Incyte Corporation (INCY) P/E Ratio History
UndervaluedTrading at 18.4x vs 5Y avg 75.6x · 40th percentile · Below historical baseline · Data 1997–2026
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P/E Ratio Analysis
As of July 8, 2026, Incyte Corporation (INCY) trades at a price-to-earnings ratio of 18.4x, with a stock price of $118.05 and trailing twelve-month earnings per share of $6.92.
The current P/E is 76% below its 5-year average of 75.6x. Over the past five years, INCY's P/E has ranged from a low of 13.3x to a high of 472.1x, placing the current valuation at the 40th percentile of its historical range.
Compared to the Healthcare sector median P/E of 23.4x, INCY trades at a 21% discount to its sector peers. The sector includes 231 companies with P/E ratios ranging from 0.0x to 198.8x.
Relative to the broader market, INCY trades at a notable discount to the S&P 500 median P/E of 25.9x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our INCY DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
INCY Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
INCY P/E vs Peers
Oncology Therapeutics Developers peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $9B | 38.6 | - | -34% | |
| $14B | 20.5 | 0.40Best | +58% | |
| $10B | 31.9 | 1.39 | -25% | |
| $4B | 11.4Lowest | - | +68% | |
| $118B | 16.8 | - | +178%Best | |
| $450B | 107.4 | - | -1% | |
| $137B | 17.7 | - | -4% | |
| $1.2T | 53.8 | 1.87 | +96% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
INCY Historical P/E Data (1997–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q1 | - | $94.12 | $7.08 | 13.3x | -97% |
| FY2025 Q4 | Dec 31 2025 | $98.77 | $6.41 | 15.4x | -96% |
| FY2025 Q3 | - | $84.81 | $5.97 | 14.2x | -97% |
| FY2025 Q2 | Jun 30 2025 | $68.10 | $4.40 | 15.5x | -96% |
| FY2025 Q1 | Mar 31 2025 | $60.55 | $0.32 | 189.2x | -57% |
| FY2024 Q4 | - | $69.07 | $0.27 | 255.8x | -42% |
| FY2024 Q3 | Sep 30 2024 | $66.10 | $0.14 | 472.1x | +7% |
| FY2024 Q2 | Jun 30 2024 | $60.62 | $0.36 | 168.4x | -62% |
| FY2024 Q1 | Mar 31 2024 | $56.97 | $3.30 | 17.3x | -96% |
| FY2023 Q4 | Dec 31 2023 | $62.79 | $2.65 | 23.7x | -95% |
| FY2023 Q3 | Sep 30 2023 | $57.77 | $1.89 | 30.6x | -93% |
| FY2023 Q2 | Jun 30 2023 | $62.25 | $1.63 | 38.3x | -91% |
| FY2023 Q1 | Mar 31 2023 | $72.27 | $1.45 | 50.0x | -89% |
| FY2022 Q4 | Dec 31 2022 | $80.32 | $1.52 | 52.8x | -88% |
| FY2022 Q3 | Sep 30 2022 | $66.64 | $3.93 | 17.0x | -96% |
| FY2022 Q2 | - | $75.97 | $4.25 | 17.9x | -96% |
| FY2022 Q1 | - | $79.42 | $4.20 | 18.9x | -96% |
| FY2021 Q4 | Dec 31 2021 | $73.40 | $4.27 | 17.2x | -96% |
| FY2021 Q3 | - | $68.78 | $2.41 | 28.5x | -94% |
| FY2021 Q2 | Jun 30 2021 | $84.13 | $1.52 | 55.3x | -87% |
| FY2021 Q1 | Mar 31 2021 | $81.27 | $2.17 | 37.4x | -91% |
| FY2019 Q4 | - | $87.32 | $2.05 | 42.6x | -90% |
| FY2019 Q3 | Sep 30 2019 | $74.23 | $1.86 | 39.9x | -91% |
| FY2019 Q2 | Jun 30 2019 | $84.96 | $1.41 | 60.3x | -86% |
| FY2019 Q1 | Mar 31 2019 | $86.01 | $1.17 | 73.5x | -83% |
| FY2018 Q4 | Dec 31 2018 | $63.59 | $0.51 | 124.7x | -72% |
| FY2016 Q4 | Dec 31 2016 | $100.27 | $0.54 | 185.7x | -58% |
| FY2016 Q3 | Sep 30 2016 | $94.29 | $0.78 | 120.9x | -73% |
| FY2016 Q2 | - | $79.98 | $0.37 | 216.2x | -51% |
| FY2016 Q1 | - | $72.47 | $0.24 | 302.0x | -31% |
| FY2015 Q4 | - | $108.45 | $0.01 | 10845.0x | +2366% |
| FY2015 Q2 | - | $104.21 | $0.05 | 2084.2x | +374% |
| FY1998 Q4 | - | $18.69 | $0.04 | 467.2x | +6% |
| FY1998 Q3 | Sep 30 1998 | $10.63 | $0.07 | 151.8x | -65% |
| FY1998 Q2 | - | $17.06 | $0.26 | 66.4x | -85% |
| FY1998 Q1 | - | $23.38 | $0.21 | 110.8x | -75% |
| FY1997 Q4 | Dec 31 1997 | $22.50 | $0.18 | 124.4x | -72% |
| FY1997 Q3 | - | $21.00 | $0.14 | 149.0x | -66% |
Average P/E for displayed period: 439.8x
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
29+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
INCY — Frequently Asked Questions
Quick answers to the most common questions about buying INCY stock.
What is INCY's P/E ratio?
Incyte Corporation (INCY) trailing twelve-month P/E ratio is 18.4x, based on TTM diluted EPS of $6.92. The 5-year average P/E is 75.6x and the historical range spans 13.3x to 472.1x.
Is INCY stock overvalued or undervalued?
INCY trades at 18.4x P/E, below its 5-year average of 75.6x. At the 40th percentile of its historical range (13.3x–472.1x), the stock is priced at a discount to its own history.
Is INCY stock expensive?
No, INCY is not expensive on a historical basis. The current P/E of 18.4x is below the 5-year average of 75.6x and sits at the 40th percentile of its valuation range.
What is INCY's historical P/E range?
Over the past 5 years, INCY's P/E ratio has ranged from 13.3x to 472.1x, with a median of 28.5x and an average of 75.6x. The current P/E of 18.4x places the stock at the 40th percentile of this range. Full historical data spans 1997–2026.
How does INCY's P/E compare to the S&P 500?
INCY trades at 18.4x P/E versus the S&P 500 median of 25.9x. The 29% discount to the market suggests lower growth expectations or perceived higher risk.
How does INCY's valuation compare to Healthcare peers?
Incyte Corporation P/E of 18.4x compares to the Healthcare sector median of 23.4x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is INCY's PEG ratio?
INCY PEG ratio is N/A, based on a P/E of 18.4x and EPS growth of 4173.3%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is INCY's earnings yield?
INCY earnings yield is 5.43%, the inverse of its 18.4x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.