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INCYTE CORP (INCY) Stock Fundamental Analysis

USA - NASDAQ:INCY - US45337C1027 - Common Stock

86.85 USD
+0.57 (+0.66%)
Last: 10/3/2025, 8:00:02 PM
88.4889 USD
+1.64 (+1.89%)
After Hours: 10/3/2025, 8:00:02 PM
Fundamental Rating

6

Taking everything into account, INCY scores 6 out of 10 in our fundamental rating. INCY was compared to 536 industry peers in the Biotechnology industry. INCY scores excellent points on both the profitability and health parts. This is a solid base for a good stock. INCY scores decently on growth, while it is valued quite cheap. This could make an interesting combination. This makes INCY very considerable for value and quality investing!


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

In the past year INCY was profitable.
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 Return On Assets of 14.96%. This is amongst the best in the industry. INCY outperforms 95.34% of its industry peers.
The Return On Equity of INCY (20.88%) is better than 95.52% of its industry peers.
The Return On Invested Capital of INCY (17.30%) is better than 96.64% of its industry peers.
INCY had an Average Return On Invested Capital over the past 3 years of 7.24%. This is significantly below the industry average of 16.17%.
The 3 year average ROIC (7.24%) for INCY is below the current ROIC(17.30%), indicating increased profibility in the last year.
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

Looking at the Profit Margin, with a value of 18.99%, INCY belongs to the top of the industry, outperforming 94.22% of the companies in the same industry.
INCY's Profit Margin has declined in the last couple of years.
The Operating Margin of INCY (21.69%) is better than 95.34% of its industry peers.
In the last couple of years the Operating Margin of INCY has declined.
Looking at the Gross Margin, with a value of 93.41%, INCY belongs to the top of the industry, outperforming 93.28% 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 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

The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so INCY is still creating some 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 7.88 indicates that INCY is not in any danger for bankruptcy at the moment.
INCY has a Altman-Z score of 7.88. This is amongst the best in the industry. INCY outperforms 80.78% of its industry peers.
INCY has a debt to FCF ratio of 0.04. This is a very positive value and a sign of high solvency as it would only need 0.04 years to pay back of 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 96.83% of the companies in the same industry.
INCY has a Debt/Equity ratio of 0.01. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of INCY (0.01) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.04
Altman-Z 7.88
ROIC/WACC1.73
WACC10%
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

INCY has a Current Ratio of 2.85. This indicates that INCY is financially healthy and has no problem in meeting its short term obligations.
The Current ratio of INCY (2.85) is worse than 66.04% of its industry peers.
INCY has a Quick Ratio of 2.78. This indicates that INCY is financially healthy and has no problem in meeting its short term obligations.
INCY's Quick ratio of 2.78 is on the low side compared to the rest of the industry. INCY is outperformed by 64.37% 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.
INCY shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.21% yearly.
The Revenue has grown by 18.88% in the past year. This is quite good.
INCY shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 14.46% yearly.
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

INCY is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 27.17% yearly.
INCY is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -0.47% yearly.
EPS Next Y378%
EPS Next 2Y136.66%
EPS Next 3Y88.91%
EPS Next 5Y27.17%
Revenue Next Year15.11%
Revenue Next 2Y12.96%
Revenue Next 3Y11.7%
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

With a Price/Earnings ratio of 16.61, INCY is valued correctly.
95.71% of the companies in the same industry are more expensive than INCY, based on the Price/Earnings ratio.
The average S&P500 Price/Earnings ratio is at 27.86. INCY is valued slightly cheaper when compared to this.
The Price/Forward Earnings ratio is 11.75, which indicates a very decent valuation of INCY.
Based on the Price/Forward Earnings ratio, INCY is valued cheaper than 97.20% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 23.32, INCY is valued a bit cheaper.
Industry RankSector Rank
PE 16.61
Fwd PE 11.75
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

Based on the Enterprise Value to EBITDA ratio, INCY is valued cheaper than 95.34% of the companies in the same industry.
INCY's Price/Free Cash Flow ratio is rather cheap when compared to the industry. INCY is cheaper than 95.90% of the companies in the same industry.
Industry RankSector Rank
P/FCF 17.7
EV/EBITDA 12.57
INCY Per share dataINCY EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

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.
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 88.91% in the coming years.
PEG (NY)0.04
PEG (5Y)N/A
EPS Next 2Y136.66%
EPS Next 3Y88.91%

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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 (10/3/2025, 8:00:02 PM)

After market: 88.4889 +1.64 (+1.89%)

86.85

+0.57 (+0.66%)

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 Owners103.23%
Inst Owner Change0%
Ins Owners1.85%
Ins Owner Change0.62%
Market Cap16.96B
Analysts74.55
Price Target85.9 (-1.09%)
Short Float %4.56%
Short Ratio4.79
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)2.27%
PT rev (3m)10.71%
EPS NQ rev (1m)-0.49%
EPS NQ rev (3m)7.21%
EPS NY rev (1m)-0.28%
EPS NY rev (3m)6.67%
Revenue NQ rev (1m)0.16%
Revenue NQ rev (3m)3.14%
Revenue NY rev (1m)0.12%
Revenue NY rev (3m)2.58%
Valuation
Industry RankSector Rank
PE 16.61
Fwd PE 11.75
P/S 3.7
P/FCF 17.7
P/OCF 16.91
P/B 4.07
P/tB 4.36
EV/EBITDA 12.57
EPS(TTM)5.23
EY6.02%
EPS(NY)7.39
Fwd EY8.51%
FCF(TTM)4.91
FCFY5.65%
OCF(TTM)5.14
OCFY5.91%
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 7.88
F-Score6
WACC10%
ROIC/WACC1.73
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 Y378%
EPS Next 2Y136.66%
EPS Next 3Y88.91%
EPS Next 5Y27.17%
Revenue 1Y (TTM)18.88%
Revenue growth 3Y12.41%
Revenue growth 5Y14.46%
Sales Q2Q%16.46%
Revenue Next Year15.11%
Revenue Next 2Y12.96%
Revenue Next 3Y11.7%
Revenue Next 5Y-0.47%
EBIT growth 1Y1425.09%
EBIT growth 3Y-44.05%
EBIT growth 5Y-23.34%
EBIT Next Year352.21%
EBIT Next 3Y84.5%
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%