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Incyte

INCY Nasdaq Biotechnology Financials FY2016–FY2025

Incyte's revenue rose 21.2% to $5.1 billion in fiscal 2025. Its operating margin was 29.5%, up from 1.4% a year earlier. Free cash flow was $1.4 billion, up 443.9%. The diluted share count fell 4.7%.

Last close · Oct 23, 2026

$115.71

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$5.1B
21.2% vs prior year
Operating margin Operating income as a share of revenue.
29.5%
28.0 pts
Net income Profit after all expenses, interest and tax.
$1.3B
3,846.6%
Free cash flow Cash from operations minus capital spending.
$1.4B
443.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
79.4%
77.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$23.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.3x
On $7.08 EPS (TTM)

About these figures. Incyte's 2018 10-K tags its long-term debt about a thousand times too large, so total debt is taken from the balance-sheet lines (its convertible notes). The last notes were repaid in 2020 and Incyte has had no borrowings since, so debt is zero from then.

What Incyte does

No business description yet.

Legal name
INCYTE CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000879169-26-000010
0000879169

Revenue and margins

Incyte had $5.1B of revenue in fiscal 2025, up 21.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 31.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.4B in fiscal 2025, 26.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Incyte returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 4.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Incyte yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $3.5B and divides by 200.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.3x · peers 21.0x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Incyte can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.3B$3.2B$3.7B$2.2B$3.6B
Debt incl. finance leases $34.3M$33.3M$32.6M$38.0M$34.7M
Net debt / EBITDA −3.6x−5.0x−5.2x−14.1x−2.2x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage 307.0x217.3x243.3x26.9x623.9x
Current ratio 3.7x3.5x3.8x2.0x3.3x
Quick ratio 3.6x3.5x3.7x1.9x3.3x
Total assets $4.9B$5.8B$6.8B$5.4B$7.0B
Total liabilities $1.2B$1.5B$1.6B$2.0B$1.8B
Shareholders' equity $3.8B$4.4B$5.2B$3.4B$5.2B
Net debt (− = net cash) −$2.3B−$3.2B−$3.6B−$2.1B−$3.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$18.5M

4 insiders

Of sales under plans

100%

$18.5M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Pablo J CagnoniPresident, Global Head of R&D Sold plan 2,642 $112.71 $0.3M Form 4
Sep 15, 2026 Pablo J CagnoniPresident, Global Head of R&D Sold plan 23,218 $120.49 $2.8M Form 4
Aug 19, 2026 Pablo J CagnoniPresident, Global Head of R&D Sold plan 10,801 $125.56 $1.4M Form 4
Aug 12, 2026 Pablo J CagnoniPresident, Global Head of R&D Sold plan 10,803 $120.04 $1.3M Form 4
Aug 5, 2026 Pablo J CagnoniPresident, Global Head of R&D Sold plan 10,640 $122.69 $1.3M Form 4
Aug 5, 2026 Patrick A MayesEVP & Chief Scientific Officer Sold plan 2,207 $123.99 $0.3M Form 4
Aug 3, 2026 Patrick A MayesEVP & Chief Scientific Officer Sold plan 6,055 $120.43 $0.7M Form 4
Jul 31, 2026 Pablo J CagnoniPresident, Global Head of R&D Sold plan 15,888 $119.70 $1.9M Form 4
Jul 31, 2026 Patrick A MayesEVP & Chief Scientific Officer Sold plan 41,899 $119.46 $5.0M Form 4
Jul 16, 2026 Mohamed Khairie IssaEVP, Head of U.S. Commercial Sold plan 1,093 $115.01 $0.1M Form 4
Jul 16, 2026 Steven H SteinCMO & Head of Late-Stage Dev. Sold plan 1,877 $114.73 $0.2M Form 4
Jul 15, 2026 Steven H SteinCMO & Head of Late-Stage Dev. Sold plan 28,237 $113.05 $3.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 4 / 94 / 98 / 9
Accruals ratio 1.6%−5.0%−2.1%
Altman Z'' 7.413.177.90

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Incyte INCY $23.9B 21.2% 29.5% 26.4% 79.4% 16.3x 8
BioMarin Pharmaceutical BMRN $10.9B 12.9% 12.7% 22.5% 5.8% 151.2x 5 Compare →
United Therapeutics UTHR $26.9B 10.6% 46.9% 32.7% — 21.0x — Compare →
Neurocrine Biosciences NBIX $14.9B 21.5% 21.6% 26.2% 25.6% 20.9x 6 Compare →
Fortrea FTRE $2.2B 1.0% −32.0% 3.2% −36.2% — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.1B $1.5B $1.9B $2.2B $2.7B $3.0B $3.4B $3.7B $4.2B $5.1B
Gross profit $1.0B $1.5B $1.8B $2.0B $2.5B $2.8B $3.2B $3.4B $3.9B $4.8B
Research and development $582M $1.3B $1.2B $1.2B $2.2B $1.5B $1.6B $1.6B $2.6B $2.1B
Operating income $145M −$243M $129M $402M −$264M $586M $579M $621M $61.4M $1.5B
Interest expense $38.7M $6.9M $1.5M $1.9M $2.2M $1.9M $2.7M $2.6M $2.3M $2.4M
Pretax income $107M −$312M $115M $487M −$232M $570M $529M $834M $317M $1.7B
Income tax $3.2M $0.9M $5.9M $39.9M $63.5M −$378M $189M $237M $284M $378M
Net income $104M −$313M $110M $447M −$296M $949M $341M $598M $32.6M $1.3B
Diluted EPS $0.54 −$1.53 $0.51 $2.05 −$1.36 $4.27 $1.52 $2.65 $0.15 $6.41
Diluted shares 0.19B 0.20B 0.22B 0.22B 0.22B 0.22B 0.22B 0.23B 0.21B 0.20B
Cash flow
Cash from operations $305M −$93.0M $336M $711M −$125M $750M $970M $497M $335M $1.4B
Capital expenditure $120M $111M $73.5M $78.1M $187M $181M $77.8M $32.5M $86.3M $58.9M
Free cash flow $184M −$204M $263M $633M −$312M $568M $892M $464M $249M $1.4B
Depreciation and amortization $58.4M $52.2M $55.0M $54.5M $51.8M $57.8M $67.9M $82.7M $89.2M $93.3M
Stock-based compensation $96.2M $133M $148M $167M $178M $183M $188M $216M $266M $249M
Acquisitions $143M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $2.0B $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $2.0B $0.0M
Balance sheet
Cash and short-term investments $809M $1.2B $1.4B $2.1B $1.8B $2.3B $3.2B $3.7B $2.2B $3.6B
Total debt $652M $24.0M $17.4M $18.3M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $32.6M $34.9M $34.3M $33.3M $32.6M $38.0M $34.7M
Current assets $994M $1.5B $1.8B $2.5B $2.4B $3.1B $4.1B $4.6B $3.2B $5.0B
Current liabilities $274M $375M $425M $513M $631M $854M $1.2B $1.2B $1.6B $1.5B
Inventory $4.1M $6.5M $7.0M $11.4M $16.4M $27.9M $42.0M $63.0M $58.9M $101M
Property and equipment, net $168M $260M $320M $378M $560M $724M $739M $752M $763M $731M
Total assets $1.6B $2.3B $2.6B $3.4B $3.6B $4.9B $5.8B $6.8B $5.4B $7.0B
Total liabilities $1.2B $672M $720M $828M $950M $1.2B $1.5B $1.6B $2.0B $1.8B
Shareholders' equity $420M $1.6B $1.9B $2.6B $2.6B $3.8B $4.4B $5.2B $3.4B $5.2B
Margins
Gross margin 94.7% 94.8% 95.0% 94.7% 95.1% 94.9% 93.9% 93.1% 92.6% 92.8%
Operating margin 13.1% −15.8% 6.9% 18.6% −9.9% 19.6% 17.1% 16.8% 1.5% 29.5%
EBITDA margin 18.4% −12.5% 9.8% 21.2% −7.9% 21.6% 19.1% 19.0% 3.6% 31.3%
Net margin 9.4% −20.4% 5.8% 20.7% −11.1% 31.8% 10.0% 16.2% 0.8% 25.0%
FCF margin 16.7% −13.3% 14.0% 29.3% −11.7% 19.0% 26.3% 12.6% 5.9% 26.4%
Returns
Return on capital 59.2% −51.5% 24.8% 71.2% −30.3% 50.9% 28.5% 32.6% 2.1% 79.4%
Return on capital employed 13.2% −14.8% 6.2% 15.7% −9.0% 16.7% 13.2% 12.1% 1.3% 32.8%
Return on equity 35.3% −30.6% 6.2% 19.8% −11.4% 29.7% 8.4% 12.5% 0.8% 29.9%
Return on assets 7.9% −15.9% 4.4% 14.7% −8.5% 22.3% 6.3% 9.5% 0.5% 20.8%
Growth
Revenue growth 46.7% 38.9% 22.5% 14.7% 23.5% 12.0% 13.7% 8.9% 14.8% 21.2%
Net income growth 1,495.8% −400.5% — 308.2% −166.2% — −64.1% 75.4% −94.5% 3,845.0%
EPS growth 1,700.0% −383.3% — 302.0% −166.3% — −64.4% 74.3% −94.3% 4,173.3%
FCF growth 191.0% −210.6% — 140.8% −149.3% — 56.9% −48.0% −46.3% 443.9%
Share count change 3.6% 5.4% 5.4% 0.9% 0.2% 1.8% 0.9% 0.9% −6.8% −4.7%
Financial health
Net debt / EBITDA −0.8x — −7.7x −4.5x — −3.6x −5.0x −5.2x −14.1x −2.2x
Debt / equity 1.6x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 3.7x −35.3x 83.8x 216.7x −121.3x 307.0x 217.3x 243.3x 26.9x 623.9x
Current ratio 3.6x 4.0x 4.3x 4.8x 3.7x 3.7x 3.5x 3.8x 2.0x 3.3x
Quick ratio 3.6x 4.0x 4.3x 4.8x 3.7x 3.6x 3.5x 3.7x 1.9x 3.3x
Capital allocation
Capex / revenue 10.9% 7.2% 3.9% 3.6% 7.0% 6.1% 2.3% 0.9% 2.0% 1.1%
Stock comp / revenue 8.7% 8.7% 7.9% 7.7% 6.7% 6.1% 5.6% 5.8% 6.3% 4.9%
Payouts / FCF 0.0% — 0.0% 0.0% — 0.0% 0.0% 0.0% 804.9% 0.0%
Quality scores
Piotroski F-score 6.0 4.0 7.0 6.0 3.0 4.0 3.0 4.0 4.0 8.0
Altman Z'' 0.5 2.2 4.3 6.5 4.0 6.7 6.8 7.4 3.2 7.9
Accruals ratio −15.2% −11.2% −9.2% −8.7% −4.9% 4.7% −11.7% 1.6% −5.0% −2.1%

Source: SEC EDGAR XBRL filings (CIK 0000879169). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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