Incyte Corporation (INCY)

NASDAQ: INCY · USD

$117

+0.20 (+0.2%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-07

Our latest published analysis: INCY rated Hold

Incyte Corporation's published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$127 / share

Potential value

$155 / share

Upside to FV

+10.4%

from $117

Moat

7.2/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$23.3B
Revenue (ttm)	5.8B
Net income (ttm)	1.6B
EPS (ttm)	$7.85
Shares out	202.7M
P/E (trailing)	14.9x
P/E (forward)	14.7x
Volume	1,507,812
Beta	0.74

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 5.8B
Net income (ttm): 1.6B
EPS (ttm): $7.85
P/E (trailing): 14.9x
P/E (forward): 14.7x
Market cap: $23.3B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$2.99B	$3.39B	$3.70B	$4.24B	$5.14B	+14.5%
Gross profit	$2.84B	$3.19B	$3.44B	$3.93B	$4.77B	+13.9%
Operating income	$585.8M	$579.4M	$620.5M	$61.4M	$1.51B	+26.8%
Net income	$948.6M	$340.7M	$597.6M	$32.6M	$1.29B	+7.9%
EPS (diluted)	$4.27	$1.52	$2.65	$0.15	$6.41	+10.7%
EBITDA	$630.2M	$599.6M	$919.4M	$408.2M	$1.76B	+29.3%
R&D	$1.46B	$1.59B	$1.63B	$2.61B	$2.05B	+8.9%
SG&A	$739.6M	$1.00B	$1.16B	$1.24B	$1.38B	+16.8%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	매도
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	매도
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	비중 축소
ALGN	Align Technology Inc.	10.9B	26.6x	2.6x	17.2%	+3.6%	+11.6%	비중 축소

Base and Bull scenarios

Base55%

Price target

$126.70

+10.4% from spot

The base case represents the modal expected commercial path, assigning a probability of 55.0% for an implied target of $126.70, delivering an expected return of 10.4% from the share price of $114.76 as of $114.76 (as of 2026-10-07). In this path, Opzelura continues its steady commercial penetration across vitiligo and atopic dermatitis while Jakafi maintains stable refill volume in myelofibrosis. Operating margins rebound following planned clinical investments as sales expand toward Fair value of $126.70. This path would be disconfirmed if commercial revenue growth decelerates or payer price concessions erode gross margins.

Steady prescription expansion in dermatology balancing mature hematology refill volumes
Operating margin normalization supported by commercial SG&A leverage following transitional clinical trials
Asset-light capital intensity preserving high free cash flow conversion

Bull20%

Price target

$155.01

+35.1% from spot

The bull case models accelerated global commercial adoption, carrying a probability of 20.0% for an implied target of $155.01, representing an expected return of 35.1% toward Potential value of $155.01. In this scenario, Opzelura captures rapid international label adoption and outpaces peer biologic competition, while hematology volume exceeds baseline forecasts. Operating leverage drives margins beyond baseline assumptions, and late-stage clinical readouts confirm new growth drivers. This scenario would be disconfirmed if dermatology prescription growth plateaus or systemic biologic competition restricts new patient starts.

Accelerated international commercial adoption of Opzelura across vitiligo and atopic dermatitis
Substantial operating margin expansion driven by commercial economies of scale
Late-stage clinical trial successes validating next-generation therapeutic candidates

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($126.70). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
8.0%	$137	$140	$143	$147	$151
8.5%	$129	$131	$134	$137	$141
9.0%	$122	$124	$127	$129	$132
9.5%	$116	$118	$120	$122	$125
10.0%	$111	$113	$114	$116	$118

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E14.7

P25 n/aP50 n/aP75 n/a

Trailing P/E14.4

P25 n/aP50 n/aP75 n/a

ROE30.7

P25 n/aP50 n/aP75 n/a

ROIC86.5

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All INCY indicators

Market & fundamental data

Available fields

278

Groups with data

Currency

USD

Showing 278 of 278 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000879169
Company name	Incyte Corporation
Country	United States
Country code	US
CUSIP number	45337C102
Earnings date	2026-10-29
Earnings time	bmo
Employees	2,844
Employees change	227
Employees growth	8.67%
Enterprise value	$19.2B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1991
In index	SP500
Industry	Biotechnology
IPO date	1993-11-04
Is primary listing	Yes
Is SPAC	No
ISIN number	US45337C1027
Last 10-K release date	2026-02-10
Last earnings date	2026-07-28
Last refreshed	2026-10-28
Last stock split date	2000-09-01
Last stock split type	Forward
Market cap	$23.7B
Market cap category	Large-Cap
Next earnings date	2026-10-29
Options	Yes
Price	$116.80
Price currency	USD
Sector	Healthcare
SIC code	8731
Stock price date	2026-10-28
Symbol	INCY
U.S. state	Delaware
Website	https://www.incyte.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	13.04x
Average P/E ratio (10Y)	89.69x
Average P/E ratio (3Y)	136.11x
Average P/E ratio (5Y)	93.62x
Earnings yield	6.72%
EV/Earnings	11.92x
EV/EBIT	10.42x
EV/EBITDA	9.9x
EV/FCF	10.01x
EV/Sales	3.3x
FCF / EV yield	9.99%
FCF yield	8.1%
Forward EV/Sales	3.3x
Forward P/E	56.7x
Forward P/S	4.07x
Graham number	74.67305
Graham upside	-36.19%
Lynch fair value	$196.26
Lynch upside	67.72%
P/(FCF - SBC) ratio	14.24x
P/(OCF - SBC) ratio	13.75x
P/B ratio	3.69x
P/E ratio	14.88x
P/FCF ratio	12.35x
P/OCF ratio	11.98x
P/S ratio	4.08x
PEG ratio	5.18x
Price / tangible book value	3.88x
Price/EBITDA ratio	12.21x
Sector forward P/E	23.56x
Sector P/E	50.08x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	31.69%
EBITDA margin	33.38%
Effective tax rate	18.04%
FCF margin	33%
Gross margin	55.66%
Operating margin	31.69%
Pretax margin	33.81%
Profit margin	27.71%
Profit per employee	$566,942
Profitable quarters	8
Profitable years	5
Revenue per employee	$2M
ROA	16.83%
ROA (5Y)	7.33%
ROCE	28.11%
ROE	30.67%
ROE (5Y)	16.25%
ROIC	86.52%
ROIC (5Y)	36.75%
SBC / revenue	4.38%
Tax / revenue	6.1%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	79.72%
EPS growth (Q)	37.75%
EPS growth (QoQ)	91.16%
EPS growth 10Y	35.78%
EPS growth 3Y	68.82%
EPS growth 5Y	38.85%
EPS growth quarters	7
EPS growth years	1
FCF growth	100.45%
FCF growth (Q)	1,829.52%
FCF growth (QoQ)	37.89%
FCF growth 3Y	39.16%
FCF growth 5Y	33.68%
Gross profit growth	42.32%
Gross profit growth (Q)	63.92%
Gross profit growth 3Y	26.96%
Gross profit growth 5Y	25.5%
Net income growth	85.15%
Net income growth (Q)	44.59%
Net income growth (QoQ)	93.06%
Net income growth 3Y	63.86%
Net income growth 5Y	36.71%
Net income growth quarters	5
Net income growth years	1
OCF growth	97.4%
OCF growth (Q)	1,034.67%
OCF growth (QoQ)	37.45%
OCF growth 10Y	26.22%
OCF growth 3Y	36.35%
OCF growth 5Y	24.25%
Operating income growth	90.8%
Operating income growth (Q)	125.11%
Operating income growth 3Y	60.42%
Operating income growth 5Y	33.87%
Revenue growth	26.93%
Revenue growth (Q)	37.72%
Revenue growth (QoQ)	31.54%
Revenue growth 10Y	19.98%
Revenue growth 3Y	18.32%
Revenue growth 5Y	16.42%
Revenue growth quarters	33
Revenue growth years	14

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-59.2M
Depreciation and amortization	$98.3M
EBIT	$1.8B
EBITDA	$1.9B
EPS	$7.85
FCF per share	$9.47
Financing cash flow	$275.2M
Free cash flow	$1.9B
Free cash flow minus SBC	$1.7B
Gross profit	$3.2B
Income taxes	$355M
Investing cash flow	$-224.8M
Net borrowing	$-4.6M
Net cash flow	$2B
Net income	$1.6B
Operating cash flow minus SBC	$1.7B
Operating income	$1.8B
Revenue	$5.8B
Stock-based compensation	$255.1M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	9.67
Book value per share	$31.57
Debt / EBITDA	0.02
Debt / equity	0.01
Debt / FCF	0.02
Goodwill	$133M
Interest coverage	793.13
Long-term assets	$1.8B
Long-term liabilities	$216.1M
Net cash (debt)	$4.5B
Net cash / market cap	18.96%
Net cash growth	89.02%
Net debt / EBITDA	-2.32
Net debt / equity	-0.71
Net debt / FCF	-2.34
Piotroski F-Score	6
Property, plant and equipment	$735M
Shareholders' equity	$6.3B
Tangible book value	$6.1B
Tangible book value per share	$30.39
Total assets	$7.9B
Total cash	$4.5B
Total debt	$38.3M
Total liabilities	$1.5B
WACC	8.31%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.85
Current assets	$6B
Current liabilities	$1.3B
Current ratio	4.59
Inventory turnover	26.34
Net working capital	$188.6M
Quick ratio	4.31
Working capital	$4.7B
Working capital turnover	1.64

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-3.09%
Dividend yield	0%
Shareholder yield	-3.09%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	34.41%
10Y return CAGR	3%
10Y total return	34.41%
150-day SMA	$110.69
15Y price change	695.58%
15Y return CAGR	14.83%
15Y total return	695.58%
1D price change	0.17%
1M price change	-5.6%
1M total return	-5.6%
1W price change	0.29%
1W total return	0.29%
1Y price change	25.65%
1Y return CAGR	25.67%
1Y total return	25.65%
20-day SMA	$113.95
200-day SMA	$107.92
20Y price change	2,351.78%
20Y return CAGR	17.35%
20Y total return	2,351.78%
3M price change	-1.62%
3M total return	-1.62%
3Y price change	122.59%
3Y return CAGR	30.56%
3Y total return	122.59%
50-day SMA	$120.86
50-day SMA vs 200-day SMA	50over200
52-week high	$132.60
52-week high date	2026-07-28
52-week low	$84.02
52-week low date	2025-10-28
5Y price change	80.01%
5Y return CAGR	12.48%
5Y total return	80.01%
6M price change	22.19%
6M total return	22.19%
All-time high	$153.15
All-time high date	2017-03-15
All-time low	$1.66
All-time low date	1994-09-22
Average true range (ATR)	$3.42
Average volume	1.8M
Beta (1Y)	0.05
Beta (2Y)	0.26
Beta (5Y)	0.74
Change from 52-week high	-11.92%
Change from 52-week low	39.02%
Change from all-time high	-23.64%
Change from all-time low	6,962.2%
Change from open	1.71%
Day's gap	-1.51%
Dollar volume	$176.1M
High price	$118.36
Low price	$114.84
Monthly RSI	68.5
Open price	$114.84
Position in 52-week range	55.68%
Premarket change	-0.74%
Premarket close	$116.60
Premarket price	$115.74
Previous close	$116.60
Price vs 150-day SMA	5.65%
Price vs 20-day SMA	2.63%
Price vs 200-day SMA	8.37%
Price vs 50-day SMA	-3.23%
Relative volume	0.84
RSI	50.9
Sharpe ratio	0.73
Sharpe ratio (3Y)	0.81
Sharpe ratio (5Y)	0.4
Sortino ratio	1.35
Sortino ratio (3Y)	1.45
Sortino ratio (5Y)	0.79
Volume	1.5M
Weekly RSI	54.77
YTD price change	18.41%
YTD total return	18.41%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	170.4M
Float percentage	84.08%
Shares change (QoQ)	0.67%
Shares change (YoY)	3.09%
Shares held by insiders	0.46%
Shares held by institutions	87.45%
Shares outstanding	202.7M
Short % of float	5.88%
Short % of shares	4.95%
Short ratio	6.5 days

Deeper analysis on INCY

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this INCY report

What is the latest published INCY stock rating?

Incyte Corporation is shown with Hold in the latest published report, analyzed 2026-10-07. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full INCY analysis?

The full latest published report, analyzed 2026-10-07, lives at /stocks/INCY/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for INCY?

The latest published report analyzed 2026-10-07 gives INCY a fair value of USD 127 and a potential value of USD 155. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the INCY page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-07). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldINCY · Fair value $127+10.4%

Read full analysis →

Incyte Corporation (INCY)

Our latest published analysis: INCY rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · INCY

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All INCY indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on INCY

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	6.0
Management	8.5
Balance Sheet	8.5
Profitability	8.5
Revenue Growth	9.0
Risk Assessment	9.0
Competitive Moat	7.2
Earnings Quality	7.5
Capital Efficiency	8.5