INCY Nasdaq Biotechnology Financials FY2016βFY2025
Incyte had $5.1B of revenue in fiscal 2025, up 21.2% on the year before. Over five years, revenue changed +14.0% a year on average.
Hi! I read Incyteβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+21.2%
Yes. Sales grew 21.2% last year.
Does it make a profit?
25.0%
Yes. It keeps 25.0% of every sale as profit.
Does profit turn into cash?
26.4%
Yes. 26.4% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
8 / 9
Solid. It passes 8 of 9 health tests.
How is the share priced?
16.0x
One share costs 16.0 times its yearly profit per share. Typical for its sector: 28.4x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
KIRA Β· Incyte had $5.1B of revenue in fiscal 2025, up 21.2% on the year before. Over five years, revenue changed +14.0% a year on average. Its operating margin was 29.5%, up 28.0Β pts: of every 100 in sales, about 29 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Incyte made $1.3B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 31.6% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $1.4B in fiscal 2025, 26.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Incyte returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 4.7%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $58.3M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$58.3M
10 insiders
Of sales under plans
100%
$58.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 | Patrick A MayesEVP & Chief Scientific Officer | Sold plan | 2,207 | $123.99 | $0.3M | Form 4 |
| Aug 5, 2026 | Pablo J CagnoniPresident, Global Head of R&D | Sold plan | 10,640 | $122.69 | $1.3M | Form 4 |
| Aug 3, 2026 | Patrick A MayesEVP & Chief Scientific Officer | Sold plan | 6,055 | $120.43 | $0.7M | Form 4 |
| Jul 31, 2026 | Patrick A MayesEVP & Chief Scientific Officer | Sold plan | 41,899 | $119.46 | $5.0M | Form 4 |
| Jul 31, 2026 | Pablo J CagnoniPresident, Global Head of R&D | Sold plan | 15,888 | $119.70 | $1.9M | Form 4 |
| Jul 16, 2026 | Steven H SteinCMO & Head of Late-Stage Dev. | Sold plan | 1,877 | $114.73 | $0.2M | Form 4 |
| Jul 16, 2026 | Mohamed Khairie IssaEVP, Head of U.S. Commercial | Sold plan | 1,093 | $115.01 | $0.1M | Form 4 |
| Jul 15, 2026 | Steven H SteinCMO & Head of Late-Stage Dev. | Sold plan | 28,237 | $113.05 | $3.2M | Form 4 |
| Jun 4, 2026 | Thomas TrayPrincipal Accounting Officer | Sold plan | 2,639 | $100.00 | $0.3M | Form 4 |
| May 26, 2026 | Thomas TrayPrincipal Accounting Officer | Sold plan | 2,051 | $97.35 | $0.2M | Form 4 |
| May 19, 2026 | Paul J ClancyDirector | Sold plan | 15,000 | $94.93 | $1.4M | Form 4 |
| Apr 17, 2026 | Pablo J CagnoniPresident, Global Head of R&D | Sold plan | 18,667 | $96.50 | $1.8M | Form 4 |
| Mar 17, 2026 | Pablo J CagnoniPresident, R&D | Sold plan | 18,667 | $94.24 | $1.8M | Form 4 |
| Feb 19, 2026 | Pablo J CagnoniPresident, R&D | Sold plan | 18,668 | $100.91 | $1.9M | Form 4 |
| Jan 7, 2026 | Mohamed Khairie IssaEVP, Head of US Oncology | Sold plan | 10,856 | $109.07 | $1.2M | Form 4 |
| Jan 5, 2026 | Steven H SteinEVP & Chief Medical Officer | Sold plan | 15,634 | $101.70 | $1.6M | Form 4 |
| Dec 19, 2025 | Thomas TrayPrincipal Accounting Officer | Sold plan | 2,774 | $100.00 | $0.3M | Form 4 |
| Dec 18, 2025 | Thomas TrayPrincipal Accounting Officer | Sold plan | 600 | $98.25 | $0.1M | Form 4 |
| Dec 17, 2025 | Michael James MorrisseyEVP, Head of Tech. Operations | Sold plan | 4,323 | $97.26 | $0.4M | Form 4 |
| Dec 16, 2025 | Michael James MorrisseyEVP, Head of Tech. Operations | Sold plan | 54,008 | $97.29 | $5.3M | Form 4 |
| Dec 11, 2025 | Patrick A MayesEVP & Chief Scientific Officer | Sold plan | 255 | $94.94 | $0.0M | Form 4 |
| Dec 10, 2025 | Patrick A MayesEVP & Chief Scientific Officer | Sold plan | 5,553 | $95.58 | $0.5M | Form 4 |
| Dec 2, 2025 | Steven H SteinEVP & Chief Medical Officer | Sold plan | 20,105 | $102.51 | $2.1M | Form 4 |
| Dec 1, 2025 | Steven H SteinEVP & Chief Medical Officer | Sold plan | 2,559 | $102.96 | $0.3M | Form 4 |
| Nov 24, 2025 | Thomas TrayPrincipal Accounting Officer | Sold plan | 600 | $103.00 | $0.1M | Form 4 |
| Nov 21, 2025 | Thomas TrayPrincipal Accounting Officer | Sold plan | 169 | $102.00 | $0.0M | Form 4 |
| Nov 17, 2025 | Sheila A. DentonEVP & General Counsel | Sold plan | 278 | $104.36 | $0.0M | Form 4 |
| Nov 10, 2025 | Herve HoppenotDirector | Sold plan | 187,500 | $105.46 | $19.8M | Form 4 |
| Nov 5, 2025 | Steven H SteinEVP & Chief Medical Officer | Sold plan | 5,233 | $102.20 | $0.5M | Form 4 |
| Nov 4, 2025 | Sheila A. DentonEVP & General Counsel | Sold plan | 598 | $101.36 | $0.1M | Form 4 |
| Nov 3, 2025 | Lee HeesonEVP, Head of Incyte Intl | Sold plan | 3,074 | $94.02 | $0.3M | Form 4 |
| Oct 15, 2025 | Sheila A. DentonEVP & General Counsel | Sold plan | 277 | $85.13 | $0.0M | Form 4 |
| Oct 3, 2025 | Sheila A. DentonEVP & General Counsel | Sold plan | 3,501 | $85.54 | $0.3M | Form 4 |
| Oct 2, 2025 | Sheila A. DentonEVP & General Counsel | Sold plan | 599 | $87.65 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Incyte has $3.5B more cash than debt.
Cash, debt and the ratios that show how comfortably Incyte can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | β3.6x | β5.0x | β5.2x | β14.1x | β2.2x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | 307.0x | 217.3x | 243.3x | 26.9x | 623.9x |
| Current ratio | 3.7x | 3.5x | 3.8x | 2.0x | 3.3x |
| Quick ratio | 3.6x | 3.5x | 3.7x | 1.9x | 3.3x |
| 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 (β = net cash) | β$2.3B | β$3.2B | β$3.6B | β$2.1B | β$3.5B |
KIRA Β· Its return on capital was 79.4%: every 100 invested in the business earned about 79 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Incyte passes 8 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 4 / 9 | 4 / 9 | 8 / 9 |
| Accruals ratio | 1.6% | β5.0% | β2.1% |
| Altman Z'' | 7.41 | 3.17 | 7.90 |
What does the share cost, and how does it compare?
KIRA Β· At $113.31 a share, the company is worth $23.4B: 16.0 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
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.
Value per share
β
Reference multiples: today 16.3x Β· peers 21.0x Β· sector 28.4x.
KIRA Β· Incyte grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 0 of 3.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Incyte INCY | $23.4B | 21.2% | 29.5% | 26.4% | 79.4% | 16.0x | 8 | |
| BioMarin Pharmaceutical BMRN | $10.8B | 12.9% | 12.7% | 22.5% | 5.8% | 150.7x | 5 | Compare β |
| United Therapeutics UTHR | $27.2B | 10.6% | 46.9% | 32.7% | β | 21.2x | β | Compare β |
| Neurocrine Biosciences NBIX | $15.2B | 21.5% | 21.6% | 26.2% | 25.6% | 21.4x | 6 | Compare β |
| Fortrea FTRE | $2.3B | 1.0% | β32.0% | 3.2% | β36.2% | β | β | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$243M | $129M | $402M | β$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 | β$312M | $115M | $487M | β$232M | $570M | $529M | $834M | $317M | $1.7B |
| Income tax | $3.2M | $0.9M | $5.9M | $39.9M | $63.5M | β$378M | $189M | $237M | $284M | $378M |
| Net income | $104M | β$313M | $110M | $447M | β$296M | $949M | $341M | $598M | $32.6M | $1.3B |
| Diluted EPS | $0.54 | β$1.53 | $0.51 | $2.05 | β$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 | β$93.0M | $336M | $711M | β$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 | β$204M | $263M | $633M | β$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% | β15.8% | 6.9% | 18.6% | β9.9% | 19.6% | 17.1% | 16.8% | 1.5% | 29.5% |
| EBITDA margin | 18.4% | β12.5% | 9.8% | 21.2% | β7.9% | 21.6% | 19.1% | 19.0% | 3.6% | 31.3% |
| Net margin | 9.4% | β20.4% | 5.8% | 20.7% | β11.1% | 31.8% | 10.0% | 16.2% | 0.8% | 25.0% |
| FCF margin | 16.7% | β13.3% | 14.0% | 29.3% | β11.7% | 19.0% | 26.3% | 12.6% | 5.9% | 26.4% |
| Returns | ||||||||||
| Return on capital | 59.2% | β51.5% | 24.8% | 71.2% | β30.3% | 50.9% | 28.5% | 32.6% | 2.1% | 79.4% |
| Return on capital employed | 13.2% | β14.8% | 6.2% | 15.7% | β9.0% | 16.7% | 13.2% | 12.1% | 1.3% | 32.8% |
| Return on equity | 35.3% | β30.6% | 6.2% | 19.8% | β11.4% | 29.7% | 8.4% | 12.5% | 0.8% | 29.9% |
| Return on assets | 7.9% | β15.9% | 4.4% | 14.7% | β8.5% | 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% | β400.5% | β | 308.2% | β166.2% | β | β64.1% | 75.4% | β94.5% | 3,845.0% |
| EPS growth | 1,700.0% | β383.3% | β | 302.0% | β166.3% | β | β64.4% | 74.3% | β94.3% | 4,173.3% |
| FCF growth | 191.0% | β210.6% | β | 140.8% | β149.3% | β | 56.9% | β48.0% | β46.3% | 443.9% |
| Share count change | 3.6% | 5.4% | 5.4% | 0.9% | 0.2% | 1.8% | 0.9% | 0.9% | β6.8% | β4.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | β0.8x | β | β7.7x | β4.5x | β | β3.6x | β5.0x | β5.2x | β14.1x | β2.2x |
| 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 | β35.3x | 83.8x | 216.7x | β121.3x | 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% | β | 0.0% | 0.0% | β | 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 | β15.2% | β11.2% | β9.2% | β8.7% | β4.9% | 4.7% | β11.7% | 1.6% | β5.0% | β2.1% |
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 β not investment advice. Check the original filings before relying on any figure.
