Incyte Corp (INCY)
Health Care · Biotechnology · US stock · S&P 500 component
$116.93
▲ +3.49 (3.08%)
Fair valueUndervalued
$140 +19.9% to fair value
$70fair band $119–$170$210
Day's range
$112.76 – $117.17
52-week range
$84.02 – $132.60
About Incyte Corp
Incyte is a biopharmaceutical company that discovers, develops and commercializes prescription medicines, with a focus on oncology and inflammatory and autoimmune conditions. It earns money from sales of its marketed drugs, from royalties and milestone payments under collaborations with larger pharmaceutical partners, and from licensing arrangements. Its results depend on regulatory approvals, patent protection and the success of its research pipeline.
The company reported revenue of $5.4 billion for the last twelve months at Incyte Corp. Revenue growth over the past three years averaged 14.8% a year. It kept an operating margin of 30.0%. The return on invested capital reached 60%, a measure of profit earned on the money invested in the business. The company does not pay a dividend. On the site's X-Ray Score, it rates 80 out of 100.
Price chart
52-wk range $84.02 – $132.60Volume 2,235,198Daily, split-adjusted
Vitals
Market cap$24.2B
52-week range$84.02 – $132.60
Volume (last day)2,235,198
P/E (TTM)16.5
EBIT / EV yield7.8%
Free-cash-flow yield–
Dividend yieldNo dividend
Revenue (TTM)$5.4B
Net income (TTM)$1.4B
Operating margin30.0%
Return on capital60.1%
Debt incl. leasesData missing
Cash & securities$3.5B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$140middle half of models $123 – $153
Undervalued
+19.9% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $117
Undervalued < $119Fair $119 – $170Overvalued > $170
P/E multiple
$127
P/B multiple
$112
P/S multiple
$120
EV/EBITDA multiple
$140
EV/EBIT multiple
$153
EV/revenue multiple
$123
10-year DCF, EBITDA exit
$171
5-year DCF, EBITDA exit
$165
10-year DCF, revenue exit
$163
5-year DCF, revenue exit
$152
10-year DCF, growth exit
$146
5-year DCF, growth exit
$135
Earnings power value
$115
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Strong business at an attractive price
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
84/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield7.8%
Fair value vs price1.2×
Growth
Strong
87/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)14.8%
EPS growth (3y)61.6%
Growth consistency100%
Profitability
Fair
63/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital60.1%
Operating margin30.0%
Gross profitability67.5%
Financial health
Strong
90/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score8 / 9
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+16.3%
Dec '24
+19.5%
Mar '25
+16.5%
Jun '25
+20.0%
Sep '25
+27.8%
Dec '25
+20.9%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.3B, diluted EPS $1.47.
Compare with peers
VRTX Vertex Pharmaceuticals...50 AMGN Amgen Inc48 REGN Regeneron Pharmaceutic...47 BIIB Biogen Inc.44Other Biotechnology companies by X-Ray Score.
SWOT analysis: Incyte Corp
Strengthsinside the company
- Return on invested capital is 60.1%, against a median of 12.5% for industry peers.
- Revenue has grown 14.8% a year over three years (median 2.6% for industry peers).
- Earnings per share have compounded at 61.6% a year over three years.
- Operating profit covers interest 689x, so debt costs are a small drag.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Revenue growth picked up to 21.2% last year from 14.8% a year over three years.
- Trades at 16.9x earnings, 39% below the 27.8x median of industry peers.
- The price is 20% below our fair value estimate, with the gap larger than the margin we allow for error.
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare INCY with peers and sector
Medians of 7 Biotechnology peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): ABBV 41, AMGN 48, GILD 37, VRTX 50, REGN 47, MRNA 12.
| Metric | INCY | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 80 | 44 | 49 |
| Valuation | 84 | 26 | 52 |
| Growth | 87 | 35 | 47 |
| Profitability | 63 | 39 | 49 |
| Financial health | 90 | 38 | 48 |
| Dividends | – | 51 | 51 |
Sector leaders: highest X-Ray Score in Health Care
INCY ranks #1 of 60 in Health Care and #1 of 8 in Biotechnology by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for INCY
Each factor is rated by where INCY stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 14 Good · 3 Average · 2 Bad of 19
Growth: 3 · 0 · 0
Profitability: 5 · 0 · 0
Financial strength: 3 · 0 · 0
Valuation: 2 · 2 · 0
Cash flow: 1 · 0 · 2
Efficiency: 0 · 1 · 0
| Factor | INCY | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +14.8% | Good beats 89% | +5.5% | – | – |
| Revenue growth, last year | +21.2% | Good beats 96% | +7.1% | +13.7% | ▲ Better |
| EPS growth, 3 years a year | +61.6% | Good beats 92% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 92.5% | Good beats 99% | 65.0% | 93.1% | ≈ In line |
| Operating margin | 30.0% | Good beats 89% | 16.4% | 17.1% | ▲ Better |
| Net margin | 26.7% | Good beats 87% | 11.1% | 16.2% | ▲ Better |
| Return on invested capital | 60.1% | Good beats 96% | 12.2% | – | – |
| Return on equity | 25.5% | Good beats 78% | 13.7% | 11.5% | ▲ Better |
| Financial strength | |||||
| Interest cover | 689.3x | Good beats 99% | 9.4x | 50.0x | ▲ Better |
| Current ratio | 3.68 | Good beats 93% | 1.52 | 3.54 | ≈ In line |
| Piotroski F-score | 8 / 9 | Good beats 85% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 16.9x | Good beats 86% | 28.2x | 23.7x | ▲ Better |
| Price / book | 4.3x | Average beats 48% | 3.7x | 4.1x | ≈ In line |
| Price / sales | 4.5x | Average beats 43% | 3.7x | 3.9x | ▼ Worse |
| EV / EBITDA | 12.2x | Good beats 85% | 17.6x | – | – |
| Cash flow | |||||
| Free cash flow margin | 28.3% | Good beats 89% | 16.3% | 19.0% | ▲ Better |
| Cash from operations / net income | 1.06 | Bad beats 7% | 1.61 | 1.10 | ≈ In line |
| Accruals (lower is better) | −1.2% | Bad beats 8% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 3.5x | Average beats 59% | 2.9x | 4.9x | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 12 Good · ● 0 Average · ● 1 BadCash quality
Earnings backed by cashBad
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioGood
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 75/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $3.0B | $3.4B | $3.7B | $4.2B | $5.1B |
| Operating income | $586M | $579M | $621M | $61M | $1.5B |
| Net income | $949M | $341M | $598M | $33M | $1.3B |
| Operating cash flow | $749M | $970M | $496M | $335M | $1.4B |
| Operating margin | 19.6% | 17.1% | 16.8% | 1.4% | 29.5% |
| Free cash flow | $568M | $892M | – | – | – |
| Diluted EPS | $4.27 | $1.52 | $2.65 | $0.15 | $6.41 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
8 bullish · 2 neutral · 6 bearish
Weekly
Bullish
7 bullish · 1 neutral · 4 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 113.1 | Bullish |
| EMA 10 | 114.4 | Bullish |
| SMA 20 | 115.5 | Bullish |
| EMA 20 | 115.8 | Bullish |
| SMA 50 | 121.4 | Bearish |
| EMA 50 | 118.0 | Bearish |
| SMA 100 | 117.1 | Bearish |
| EMA 100 | 115.6 | Bullish |
| SMA 200 | 107.8 | Bullish |
| EMA 200 | 108.9 | Bullish |
Oscillators (daily)
| RSI (14) | 50.26 | Neutral |
| MACD (12, 26) | -2.07 | Bearish |
| Momentum (12) | 3.73 | Bullish |
| Stochastic %K (14) | 97.44 | Bearish |
| Williams %R (14) | -2.56 | Bearish |
| CCI (20) | -0.80 | Neutral |
Pivot points (classic, last session)
S3 109.7 | S2 111.2 | S1 114.1 | Pivot 115.6 | R1 118.5 | R2 120.0 | R3 122.9 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold INCY
| ETF | Share of the fund |
|---|---|
| FBT First Trust NYSE Arca Biotechnology In... | 3.18% |
| RPG Invesco S&P 500 Pure Growth | 1.81% |
| IBB iShares Biotechnology | 1.75% |
| VFLO VictoryShares Free Cash Flow | 1.74% |
| CALF Pacer US Small Cap Cash Cows 100 | 1.52% |
| XBI SPDR S&P Biotech | 1.00% |
| LABU Direxion Daily S&P Biotech Bull 3X | 0.77% |
| COWG Pacer US Large Cap Cash Cows Growth Le... | 0.72% |
The eight funds with the largest weight in INCY among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
INCY stock splits
INCY has split its stock 2 times since 1997. The latest was a 2-for-1 split on 1 Sep 2000.
Full INCY stock split history →INCY SEC filings
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Other events
DEF 14ASEC EDGAR
Proxy statement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.