INCYTE CORP (INCY) Fundamental Analysis & Valuation
NASDAQ:INCY • US45337C1027
97.1 USD
+1.16 (+1.21%)
At close: Mar 9, 2026
97.1 USD
0 (0%)
Pre-Market: 3/10/2026, 8:26:27 AM
This INCY fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
Taking everything into account, INCY scores 7 out of 10 in our fundamental rating. INCY was compared to 519 industry peers in the Biotechnology industry. Both the health and profitability get an excellent rating, making INCY a very profitable company, without any liquidiy or solvency issues. INCY is valued quite cheap, while showing a decent growth score. This is a good combination! With these ratings, INCY could be worth investigating further for value and quality investing!.
1. INCY Profitability Analysis
1.1 Basic Checks
- In the past year INCY was profitable.
- In the past year INCY had a positive cash flow from operations.
- In the past 5 years INCY has always been profitable.
- INCY had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- Looking at the Return On Assets, with a value of 18.49%, INCY belongs to the top of the industry, outperforming 96.53% of the companies in the same industry.
- The Return On Equity of INCY (24.90%) is better than 96.34% of its industry peers.
- INCY has a better Return On Invested Capital (19.49%) than 97.69% of its industry peers.
- INCY had an Average Return On Invested Capital over the past 3 years of 10.37%. This is significantly below the industry average of 19.44%.
- The last Return On Invested Capital (19.49%) for INCY is above the 3 year average (10.37%), which is a sign of increasing profitability.
| Industry Rank | Sector 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%
1.3 Margins
- Looking at the Profit Margin, with a value of 25.03%, INCY belongs to the top of the industry, outperforming 94.61% of the companies in the same industry.
- INCY's Profit Margin has improved in the last couple of years.
- INCY's Operating Margin of 26.12% is amongst the best of the industry. INCY outperforms 95.18% of its industry peers.
- In the last couple of years the Operating Margin of INCY has grown nicely.
- INCY has a Gross Margin of 93.26%. This is amongst the best in the industry. INCY outperforms 93.83% 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 Rank | Sector 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%
2. INCY Health Analysis
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.
- Compared to 1 year ago, INCY has more shares outstanding
- The number of shares outstanding for INCY has been reduced compared to 5 years ago.
- INCY has a better debt/assets ratio than last year.
2.2 Solvency
- An Altman-Z score of 8.50 indicates that INCY is not in any danger for bankruptcy at the moment.
- The Altman-Z score of INCY (8.50) is better than 79.19% 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 has a better Debt to FCF ratio (0.03) than 96.53% of its industry peers.
- INCY has a Debt/Equity ratio of 0.01. This is a healthy value indicating a solid balance between debt and equity.
- With a Debt to Equity ratio value of 0.01, INCY perfoms like the industry average, outperforming 47.01% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.01 | ||
| Debt/FCF | 0.03 | ||
| Altman-Z | 8.5 |
ROIC/WACC2.22
WACC8.78%
2.3 Liquidity
- A Current Ratio of 3.32 indicates that INCY has no problem at all paying its short term obligations.
- With a Current ratio value of 3.32, INCY is not doing good in the industry: 60.89% of the companies in the same industry are doing better.
- 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.
- Looking at the Quick ratio, with a value of 3.25, INCY is doing worse than 60.31% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 3.32 | ||
| Quick Ratio | 3.25 |
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
- INCY is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -8.29% yearly.
- 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.
- 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.
4. INCY Valuation Analysis
4.1 Price/Earnings Ratio
- With a Price/Earnings ratio of 14.30, INCY is valued correctly.
- Based on the Price/Earnings ratio, INCY is valued cheaply inside the industry as 95.76% of the companies are valued more expensively.
- INCY is valuated rather cheaply when we compare the Price/Earnings ratio to 26.45, which is the current average of the S&P500 Index.
- A Price/Forward Earnings ratio of 12.68 indicates a correct valuation of INCY.
- INCY's Price/Forward Earnings ratio is rather cheap when compared to the industry. INCY is cheaper than 97.11% of the companies in the same industry.
- INCY's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 24.65.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 14.3 | ||
| Fwd PE | 12.68 |
4.2 Price Multiples
- 96.53% of the companies in the same industry are more expensive than INCY, based on the Enterprise Value to EBITDA ratio.
- INCY's Price/Free Cash Flow ratio is rather cheap when compared to the industry. INCY is cheaper than 97.11% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 14.27 | ||
| EV/EBITDA | 10.65 |
4.3 Compensation for Growth
- INCY's 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)1.12
PEG (5Y)N/A
EPS Next 2Y14.98%
EPS Next 3Y12.24%
5. INCY Dividend Analysis
5.1 Amount
- No dividends for INCY!.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0% |
INCY Fundamentals: All Metrics, Ratios and Statistics
97.1
+1.16 (+1.21%)
Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Earnings (Last)02-10 2026-02-10/bmo
Earnings (Next)04-27 2026-04-27
Inst Owners104.37%
Inst Owner Change0.65%
Ins Owners0.94%
Ins Owner Change-10.92%
Market Cap19.32B
Revenue(TTM)5.14B
Net Income(TTM)1.29B
Analysts75.15
Price Target109.32 (12.58%)
Short Float %5.73%
Short Ratio5.61
Dividend
| Industry Rank | Sector 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 Rank | Sector Rank | ||
|---|---|---|---|
| PE | 14.3 | ||
| Fwd PE | 12.68 | ||
| P/S | 3.76 | ||
| P/FCF | 14.27 | ||
| P/OCF | 13.67 | ||
| P/B | 3.74 | ||
| P/tB | 3.93 | ||
| EV/EBITDA | 10.65 |
EPS(TTM)6.79
EY6.99%
EPS(NY)7.66
Fwd EY7.89%
FCF(TTM)6.81
FCFY7.01%
OCF(TTM)7.1
OCFY7.31%
SpS25.83
BVpS25.97
TBVpS24.71
PEG (NY)1.12
PEG (5Y)N/A
Graham Number62.98
Profitability
| Industry Rank | Sector 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 Rank | Sector 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 | 8.5 |
F-Score7
WACC8.78%
ROIC/WACC2.22
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 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.