INCY
INCYTE CORP
Industrials • CIK: 0000879169
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Market Cap
$13.17B
P/E (TTM)
15.4x
Rev Growth (TTM)
—
Net Margin (TTM)
19.0%
FCF Yield (TTM)
—
FCF Margin (TTM)
21.9%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$1.0B
Q2 '25
$45M-83%
Q1 '25
$266M-30%
FCF Margin
TTM21.9%
Q2 '253.7%-85%
Sector: 7.3%Top 10%
OCF Margin–
OCF/NI1.15x
CapEx Coverage–
FCF Yield–
FCF Growth (2Y)–
Cash Conversion Cycle
–
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$1.0B
Stock Repurchases ()$2.0B
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
48.3%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
17.8%
Asset Turnover
0.86x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 15.2% ≈ 48.3% ROIC
Asset & CapEx Efficiency
Invested Cap Turn
2.71x
8Q:–
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $4.6B | $1.2B↑15.4% | $1.1B↓10.7% | $1.2B↑3.6% | $1.1B↑9.0% | $1.0B | $0↓100.0% | $880.9M↓13.1% | $1.0B |
Operating Income | $1.2B | $530.3M↑158.5% | $205.2M↓32.0% | $301.5M↑106.4% | $146.1M↑130.6% | $-478.1M | $0↓100.0% | $91.9M↓50.9% | $187.3M |
Net Income | $870.9M | $405.0M↑156.0% | $158.2M↓21.4% | $201.2M↑89.0% | $106.5M↑123.9% | $-444.6M↓362.2% | $169.5M↓15.7% | $201.1M↑17.4% | $171.3M |
Operating Cash Flow | $1.0B | $44.7M↓83.2% | $266.1M↓30.2% | $381.2M↑22.6% | $310.9M↑154.0% | $-575.6M↓363.0% | $218.8M↑48.1% | $147.7M↓0.1% | $147.8M |
Free Cash Flow | $1.0B | $44.7M↓83.2% | $266.1M↓30.2% | $381.2M↑22.6% | $310.9M↑154.0% | $-575.6M↓1081.9% | $-48.7M↓122.3% | $218.8M↑48.1% | $147.7M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
15.4x
Valuation Lenses
Earnings
15.4x
vs – sector
Cash Flow
10.8x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
0.3P/E per %ROIC
ROIC: 48.3%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$13.17B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
100/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
25.1%
8Q:–
Return on Invested Capital (ROIC)Top 25%
48.3%
8Q:–
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 17.8%
Asset Turnover: 0.86x
Earnings Quality
Cash Conversion
1.15x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin92.9%
Capital Efficiency
Invested Capital Turnover2.71x
Working Capital
Cash Conversion Cycle–
Growth Quality & Momentum
Growth Rates
Revenue Growth YoY
N/A
OpInc Growth YoY
210.9%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
92.9%
Operating
25.8%
Top 25% in sector
Net
19.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+2.9 pts
FCF: 21.9% | Net: 19.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.96B
Interest Coverage
–
+Net cash position: $1.96B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis