Incyte (INCY) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Incyte

NasdaqGS•Healthcare•Biotechnology

$127.62+2.87(0.02%)After hours

Market Cap

$25.00B

P/E

15.5x

P/S

4.3x

P/B

3.9x

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics in the United States, Europe, Canada, and Japan. The company offers JAKAFI for the treatment of myelofibrosis (MF), polycythemia vera, and steroid-refractory acute graft-versus-host disease; ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; MONJUVI/ MINJUVI for the treatment of diffuse large B-cell lymphoma and Follicular Lymphoma; NIKTIMVO for the treatment of chronic graft-versus-host disease. It also provides INCA033989 for the treatment of essential thrombocythemia and MF; INCA035784 for the treatment of anti-mutant calreticulin and myeloproliferative neoplasms (MPNs); INCB160058 for the treatment of MPNs; PEMAZYRE, a selective fibroblast growth factor receptor kinase inhibitor for the treatment of unresectable biliary tract cancer, metastatic cholangiocarcinoma, and myeloid/lymphoid neoplasms; ZYNYZ to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma. The company's clinical stage products include INCB123667 for ovarian cancer; INCB161734 for solid tumors; INCA33890 for cancers; Ruxolitinib cream for atopic dermatitis, hidradenitis suppurativa (HS), and prurigo nodularis; Povorcitinib for HS, nonsegmental vitiligo, prurigo nodularis, and asthma; and INCB00928 for the treatment of fibrodysplasia ossificans progressive. It has collaboration and license agreement with Novartis, Lilly, and Syndax. The company sells its products to specialty and retail pharmacies, hospital pharmacies, and distributors. The company was formerly known as Incyte Genomics Inc and changed its name to Incyte Corporation in March 2003. Incyte Corporation was incorporated in 1991 and is headquartered in Wilmington, Delaware.

How this company scores

ExcellentMetricSide Score: 88/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability25/25

Growth23/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality25/25

Strengths

Growing revenueRising free cash flowStrong marginsHigh ROE

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 15.5x5y range 12.6x – 551.4x

Currently below its 20-quarter median.

P/S · 4.3x5y range 2.7x – 4.4x

Currently near its 20-quarter median.

P/B · 3.9x5y range 2.8x – 4.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Share Dilution

Watch

Shares outstanding rose 4.0% — mild dilution. Compare to earnings growth to assess the net per-share impact.

Price & Volume

Market Cap $25.00B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $5.82B
Q. Revenue: $1.67B
TTM EBITDA: $1.88B
TTM Op. Income: $1.78B
Q. Op. Income: $697.90M
TTM Net Income: $1.61B
Q. Net Income: $585.61M
EPS: $2.92
Shares Out.: $200.38M

$5.82B in TTM revenue grew 26.9% YoY, reaching $1.67B last quarter. TTM EBITDA of $1.88B and TTM operating income of $1.78B show growth is flowing through to the bottom line. TTM net income of $1.61B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 93.7%
EBITDA Margin: 43.3%
Op. Margin: 41.7%
Net Margin: 35.0%

Op. margin of 41.7% is down 1.9% YoY — costs are rising relative to revenue. Net margin at 35.0% and gross margin of 93.7% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 15.5x
P/S Ratio: 4.3x
P/B Ratio: 3.9x

At 15.5x P/E, the stock trades within typical market levels. P/S of 4.3x and P/B of 3.9x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 2% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $7.87B
Cash: $3.98B
Long-Term Debt: N/A
Book Value: $6.34B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $507.66M
TTM Free Cash Flow: $1.92B
FCF Margin: 33.0%
FCF / Net Income: 1.2

TTM FCF of $1.92B on $507.66M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 7 consecutive quarters — an improving trend.