Incyte Corporation (INCY) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Biotechnology
EV/EBITDA
↓
11.45
↓-61% vs avg
5yr avg: 29.19
30Y Low11.7·High87.5
P/FCF
↓
14.37
↓-53% vs avg
5yr avg: 30.69
30Y Low14.6·High105.5
P/B Ratio
↓
3.79
-2% 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 15.2x 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 22.2x, the stock trades at a discount of 31%. On a free-cash-flow basis, the stock trades at 14.4x 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 | $19.5B | $19.8B | $14.5B | $14.2B | $18.0B | $16.3B | $19.0B | $19.0B | $13.7B | $19.4B | $19.5B |
| Enterprise Value | $16.4B | $16.8B | $12.9B | $11.0B | $15.1B | $14.3B | $17.5B | $17.2B | $12.6B | $18.5B | $19.5B |
| P/E Ratio → | 15.21 | 15.41 | 460.47 | 23.69 | 52.84 | 17.19 | — | 42.60 | 124.69 | — | 185.69 |
| P/S Ratio | 3.79 | 3.86 | 3.43 | 3.84 | 5.30 | 5.46 | 7.11 | 8.80 | 7.29 | 12.61 | 17.60 |
| P/B Ratio | 3.79 | 3.84 | 4.22 | 2.73 | 4.12 | 4.32 | 7.26 | 7.31 | 7.12 | 11.88 | 46.40 |
| P/FCF | 14.37 | 14.63 | 58.38 | 31.59 | 20.16 | 28.67 | — | 30.04 | 52.19 | — | 105.51 |
| P/OCF | 13.78 | 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 11.5x EBITDA, 61% below its 5-year average of 29.2x. The Healthcare sector median is 14.0x, placing the stock at a 18% 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 | 11.45 | 11.70 | 76.14 | 14.99 | 22.59 | 20.55 | — | 36.19 | 59.82 | — | 87.50 |
| EV / EBIT | 12.25 | 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 3.1x). 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 6.6% (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 | 6.6% | 6.5% | 0.2% | 4.2% | 1.9% | 5.8% | — | 2.3% | 0.8% | — | 0.5% |
| FCF Yield | 7.0% | 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 | $19B | 15.2 | 11.5 | 14.4 | 91.5% | 26.1% | 29.9% | 51.1% | 0.0 |
 ALKS | $6B | 25.3 | 18.0 | 12.7 | 86.3% | 17.2% | 14.7% | 18.9% | 0.2 |
 JAZZ | $13B | -36.3 | 22.6 | 10.3 | 88.2% | 5.3% | -8.5% | 2.1% | 7.1 |
 EXEL | $11B | 16.0 | 12.2 | 13.4 | 96.4% | 37.6% | 35.5% | 32.1% | 0.2 |
 HALO | $8B | 25.7 | 8.4 | 12.0 | 78.1% | 58.4% | 153.6% | 73.4% | — |
 IONS | $12B | -31.6 | — | — | 98.3% | -40.5% | -70.7% | -12.8% | — |
 ACAD | $4B | 16.4 | 14.2 | 24.0 | 91.5% | 24.1% | 38.9% | 45.2% | 0.2 |
 BMY | $116B | 16.5 | 9.3 | 9.0 | 67.6% | 26.3% | 40.4% | 16.9% | 2.8 |
 ABBV | $365B | 87.0 | 15.2 | 20.5 | 70.2% | 32.8% | 6214.7% | 23.9% | 2.4 |
 PFE | $150B | 19.4 | 10.7 | 16.6 | 70.3% | 24.7% | 8.9% | 7.5% | 3.3 |
 LLY | $934B | 43.1 | 31.0 | 104.1 | 83.8% | 45.6% | 101.2% | 41.8% | 1.4 |
| Healthcare Median | — | 22.2 | 14.0 | 18.6 | 64.1% | -5.3% | -34.0% | -11.2% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonINCY — 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 15.2x. The historical average is 79.4x.
What is Incyte Corporation's EV/EBITDA?
Incyte Corporation's current EV/EBITDA is 11.5x. 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 15.2x. 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.