INCY Stock Analysis: Incyte | NASDAQ
Biotechnology | NASDAQ, USA | Market Cap: 22.725m USD | 12M Return: 66.5% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 223M
EPS Trend: 45.9%
Qual. Beats: 0
Rev. Trend: 99.0%
Qual. Beats: 7
Warnings
No concerns identified
Tailwinds
Seasonality 10.5 years of data
Average return per month, with how dependable it is below — did the month move the same way every year (high) or randomly (low). Above 60 is a pattern worth trusting; under 40 is noise.
Incyte Corporation (NASDAQ: INCY) is a US-based biopharmaceutical company founded in 1991 and headquartered in Wilmington, Delaware. Originally named Incyte Genomics Inc., the company rebranded in March 2003 and is classified within the Health Care sector, Biotechnology sub-industry. It is a large-cap stock with a market capitalization of approximately $19.6 billion, having gone public in November 1993. The company focuses on the discovery, development, and commercialization of therapeutics, operating in the United States, Europe, Canada, and Japan.
The companys commercial portfolio spans oncology, hematology, and inflammatory diseases, anchored by JAKAFI (ruxolitinib), which is approved for myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease. Other marketed products include ICLUSIG for chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia, MONJUVI/MINJUVI for diffuse large B-cell lymphoma and follicular lymphoma, NIKTIMVO for chronic graft-versus-host disease, PEMAZYRE for biliary tract cancer and cholangiocarcinoma, and ZYNYZ for Merkel cell carcinoma. Incyte sells its products through specialty and retail pharmacies, hospital pharmacies, and distributors-a common distribution model in the biotechnology sector for therapies that often require specialized handling, administration, or patient support.
The clinical-stage pipeline includes candidates for ovarian cancer, solid tumors, atopic dermatitis, hidradenitis suppurativa, vitiligo, asthma, and rare conditions such as fibrodysplasia ossificans progressiva. The company has collaboration and license agreements with Novartis, Lilly, and Syndax, reflecting a common biotech strategy of partnering to share development risk, fund late-stage trials, and extend commercial reach into additional geographies or therapeutic areas.
- Jakafi faces Reblozyl competition in myelofibrosis market
- Opzelura cream drives dermatology growth with vitiligo uptake
- Pipeline catalysts needed to offset approaching Jakafi patent cliff
| Net Income: 1.43b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.20 > 0.02 and ΔFCF/TA 14.75 > 1.0 |
| NWC/Revenue: 74.51% < 20% (prev 40.49%; Δ 34.02% < -1%) |
| CFO/TA 0.21 > 3% & CFO 1.52b > Net Income 1.43b |
| Net Debt (-3.94b) to EBITDA (1.87b): -2.11 < 3 |
| Current Ratio: 3.68 > 1.5 & < 3 |
| Outstanding Shares: last quarter (206.8m) vs 12m ago 4.36% < -2% |
| Gross Margin: 92.48% > 18% (prev 92.65%; Δ -0.18% > 0.5%) |
| Asset Turnover: 81.92% > 50% (prev 76.76%; Δ 5.16% > 0%) |
| Interest Coverage Ratio: 760.0 > 6 (EBIT TTM 1.78b / Interest Expense TTM 2.34m) |
| A: 0.54 (Total Current Assets 5.48b - Total Current Liabilities 1.49b) / Total Assets 7.34b |
| B: 0.07 (Retained Earnings 517.1m / Total Assets 7.34b) |
| C: 0.27 (EBIT TTM 1.78b / Avg Total Assets 6.54b) |
| D: 3.11 (Book Value of Equity 5.55b / Total Liabilities 1.79b) |
| Altman-Z'' = 8.89 = AAA |
| DSRI: 1.05 (Receivables 1.05b/823.1m, Revenue 5.36b/4.41b) |
| GMI: 1.00 (GM 92.65% / 92.48%) |
| AQI: 0.60 (AQ_t 0.15 / AQ_t-1 0.25) |
| SGI: 1.21 (Revenue 5.36b / 4.41b) |
| TATA: -0.01 (NI 1.43b - CFO 1.52b) / TA 7.34b) |
| Beneish M = -3.07 (Cap -4..+1) = AA |
As of July 01, 2026, the stock is trading at USD 113.36 with a total of 1,622,624 shares traded. Over the past week, the price has changed by +8.58%, over one month by +18.59%, over three months by +20.44% and over the past year by +66.46%.
Current recommended Stop Loss: 105.00 (which is 7.4% or 2 ATR below the current price).
Incyte has received a consensus analysts rating of 3.67. Therefore, it is recommended to hold INCY.
- StrongBuy: 8
- Buy: 3
- Hold: 15
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 110.7 | -2.3% |
P/E Trailing = 16.0664
P/E Forward = 14.5985
P/S = 4.239
P/B = 4.0419
P/EG = 11.6827
Revenue TTM = 5.36b USD
EBIT TTM = 1.78b USD
EBITDA TTM = 1.87b USD
Long Term Debt = 29.4m USD (estimated: total debt 33.8m - short term 4.41m)
Short Term Debt = 4.41m USD (from shortTermDebt, last quarter)
Debt = 73.3m USD (from shortLongTermDebtTotal, last quarter) + Leases 39.4m
Net Debt = -3.94b USD (calculated: Debt 73.3m - CCE 4.02b)
Enterprise Value = 18.8b USD (22.7b + Debt 73.3m - CCE 4.02b)
Interest Coverage Ratio = 760.0 (Ebit TTM 1.78b / Interest Expense TTM 2.34m)
EV/FCF = 12.95x (Enterprise Value 18.8b / FCF TTM 1.45b)
FCF Yield = 7.72% (FCF TTM 1.45b / Enterprise Value 18.8b)
FCF Margin = 27.06% (FCF TTM 1.45b / Revenue TTM 5.36b)
Net Margin = 26.71% (Net Income TTM 1.43b / Revenue TTM 5.36b)
Gross Margin = 92.48% ((Revenue TTM 5.36b - Cost of Revenue TTM 403.4m) / Revenue TTM)
Gross Margin QoQ = 91.79% (prev 91.96%)
Tobins Q-Ratio = 2.56 (Enterprise Value 18.8b / Total Assets 7.34b)
Interest Expense / Debt = 3.19% (Interest Expense 2.34m / Debt 73.3m)
Taxrate = 19.28% (342.1m / 1.77b)
NOPAT = 1.43b (EBIT 1.78b * (1 - 19.28%))
Current Ratio = 3.68 (Total Current Assets 5.48b / Total Current Liabilities 1.49b)
Debt / Equity = 0.01 (Debt 73.3m / totalStockholderEquity, last quarter 5.55b)
Debt / EBITDA = -2.11 (Net Debt -3.94b / EBITDA 1.87b)
Debt / FCF = -2.72 (Net Debt -3.94b / FCF TTM 1.45b)
Total Stockholder Equity = 4.89b (last 4 quarters mean from totalStockholderEquity)
RoA = 21.88% (Net Income 1.43b / Total Assets 7.34b)
RoE = 29.31% (Net Income TTM 1.43b / Total Stockholder Equity 4.89b)
RoCE = 36.14% (EBIT 1.78b / Capital Employed (Equity 4.89b + L.T.Debt 29.4m))
RoIC = 25.67% (NOPAT 1.43b / Invested Capital 5.59b)
WACC = 7.59% (E(22.7b)/V(22.8b) * Re(7.61%) + D(73.3m)/V(22.8b) * Rd(3.19%) * (1-Tc(0.19)))
Discount Rate = 7.61% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -2.22 | Cagr: -3.89%
[DCF] Terminal Value 77.97% ; FCFF base≈986.1m ; Y1≈1.13b ; Y5≈1.66b
[DCF] Fair Price = 145.0 (EV 25.0b - Net Debt -3.94b = Equity 29.0b / Shares 199.8m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 45.88 | EPS CAGR: 45.47% | SUE: 0.43 | # QB: 0
Revenue Correlation: 98.96 | Revenue CAGR: 16.81% | SUE: 1.01 | # QB: 7
EPS next Quarter (2026-09-30): EPS=1.99 | Chg30d=-0.28% | Revisions=-26% | Analysts=14
EPS current Year (2026-12-31): EPS=7.73 | Chg30d=+0.54% | Revisions=+48% | GrowthEPS=+13.7% | GrowthRev=+9.8%
EPS next Year (2027-12-31): EPS=9.20 | Chg30d=+1.43% | Revisions=+33% | GrowthEPS=+18.9% | GrowthRev=+10.4%
[Analyst] Revisions Ratio: +48%