INCY

Incyte Corporation

$113.25

+0.16% 2026-10-19

Health CareS&P 500

1M 3M 6M 1Y 2Y

INCYSPY

+1.7%

-9.6%

-2.1%

+16.8%

YTD

+14.7%

+29.3%

Grades vs sector

Momentum

64th pct in sector

12-1 return: +29.8%
Percentile within its GICS sector across the S&P 1500.

Growth

91st pct in sector

Revenue growth (YoY): +37.7%
Percentile within its GICS sector across the S&P 1500.

Value

77th pct in sector

B+

Forward E/P: 7.7% · EBITDA/EV: 10.5%
Percentile within its GICS sector across the S&P 1500.

Profitability

88th pct in sector

A-

Profit margin: +27.7% · Return on equity: +30.7%
Percentile within its GICS sector across the S&P 1500.

Revisions

no data

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Held by 1 of 3 live models: Quality Growth.

Quality Growth

6.7% of the book · rank 15 of 360

Held Momentum Top 15

rank 76 of 499 · 12-1 momentum % 45.3

Momentum Blend

not in the current book

Why it's in Quality Growth #15 of 360

Qualified on ROIC 59%, revenue +21% (TTM), growth accelerating +6.1 pts, latest quarter 2026-03-31. Ranked 15th of 360 at the 2026-09-30 rebalance.

What would knock it out: Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-16) it ranks 15th.

Key stats

Market cap$23.0B

P/E (trailing)14.4

P/E (forward)13.0

52-week range84.02 – 132.60

Revenue growth (YoY, latest qtr)+37.7%

Dividend yield0.00%

Analyst consensusBuy (24)

Mean price target$129.50 (+14%)

Valuation & fundamentals

Bottom line

Looks undervalued

Model read-out from the numbers below, not advice. Score +3 (DCF counts double).

▲DCF (base case)above the price by 297%

▲Forward P/E vs sector13.0x vs median 17.6x

▲Piotroski F-score7/9

▲Altman Z10.2 (safe)

▼Net debt / EBITDA9.3x

•Analyst target+14% (24 analysts)

Discounted cash flow

Bear

$157

+39%

growth 16% · disc. 8.9% · term. 2.0%

Base

$450

+297%

growth 26% · disc. 7.9% · term. 2.5%

Bull

$966

+753%

growth 33% · disc. 6.9% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal

Today's price assumes free cash flow grows about 6% a year for 10 years.

Implied

+6%/yr

FCF, last 3 yrs

+13%/yr

FCF, last 5 yrs

n/a

Revenue, last 3 yrs

+15%/yr

Revenue, last 5 yrs

+14%/yr

Same inputs as the DCF above: trailing free cash flow 1.5B, 7.9% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-03-31). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 0.74 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Health Care

P/E (trailing)

sector median 29.9× · 11th pct

14.4×
cheaper

Forward P/E

sector median 17.6× · 30th pct

13.0×
cheaper

EV / EBITDA

sector median 15.8× · 74th pct

22.8×
pricier

Price / sales

sector median 3.1× · 65th pct

4.3×
pricier

Price / book

sector median 3.5× · 57th pct

4.1×
pricier

FCF yield

sector median 4.1% · 81st pct

6.6%
cheaper

Forward EPS $8.68 vs trailing $7.85 (+11% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin

92.5%

Operating margin

30.0%

FCF margin

28.3%

Net margin

26.7%

Return on equity

25.5%

Return on invested capital

6.1%

Net debt / EBITDA

9.3×

Current ratio

3.7×

Interest cover

689.3×

Cash conversion (OCF/NI)

1.1×

Piotroski F-score 7/9 · last two fiscal years

✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✓ No share dilution✗ Gross margin improved✗ Asset turnover improved

Altman Z-score 10.2 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target

$130

+14%

Analysts

Buy

Range

$86–$157

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2025	$5.1B	$1.3B	$1.4B
2024	$4.2B	$32.6M	$335.3M
2023	$3.7B	$597.6M	$496.5M
2022	$3.4B	$340.7M	$969.9M
2021	$3.0B	$948.6M	$749.5M
2020	$2.7B	$-295.7M	$-124.6M

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +14.8%.

Earnings

Next report: 2026-10-29 · before open · EPS est -3.84

EstimateActual (beat)Actual (miss)

Report	EPS est	Actual	Surprise
2026-07-28	2.15	3.09	+44.0%
2026-04-28	1.34	1.81	+35.1%
2026-02-10	1.92	1.80	-6.1%
2025-10-28	1.64	2.26	+38.0%
2025-07-29	1.47	1.57	+6.6%
2025-04-29	1.03	1.16	+12.3%
2025-02-10	1.55	1.43	-8.0%
2024-10-29	1.09	1.07	-2.0%

Quarterly revenue

Quarter	Revenue	YoY
2026-06-30	$1.7B	+37.7%
2026-03-31	$1.3B	–
2025-12-31	$1.5B	–
2025-09-30	$1.4B	–
2025-06-30	$1.2B	–

Analyst actions

Truist Securities

2026-10-14 · main

Hold → Hold
PT $115

HC Wainwright & Co.

2026-10-13 · reit

Buy → Buy
PT $152

RBC Capital

2026-10-08 · main

Sector Perform → Sector Perform
PT $114

Stifel

2026-10-05 · main

Buy → Buy
PT $157

Wells Fargo

2026-10-01 · main

Equal-Weight → Equal-Weight
PT $128

JP Morgan

2026-09-28 · main

Neutral → Neutral
PT $123

Insider trades

Cagnoni Pablo J

President, Global Head of R&D · 2026-10-15

SELL
$297.8K

Cagnoni Pablo J

President, Global Head of R&D · 2026-09-15

SELL
$1.1M

Cagnoni Pablo J

President, Global Head of R&D · 2026-09-15

SELL
$1.7M

Cagnoni Pablo J

President, Global Head of R&D · 2026-08-19

SELL
$1.4M

Cagnoni Pablo J

President, Global Head of R&D · 2026-08-12

SELL
$1.3M

Cagnoni Pablo J

President, Global Head of R&D · 2026-08-05

SELL
$1.3M

Mayes Patrick A

EVP & Chief Scientific Officer · 2026-08-05

SELL
$273.6K

Mayes Patrick A

EVP & Chief Scientific Officer · 2026-08-03

SELL
$729.2K

Cagnoni Pablo J

President, Global Head of R&D · 2026-07-31

SELL
$1.9M

Mayes Patrick A

EVP & Chief Scientific Officer · 2026-07-31

SELL
$1.8M

Mayes Patrick A

EVP & Chief Scientific Officer · 2026-07-31

SELL
$636.7K

Mayes Patrick A

EVP & Chief Scientific Officer · 2026-07-31

SELL
$261.3K

News

Incyte Insider Sold Shares Worth $297,780, According to a Recent SEC Filing

MT Newswires · 8h ago

Incyte to Highlight Key Oncology Data Presentations at the European Society for Medical Oncology (ESMO) Congress 2026

Business Wire · Oct 18

2 High-Flying Stocks with Competitive Advantages and 1 We Question

StockStory · Oct 16

Goldman Sachs Adjusts Price Target on Incyte to $117 From $118

MT Newswires · Oct 15

Truist Raises Price Target on Incyte to $115 From $105, Keeps Hold Rating

MT Newswires · Oct 14

Phanes Therapeutics to participate in Longwood Healthcare Leaders Boston CEO, November 2-3, 2026

PR Newswire · Oct 13

Is Vertex Stock Worth More Than Its Competitors?

Trefis · Oct 09

What to Expect From Incyte’s Next Quarterly Earnings Report

Barchart · Oct 09

Stats refreshed 2026-10-19 17:47:15 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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Coteau Systematic StrategiesSystematic equity research and model portfolios.
Coteau Systematic Strategies publishes research, model portfolios and tools. It does not manage money or offer investment advice. Model results are hypothetical. Data: Yahoo Finance (delayed), SEC EDGAR.

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