Health Care · Biotechnology · US stock · price as of 16 Oct 2026
Key indicators
Price
$113.07
52-week range
$84.02 – $132.60
Market cap
$23.4B
P/E (trailing)
15.9×
EV / EBITDA
11.7×
Free-cash-flow yield
6.5%
Dividend yield
–
Revenue (last 12 months)
$5.4B
Revenue growth (3y a year)
14.8%
Operating margin
30.0%
Return on invested capital
60.1%
Net debt / EBITDA
–
Fair value
Fair value is not shown for this company.
X-Ray Score
81/ 100 · Medium confidence · ahead of 98% of sector peers
Valuation89
Growth87
Profitability63
Financial health90
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Incyte Corp an X-Ray Score of 81 out of 100 (medium confidence), ahead of 98% of the S&P 500 stocks in its sector. Its strongest lens is financial health (90) and its weakest is profitability (63).
XStocksXray
Incyte Corp (INCY)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$73.40
$80.32
$62.79
$69.07
$98.77
$113.07
Market cap
$16.3B
$18.0B
$14.2B
$14.5B
$19.8B
$23.4B
P/E
17.2×
52.8×
23.7×
460.5×
15.4×
15.9×
EV / revenue
4.7×
4.3×
2.8×
3.0×
3.3×
3.7×
EV / EBITDA
21.7×
22.8×
15.0×
85.3×
10.4×
11.7×
Price / free cash flow
28.7×
20.2×
28.6×
43.4×
14.0×
15.4×
Free-cash-flow yield
3.5%
5.0%
3.5%
2.3%
7.1%
6.5%
Price / book
4.3×
4.1×
2.7×
4.2×
3.8×
4.2×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 11 Good · ● 0 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.2%Bad
Risk models
Altman Z score8.7×Good
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)61.6%Good
Revenue growth (3y)14.8%Good
Growth consistency100%Good
Balance sheet
Current ratio3.7×Good
Interest coverno interest costGood
Valuation
EBIT / EV yield8.1%Good
Profitability
Return on invested capital60.1%Good
Operating margin30.0%Good
Gross profitability67.5%Good
XStocksXray
Incyte Corp (INCY)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
2,986
3,395
3,696
4,241
5,141
5,361
Gross profit
2,835
3,188
3,441
3,929
4,769
4,958
Operating income
586
579
621
61
1,515
1,611
Net income
949
341
598
33
1,287
1,432
Diluted EPS ($)
4.27
1.52
2.65
0.15
6.41
7.09
Free cash flow
568
892
496
335
1,413
1,517
Gross margin
94.9%
93.9%
93.1%
92.6%
92.8%
92.5%
Operating margin
19.6%
17.1%
16.8%
1.4%
29.5%
30.0%
Net margin
31.8%
10.0%
16.2%
0.8%
25.0%
26.7%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
4,933
5,841
6,782
5,444
6,958
7,339
Cash
2,057
2,951
3,213
1,688
3,098
3,461
Total debt
–
–
–
–
–
–
Equity
3,770
4,370
5,190
3,448
5,167
5,623
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.