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Friday 6 November 2026 Export INCY’s income statement to Excel — free account

Incyte Corporation

INCY Healthcare Biotechnology

Incyte Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.1 billion, up 21.2% from fiscal 2024.

Revenue
+14.0%
EPS
−277.9%
Free cash flow
−233.0%
Total debt
−10.5%

Quarter to September 2026, against a year earlier

119.30 1.29 +1.09%
Market cap
$24.1B
P/E
56.3×
Fwd P/E
55.6×
Dividend yield
—
F-score
9/9
Altman Z
8.57
Beneish M
−2.43
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Incyte Corporation (INCY) valuation and DCF model

What the price implies · reverse DCF

At $119.30 the price implies free cash flow after share-based pay growing 17.7% a year for ten years.

Free cash flow after share-based pay grew 32.8% a year over the last ten years. The price asks for less than its ten-year rate. The industry’s median company is priced for 27.5%.

In December 2018 the price assumed 23.7% a year; Incyte Corporation went on to grow free cash flow after share-based pay 37.8% a year to FY2025.

Price implies
17.7%
Last 10 years, reported
32.8%
Industry median implies
27.5%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
17.7% a year for ten years
$119.30
today’s price
Its base case
25.0% a year for five years, then 15.0%
$141.26
18.4% above today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Incyte Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to September 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 17.7% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Incyte Corporation’s own cost of capital: risk-free 4.3% + beta 0.78 × equity premium 4.5% = 7.8% cost of equity; weighted, 7.8%.

Use 7.8%
Equity value $28.92b ▲ above market cap $24.43b
Base case value per share $141.26 equity value ÷ 204.75m shares
Current price $119.30 market price per share
Above today’s price 18.4% upside at the base case’s assumptions

How we got there$8.07b 10 years of cash to equity+$17.03b terminal value+$3.83b net cash=$28.92b equity value÷204.75m shares=$141.26 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Biotechnology).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 56.33× 74.05× 81.60× 31% below 10.26× 449% above
P/FCF 35.34× 32.61× 41.87× 16% below 24.81× 42% above
P/B 4.26× 3.80× 5.74× 26% below 2.05× 108% above
EV/EBITDA 27.88× 31.33× 41.57× 33% below 0.65× 4182% above
EV/Sales 3.36× 3.31× 5.45× 38% below 8.98× 63% below
P/E P/FCF P/B EV/EBITDA EV/Sales
36.89×93.19×149.49×205.80×10Y avg 81.60×201620182019202120222023202420252026

INCY trades at 56.33× P/E, against a 10-year average of 81.60× (range 14.97×–222.81×). That is dearer than 63% of the last 8 year-end readings; re-rating to the average implies $172.82 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.