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INCYTE CORP (INCY) Stock Fundamental Analysis

USA - NASDAQ:INCY - US45337C1027 - Common Stock

85.08 USD
+1.18 (+1.41%)
Last: 9/17/2025, 12:33:54 PM
Fundamental Rating

6

Overall INCY gets a fundamental rating of 6 out of 10. We evaluated INCY against 540 industry peers in the Biotechnology industry. INCY gets an excellent profitability rating and is at the same time showing great financial health properties. INCY may be a bit undervalued, certainly considering the very reasonable score on growth These ratings would make INCY suitable for value and quality investing!


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

INCY had positive earnings in the past year.
INCY had a positive operating cash flow in the past year.
Of the past 5 years INCY 4 years were profitable.
Of the past 5 years INCY 4 years 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M 600M 800M

1.2 Ratios

INCY has a better Return On Assets (14.96%) than 95.19% of its industry peers.
INCY has a better Return On Equity (20.88%) than 95.37% of its industry peers.
Looking at the Return On Invested Capital, with a value of 17.30%, INCY belongs to the top of the industry, outperforming 96.67% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for INCY is significantly below the industry average of 15.95%.
The last Return On Invested Capital (17.30%) for INCY is above the 3 year average (7.24%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 14.96%
ROE 20.88%
ROIC 17.3%
ROA(3y)5.08%
ROA(5y)5.23%
ROE(3y)6.75%
ROE(5y)6.82%
ROIC(3y)7.24%
ROIC(5y)N/A
INCY Yearly ROA, ROE, ROICINCY Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20

1.3 Margins

INCY has a better Profit Margin (18.99%) than 94.26% of its industry peers.
In the last couple of years the Profit Margin of INCY has declined.
INCY has a better Operating Margin (21.69%) than 95.37% of its industry peers.
INCY's Operating Margin has declined in the last couple of years.
The Gross Margin of INCY (93.41%) is better than 93.33% of its industry peers.
INCY's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 21.69%
PM (TTM) 18.99%
GM 93.41%
OM growth 3Y-50.23%
OM growth 5Y-33.03%
PM growth 3Y-71.07%
PM growth 5Y-48.24%
GM growth 3Y-0.87%
GM growth 5Y-0.53%
INCY Yearly Profit, Operating, Gross MarginsINCY Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40 60 80

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7

2. Health

2.1 Basic Checks

INCY has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
INCY has less shares outstanding than it did 1 year ago.
Compared to 5 years ago, INCY has less shares outstanding
The debt/assets ratio for INCY is higher compared to a year ago.
INCY Yearly Shares OutstandingINCY Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
INCY Yearly Total Debt VS Total AssetsINCY Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

2.2 Solvency

An Altman-Z score of 7.67 indicates that INCY is not in any danger for bankruptcy at the moment.
INCY has a Altman-Z score of 7.67. This is amongst the best in the industry. INCY outperforms 82.41% of its industry peers.
The Debt to FCF ratio of INCY is 0.04, which is an excellent value as it means it would take INCY, only 0.04 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 0.04, INCY belongs to the top of the industry, outperforming 96.85% of the companies in the same industry.
A Debt/Equity ratio of 0.01 indicates that INCY is not too dependend on debt financing.
INCY has a Debt to Equity ratio of 0.01. This is comparable to the rest of the industry: INCY outperforms 44.81% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.04
Altman-Z 7.67
ROIC/WACC1.81
WACC9.57%
INCY Yearly LT Debt VS Equity VS FCFINCY Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B 4B 5B

2.3 Liquidity

A Current Ratio of 2.85 indicates that INCY has no problem at all paying its short term obligations.
INCY has a worse Current ratio (2.85) than 66.11% of its industry peers.
A Quick Ratio of 2.78 indicates that INCY has no problem at all paying its short term obligations.
INCY has a worse Quick ratio (2.78) than 64.26% of its industry peers.
Industry RankSector Rank
Current Ratio 2.85
Quick Ratio 2.78
INCY Yearly Current Assets VS Current LiabilitesINCY Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B

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5

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 433.67% over the past year.
The earnings per share for INCY have been decreasing by -14.21% on average. This is quite bad
Looking at the last year, INCY shows a quite strong growth in Revenue. The Revenue has grown by 18.88% in the last year.
Measured over the past years, INCY shows a quite strong growth in Revenue. The Revenue has been growing by 14.46% on average per year.
EPS 1Y (TTM)433.67%
EPS 3Y-21.7%
EPS 5Y-14.21%
EPS Q2Q%186.26%
Revenue 1Y (TTM)18.88%
Revenue growth 3Y12.41%
Revenue growth 5Y14.46%
Sales Q2Q%16.46%

3.2 Future

The Earnings Per Share is expected to grow by 23.02% on average over the next years. This is a very strong growth
The Revenue is expected to decrease by -0.47% on average over the next years.
EPS Next Y379.32%
EPS Next 2Y137.87%
EPS Next 3Y90.13%
EPS Next 5Y23.02%
Revenue Next Year15.06%
Revenue Next 2Y12.92%
Revenue Next 3Y11.68%
Revenue Next 5Y-0.47%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
INCY Yearly Revenue VS EstimatesINCY Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2B 4B 6B
INCY Yearly EPS VS EstimatesINCY Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 2 4 6 8

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8

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 16.27, the valuation of INCY can be described as correct.
Based on the Price/Earnings ratio, INCY is valued cheaper than 95.00% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 27.20. INCY is valued slightly cheaper when compared to this.
The Price/Forward Earnings ratio is 11.39, which indicates a very decent valuation of INCY.
Compared to the rest of the industry, the Price/Forward Earnings ratio of INCY indicates a rather cheap valuation: INCY is cheaper than 96.85% of the companies listed in the same industry.
INCY is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.71, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 16.27
Fwd PE 11.39
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

95.37% of the companies in the same industry are more expensive than INCY, based on the Enterprise Value to EBITDA ratio.
Based on the Price/Free Cash Flow ratio, INCY is valued cheaper than 95.56% of the companies in the same industry.
Industry RankSector Rank
P/FCF 17.34
EV/EBITDA 12.04
INCY Per share dataINCY EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

INCY's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The decent profitability rating of INCY may justify a higher PE ratio.
A more expensive valuation may be justified as INCY's earnings are expected to grow with 90.13% in the coming years.
PEG (NY)0.04
PEG (5Y)N/A
EPS Next 2Y137.87%
EPS Next 3Y90.13%

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0

5. Dividend

5.1 Amount

No dividends for INCY!.
Industry RankSector Rank
Dividend Yield N/A

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INCYTE CORP

NASDAQ:INCY (9/17/2025, 12:33:54 PM)

85.08

+1.18 (+1.41%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Earnings (Last)07-29 2025-07-29/bmo
Earnings (Next)10-27 2025-10-27/bmo
Inst Owners100.56%
Inst Owner Change4.58%
Ins Owners2%
Ins Owner Change6.49%
Market Cap16.61B
Analysts75.88
Price Target84.58 (-0.59%)
Short Float %3.94%
Short Ratio4.38
Dividend
Industry RankSector Rank
Dividend Yield N/A
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)2
Avg EPS beat(2)8.31%
Min EPS beat(2)4.72%
Max EPS beat(2)11.9%
EPS beat(4)2
Avg EPS beat(4)1.1%
Min EPS beat(4)-10.01%
Max EPS beat(4)11.9%
EPS beat(8)3
Avg EPS beat(8)-5.09%
EPS beat(12)5
Avg EPS beat(12)-7.34%
EPS beat(16)7
Avg EPS beat(16)-6.93%
Revenue beat(2)2
Avg Revenue beat(2)3.69%
Min Revenue beat(2)3.45%
Max Revenue beat(2)3.94%
Revenue beat(4)4
Avg Revenue beat(4)3%
Min Revenue beat(4)1.09%
Max Revenue beat(4)3.94%
Revenue beat(8)4
Avg Revenue beat(8)-0.25%
Revenue beat(12)6
Avg Revenue beat(12)-0.67%
Revenue beat(16)9
Avg Revenue beat(16)0.51%
PT rev (1m)1.99%
PT rev (3m)11.8%
EPS NQ rev (1m)-0.68%
EPS NQ rev (3m)6.73%
EPS NY rev (1m)7.02%
EPS NY rev (3m)6.83%
Revenue NQ rev (1m)0.16%
Revenue NQ rev (3m)3.06%
Revenue NY rev (1m)2.49%
Revenue NY rev (3m)2.71%
Valuation
Industry RankSector Rank
PE 16.27
Fwd PE 11.39
P/S 3.62
P/FCF 17.34
P/OCF 16.57
P/B 3.98
P/tB 4.27
EV/EBITDA 12.04
EPS(TTM)5.23
EY6.15%
EPS(NY)7.47
Fwd EY8.78%
FCF(TTM)4.91
FCFY5.77%
OCF(TTM)5.14
OCFY6.04%
SpS23.48
BVpS21.36
TBVpS19.91
PEG (NY)0.04
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 14.96%
ROE 20.88%
ROCE 21.89%
ROIC 17.3%
ROICexc 47.5%
ROICexgc 57.26%
OM 21.69%
PM (TTM) 18.99%
GM 93.41%
FCFM 20.9%
ROA(3y)5.08%
ROA(5y)5.23%
ROE(3y)6.75%
ROE(5y)6.82%
ROIC(3y)7.24%
ROIC(5y)N/A
ROICexc(3y)25.32%
ROICexc(5y)N/A
ROICexgc(3y)31.6%
ROICexgc(5y)N/A
ROCE(3y)9.17%
ROCE(5y)N/A
ROICexcg growth 3Y-34.92%
ROICexcg growth 5Y-33.44%
ROICexc growth 3Y-36.33%
ROICexc growth 5Y-29.08%
OM growth 3Y-50.23%
OM growth 5Y-33.03%
PM growth 3Y-71.07%
PM growth 5Y-48.24%
GM growth 3Y-0.87%
GM growth 5Y-0.53%
F-Score6
Asset Turnover0.79
Health
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.04
Debt/EBITDA 0.03
Cap/Depr 49.5%
Cap/Sales 0.98%
Interest Coverage 250
Cash Conversion 92.43%
Profit Quality 110.01%
Current Ratio 2.85
Quick Ratio 2.78
Altman-Z 7.67
F-Score6
WACC9.57%
ROIC/WACC1.81
Cap/Depr(3y)83.51%
Cap/Depr(5y)185.09%
Cap/Sales(3y)1.73%
Cap/Sales(5y)3.66%
Profit Quality(3y)367.72%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)433.67%
EPS 3Y-21.7%
EPS 5Y-14.21%
EPS Q2Q%186.26%
EPS Next Y379.32%
EPS Next 2Y137.87%
EPS Next 3Y90.13%
EPS Next 5Y23.02%
Revenue 1Y (TTM)18.88%
Revenue growth 3Y12.41%
Revenue growth 5Y14.46%
Sales Q2Q%16.46%
Revenue Next Year15.06%
Revenue Next 2Y12.92%
Revenue Next 3Y11.68%
Revenue Next 5Y-0.47%
EBIT growth 1Y1425.09%
EBIT growth 3Y-44.05%
EBIT growth 5Y-23.34%
EBIT Next Year330.79%
EBIT Next 3Y84.53%
EBIT Next 5Y24.25%
FCF growth 1Y34.45%
FCF growth 3Y-24.05%
FCF growth 5Y-17.01%
OCF growth 1Y28.43%
OCF growth 3Y-23.52%
OCF growth 5Y-13.95%