INCY
Incyte Corporation
INCY has a slight edge over NVO overall, supported by lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
INCY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Strong | |
| Strong |
INCY's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow 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.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over INCY in the historical PE scenario, which offers more potential upside but is not a forecast.
INCY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
INCY has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. 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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
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 has the edge over NVO on sales, with more consistent year-over-year improvement.
| 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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over INCY on profitability, with a higher operating margin.
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 has the stronger cash trend. Its trailing FCF is up 68% versus its history, compared with NVO at down 14%.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
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 |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over INCY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
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 the edge over NVO on leverage, with a lower net debt burden relative to earnings.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (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.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over INCY on valuation relative to its sector.
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 has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below 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 the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.