INCYTE CORP (INCY) Fundamental Analysis & Valuation

NASDAQ:INCY • US45337C1027

Current stock price

95.745 USD
+0.48 (+0.5%)
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.
  • INCY had a positive operating cash flow in each of the past 5 years.
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 95.73% of its industry peers.
  • INCY has a Return On Equity of 24.90%. This is amongst the best in the industry. INCY outperforms 95.92% of its industry peers.
  • The Return On Invested Capital of INCY (19.49%) is better 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 28.06%.
  • 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 93.40% of its industry peers.
  • In the last couple of years the Profit Margin of INCY has grown nicely.
  • Looking at the Operating Margin, with a value of 26.12%, INCY belongs to the top of the industry, outperforming 94.56% of the companies in the same industry.
  • INCY's Operating Margin has improved in the last couple of years.
  • Looking at the Gross Margin, with a value of 93.26%, INCY belongs to the top of the industry, outperforming 93.59% of the companies in the same industry.
  • 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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8

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.
  • 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

  • An Altman-Z score of 8.38 indicates that INCY is not in any danger for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 8.38, INCY is in the better half of the industry, outperforming 79.22% of the companies in the same industry.
  • 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 96.50% 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.
  • INCY's Debt to Equity ratio of 0.01 is in line compared to the rest of the industry. INCY outperforms 46.41% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.03
Altman-Z 8.38
ROIC/WACC2.05
WACC9.51%
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.
  • INCY has a Current ratio (3.32) which is comparable to the rest of the industry.
  • A Quick Ratio of 3.25 indicates that INCY has no problem at all paying its short term obligations.
  • With a Quick ratio value of 3.25, INCY perfoms like the industry average, outperforming 41.75% of the companies in the same industry.
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 304.35% 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.
  • INCY shows a strong growth in Revenue. In the last year, the Revenue has grown by 21.22%.
  • INCY shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 14.03% yearly.
EPS 1Y (TTM)304.35%
EPS 3Y34.67%
EPS 5YN/A
EPS Q2Q%56.03%
Revenue 1Y (TTM)21.22%
Revenue growth 3Y14.84%
Revenue growth 5Y14.03%
Sales Q2Q%20.87%

3.2 Future

  • The Earnings Per Share is expected to decrease by -9.23% on average over the next years.
  • The Revenue is expected to decrease by -0.83% on average over the next years.
EPS Next Y13.99%
EPS Next 2Y16%
EPS Next 3Y11.72%
EPS Next 5Y-9.23%
Revenue Next Year11.88%
Revenue Next 2Y11.43%
Revenue Next 3Y8.54%
Revenue Next 5Y-0.83%

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 decreasing.
  • 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 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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8

4. INCY Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 12.87, the valuation of INCY can be described as correct.
  • 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.
  • The average S&P500 Price/Earnings ratio is at 26.77. INCY is valued rather cheaply when compared to this.
  • The Price/Forward Earnings ratio is 10.48, which indicates a very decent valuation of INCY.
  • INCY's Price/Forward Earnings ratio is rather cheap when compared to the industry. INCY is cheaper than 98.25% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 21.75. INCY is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 12.87
Fwd PE 10.48
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

  • Based on the Enterprise Value to EBITDA ratio, INCY is valued cheaply inside the industry as 96.12% of the companies are valued more expensively.
  • INCY's Price/Free Cash Flow ratio is rather cheap when compared to the industry. INCY is cheaper than 97.09% of the companies in the same industry.
Industry RankSector Rank
P/FCF 14.07
EV/EBITDA 10.4
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 low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • INCY has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)0.92
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 (5/1/2026, 9:47:47 AM)

95.745

+0.48 (+0.5%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Industry Strength55.9
Industry Growth13.04
Earnings (Last)04-28
Earnings (Next)07-27
Inst Owners104.89%
Inst Owner Change-0.13%
Ins Owners0.92%
Ins Owner Change-4.16%
Market Cap19.05B
Revenue(TTM)5.14B
Net Income(TTM)1.29B
Analysts73.94
Price Target109.42 (14.28%)
Short Float %6.14%
Short Ratio7.77
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)5%
EPS NQ rev (1m)-2.22%
EPS NQ rev (3m)-15.62%
EPS NY rev (1m)1.06%
EPS NY rev (3m)-3.67%
Revenue NQ rev (1m)-1.65%
Revenue NQ rev (3m)-1.5%
Revenue NY rev (1m)-0.47%
Revenue NY rev (3m)0.83%
Valuation
Industry RankSector Rank
PE 12.87
Fwd PE 10.48
P/S 3.71
P/FCF 14.07
P/OCF 13.48
P/B 3.69
P/tB 3.87
EV/EBITDA 10.4
EPS(TTM)7.44
EY7.77%
EPS(NY)9.14
Fwd EY9.54%
FCF(TTM)6.81
FCFY7.11%
OCF(TTM)7.1
OCFY7.42%
SpS25.83
BVpS25.97
TBVpS24.71
PEG (NY)0.92
PEG (5Y)N/A
Graham Number65.9295 (-31.14%)
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 8.38
F-Score7
WACC9.51%
ROIC/WACC2.05
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)304.35%
EPS 3Y34.67%
EPS 5YN/A
EPS Q2Q%56.03%
EPS Next Y13.99%
EPS Next 2Y16%
EPS Next 3Y11.72%
EPS Next 5Y-9.23%
Revenue 1Y (TTM)21.22%
Revenue growth 3Y14.84%
Revenue growth 5Y14.03%
Sales Q2Q%20.87%
Revenue Next Year11.88%
Revenue Next 2Y11.43%
Revenue Next 3Y8.54%
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 8 / 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 12.87 and the Price/Book (PB) ratio is 3.69.