Fortrea vs Incyte
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KIRA’s take AI analyst
I put Fortrea and Incyte 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 $2.7B for Fortrea, about 1.9 times as much.
- Incyte grew revenue faster (21.2%, against 1.0%).
- Incyte kept more of each dollar of sales as operating profit (29.5% operating margin, against −32.0%).
- Incyte turned more of its sales into free cash flow (26.4% FCF margin, against 3.2%).
- Incyte earned a higher return on the capital invested in it (79.4%, against −36.2%).
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Fortrea
FTRE
0/6
Incyte
INCY
6/6
Revenue growthOperating marginNet marginFCF marginReturn on capitalReturn on equity
Side by side
Best in the row
| Latest fiscal year | FTRE FY25 | INCY FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.3B | $23.4B |
| Revenue | $2.7B | $5.1B |
| Free cash flow | $88.3M | $1.4B |
| Net income | −$986M | $1.3B |
| Growth | ||
| Revenue growth | 1.0% | 21.2% |
| 5-year growth | — | 14.0% |
| Share count change | — | −4.7% |
| Profitability | ||
| Gross margin | — | 92.8% |
| Operating margin | −32.0% | 29.5% |
| Net margin | −36.2% | 25.0% |
| FCF margin | 3.2% | 26.4% |
| Return on capital | −36.2% | 79.4% |
| Return on equity | −102.4% | 29.9% |
| Balance sheet | ||
| Net debt | $878M | −$3.5B |
| Net debt / EBITDA | — | −2.2x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | — | 16.0x |
| Piotroski F-score | — | 8 |
Ten years
Revenue
FY16
FTRE —
INCY $1.1B
FY17
FTRE —
INCY $1.5B
FY18
FTRE —
INCY $1.9B
FY19
FTRE —
INCY $2.2B
FY20
FTRE —
INCY $2.7B
FY21
FTRE $3.1B
INCY $3.0B
FY22
FTRE $2.8B
INCY $3.4B
FY23
FTRE $2.8B
INCY $3.7B
FY24
FTRE $2.7B
INCY $4.2B
FY25
FTRE $2.7B
INCY $5.1B
FTRE
INCY
Operating margin
FY16
FTRE —
INCY 13.1%
FY17
FTRE —
INCY −15.8%
FY18
FTRE —
INCY 6.9%
FY19
FTRE —
INCY 18.6%
FY20
FTRE —
INCY −9.9%
FY21
FTRE 3.7%
INCY 19.6%
FY22
FTRE 6.6%
INCY 17.1%
FY23
FTRE 1.1%
INCY 16.8%
FY24
FTRE −6.0%
INCY 1.5%
FY25
FTRE −32.0%
INCY 29.5%
FTRE
INCY
Free cash flow
FY16
FTRE —
INCY $184M
FY17
FTRE —
INCY −$204M
FY18
FTRE —
INCY $263M
FY19
FTRE —
INCY $633M
FY20
FTRE —
INCY −$312M
FY21
FTRE $143M
INCY $568M
FY22
FTRE $28.3M
INCY $892M
FY23
FTRE $128M
INCY $464M
FY24
FTRE $237M
INCY $249M
FY25
FTRE $88.3M
INCY $1.4B
FTRE
INCY
Return on capital
FY16
FTRE —
INCY 59.2%
FY17
FTRE —
INCY −51.5%
FY18
FTRE —
INCY 24.8%
FY19
FTRE —
INCY 71.2%
FY20
FTRE —
INCY −30.3%
FY21
FTRE —
INCY 50.9%
FY22
FTRE —
INCY 28.5%
FY23
FTRE 0.8%
INCY 32.6%
FY24
FTRE −4.6%
INCY 2.1%
FY25
FTRE −36.2%
INCY 79.4%
FTRE
INCY
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.