Incyte Corporation (INCY) Key Metrics
INCY valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $22.92B
- Enterprise value
- $21.23B
- P/E (TTM)
- 14.4 10-yr median 47.7
- Forward P/E
- 14.7
- PEG ratio
- 10.82
- Price / sales
- 3.9 10-yr median 6.3
- Price / book
- 4.1 10-yr median 5.7
- EV / EBITDA
- 10.3 10-yr median 27.5
- Dividend yield
- —
- Beta
- 0.74
INCY key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsINCY valuation Price multiples at each fiscal year-end price.
INCY returns How much profit the business earns on the capital it uses.
INCY per-share figures Results divided by the shares outstanding at year-end.
INCY financial health Debt, liquidity and how easily interest is covered.
INCY efficiency & capital use Working capital cycle and where the cash goes.
INCY valuation history
INCY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
INCY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
INCY cash returned to shareholders
INCY price vs earnings per share
INCY key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $19.82B | $14.54B | $14.19B | $17.99B | $16.30B | $18.97B | $19.01B | $13.71B | $19.38B | $19.46B |
| Enterprise value | $16.31B | $12.42B | $10.57B | $14.79B | $14.00B | $17.21B | $16.95B | $12.31B | $18.23B | $19.31B |
| P/E ratio | 15.4 | 445.8 | 23.7 | 52.8 | 17.2 | — | 42.5 | 125.2 | — | 186.8 |
| Price / sales | 3.9 | 3.4 | 3.8 | 5.3 | 5.5 | 7.1 | 8.8 | 7.3 | 12.6 | 17.6 |
| Price / book | 3.8 | 4.2 | 2.7 | 4.1 | 4.3 | 7.3 | 7.3 | 7.1 | 11.9 | 46.4 |
| Price / free cash flow | 14.6 | 58.4 | 30.6 | 20.2 | 28.7 | — | 30.0 | 52.2 | — | 105.5 |
| Price / operating cash flow | 14.0 | 43.4 | 28.6 | 18.5 | 21.7 | — | 26.7 | 40.8 | — | 63.9 |
| EV / sales | 3.2 | 2.9 | 2.9 | 4.4 | 4.7 | 6.5 | 7.9 | 6.5 | 11.9 | 17.5 |
| EV / EBITDA | 9.3 | 30.4 | 11.5 | 24.7 | 22.2 | — | 31.2 | 71.6 | — | 94.4 |
| EV / free cash flow | 12.0 | 49.9 | 22.8 | 16.6 | 24.6 | — | 26.8 | 46.9 | — | 104.7 |
| Earnings yield | 6.5% | 0.2% | 4.2% | 1.9% | 5.8% | −1.6% | 2.4% | 0.8% | −1.6% | 0.5% |
| Free cash flow yield | 6.8% | 1.7% | 3.3% | 5.0% | 3.5% | −1.6% | 3.3% | 1.9% | −1.1% | 0.9% |
| Dividend yield | — | — | — | 0.1% | 0.2% | 0.1% | 0.1% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.1% | 13.8% | 0.2% | 0.3% | 0.4% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $98.77 | $69.07 | $62.79 | $80.32 | $73.40 | $86.98 | $87.32 | $63.59 | $94.71 | $100.27 |
| Per share | ||||||||||
| Revenue per share | $25.62 | $20.15 | $16.36 | $15.16 | $13.45 | $12.23 | $9.92 | $8.73 | $7.51 | $5.70 |
| Earnings per share | $6.41 | $0.15 | $2.65 | $1.52 | $4.27 | −$1.36 | $2.05 | $0.51 | −$1.53 | $0.54 |
| Operating cash flow per share | $7.04 | $1.59 | $2.20 | $4.33 | $3.37 | −$0.57 | $3.27 | $1.56 | −$0.45 | $1.57 |
| Free cash flow per share | $6.75 | $1.18 | $2.05 | $3.98 | $2.56 | −$1.43 | $2.91 | $1.22 | −$1.00 | $0.95 |
| Cash per share | $17.84 | $10.25 | $16.18 | $14.46 | $10.57 | $8.26 | $9.73 | $6.67 | $5.72 | $4.17 |
| Book value per share | $25.75 | $16.38 | $22.97 | $19.51 | $16.98 | $11.97 | $11.94 | $8.93 | $7.97 | $2.16 |
| Tangible book value per share | $24.50 | $15.10 | $21.74 | $18.24 | $15.60 | $10.47 | $10.33 | $7.21 | $6.05 | −$0.03 |
| Dividends per share | — | — | — | $0.12 | $0.13 | $0.10 | $0.08 | — | $0.00 | $0.00 |
| Capex per share | $0.29 | $0.41 | $0.14 | $0.35 | $0.82 | $0.86 | $0.36 | $0.34 | $0.54 | $0.62 |
| Debt per share | $0.35 | $0.18 | $0.17 | $0.19 | $0.20 | $0.22 | $0.28 | $0.17 | $0.12 | $3.36 |
| Shares outstanding | 200.7M | 210.5M | 225.9M | 224.0M | 222.1M | 218.1M | 217.7M | 215.6M | 204.6M | 194.1M |
| Change in shares outstanding | −4.7% | −6.8% | +0.9% | +0.8% | +1.8% | +0.2% | +0.9% | +5.4% | +5.4% | +3.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 29.9% | 0.8% | 12.5% | 8.4% | 29.7% | −11.4% | 19.8% | 6.2% | −30.5% | 35.3% |
| Return on invested capital (ROIC) | 69.6% | 3.5% | 34.2% | 28.9% | 50.4% | −29.8% | 69.3% | 24.3% | −51.5% | 81.4% |
| Return on assets (ROA) | 20.7% | 0.5% | 9.5% | 6.3% | 22.3% | −8.5% | 14.7% | 4.4% | −15.9% | 7.9% |
| Return on tangible assets | 19.2% | 0.6% | 9.2% | 6.1% | 20.5% | −9.1% | 14.5% | 4.8% | −16.4% | 8.6% |
| Free cash flow margin | 26.3% | 5.9% | 12.6% | 26.3% | 19.0% | −11.7% | 29.3% | 14.0% | −13.3% | 16.7% |
| Income quality (OCF / net income) | 1.10 | 10.28 | 0.83 | 2.85 | 0.79 | — | 1.59 | 3.07 | — | 2.92 |
| Financial health | ||||||||||
| Total debt | $69.4M | $38.0M | $38.3M | $41.5M | $44.8M | $47.5M | $60.2M | $36.1M | $24.0M | $651.5M |
| Cash & short-term investments | $3.58B | $2.16B | $3.66B | $3.24B | $2.35B | $1.80B | $2.12B | $1.44B | $1.17B | $808.5M |
| Net debt | −$3.51B | −$2.12B | −$3.62B | −$3.20B | −$2.30B | −$1.75B | −$2.06B | −$1.40B | −$1.15B | −$157.1M |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 1.55 |
| Debt / assets | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.40 |
| Net debt / EBITDA | −1.99 | −5.19 | −3.93 | −5.33 | −3.66 | — | −3.79 | −8.16 | — | −0.77 |
| Current ratio | 3.32 | 1.97 | 3.75 | 3.54 | 3.65 | 3.74 | 5.07 | 4.47 | 4.01 | 0.82 |
| Quick ratio | 3.25 | 1.94 | 3.69 | 3.50 | 3.62 | 3.71 | 5.04 | 4.44 | 3.99 | 0.81 |
| Interest coverage | 553.0 | 44.4 | 256.9 | 221.9 | 307.0 | -121.3 | 216.7 | 83.7 | -35.3 | 3.7 |
| Working capital | $3.51B | $1.60B | $3.41B | $2.94B | $2.26B | $1.73B | $2.04B | $1.44B | $1.13B | −$225.5M |
| Invested capital | $1.66B | $1.33B | $1.57B | $1.17B | $1.47B | $857.4M | $541.1M | $523.8M | $485.0M | $262.4M |
| Tangible asset value | $4.90B | $3.18B | $4.91B | $4.09B | $3.46B | $2.28B | $2.25B | $1.56B | $1.24B | −$6.6M |
| Net current asset value | $3.22B | $1.24B | $3.05B | $2.62B | $1.96B | $1.41B | $1.71B | $1.14B | $832.9M | −$225.5M |
| Graham number | $60.94 | $7.56 | $36.97 | $25.84 | $40.39 | — | $23.48 | $10.10 | — | $5.11 |
| Graham net-net per share | $12.94 | $3.95 | $11.74 | $10.15 | $7.48 | $5.60 | $7.03 | $4.43 | $3.42 | −$1.53 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $26.3M | $29.9M | $22.8M | $16.8M | — | $0 | $0 |
| Share buybacks (net) | $19.1M | $2.00B | $28.6M | $26.3M | $29.9M | $22.8M | $16.8M | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | 7.7% | 3.2% | — | 3.7% | — | — | 0.0% |
| Dividends + buybacks / free cash flow | 1.4% | 804.9% | 6.2% | 5.9% | 10.5% | — | 5.3% | 0.0% | — | 0.0% |
| Capex / revenue | 1.1% | 2.0% | 0.9% | 2.3% | 6.1% | 7.0% | 3.6% | 3.9% | 7.2% | 10.9% |
| Capex / operating cash flow | 4.2% | 25.7% | 6.5% | 8.0% | 24.2% | — | 11.0% | 21.9% | — | 39.5% |
| Capex / depreciation | 0.63 | 0.97 | 0.39 | 1.15 | 3.13 | 3.62 | 1.43 | 1.34 | 2.13 | 2.06 |
| Stock-based compensation / revenue | 4.8% | 6.3% | 5.8% | 5.6% | 6.1% | 6.7% | 7.7% | 7.9% | 8.7% | 8.7% |
| R&D / revenue | 39.9% | 61.5% | 44.0% | 46.7% | 48.8% | 83.1% | 53.5% | 63.7% | 86.3% | 52.6% |
| SG&A / revenue | 26.8% | 29.3% | 31.6% | 29.5% | 24.8% | 19.4% | 21.7% | 23.1% | 23.9% | 27.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 66.6 | 68.7 | 68.6 | 67.8 | 67.1 | 54.1 | 52.1 | 55.7 | 49.3 | 43.4 |
| Days of inventory on hand | 78.4 | 71.2 | 75.1 | 61.6 | 53.6 | 45.8 | 43.0 | 32.7 | 24.3 | 18.5 |
| Days payables outstanding | 199.8 | 179.6 | 277.1 | 396.4 | 327.4 | 253.5 | 299.5 | 332.5 | 329.0 | 331.5 |
| Cash conversion cycle (days) | -54.7 | -39.6 | -133.4 | -267.0 | -206.7 | -153.7 | -204.4 | -244.1 | -255.4 | -269.6 |
| Receivables turnover | 5.48 | 5.31 | 5.32 | 5.38 | 5.44 | 6.74 | 7.00 | 6.56 | 7.40 | 8.40 |
| Payables turnover | 1.83 | 2.03 | 1.32 | 0.92 | 1.11 | 1.44 | 1.22 | 1.10 | 1.11 | 1.10 |
| Inventory turnover | 4.65 | 5.12 | 4.86 | 5.92 | 6.81 | 7.97 | 8.49 | 11.15 | 15.01 | 19.76 |
| Asset turnover | 0.83 | 0.69 | 0.59 | 0.63 | 0.70 | 0.76 | 0.71 | 0.76 | 0.78 | 0.84 |
| Average receivables | $938.8M | $798.4M | $694.2M | $630.6M | $549.1M | $395.4M | $308.2M | $286.9M | $207.5M | $131.6M |
| Average payables | $203.7M | $153.5M | $193.6M | $224.8M | $135.4M | $91.2M | $93.7M | $85.7M | $71.6M | $52.8M |
| Average inventory | $80.0M | $60.9M | $52.5M | $34.9M | $22.2M | $16.5M | $13.5M | $8.4M | $5.3M | $2.9M |
| Intangibles / total assets | 3.6% | 4.9% | 4.1% | 4.9% | 6.2% | 9.2% | 10.2% | 14.0% | 17.0% | 26.0% |
Computed from INCY's annual financial statements (latest annual report filed February 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
INCY valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Incyte traded at 15.4 times earnings, against a 10-year median of 47.7. Based on the latest twelve months, the trailing P/E is 14.4 and the forward P/E is 14.7. Incyte earned a return on equity of 29.9% and a return on invested capital of 69.6% in fiscal 2025. It ended the year with $69.4 million of debt and $3.6 billion in cash and short-term investments, a net cash position of $3.5 billion. It returned $19.1 million to shareholders: $0 in dividends and $19.1 million in share buybacks, 1% of free cash flow. The share count rose 3.4% from 194.1M to 200.7M over 9 years.
See the INCY income statement, the INCY chart for price history, or the INCY stock overview for the latest quote and news.
INCY key metrics FAQ
What is Incyte's P/E ratio?
Incyte's trailing P/E ratio is 14.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.7. At the end of fiscal 2025 it was 15.4, compared with a 10-year median of 47.7.
What is Incyte's EV/EBITDA?
Incyte's enterprise value was 9.3 times EBITDA at the end of fiscal 2025 (enterprise value $16.3 billion, EBITDA $1.8 billion); the current EV/EBITDA is 10.3.
What is Incyte's return on equity?
Incyte's return on equity (ROE) was 29.9% in fiscal 2025: net income of $1.3 billion on average shareholders' equity of $4.3 billion.
What is Incyte's ROIC?
Incyte's return on invested capital was 69.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Incyte have?
Incyte had total debt of $69.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
Does Incyte buy back its shares?
Yes. Incyte spent $19.1 million on net share repurchases in fiscal 2025 Shares outstanding changed −4.7% over the year, to 200.7M..
What is Incyte's free cash flow yield?
Incyte generated $1.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 6.8% on its market value at year-end ($19.8 billion).
What is Incyte's current ratio?
Incyte's current ratio was 3.32 at the end of fiscal 2025: current assets were 3.32 times current liabilities.