Incyte Corporation (INCY) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Biotechnology
EV/EBITDA
↓
11.56
↓-60% vs avg
5yr avg: 29.19
30Y Low11.7·High87.5
P/FCF
↓
14.49
↓-53% vs avg
5yr avg: 30.69
30Y Low14.6·High105.5
P/B Ratio
↓
3.81
-1% vs avg
5yr avg: 3.85
30Y Low1.0·High118.7
ROE
↑
29.9%
↓+84% vs avg
5yr avg: 16.2%
30Y Low-349%·High35%
Debt/EBITDA
↓
0.05
↓-50% vs avg
5yr avg: 0.10
30Y Low0.0·High18.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
INCY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Incyte Corporation trades at 15.3x earnings, 87% below its 5-year average of 113.9x, sitting at the 0th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.1x, the stock trades at a discount of 31%. On a free-cash-flow basis, the stock trades at 14.5x P/FCF, 53% below the 5-year average of 30.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19.6B | $19.8B | $14.5B | $14.2B | $18.0B | $16.3B | $19.0B | $19.0B | $13.7B | $19.4B | $19.5B |
| Enterprise Value | $16.6B | $16.8B | $12.9B | $11.0B | $15.1B | $14.3B | $17.5B | $17.2B | $12.6B | $18.5B | $19.5B |
| P/E Ratio → | 15.32 | 15.41 | 460.47 | 23.69 | 52.84 | 17.19 | — | 42.60 | 124.69 | — | 185.69 |
| P/S Ratio | 3.82 | 3.86 | 3.43 | 3.84 | 5.30 | 5.46 | 7.11 | 8.80 | 7.29 | 12.61 | 17.60 |
| P/B Ratio | 3.81 | 3.84 | 4.22 | 2.73 | 4.12 | 4.32 | 7.26 | 7.31 | 7.12 | 11.88 | 46.40 |
| P/FCF | 14.49 | 14.63 | 58.38 | 31.59 | 20.16 | 28.67 | — | 30.04 | 52.19 | — | 105.51 |
| P/OCF | 13.88 | 14.02 | 43.36 | 28.57 | 18.55 | 21.75 | — | 26.74 | 40.78 | — | 63.87 |
P/E links to full P/E history page with 30-year chart
INCY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Incyte Corporation's enterprise value stands at 11.6x EBITDA, 60% below its 5-year average of 29.2x. The Healthcare sector median is 14.2x, placing the stock at a 19% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.27 | 3.04 | 2.98 | 4.44 | 4.78 | 6.56 | 7.98 | 6.69 | 12.04 | 17.60 |
| EV / EBITDA | 11.56 | 11.70 | 76.14 | 14.99 | 22.59 | 20.55 | — | 36.19 | 59.82 | — | 87.50 |
| EV / EBIT | 12.36 | 10.08 | 40.44 | 13.16 | 28.35 | 24.96 | — | 35.27 | 107.66 | — | 133.18 |
| EV / FCF | — | 12.40 | 51.78 | 24.52 | 16.90 | 25.13 | — | 27.24 | 47.90 | — | 105.51 |
INCY Profitability
Margins and return-on-capital ratios measuring operating efficiency
Incyte Corporation earns an operating margin of 26.1%. Operating margins have expanded from 17.6% to 26.1% over the past 3 years, signaling improving operational efficiency. ROE of 29.9% indicates solid capital efficiency. ROIC of 51.1% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.5% | 91.5% | 91.1% | 91.5% | 92.5% | 93.7% | 93.9% | 93.2% | 93.2% | 92.8% | 90.6% |
| Operating Margin | 26.1% | 26.1% | 1.9% | 17.6% | 17.7% | 21.3% | -9.0% | 19.5% | 8.3% | -15.3% | 14.8% |
| Net Profit Margin | 25.0% | 25.0% | 0.8% | 16.2% | 10.0% | 31.8% | -11.1% | 20.7% | 5.8% | -20.4% | 9.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.9% | 29.9% | 0.8% | 12.5% | 8.4% | 29.7% | -11.4% | 19.8% | 6.2% | -30.5% | 35.3% |
| ROA | 20.7% | 20.7% | 0.5% | 9.5% | 6.3% | 22.3% | -8.5% | 14.7% | 4.4% | -15.9% | 7.9% |
| ROIC | 51.1% | 51.1% | 3.1% | 28.1% | 28.0% | 32.9% | -18.3% | 38.9% | 15.0% | -30.1% | 35.7% |
| ROCE | 29.0% | 29.0% | 1.7% | 12.7% | 13.7% | 18.2% | -8.2% | 16.4% | 7.5% | -14.3% | 14.9% |
INCY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Incyte Corporation carries a Debt/EBITDA ratio of 0.0x, which is very conservative (98% below the sector average of 3.2x). The company holds a net cash position — cash of $3.1B exceeds total debt of $69M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 686.5x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 1.55 |
| Debt / EBITDA | 0.05 | 0.05 | 0.26 | 0.05 | 0.06 | 0.06 | — | 0.13 | 0.17 | — | 2.93 |
| Net Debt / Equity | — | -0.59 | -0.48 | -0.61 | -0.67 | -0.53 | -0.56 | -0.68 | -0.59 | -0.54 | -0.00 |
| Net Debt / EBITDA | -2.11 | -2.11 | -9.71 | -4.32 | -4.36 | -2.89 | — | -3.72 | -5.36 | — | -0.00 |
| Debt / FCF | — | -2.24 | -6.60 | -7.07 | -3.26 | -3.54 | — | -2.80 | -4.29 | — | -0.00 |
| Interest Coverage | 686.52 | 686.52 | 139.87 | 328.01 | 199.47 | 299.97 | -105.82 | 263.42 | 75.76 | -44.26 | 3.77 |
Net cash position: cash ($3.1B) exceeds total debt ($69M)
INCY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Incyte Corporation's current ratio of 3.32x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 3.75x to 3.32x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.32 | 3.32 | 1.97 | 3.75 | 3.54 | 3.65 | 3.74 | 4.83 | 4.31 | 4.01 | 3.64 |
| Quick Ratio | 3.25 | 3.25 | 1.94 | 3.69 | 3.50 | 3.62 | 3.71 | 4.81 | 4.29 | 3.99 | 3.62 |
| Cash Ratio | 2.36 | 2.36 | 1.31 | 2.95 | 2.80 | 2.75 | 2.85 | 4.13 | 3.38 | 3.12 | 2.96 |
| Asset Turnover | — | 0.74 | 0.78 | 0.54 | 0.58 | 0.61 | 0.75 | 0.63 | 0.71 | 0.67 | 0.67 |
| Inventory Turnover | 4.34 | 4.34 | 6.42 | 5.00 | 6.03 | 6.71 | 9.84 | 12.92 | 18.31 | 16.99 | 25.33 |
| Days Sales Outstanding | — | 72.73 | 73.42 | 73.44 | 69.34 | 75.33 | 65.97 | 52.21 | 59.66 | 63.27 | 49.11 |
INCY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Incyte Corporation returns 0.1% to shareholders annually primarily through share buybacks. The earnings yield of 6.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 6.5% | 0.2% | 4.2% | 1.9% | 5.8% | — | 2.3% | 0.8% | — | 0.5% |
| FCF Yield | 6.9% | 6.8% | 1.7% | 3.2% | 5.0% | 3.5% | — | 3.3% | 1.9% | — | 0.9% |
| Buyback Yield | 0.1% | 0.1% | 13.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 13.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $201M | $211M | $226M | $224M | $222M | $218M | $218M | $216M | $205M | $194M |
Peer Comparison
Compare INCY with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 INCYYou | $20B | 15.3 | 11.6 | 14.5 | 91.5% | 26.1% | 29.9% | 51.1% | 0.0 |
 ALKS | $7B | 31.5 | 22.9 | 15.6 | 86.7% | 17.2% | 14.7% | 18.9% | 0.2 |
 JAZZ | $14B | -38.5 | 23.7 | 10.9 | 88.2% | 5.3% | -8.5% | 2.1% | 7.1 |
 EXEL | $13B | 18.7 | 14.3 | 15.6 | 96.4% | 37.6% | 35.5% | 32.1% | 0.2 |
 HALO | $8B | 26.8 | 11.2 | 12.6 | 78.1% | 58.4% | 153.6% | 32.1% | 2.4 |
 IONS | $12B | -31.1 | — | — | 98.3% | -40.5% | -70.7% | -12.8% | — |
 ACAD | $4B | 9.4 | 25.7 | 35.2 | 91.7% | 9.8% | 39.9% | 10.0% | 0.4 |
 BMY | $110B | 15.7 | 8.9 | 8.6 | 67.6% | 26.3% | 40.4% | 16.9% | 2.8 |
 ABBV | $383B | 91.4 | 15.8 | 21.5 | 70.2% | 32.8% | 6214.7% | 23.9% | 2.4 |
 PFE | $143B | 18.5 | 10.3 | 15.8 | 70.3% | 24.7% | 8.9% | 7.5% | 3.3 |
 LLY | $1.0T | 47.8 | 34.3 | 115.6 | 83.8% | 45.6% | 101.2% | 41.8% | 1.4 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into INCY consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
INCY — Frequently Asked Questions
Quick answers to the most common questions about buying INCY stock.
What is Incyte Corporation's P/E ratio?
Incyte Corporation's current P/E ratio is 15.3x. The historical average is 79.4x.
What is Incyte Corporation's EV/EBITDA?
Incyte Corporation's current EV/EBITDA is 11.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 45.8x.
What is Incyte Corporation's ROE?
Incyte Corporation's return on equity (ROE) is 29.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -25.9%.
Is INCY stock overvalued?
Based on historical data, Incyte Corporation is trading at a P/E of 15.3x. Compare with industry peers and growth rates for a complete picture.
What are Incyte Corporation's profit margins?
Incyte Corporation has 91.5% gross margin and 26.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Incyte Corporation have?
Incyte Corporation's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.