INCY
Incyte Corporation
INCY's fundamentals are mixed, but it looks expensive: trading at 65x earnings, about twice its usual 30x. Analysts expect strong earnings growth, though they disagree widely on how much.
INCY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Strong | |
| Strong |
INCY's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
INCY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $122 | — |
| Cheap | 17x | $31.41 | -74% |
| Fair | 30x | $56.29 | -54% |
| Expensive | 64x | $121 | -0.9% |
| Current | 65x | $122 | — |
Historical ranges are pointers, not guarantees.
INCY's PE is in its expensive range at 65x. If earnings grow as analysts expect, today's price would be 16x next year's earnings, in its cheap range.
INCY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for INCY, with profitability improving. However, they disagree widely on these estimates.
INCY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.78 | +314% |
| Q3 2026 | $1.88 | -68% |
| Q2 2026 | $7.85 | +83% |
| Q1 2026 | $7.08 | +3440% |
| Q4 2025 | $6.41 | +4173% |
| Q3 2025 | $5.85 | +4079% |
| Q2 2025 | $4.28 | +1089% |
| Q1 2025 | $0.20 | -94% |
| Q4 2024 | $0.15 | -94% |
INCY earned $1.88 per share over the past year, down 68% from the year before.
INCY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.6B | +14% |
| Q2 2026 | $1.7B | +38% |
| Q1 2026 | $1.3B | +21% |
| Q4 2025 | $1.5B | +28% |
| Q3 2025 | $1.4B | +20% |
| Q2 2025 | $1.2B | +16% |
| Q1 2025 | $1.1B | +20% |
| Q4 2024 | $1.2B | +16% |
INCY's revenue has grown year over year every quarter since late 2020: $1.6B last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -45% | -78 points |
| Q2 2026 | 42% | -1.9 points |
| Q1 2026 | 24% | +4.2 points |
| Q4 2025 | 22% | -3.3 points |
| Q3 2025 | 32% | +20 points |
| Q2 2025 | 44% | +89 points |
| Q1 2025 | 19% | +9.1 points |
| Q4 2024 | 26% | +7.1 points |
INCY's operating margin was −45% last quarter, down 78 points from the same quarter a year ago, near the bottom of its range since 2019.
INCY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q1 2024 | $218.8M | +$324.4M |
| Q4 2023 | $147.7M | -44% |
| Q3 2023 | $147.8M | -45% |
| Q2 2023 | $306.5M | +89% |
| Q1 2023 | -$105.6M | -153% |
| Q4 2022 | $262.4M | +224% |
| Q3 2022 | $268.6M | +20% |
| Q2 2022 | $162.4M | +52% |
INCY generated $821M in free cash flow over the past year, up 40% from the year before.
INCY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.4% | -5M shares |
| 1 year | +0.9% | +1.8M shares |
| 3 years | -10% | -22.9M shares |
| 5 years | -8.5% | -19M shares |
| Available history | -7% | -15.3M shares |
INCY has 203M diluted shares, up 0.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2024 | — |
| Q3 2024 | $103,000 |
INCY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -4.5x | Net Cash |
| Q2 2026 | -2.1x | Net Cash |
| Q1 2026 | -2.0x | Net Cash |
| Q4 2025 | -1.9x | Net Cash |
| Q3 2025 | -1.6x | Net Cash |
| Q2 2025 | -1.5x | Net Cash |
| Q1 2025 | -7.4x | Net Cash |
| Q4 2024 | -11.2x | Net Cash |
INCY has more cash than debt.
INCY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.3 | Neutral |
| Stochastic | 54.3 | Neutral |
INCY's weekly RSI is 58 (neutral) and its Stochastic is 54 (neutral).
INCY PE vs Healthcare Sector
| Metric | INCY | Sector median | Relative |
|---|---|---|---|
| PE | 65x | 26x | 150% above |
| PE % | 83 | 29 | 54 pts above |
INCY is trading at 65x earnings, a 150% premium to the Healthcare sector's median of 26x.
INCY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $117.8 | 3.3% above |
| 20 week MA | $119.9 | 1.5% above |
| 50 week MA | $107.8 | 13% above |
| 100 week MA | $91.4 | 33% above |
| 200 week MA | $77.7 | 57% above |
INCY is in an uptrend: it's above all five of its weekly moving averages, and 57% above its 200-week average.
INCY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $88.4 | $87.4 | -1.2% |
| 2021 | $87.4 | $73.5 | -16% |
| 2022 | $73.5 | $81.4 | +11% |
| 2023 | $81.4 | $62.8 | -23% |
| 2024 | $62.8 | $69.2 | +10% |
| 2025 | $69.2 | $100.1 | +45% |
| 2026 YTD | $100.1 | $121.7 | +22% |
INCY has finished lower in three of the last six years. It's up 22% so far in 2026.