Incyte Corporation (INCY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-2.4%

$116.50

vs $119.32 price

Levered DCF

$195.92

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

10.87

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.99×	431.69×	23.52×	52.5×	17.07×	-63.96×	41.98×	122.29×
P/B	3.73×	4.15×	2.71×	4.08×	4.29×	7.26×	7.22×	7.01×
P/S	3.75×	3.37×	3.8×	5.25×	5.42×	7.11×	8.69×	7.18×
EV / EBITDA	9.23×	31.02×	11.82×	24.88×	22.48×	-98.2×	31.29×	72.02×
Gross margin	92.8%	92.6%	93.1%	93.9%	94.9%	95.1%	94.7%	95.0%
Operating margin	26.1%	2.4%	17.7%	17.4%	19.6%	-9.9%	18.6%	6.9%
Net margin	25.0%	0.8%	16.2%	10.0%	31.8%	-11.1%	20.7%	5.8%
Current ratio	3.32×	1.97×	3.75×	3.54×	3.65×	3.74×	4.83×	4.31×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0.02×	0.02×	0.02×
Interest coverage	553.04×	44.43×	256.9×	221.92×	307.01×	-121.29×	216.71×	83.75×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.9%	0.9%	11.5%	7.8%	25.2%	-11.3%	17.2%	5.7%
Return on invested capital	20.6%	0.3%	8.5%	8.1%	14.3%	-9.0%	12.5%	5.5%
Return on assets	18.5%	0.6%	8.8%	5.8%	19.2%	-8.3%	13.0%	4.1%
Free cash flow yield	7.0%	1.7%	3.3%	5.0%	3.5%	-1.6%	3.4%	1.9%
Earnings yield	6.7%	0.2%	4.3%	1.9%	5.9%	-1.6%	2.4%	0.8%
Enterprise value	$16.3B	$12.7B	$10.9B	$14.9B	$14.2B	$17.5B	$17B	$12.4B
Net debt / EBITDA	-1.72×	-4.03×	-3.45×	-4.85×	-3.19×	8.22×	-3.26×	-6.56×
Cash conversion cycle (days)	-34	-89	7	-346	-273	-163	-179	-316