INCY Incyte
$112.53
▼ 0.7%Updated Oct 16, 2:25 PM ET
Report Card
INCY at a glance — five pillars scored 0–100 from real filed financials.
How the 0–100 rating is calculatedOverall: Strong · 86/100. A wider, greener shape means more pillars look healthy. Dividends scores 0 when a company pays none — that is a choice, not a flaw.
Price — Past Year
▲ Up 43.9% in the year to Jul 6, 2026
Key Metrics
Market Cap
$23.35B
P/E
15.73x
Forward P/E (est.)
11.24x
ROE
29.2%
Revenue Growth
21.5%
EPS Growth
2455.3%
Profit Margin
26.7%
FCF Yield
2.2%
Debt / Equity
0.01x
ROIC
5.0%
Interest Coverage
593.83x
Current Ratio
3.68x
Dividend Yield
—
Implied Growth (rev. DCF)
—
Rating Score
86/100
Business Overview
Incyte (INCY) is a large-cap company in the Biotechnology industry, part of the Health Care sector of the S&P 500, with a market value around $23.35B.
In its latest reported year it generated about $5.14B in revenue and $1.29B in net profit.
Our model rates INCY Strong (86/100) on growth, profitability, financial health, and valuation. The summary below is built from its filed financials and current ratios and refreshes automatically.
Economic Moat
Evidence of durable competitive advantage in the filed financials (9 years of history).
Profit margins and economic moats, explainedThe numbers don't show a durable competitive advantage — margins, growth, or returns on capital have been unstable or thin. Great returns are still possible; they just aren't protected.
15.9% average over the last 3 years
±14.1 pts around 9.3% across 9 years
grew in 8 of the last 8 year-over-year periods
positive in 7 of 9 years
5.0% latest fiscal year
A moat can't be proven by numbers alone — this scores the evidence a durable advantage leaves behind (pricing power, consistency, returns on capital), computed the same way for every stock. Pair it with the business overview before concluding anything.
Technical Analysis (Educational)
Technical analysis reads price and volume to judge momentum and timing. It complements the fundamentals above — it does not replace them. Here is what INCY's chart says today, with each tool explained.
Trend — moving averages. A moving average is the average closing price over a window, which smooths out daily noise. INCY trades near $112.53, above its 50-day average ($100.70) and 200-day average ($97.93). Price above both averages, with the shorter one above the longer, is the textbook definition of an uptrend — momentum favours buyers.
Momentum — RSI. The Relative Strength Index runs 0–100 and measures how strong recent gains are versus losses. Above 70 is "overbought", below 30 "oversold". At 63 it is in neutral territory — neither stretched nor washed out.
MACD. MACD compares two moving averages to flag shifts in momentum. Its histogram is currently positive — short-term momentum is improving.
Volatility — ATR. Average True Range is the typical daily move. INCY's is $4.18 (~3.7% of price), so swings of about that size each day are normal — handy for setting a stop that isn't too tight.
Support & resistance. In the month to Jul 6, 2026, INCY found buyers near $96.09 (support) and sellers near $118.69 (resistance); its 52-week range then was $66.85–$118.69. A decisive break beyond either edge often marks the next move.
Volume. The latest session traded 1.2× the 20-day average — about normal. Rising volume on up-days suggests real buying; on down-days, real selling.
Educational information to help you read a chart — not a recommendation or a forecast. The indicators were last computed on Jul 6, 2026; the price is current.
Revenue Growth
4Y CAGR
14.5%
Revenue moved from $1.54B in 2017 to $5.14B in 2025, a 16.3% compound annual growth rate. The most recent year grew a strong 21.5% year over year. Consistent top-line growth is one sign of healthy demand.
Profitability
Gross Margin
93.0%
Operating Margin
29.5%
Net Margin
25.0%
ROE
29.2%
Incyte keeps about 26.7% of each sales dollar as net profit, with a 93.0% gross margin and 29.5% operating margin. Return on equity is 29.2% and return on invested capital about 5.0%. Margins this wide usually signal pricing power or a cost advantage.
Debt Analysis
Total Debt
$19.09B
Net Debt
$15.63B
Net Debt / EBITDA
10.32x
Debt / Equity
0.01x
Leverage: debt-to-equity is 0.0x, and operating profit covers interest about 593.8x, with a current ratio of 3.7x. That is a conservative balance sheet — a cushion in downturns. It carries roughly $19.09B of total debt against $3.46B of cash.
Cash Flow Analysis
Operating CF
$1.41B
Free Cash Flow
$1.41B
FCF Margin
27.5%
In the latest year Incyte produced about $1.41B of operating cash flow and $1.41B of free cash flow after capital spending. That is a free-cash-flow yield of about 2.2% on today's price. Cash flow is what ultimately pays shareholders, so it is worth tracking over time.
Valuation Analysis
P/E
15.73x
P/S
3.88x
P/B
4.23x
EV / EBITDA
—
INCY trades at 15.7x trailing earnings (about 11.2x on estimated forward earnings), 3.9x sales, and 4.2x book value. That is a fairly typical valuation for a profitable company.
Metrics vs. Sector Range
Where INCY sits versus the Health Care companies we cover.
Bands show the middle half (25th–75th percentile) of the 83 Health Care companies in our coverage that have fundamentals data — the peer-relative anchor professional comps analysis uses. Context only — not investment advice.
Sector Peer Comparison
How INCY stacks up against its Health Care peers — valuation, profitability, and growth versus the sector median.
Among the 83 rated Health Care companies we cover, INCY ranks #2 by our overall rating. It trades at a discount versus the sector on earnings (15.7x P/E vs. 26.1x median) with a higher return on equity (29.2% vs. 14.1%) and faster revenue growth (21.5% vs. 7.6%).
P/E vs sector
15.7x
median 26.1x
ROE vs sector
29.2%
median 14.1%
Growth vs sector
21.5%
median 7.6%
Sector rank
#2
of 83 rated
Valuation vs. quality map
The sweet spot is upper-left: more profitable (higher ROE) for a lower P/E. Dashed lines mark the sector median.
Peers are the closest Health Care companies by sub-industry and size, preferring ones with full data. Sector medians and rank use the 83 rated companies among the 324 Health Care stocks we cover. Educational, not a recommendation.
5-Year Projection Model
Project revenue → earnings → price. Edit the assumptions to build your own case.
What drives this projection, and its limits2030 scenario price range (Base Case)
$160.69 – $257.10
vs. $112.53 today · implied CAGR 7% – 18%
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue | $6.22B | $7.53B | $9.11B | $11.02B | $13.34B |
| Net income | $1.56B | $1.88B | $2.28B | $2.76B | $3.33B |
| EPS | $7.50 | $9.07 | $10.98 | $13.28 | $16.07 |
| Share price (low) | $74.96 | $90.70 | $109.75 | $132.80 | $160.69 |
| Share price (high) | $119.94 | $145.13 | $175.60 | $212.48 | $257.10 |
| CAGR (low–high) | -33% / 7% | -10% / 14% | -1% / 16% | 4% / 17% | 7% / 18% |
Educational scenario model, not a forecast or investment advice. It starts from the latest annual revenue in SEC filings. By default, growth is trailing revenue growth (held between 3% and 45% a year), the net margin is the latest one (held between 3% and 50%, so a loss-making company is modeled with a small profit), and the Base case P/E runs from 60% to 100% of today's. Carrying recent growth forward five years can miss badly in either direction. Outputs are only as good as the assumptions.
Bull Case
The case for INCY:
- Revenue is growing 21.5% a year, a sign of real demand.
- High net margins (26.7%) point to pricing power or efficiency.
- Strong return on equity (29.2%) shows capital is put to work well.
- A conservative balance sheet (debt/equity 0.0x) lowers risk.
- Our model's overall read is Strong (86/100).
Bear Case
The case against INCY:
- Like any single stock, it is exposed to competition, the economic cycle, and shifts in its end markets.
Key Risks
Market risk — sector rotation, the economic cycle, and broad sentiment move the stock regardless of fundamentals.
Investment Thesis
On balance, the fundamentals screen favourably: Incyte is a large-cap health care business still growing nicely, with solid profitability, and a sound balance sheet. It trades at 15.7x earnings, which our model scores Strong (86/100). Weigh this against your own goals and time horizon — this is educational information, not a recommendation.
Latest SEC Filings
INCY's most recent filings, straight from SEC EDGAR. Annual and quarterly reports are the deep dives; 8-Ks flag material events the moment they happen. How to read a 10-K
In the Idea Lab
INCY — frequently asked questions
Is INCY a good stock to buy?
We don't give buy or sell advice. Our model rates Incyte Strong (86/100) based on its growth, profitability, financial health, and valuation — use that as a research starting point and make your own decision.
What is INCY's rating on The Stocks School?
Incyte currently scores 86/100 (Strong) on our transparent model, which weighs real fundamentals: growth, margins, returns on capital, balance-sheet strength, and valuation.
How our ratings work →Where does INCY's data come from?
Live price data plus real fundamentals and 5-year financials pulled directly from Incyte's SEC filings — refreshed automatically, not hand-entered.
How is the 5-year projection for INCY calculated?
It's a scenario model. It starts from the latest annual revenue and net margin in SEC filings, grows revenue at an assumed rate (trailing revenue growth by default), and applies a P/E range built around today's multiple to show the resulting share-price range. When a stock has no growth or P/E data, the starting values are placeholders. It's a tool for thinking, not a prediction.
Is this INCY analysis financial advice?
No. Everything on this page is educational research, not financial advice or a recommendation to buy or sell INCY. Always do your own research and consider a licensed professional.
Data notice. Fundamentals and financial statements are sourced from company filings (SEC EDGAR) and market-data providers; prices and market caps refresh on trading days and may be delayed. Ratings, projections, technical signals, and written summaries are model- or rule-generated for education and may simplify or lag the latest filings.
Not advice. Nothing on this page is investment advice or a recommendation to buy, hold, or sell any security. Do your own research and consult a licensed financial professional before investing.