Latest Ratios: P/E Ratio 18.4x · EV/EBITDA 14.3x · ROE 29.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $23.6B | $19.8B | $14.5B | $14.2B | $18.0B | $16.3B | $19.0B | $19.0B | $13.7B | $19.4B | $19.5B |
| Enterprise Value | $20.6B | $16.8B | $12.9B | $11.0B | $15.1B | $14.3B | $17.5B | $17.2B | $12.6B | $18.5B | $19.5B |
| P/E Ratio → | 18.42 | 15.41 | 460.47 | 23.69 | 52.84 | 17.19 | — | 42.60 | 124.69 | — | 185.69 |
| P/S Ratio | 4.59 | 3.86 | 3.43 | 3.84 | 5.30 | 5.46 | 7.11 | 8.80 | 7.29 | 12.61 | 17.60 |
| P/B Ratio | 4.58 | 3.84 | 4.22 | 2.73 | 4.12 | 4.32 | 7.26 | 7.31 | 7.12 | 11.88 | 46.40 |
| P/FCF | 17.41 | 14.63 | 58.38 | 31.59 | 20.16 | 28.67 | — | 30.04 | 52.19 | — | 105.51 |
| P/OCF | 16.68 | 14.02 | 43.36 | 28.57 | 18.55 | 21.75 | — | 26.74 | 40.78 | — | 63.87 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.27 | 3.04 | 2.98 | 4.44 | 4.78 | 6.56 | 7.98 | 6.69 | 12.04 | 17.60 |
| EV / EBITDA | 14.31 | 11.70 | 76.14 | 14.99 | 22.59 | 20.55 | — | 36.19 | 59.82 | — | 87.50 |
| EV / EBIT | 15.31 | 10.08 | 40.44 | 13.16 | 28.35 | 24.96 | — | 35.27 | 107.66 | — | 133.18 |
| EV / FCF | — | 12.40 | 51.78 | 24.52 | 16.90 | 25.13 | — | 27.24 | 47.90 | — | 105.51 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.5% | 91.5% | 91.1% | 91.5% | 92.5% | 93.7% | 93.9% | 93.2% | 93.2% | 92.8% | 90.6% |
| Operating Margin | 26.1% | 26.1% | 1.9% | 17.6% | 17.7% | 21.3% | -9.0% | 19.5% | 8.3% | -15.3% | 14.8% |
| Net Profit Margin | 25.0% | 25.0% | 0.8% | 16.2% | 10.0% | 31.8% | -11.1% | 20.7% | 5.8% | -20.4% | 9.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.9% | 29.9% | 0.8% | 12.5% | 8.4% | 29.7% | -11.4% | 19.8% | 6.2% | -30.5% | 35.3% |
| ROA | 20.7% | 20.7% | 0.5% | 9.5% | 6.3% | 22.3% | -8.5% | 14.7% | 4.4% | -15.9% | 7.9% |
| ROIC | 51.1% | 51.1% | 3.1% | 28.1% | 28.0% | 32.9% | -18.3% | 38.9% | 15.0% | -30.1% | 35.7% |
| ROCE | 29.0% | 29.0% | 1.7% | 12.7% | 13.7% | 18.2% | -8.2% | 16.4% | 7.5% | -14.3% | 14.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 1.55 |
| Debt / EBITDA | 0.05 | 0.05 | 0.26 | 0.05 | 0.06 | 0.06 | — | 0.13 | 0.17 | — | 2.93 |
| Net Debt / Equity | — | -0.59 | -0.48 | -0.61 | -0.67 | -0.53 | -0.56 | -0.68 | -0.59 | -0.54 | -0.00 |
| Net Debt / EBITDA | -2.11 | -2.11 | -9.71 | -4.32 | -4.36 | -2.89 | — | -3.72 | -5.36 | — | -0.00 |
| Debt / FCF | — | -2.24 | -6.60 | -7.07 | -3.26 | -3.54 | — | -2.80 | -4.29 | — | -0.00 |
| Interest Coverage | 686.52 | 686.52 | 139.87 | 328.01 | 199.47 | 299.97 | -105.82 | 263.42 | 75.76 | -44.26 | 3.77 |
Net cash position: cash ($3.1B) exceeds total debt ($69M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.32 | 3.32 | 1.97 | 3.75 | 3.54 | 3.65 | 3.74 | 4.83 | 4.31 | 4.01 | 3.64 |
| Quick Ratio | 3.25 | 3.25 | 1.94 | 3.69 | 3.50 | 3.62 | 3.71 | 4.81 | 4.29 | 3.99 | 3.62 |
| Cash Ratio | 2.36 | 2.36 | 1.31 | 2.95 | 2.80 | 2.75 | 2.85 | 4.13 | 3.38 | 3.12 | 2.96 |
| Asset Turnover | — | 0.74 | 0.78 | 0.54 | 0.58 | 0.61 | 0.75 | 0.63 | 0.71 | 0.67 | 0.67 |
| Inventory Turnover | 4.34 | 4.34 | 6.42 | 5.00 | 6.03 | 6.71 | 9.84 | 12.92 | 18.31 | 16.99 | 25.33 |
| Days Sales Outstanding | — | 72.73 | 73.42 | 73.44 | 69.34 | 75.33 | 65.97 | 52.21 | 59.66 | 63.27 | 49.11 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.4% | 6.5% | 0.2% | 4.2% | 1.9% | 5.8% | — | 2.3% | 0.8% | — | 0.5% |
| FCF Yield | 5.7% | 6.8% | 1.7% | 3.2% | 5.0% | 3.5% | — | 3.3% | 1.9% | — | 0.9% |
| Buyback Yield | 0.1% | 0.1% | 13.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 13.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $201M | $211M | $226M | $224M | $222M | $218M | $218M | $216M | $205M | $194M |
2028 Jakafi patent cliff
According to current market data, Incyte trades at a forward P/E of 15.16, a multiple that appears to discount the company's long-term growth prospects relative to peers, likely reflecting investor skepticism regarding the firm's ability to successfully navigate the 2028 Jakafi patent expiration through pipeline innovation.
The current valuation suggests the market is pricing Incyte as a mature, cash-generative asset rather than a high-growth biotech platform. This multiple warrants further investigation, as it may undervalue the potential for the Opzelura dermatology franchise to achieve long-term, biologic-like durability.
Based on reported figures, Incyte's ROIC has fluctuated significantly, peaking at 14.8% in 2025Q3 before moderating to 10.6% in 2026Q1, a trend that suggests the company's capital compounding is currently constrained by the heavy, non-linear R&D expenditures required to defend its core hematology franchise.
The volatility in returns on capital indicates that management is prioritizing long-term pipeline development over immediate efficiency gains. Investors should monitor whether these investments yield sufficient incremental returns to justify the current drag on overall capital productivity.
As reported in financial statements, Incyte's cash conversion cycle has shown extreme variability, swinging from -75 days in 2025Q2 to -22 days in 2026Q1, which suggests that the company's working capital efficiency is highly sensitive to the timing of inventory stocking and commercial milestone payments.
The erratic nature of the cash conversion cycle implies that operational efficiency is often obscured by lumpy revenue recognition and inventory management patterns. This volatility suggests that short-term liquidity metrics may not accurately reflect the underlying health of the company's core commercial operations.
Based on recent SEC filings, Incyte maintains a current ratio of 3.68 as of 2026Q1, a figure that underscores a fortress-like liquidity position that effectively insulates the firm from potential market shocks or the need for external financing during its current period of aggressive pipeline reinvestment.
The company's minimal debt-to-equity ratio of 0.01 provides significant financial flexibility, allowing management to pursue strategic M&A or weather potential regulatory pricing pressures. This liquidity profile appears robust enough to support the company through the anticipated 2028 revenue transition period.
The P/E ratio is frequently misapplied to Incyte, as it fails to account for the significant non-cash royalty income and lumpy milestone payments that distort GAAP earnings, thereby obscuring the true underlying cash-generating capability of the company's core US commercial business model.
Analysts should instead focus on EV/EBITDA or adjusted free cash flow metrics to better capture the firm's operational performance. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, particularly given the high R&D intensity that suppresses current earnings.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying INCY stock.
Incyte Corporation's current P/E ratio is 18.4x. The historical average is 79.4x. This places it at the 25th percentile of its historical range.
Incyte Corporation's current EV/EBITDA is 14.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 45.8x.
Incyte Corporation's return on equity (ROE) is 29.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -25.9%.
Based on historical data, Incyte Corporation is trading at a P/E of 18.4x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Incyte Corporation has 91.5% gross margin and 26.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Incyte Corporation's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.