • Measured over the past years, INCY shows a very strong growth in Earnings Per Share. The EPS has been growing by 34.67% on average per year.
  • Looking at the last year, INCY shows a very strong growth in Revenue. The Revenue has grown by 21.22%.
  • The Revenue has been growing by 14.03% on average over the past years. This is quite good.
EPS 1Y (TTM)414.39%
EPS 3Y34.67%
EPS 5YN/A
EPS Q2Q%25.87%
Revenue 1Y (TTM)21.22%
Revenue growth 3Y14.84%
Revenue growth 5Y14.03%
Sales Q2Q%27.84%

3.2 Future

  • Based on estimates for the next years, INCY will show a decrease in Earnings Per Share. The EPS will decrease by -8.29% on average per year.
  • Based on estimates for the next years, INCY will show a decrease in Revenue. The Revenue will decrease by -0.83% on average per year.
EPS Next Y13.99%
EPS Next 2Y16%
EPS Next 3Y11.72%
EPS Next 5Y-8.29%
Revenue Next Year11.92%
Revenue Next 2Y11.45%
Revenue Next 3Y8.53%
Revenue Next 5Y-0.83%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
INCY Yearly Revenue VS EstimatesINCY Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2B 4B 6B
INCY Yearly EPS VS EstimatesINCY Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 0 2 4 6 8

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7

4. INCY Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 14.37 indicates a correct valuation of INCY.
  • Compared to the rest of the industry, the Price/Earnings ratio of INCY indicates a rather cheap valuation: INCY is cheaper than 96.12% of the companies listed in the same industry.
  • When comparing the Price/Earnings ratio of INCY to the average of the S&P500 Index (27.18), we can say INCY is valued slightly cheaper.
  • Based on the Price/Forward Earnings ratio of 12.61, the valuation of INCY can be described as correct.
  • Based on the Price/Forward Earnings ratio, INCY is valued cheaper than 97.67% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 37.96. INCY is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 14.37
Fwd PE 12.61
INCY Price Earnings VS Forward Price EarningsINCY Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80 100

4.2 Price Multiples

  • INCY's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. INCY is cheaper than 96.12% of the companies in the same industry.
  • 97.09% of the companies in the same industry are more expensive than INCY, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 14.33
EV/EBITDA 10.44
INCY Per share dataINCY EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

  • The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
  • The excellent profitability rating of INCY may justify a higher PE ratio.
PEG (NY)1.03
PEG (5Y)N/A
EPS Next 2Y16%
EPS Next 3Y11.72%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. INCY Dividend Analysis

5.1 Amount

  • INCY does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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INCY Fundamentals: All Metrics, Ratios and Statistics

INCYTE CORP

NASDAQ:INCY (4/14/2026, 12:27:38 PM)

97.57

+2.02 (+2.11%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Earnings (Last)02-10
Earnings (Next)04-28
Inst Owners104.89%
Inst Owner Change0.05%
Ins Owners0.92%
Ins Owner Change-10.99%
Market Cap19.42B
Revenue(TTM)5.14B
Net Income(TTM)1.29B
Analysts73.94
Price Target109.33 (12.05%)
Short Float %5.87%
Short Ratio6.67
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)12.64%
Min EPS beat(2)-8.46%
Max EPS beat(2)33.74%
EPS beat(4)3
Avg EPS beat(4)10.48%
Min EPS beat(4)-8.46%
Max EPS beat(4)33.74%
EPS beat(8)3
Avg EPS beat(8)-1.32%
EPS beat(12)5
Avg EPS beat(12)-4.16%
EPS beat(16)7
Avg EPS beat(16)-3.27%
Revenue beat(2)2
Avg Revenue beat(2)7.99%
Min Revenue beat(2)6.72%
Max Revenue beat(2)9.27%
Revenue beat(4)4
Avg Revenue beat(4)5.84%
Min Revenue beat(4)3.45%
Max Revenue beat(4)9.27%
Revenue beat(8)6
Avg Revenue beat(8)2.66%
Revenue beat(12)7
Avg Revenue beat(12)0.75%
Revenue beat(16)9
Avg Revenue beat(16)0.81%
PT rev (1m)0.01%
PT rev (3m)7.5%
EPS NQ rev (1m)1.99%
EPS NQ rev (3m)-14.27%
EPS NY rev (1m)1.06%
EPS NY rev (3m)-3.82%
Revenue NQ rev (1m)-1.56%
Revenue NQ rev (3m)-0.55%
Revenue NY rev (1m)-0.44%
Revenue NY rev (3m)1.07%
Valuation
Industry RankSector Rank
PE 14.37
Fwd PE 12.61
P/S 3.78
P/FCF 14.33
P/OCF 13.74
P/B 3.76
P/tB 3.95
EV/EBITDA 10.44
EPS(TTM)6.79
EY6.96%
EPS(NY)7.74
Fwd EY7.93%
FCF(TTM)6.81
FCFY6.98%
OCF(TTM)7.1
OCFY7.28%
SpS25.83
BVpS25.97
TBVpS24.71
PEG (NY)1.03
PEG (5Y)N/A
Graham Number62.98
Profitability
Industry RankSector Rank
ROA 18.49%
ROE 24.9%
ROCE 24.67%
ROIC 19.49%
ROICexc 56.96%
ROICexgc 65.8%
OM 26.12%
PM (TTM) 25.03%
GM 93.26%
FCFM 26.35%
ROA(3y)9.3%
ROA(5y)10.59%
ROE(3y)12.45%
ROE(5y)14.06%
ROIC(3y)10.37%
ROIC(5y)10.71%
ROICexc(3y)33.39%
ROICexc(5y)32.41%
ROICexgc(3y)39.93%
ROICexgc(5y)39.19%
ROCE(3y)13.12%
ROCE(5y)13.56%
ROICexgc growth 3Y17.25%
ROICexgc growth 5YN/A
ROICexc growth 3Y20.23%
ROICexc growth 5YN/A
OM growth 3Y13.93%
OM growth 5YN/A
PM growth 3Y35.6%
PM growth 5YN/A
GM growth 3Y-0.45%
GM growth 5Y-0.55%
F-Score7
Asset Turnover0.74
Health
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.03
Debt/EBITDA 0.02
Cap/Depr 63.1%
Cap/Sales 1.15%
Interest Coverage 250
Cash Conversion 98.43%
Profit Quality 105.28%
Current Ratio 3.32
Quick Ratio 3.25
Altman-Z 8.4
F-Score7
WACC9.15%
ROIC/WACC2.13
Cap/Depr(3y)66.35%
Cap/Depr(5y)125.36%
Cap/Sales(3y)1.35%
Cap/Sales(5y)2.48%
Profit Quality(3y)315.54%
Profit Quality(5y)253.68%
High Growth Momentum
Growth
EPS 1Y (TTM)414.39%
EPS 3Y34.67%
EPS 5YN/A
EPS Q2Q%25.87%
EPS Next Y13.99%
EPS Next 2Y16%
EPS Next 3Y11.72%
EPS Next 5Y-8.29%
Revenue 1Y (TTM)21.22%
Revenue growth 3Y14.84%
Revenue growth 5Y14.03%
Sales Q2Q%27.84%
Revenue Next Year11.92%
Revenue Next 2Y11.45%
Revenue Next 3Y8.53%
Revenue Next 5Y-0.83%
EBIT growth 1Y1102.71%
EBIT growth 3Y30.84%
EBIT growth 5YN/A
EBIT Next Year17.65%
EBIT Next 3Y17.42%
EBIT Next 5Y-9.47%
FCF growth 1Y443.87%
FCF growth 3Y14.94%
FCF growth 5YN/A
OCF growth 1Y321.52%
OCF growth 3Y13.38%
OCF growth 5YN/A

INCYTE CORP / INCY Fundamental Analysis FAQ

What is the fundamental rating for INCY stock?

ChartMill assigns a fundamental rating of 7 / 10 to INCY.


What is the valuation status of INCYTE CORP (INCY) stock?

ChartMill assigns a valuation rating of 7 / 10 to INCYTE CORP (INCY). This can be considered as Undervalued.


Can you provide the profitability details for INCYTE CORP?

INCYTE CORP (INCY) has a profitability rating of 9 / 10.


What is the valuation of INCYTE CORP based on its PE and PB ratios?

The Price/Earnings (PE) ratio for INCYTE CORP (INCY) is 14.37 and the Price/Book (PB) ratio is 3.76.