Incyte Corp (INCY) stock analysis
Close on Nov 12, 2026Market cap $24.81BP/E 64.7Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed13 of 30 checks passed
Incyte passes 13 of the 30 checks behind our score; 7 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 4/6
- Past performance
- 3/6
- Financial health
- 6/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 13.9%, above the 10% that usually covers the cost of capital.
No debt
Incyte has no borrowings on its latest balance sheet.
Revenue growing 10%+ a year
Revenue grew 14.8% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 61.6% a year over the last three fiscal years.
What to watch
Margin of safety under 20%
The price is 98.2% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $122.27 is above our fair value estimate of $61.68.
Return on equity under 15%
Return on equity was 7.8% over the last twelve months and averaged 16.2% over five years; we look for 15% on both.
P/E above its 5-year median
Incyte's P/E of 65.0 is above its own 5-year median of 20.8.
Valuation0/6
P/E above its 5-year median
Incyte's P/E of 65.0 is above its own 5-year median of 20.8.
P/E above the industry
Incyte's P/E of 65.0 is above the Engineering, Accounting, Research, Management, and Related Services median of 25.2.
EV/EBITDA above its 5-year median
Incyte's EV/EBITDA of 29.9 is above its 5-year median of 18.1.
P/B above the industry
Incyte's price-to-book of 4.42 is above the Engineering, Accounting, Research, Management, and Related Services median of 3.70.
Trading above fair value
The share price of $122.27 is above our fair value estimate of $61.68.
Margin of safety under 20%
The price is 98.2% above fair value, so there is no margin of safety.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 14.8% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 61.6% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 24.9% over the last twelve months; the Engineering, Accounting, Research, Management, and Related Services median is 6.6%.
Guidance raised
Incyte raised its fiscal year 2026 Jakafi net sales outlook on Oct 29, 2026.
Gross margin slipping
Gross margin was 92.7% over the last twelve months, against 92.9% a year earlier.
Past performance3/6
Return on equity under 15%
Return on equity was 7.8% over the last twelve months and averaged 16.2% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 13.9%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Incyte's return on equity of 7.8% is above the Engineering, Accounting, Research, Management, and Related Services median of -10.2%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin below its 5-year average
Net margin was 6.7% over the last twelve months, against a 5-year average of 16.8%.
Net margin above the industry
Incyte's net margin of 6.7% is above the Engineering, Accounting, Research, Management, and Related Services median of -53.6%.
Financial health6/6
No debt
Incyte has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
Operating income covers interest expense 268.0 times.
Short-term assets cover short-term debts
Current assets are 3.84 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 10.94; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Incyte has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$61.68
The share price is 98% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 23.0× | 20.8× | 25.2× | $43.21 | 40% |
| EV/EBITDA | 16.7× | 18.1× | 15.3× | $75.50 | 35% |
| P/B | 3.8× | 3.9× | 3.7× | $105.10 | 10% |
| Earnings power | 7.4% cost of equity | – | – | $49.75 | 15% |
| Fair value | $61.68 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 20.8
- Engineering, Accounting, Research, Management, and Related Services median 25.2
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $215.82M
- Value traded per 1% price move
- $127.03M
Downside
Low risk
- Typical loss in a bad month
- 10.9%
- Volatility (annualized)
- 33%
- Sharpe ratio, 1 year
- 0.33
- Beta to the S&P 500 (5Y)
- 0.44
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +21.2% | +14.8% | +14.0% | +21.2% | |
| Gross profit | +21.4% | +14.4% | +13.5% | +20.7% | |
| Operating income | +2368.6% | +37.8% | – | +40.5% | |
| Net income | +3845.0% | +55.7% | – | – | |
| EPS, diluted | +4173.3% | +61.6% | – | +71.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 35.3% | -11.4% | 29.9% | |
| Return on assets | 7.9% | -8.5% | 20.7% | |
| Current ratio | 3.64 | 3.74 | 3.32 | |
| Interest coverage | 3.7× | -121.3× | 623.9× | |
| Inventory turnover | 19.8× | 9.4× | 4.7× | |
| Capex to revenue | 10.9% | 7.0% | – | |
| Diluted shares | 194M | 218M | 201M |
Cash use needs five years of cash flow figures
Incyte does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 25.0% | 0.83× | 1.44× | 29.9% |
| FY2024 | 0.8% | 0.69× | 1.42× | 0.8% |
| FY2023 | 16.2% | 0.59× | 1.32× | 12.5% |
| FY2022 | 10.0% | 0.63× | 1.32× | 8.4% |
| FY2021 | 31.8% | 0.70× | 1.33× | 29.7% |
| FY2020 | -11.1% | 0.76× | 1.34× | -11.4% |
| FY2019 | 20.7% | 0.71× | 1.34× | 19.8% |
| FY2018 | 5.8% | 0.76× | 1.39× | 6.2% |
| FY2017 | -20.4% | 0.78× | 1.92× | -30.5% |
| FY2016 | 9.4% | 0.84× | 4.48× | 35.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$1.29B
- Cash generatingOperating cash flow above zero$1.41B
- Return on assets improvedROA up on the prior year0.5% → 23.6%
- Earnings backed by cashOperating cash flow above net income$1.41B vs $1.29B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.97 → 3.32
- No dilutionShare count did not rise211M → 201M
- Gross margin improvedGross margin up on the prior year92.64% → 92.76%
- More efficientAsset turnover rose0.63 → 0.94
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