Incyte (INCY) stock
Health Care · Biotechnology
Incyte (INCY) is a Biotechnology company in the Health Care sector, headquartered in Wilmington, Delaware. As of October 23, 2026, INCY closed at $115.71, a market capitalization of $23.45 billion, the 373rd largest company in the S&P 500. Over the last twelve months it generated $5.82 billion in revenue (+38% year over year) and $1.89 billion in free cash flow. The stock trades at 14.7x trailing earnings and 13.4x forward earnings.
- 1-year total return: +29.6% (dividends reinvested)
- 5-year return: +12.0% a year
- 52-week range: $84.02 – $132.60
- Gross margin 55.7%, operating margin 41.9%
- FI Handbook report card: B across 10 metrics
- 46th largest of 60 Health Care stocks in the S&P 500
INCY price chart
1Y price change: +29.6% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| INCY | -7.2% | +17.2% | +29.6% | +28.1% | +12.0% | +2.8% | +13.3% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1993.
INCY key statistics
- Market cap
- $23.5B
- #373 in S&P 500
- P/E (TTM)
- 14.7x
- Forward P/E
- 13.4x
- EPS (TTM)
- $7.85
- Revenue (TTM)
- $5.8B
- +38%
- Free cash flow
- $1.9B
- Gross margin
- 55.7%
- Operating margin
- 41.9%
- Return on equity
- 30.7%
- Dividend yield
- None
- 52-week range
- $84.02 – $132.60
- Beta
- 0.74
- Price / sales
- 4.0x
- EV / EBITDA
- 9.8x
- Debt / equity
- 0.01x
- Employees
- 2,844
INCY report card
BTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth37.7%A
- Gross margin55.7%B
- Operating margin41.9%A
- FCF margin32.5%A
- Return on equity30.7%A
- Net debt / EBITDA-2.3xA
- Forward P/E13.4xA
- PEG ratio10.8xF
- Shareholder yield0.0%F
- Share count change / yr-1.6%B
Incyte financials
Revenue went from $1.1B in fiscal 2016 to $5.1B in fiscal 2025, growing 18.6% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Operating income | $145.0M | -$243.4M | $129.2M | $402.0M | -$263.7M | $585.8M | $579.4M | $620.5M | $61.4M | $1.5B |
| Net income | $104.2M | -$313.1M | $109.5M | $446.9M | -$295.7M | $948.6M | $340.7M | $597.6M | $32.6M | $1.3B |
| EPS (diluted) | $0.54 | $-1.53 | $0.51 | $2.05 | $-1.36 | $4.27 | $1.52 | $2.65 | $0.15 | $6.41 |
| Free cash flow | $184.5M | -$204.0M | $262.7M | $632.6M | -$312.0M | $568.5M | $892.1M | — | — | — |
| Buybacks | — | — | — | — | — | — | $0 | $0 | $2.0B | $0 |
| Diluted shares | 194.1M | 204.6M | 215.6M | 217.7M | 218.1M | 222.1M | 224.0M | 225.9M | 210.5M | 200.7M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into INCY?
A reverse DCF asks what growth the current price requires. With an enterprise value of $19.0B and $1.9B of trailing free cash flow, Incyte needs to grow free cash flow about -6.2% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 18.1x vs. median 48.2x (10th–90th percentile 18.0x–2436.3x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
INCY analyst price targets
24 analysts' average 12-month target is $129.54 (+12% vs. $115.71). Targets range from $86.00 to $157.00. 43% rate it a buy.
INCY earnings
Next report: October 29, 2026. Incyte has beaten EPS estimates 2 quarters in a row. Last quarter's revenue was $1.7B (+38% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 28, 2026 | $2.15 | $3.09 | +44.0% |
| Apr 28, 2026 | $1.34 | $1.81 | +35.1% |
| Feb 10, 2026 | $1.92 | $1.80 | -6.1% |
| Oct 28, 2025 | $1.64 | $2.26 | +38.0% |
| Jul 29, 2025 | $1.47 | $1.57 | +6.6% |
| Apr 29, 2025 | $1.03 | $1.16 | +12.3% |
| Feb 10, 2025 | $1.55 | $1.43 | -8.0% |
| Oct 29, 2024 | $1.09 | $1.07 | -2.0% |
Stocks like INCY
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 ABBV AbbVie | +0.16% | +29% | $504.8B | 80.7x | Compare |
 AMGN Amgen | -1.79% | +54% | $237.5B | 27.3x | Compare |
 GILD Gilead Sciences | -0.73% | +32% | $193.5B | — | Compare |
 VRTX Vertex Pharmaceuticals Incorpor | -2.10% | +24% | $132.8B | 29.9x | Compare |
 REGN Regeneron Pharmaceuticals | -1.72% | +41% | $82.9B | 19.9x | Compare |
 MRNA Moderna | -1.25% | +662% | $79.9B | — | Compare |
 BIIB Biogen | -1.24% | +67% | $37.0B | 44.5x | Compare |
 LLY Eli Lilly and | -2.54% | +56% | $1.1T | 42.7x | Compare |
INCY news
- Is Incyte (INCY) Cheap After A 120% Three Year Run? · Oct 24, 2026
- Does Genmab Trial Deal Change The Bull Case For Incyte (INCY)? · Oct 24, 2026
- Incyte (INCY) Starts KRAS G12D Colorectal Cancer Trial Collaboration · Oct 24, 2026
- Incyte (INCY) Heads To ESMO With New Oncology Data, Is The Stock Still Undervalued? · Oct 24, 2026
- Genmab and Incyte Announce Clinical Trial Collaboration in Metastatic Colorectal Cancer · Oct 24, 2026
INCY stock FAQ
What is INCY's market cap?
Incyte's market capitalization is $23.45 billion as of October 23, 2026, ranking 373rd in the S&P 500.
What is INCY's P/E ratio?
INCY trades at a trailing price-to-earnings ratio of 14.7x and a forward P/E of 13.4x. Its median P/E over the period we track is 48.2x.
Does INCY pay a dividend?
No. Incyte does not currently pay a regular cash dividend.
How much has INCY stock returned?
Including reinvested dividends, INCY returned +29.6% over one year, +12.0% a year over five years, +2.8% a year over ten years through October 23, 2026.
Is INCY stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Incyte must grow free cash flow about -6% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the INCY price target?
24 analysts cover INCY with an average 12-month price target of $129.54, +12% from the current price. 43% of them rate it a buy.
When does INCY report earnings?
Incyte is expected to report earnings on October 29, 2026. It has beaten EPS estimates 2 quarters in a row.
How many employees does Incyte have?
Incyte has about 2,844 full-time employees, or $2.0 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology