Latest Ratios: P/E Ratio 19.4x · EV/EBITDA 15.5x · ROE 29.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.2B | $19.8B | $14.5B | $14.2B | $18.0B | $16.3B | $19.0B | $19.0B | $13.7B | $19.4B | $19.5B |
| Enterprise Value | $22.2B | $16.8B | $12.9B | $11.0B | $15.1B | $14.3B | $17.5B | $17.2B | $12.6B | $18.5B | $19.5B |
| P/E Ratio → | 19.41 | 15.41 | 460.47 | 23.69 | 52.84 | 17.19 | — | 42.60 | 124.69 | — | 185.69 |
| P/S Ratio | 4.91 | 3.86 | 3.43 | 3.84 | 5.30 | 5.46 | 7.11 | 8.80 | 7.29 | 12.61 | 17.60 |
| P/B Ratio | 4.83 | 3.84 | 4.22 | 2.73 | 4.12 | 4.32 | 7.26 | 7.31 | 7.12 | 11.88 | 46.40 |
| P/FCF | 18.62 | 14.63 | 58.38 | 31.59 | 20.16 | 28.67 | — | 30.04 | 52.19 | — | 105.51 |
| P/OCF | 17.84 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 15.46 | 11.69 | 67.69 | 14.92 | 22.86 | 22.20 | — | 37.75 | 68.32 | — | 95.68 |
| EV / EBIT | 16.53 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 92.8% | 92.8% | 92.6% | 93.1% | 93.9% | 94.9% | 95.1% | 94.7% | 95.0% | 94.8% | 94.7% |
| Operating Margin | 26.1% | 26.1% | 2.4% | 17.7% | 17.4% | 19.6% | -9.9% | 18.6% | 6.9% | -15.8% | 13.1% |
| 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% |
| 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% | 4.0% | 28.3% | 27.6% | 30.3% | -20.1% | 37.1% | 12.5% | -31.1% | 31.6% |
| ROCE | 29.0% | 29.0% | 2.2% | 12.8% | 13.5% | 16.7% | -9.0% | 15.7% | 6.2% | -14.8% | 13.2% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 0.23 | 0.05 | 0.06 | 0.07 | — | 0.13 | 0.20 | — | 3.20 |
| 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 | -8.63 | -4.30 | -4.41 | -3.13 | — | -3.88 | -6.12 | — | -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)
Short-term solvency ratios and asset-utilisation metrics
| 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 | 3.68 | 3.68 | 5.30 | 4.05 | 4.93 | 5.41 | 7.99 | 10.02 | 13.51 | 12.26 | 14.17 |
| Days Sales Outstanding | — | 72.73 | 73.42 | 73.44 | 69.34 | 75.33 | 65.97 | 52.21 | 59.66 | 63.27 | 49.11 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 6.5% | 0.2% | 4.2% | 1.9% | 5.8% | — | 2.3% | 0.8% | — | 0.5% |
| FCF Yield | 5.4% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying INCY stock.
Incyte Corporation's current P/E ratio is 19.4x. The historical average is 79.4x. This places it at the 25th percentile of its historical range.
Incyte Corporation's current EV/EBITDA is 15.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 48.1x.
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 -26.1%.
Based on historical data, Incyte Corporation is trading at a P/E of 19.4x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Incyte Corporation has 92.8% gross margin and 26.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Incyte Corporation's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Jakafi patent cliff 2028
Metrics are mathematically derived from official filings.
Margin Expansion Signals Operating Leverage
Operating margin surged to 41.7% in Q2 2026 from 25.5% in Q1, per reported financials, as revenue growth outpaced cost increases, indicating strong operating leverage and a shift toward higher-margin product mix.
The 41.7% operating margin in Q2 2026 represents a significant inflection from the prior year's operating loss, driven by a 37.7% revenue surge and disciplined R&D spending. Gross margin remained above 93%, confirming that the dermatology expansion has not yet eroded the low-cost small-molecule manufacturing advantage. However, investors should monitor whether this margin level is sustainable as Opzelura's launch costs normalize and IRA pricing pressures potentially emerge.
ROIC Inflects Sharply on Revenue Momentum
ROIC jumped to 23.1% in Q2 2026 from 11.4% in Q1, based on reported figures, reflecting a sharp improvement in capital efficiency as revenue growth accelerates and the asset base remains lean.
The doubling of ROIC quarter-over-quarter suggests that Incyte is now generating substantial returns on its invested capital, driven by margin expansion rather than asset turnover, which remains low at 0.22. This improvement is consistent with the company's transition from a single-product to a multi-franchise model, but the sustainability of this level depends on continued pipeline success and the ability to maintain pricing power. The negative ROIC in Q2 2024 highlights the volatility inherent in biotech earnings, underscoring the need to evaluate ROIC over a full cycle.
Negative CCC Reflects Supplier Leverage
Cash conversion cycle improved to -50 days in Q2 2026 from -22 days in Q1, per financial statements, driven by extended payables and efficient receivables collection, indicating strong working capital management.
The negative CCC, now at -50 days, suggests Incyte is effectively using its suppliers' capital to fund operations, with DPO at 208 days significantly exceeding DSO and DIO combined. This is typical for a company with strong bargaining power and low inventory requirements, but the volatility in DPO (ranging from 145 to 252 days) warrants attention as it may reflect timing of payments rather than structural efficiency. The improvement in CCC aligns with the robust cash flow generation, but investors should monitor whether extended payables are sustainable or indicate strained supplier relationships.
Negligible Debt Masks Strategic Flexibility
Debt-to-equity stands at 0.01 with interest coverage exceeding 1,200x in Q2 2026, per reported data, indicating minimal leverage and ample capacity for strategic investments or M&A.
Incyte's balance sheet is essentially debt-free, with total debt of only $38.3M against $4.0B in cash, providing significant financial flexibility. The interest coverage ratio of 1,294x is exceptionally high, reflecting both low debt and strong operating income. This fortress-like position suggests the company can weather potential patent cliff revenue declines without financial distress, and may also enable opportunistic acquisitions to diversify beyond the JAK pathway. However, the lack of leverage also implies a conservative capital structure that may not optimize returns for shareholders.
Cash Buffer Provides Ample Stress Buffer
Current ratio improved to 4.66 in Q2 2026 from 3.68 in Q1, per balance sheet data, with cash and investments of $4.0B, indicating a robust liquidity position that can withstand severe operational shocks.
The current ratio of 4.66, with quick ratio at 4.58, suggests Incyte has more than adequate short-term assets to cover liabilities, even if revenue were to decline sharply. The $4.0B cash pile provides a multi-year runway for R&D and potential M&A, and the low inventory dependence (DIO of 99 days) reduces the risk of write-downs. This liquidity cushion is particularly important given the upcoming patent cliff, as it allows the company to invest in pipeline and commercial expansion without external financing. However, the high cash balance also implies a potential drag on returns if not deployed effectively.
P/E Misleads on Patent Cliff Risk
The trailing P/E of 18.65 appears attractive, but forward P/E of 24.88, per current valuation data, suggests the market is pricing in earnings growth that may be unsustainable post-2028 Jakafi patent expiration.
The most commonly misapplied ratio for Incyte is the P/E, as it fails to capture the lumpy nature of collaboration milestones and the impending patent cliff. The trailing P/E is distorted by one-time items and non-cash royalties, while the forward P/E already reflects expectations of continued growth that may not materialize if Jakafi faces generic competition. A more appropriate metric would be EV/EBITDA, which at 14.76x is more stable and accounts for the company's cash position, but even this should be adjusted for the potential decline in EBITDA post-2028. Investors should focus on the sustainability of the dermatology franchise and pipeline success rather than relying solely on P/E.