Incyte vs United Therapeutics
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KIRA’s take AI analyst
I put Incyte and United Therapeutics side by side, using each one’s latest annual report. Here is what stands out:
- Incyte is the larger business, with $5.1B of revenue in fiscal 2025 against $3.2B for United Therapeutics, about 1.6 times as much.
- Incyte grew revenue faster (21.2%, against 10.6%).
- United Therapeutics kept more of each dollar of sales as operating profit (46.9% operating margin, against 29.5%).
- United Therapeutics turned more of its sales into free cash flow (32.7% FCF margin, against 26.4%).
- Investors pay more for each dollar of United Therapeutics’s earnings: a P/E of 21.2x against 16.0x for Incyte.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Incyte
INCY
4/8
Revenue growthGross marginReturn on equityShare count change
United Therapeutics
UTHR
4/8
5-year growthOperating marginNet marginFCF margin
Side by side
Best in the row
| Latest fiscal year | INCY FY25 | UTHR FY25 |
|---|---|---|
| Size | ||
| Market cap | $23.4B | $27.2B |
| Revenue | $5.1B | $3.2B |
| Free cash flow | $1.4B | $1.0B |
| Net income | $1.3B | $1.3B |
| Growth | ||
| Revenue growth | 21.2% | 10.6% |
| 5-year growth | 14.0% | 16.5% |
| Share count change | −4.7% | −1.2% |
| Profitability | ||
| Gross margin | 92.8% | 87.9% |
| Operating margin | 29.5% | 46.9% |
| Net margin | 25.0% | 41.9% |
| FCF margin | 26.4% | 32.7% |
| Return on capital | 79.4% | — |
| Return on equity | 29.9% | 19.7% |
| Balance sheet | ||
| Net debt | −$3.5B | — |
| Net debt / EBITDA | −2.2x | — |
| Dividends and buybacks | $0.0M | $1.0B |
| Valuation & quality | ||
| P/E | 16.0x | 21.2x |
| Piotroski F-score | 8 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.