INCYTE CORP (INCY) Fundamental Analysis & Valuation

NASDAQ:INCY • US45337C1027

Current stock price

93.86 USD
+0.86 (+0.92%)
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.
  • INCY had a positive operating cash flow in the past year.
  • In the past 5 years INCY has always been profitable.
  • Each year in the past 5 years INCY had a positive operating cash flow.
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 has a Return On Assets of 18.49%. This is amongst the best in the industry. INCY outperforms 96.53% of its industry peers.
  • The Return On Equity of INCY (24.90%) is better than 96.33% of its industry peers.
  • INCY's Return On Invested Capital of 19.49% is amongst the best of the industry. INCY outperforms 97.68% 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 19.43%.
  • 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

  • INCY's Profit Margin of 25.03% is amongst the best of the industry. INCY outperforms 94.59% of its industry peers.
  • In the last couple of years the Profit Margin of INCY has grown nicely.
  • INCY has a better Operating Margin (26.12%) than 95.17% of its industry peers.
  • INCY's Operating Margin has improved in the last couple of years.
  • INCY has a better Gross Margin (93.26%) than 93.82% of its industry peers.
  • In the last couple of years the Gross Margin of INCY has remained more or less at the same level.
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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7

2. INCY Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so 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
  • The debt/assets ratio for INCY has been reduced compared to a year ago.
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

  • An Altman-Z score of 8.23 indicates that INCY is not in any danger for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 8.23, INCY is in the better half of the industry, outperforming 79.73% of the companies in the same industry.
  • INCY has a debt to FCF ratio of 0.03. This is a very positive value and a sign of high solvency as it would only need 0.03 years to pay back of all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 0.03, INCY belongs to the top of the industry, outperforming 96.53% of the companies in the same industry.
  • A Debt/Equity ratio of 0.01 indicates that INCY is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.01, INCY is in line with its industry, outperforming 46.91% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.03
Altman-Z 8.23
ROIC/WACC2.19
WACC8.91%
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

  • A Current Ratio of 3.32 indicates that INCY has no problem at all paying its short term obligations.
  • The Current ratio of INCY (3.32) is worse than 61.20% of its industry peers.
  • 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 worse Quick ratio (3.25) than 60.62% of 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

  • INCY shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 414.39%, which is quite impressive.
  • The Earnings Per Share has been growing by 34.67% on average over the past years. This is a very strong growth
  • INCY shows a strong growth in Revenue. In the last year, 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.
  • The Revenue is expected to decrease by -0.83% on average over the next years.
EPS Next Y12.8%
EPS Next 2Y14.98%
EPS Next 3Y12.24%
EPS Next 5Y-8.29%
Revenue Next Year12.41%
Revenue Next 2Y11.32%
Revenue Next 3Y8.49%
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

  • With a Price/Earnings ratio of 13.82, INCY is valued correctly.
  • Based on the Price/Earnings ratio, INCY is valued cheaper than 96.14% of the companies in the same industry.
  • INCY's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 25.96.
  • With a Price/Forward Earnings ratio of 12.25, INCY is valued correctly.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of INCY indicates a rather cheap valuation: INCY is cheaper than 97.10% of the companies listed in the same industry.
  • INCY's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 24.04.
Industry RankSector Rank
PE 13.82
Fwd PE 12.25
INCY Price Earnings VS Forward Price EarningsINCY Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • INCY's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. INCY is cheaper than 96.72% of the companies in the same industry.
  • 97.10% 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 13.79
EV/EBITDA 10.08
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.
  • INCY's earnings are expected to grow with 12.24% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.08
PEG (5Y)N/A
EPS Next 2Y14.98%
EPS Next 3Y12.24%

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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 (3/17/2026, 11:59:03 AM)

93.86

+0.86 (+0.92%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Earnings (Last)02-10
Earnings (Next)04-27
Inst Owners104.37%
Inst Owner Change0.65%
Ins Owners0.94%
Ins Owner Change-10.92%
Market Cap18.68B
Revenue(TTM)5.14B
Net Income(TTM)1.29B
Analysts75.15
Price Target109.32 (16.47%)
Short Float %5.65%
Short Ratio5.75
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)4.64%
PT rev (3m)13.56%
EPS NQ rev (1m)-15.63%
EPS NQ rev (3m)-15.94%
EPS NY rev (1m)-4.34%
EPS NY rev (3m)-4.96%
Revenue NQ rev (1m)0.87%
Revenue NQ rev (3m)1.03%
Revenue NY rev (1m)1.35%
Revenue NY rev (3m)1.44%
Valuation
Industry RankSector Rank
PE 13.82
Fwd PE 12.25
P/S 3.63
P/FCF 13.79
P/OCF 13.21
P/B 3.61
P/tB 3.8
EV/EBITDA 10.08
EPS(TTM)6.79
EY7.23%
EPS(NY)7.66
Fwd EY8.16%
FCF(TTM)6.81
FCFY7.25%
OCF(TTM)7.1
OCFY7.57%
SpS25.83
BVpS25.97
TBVpS24.71
PEG (NY)1.08
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 8.23
F-Score7
WACC8.91%
ROIC/WACC2.19
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 Y12.8%
EPS Next 2Y14.98%
EPS Next 3Y12.24%
EPS Next 5Y-8.29%
Revenue 1Y (TTM)21.22%
Revenue growth 3Y14.84%
Revenue growth 5Y14.03%
Sales Q2Q%27.84%
Revenue Next Year12.41%
Revenue Next 2Y11.32%
Revenue Next 3Y8.49%
Revenue Next 5Y-0.83%
EBIT growth 1Y1102.71%
EBIT growth 3Y30.84%
EBIT growth 5YN/A
EBIT Next Year16.99%
EBIT Next 3Y17.2%
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.


How profitable is INCYTE CORP (INCY) stock?

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


How financially healthy is INCYTE CORP?

The financial health rating of INCYTE CORP (INCY) is 7 / 10.


Can you provide the expected EPS growth for INCY stock?

The Earnings per Share (EPS) of INCYTE CORP (INCY) is expected to grow by 12.8% in the next year.