Stocks · Healthcare · Biotechnology
Incyte Corporation INCY
$114.13 -1.01% Close, Oct 5, 2026 · NASDAQ · Market cap $23.37B
Strong growthHigh qualityInexpensive vs sectorLow risk
Next earnings report: Oct 27, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Diluted EPS over the last four quarters was $7.85, up 78.4% year over year.
- Operating margin widened to 31.6% from 21.2% a year earlier.
- The shares trade at 14.5× trailing earnings, lower than 95% of the company's own readings over the past five years.
PromtFinance scores
Each score is a percentile within the Healthcare sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 26%
- EPS growth (TTM, YoY)Top 16%
- FCF growth (TTM, YoY)Top 17%
- Revenue growth, 3-year CAGRTop 40%
- Revenue growth accelerationTop 17%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 3%
- Gross marginTop 16%
- Operating marginTop 6%
- Cash conversion (OCF / net income)Bottom 31%
- Accruals (lower is better)Bottom 40%
- Net debt / EBITDA (lower is better)Top 13%
- Interest coverTop 1%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldTop 6%
- Free-cash-flow yieldTop 10%
- EBITDA / enterprise valueTop 8%
- Sales / enterprise valueTop 43%
- P/E vs own 5-year history (lower is better)Top 13%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 34%
- 6-month returnTop 40%
- 1-year return vs S&P 500Top 35%
- Distance from 52-week highTop 23%
- Trend checklist (0–4)Top 43%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 19%
- Consecutive EPS beatsTop 35%
- Share of analysts rating BuyBottom 18%
- Upside to consensus price targetBottom 23%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 11%
- Maximum drawdown, 3 yearsTop 7%
- Beta vs S&P 500 (lower is better)Top 8%
- Net debt / EBITDA (lower is better)Top 13%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 21.5% | 26.9% | ↑ |
| EPS growth (YoY) | 2112.5% | 78.4% | ↓ |
| Gross margin | 92.9% | 92.6% | ↓ |
| Operating margin | 21.2% | 31.6% | ↑ |
| FCF margin | 20.6% | 33.0% | ↑ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 26.9% | 21.5% | ↑ | Top 26% |
| EPS growth (TTM, YoY) | 78.4% | 2112.5% | ↓ | Top 16% |
| Gross margin | 92.6% | 92.9% | ↓ | Top 16% |
| Operating margin | 31.6% | 21.2% | ↑ | Top 6% |
| Net margin | 27.7% | 19.0% | ↑ | — |
| Free-cash-flow margin | 33.0% | 20.6% | ↑ | — |
| Return on invested capital | 24.6% | — | Top 3% | |
| Revenue growth, 3-year CAGR | 14.8% | — | Top 40% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 1.23×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -4.7%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 3.2%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- +6.6 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- -1.93×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 790.6×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- -1.58%
- Shareholder yield
- -1.58%
- Share count change, 1 year
- +4.8%
- Share count change, 3-year CAGR
- -2.6%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Jul 28, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 2
- Beats in the last 8 reports
- 5 of 8
- Average EPS surprise, last 4
- +27.4%
- Average 2-day reaction, last 8
- +2.2%
- Positive 20 days after report
- 6 of 8
Analysts
- Consensus price target
- $130.21
- Target vs current price
- +14.1%
- Analysts with a rating
- 44
- Share rating Buy or Strong Buy
- 52%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 28, 2026 | +43.7% | +9.3% | -0.4% | +7.7% | — |
| Apr 28, 2026 | +35.1% | +2.1% | +1.5% | +1.4% | +21.9% |
| Feb 10, 2026 | -5.3% | -8.2% | -7.2% | -11.9% | -8.4% |
| Oct 28, 2025 | +36.1% | -1.5% | +9.1% | +14.1% | +9.6% |
| Jul 29, 2025 | +12.9% | +10.3% | +11.2% | +20.8% | +24.4% |
| Apr 29, 2025 | +14.9% | +1.5% | +4.4% | +9.8% | +18.4% |
| Feb 10, 2025 | -8.9% | -7.9% | -5.0% | -4.0% | -19.6% |
| Oct 29, 2024 | -4.5% | +12.0% | +15.3% | +11.9% | +10.6% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 28, 2026 | $3.09 | $2.15 | +43.7% | $1.67B |
| Apr 28, 2026 | $1.81 | $1.34 | +35.1% | $1.27B |
| Feb 10, 2026 | $1.80 | $1.90 | -5.3% | $1.51B |
| Oct 28, 2025 | $2.26 | $1.66 | +36.1% | $1.37B |
| Jul 29, 2025 | $1.57 | $1.39 | +12.9% | $1.22B |
| Apr 29, 2025 | $1.16 | $1.01 | +14.9% | $1.05B |
| Feb 10, 2025 | $1.43 | $1.57 | -8.9% | $1.18B |
| Oct 29, 2024 | $1.07 | $1.12 | -4.5% | $1.14B |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 14.5× | 21.9× | 5th | Top 6% |
| P/E (forward) | 32.4× | — | — | — |
| EV / EBITDA | 9.5× | — | — | Top 8% |
| EV / Sales | 3.34× | — | — | Top 43% |
| Free-cash-flow yield | 8.22% | — | — | Top 10% |
| Earnings yield | 6.88% | — | — | Top 6% |
P/E over the past five years
Range 13.8× – 253.0× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- +32.3%
- Earnings per share growth (TTM)
- +78.4%
- Change in P/E multiple
- -5.9%
Most of the move came from earnings growth.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 86
- 50-day average slope (20 days)
- +2.3%
- 200-day average slope (20 days)
- +2.1%
- Distance from 50-day average
- -7.6%
- Distance from 200-day average
- +6.7%
- RSI (14)
- 32.0
- Relative volume
- 1.20×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 31.5%
- Volatility vs own 5-year history
- 59th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.27
- Correlation with S&P 500
- 0.12
- Current drawdown from 1-year high
- -12.2%
- Maximum drawdown, 3 years
- -33.8%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Jan 25, 2021 | Apr 25, 2024 | -49.1% | 818 days | 382 days (Nov 3, 2025) |
| Jan 7, 2026 | Mar 27, 2026 | -18.3% | 55 days | 62 days (Jun 26, 2026) |
| Oct 12, 2020 | Nov 24, 2020 | -17.4% | 31 days | 39 days (Jan 22, 2021) |
| Jul 28, 2026 | Oct 5, 2026 | -12.2% | 48 days | Not yet recovered |
| Nov 12, 2025 | Dec 9, 2025 | -12.1% | 18 days | 19 days (Jan 7, 2026) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $23.37B
- P/E (TTM)
- 14.5
- EPS, diluted (TTM)
- $7.85
- Revenue (TTM)
- $5.82B
- 52-week range
- $82.82 – $132.60
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $2.99B | $3.39B | $3.70B | $4.24B | $5.14B |
| Gross profit | $2.84B | $3.19B | $3.44B | $3.93B | $4.77B |
| Operating income | $585.8M | $591.6M | $655.4M | $101.3M | $1.34B |
| Net income | $948.6M | $340.7M | $597.6M | $32.6M | $1.29B |
| EPS (diluted) | $4.27 | $1.52 | $2.65 | $0.15 | $6.41 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.14B | $1.18B | $1.05B | $1.22B | $1.37B | $1.51B | $1.27B | $1.67B |
| Net income | $106.5M | $201.2M | $158.2M | $405.0M | $424.2M | $299.3M | $303.3M | $585.6M |
| EPS (diluted) | $0.54 | $1.02 | $0.80 | $2.04 | $2.11 | $1.46 | $1.47 | $2.81 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $749.5M | $969.9M | $496.5M | $335.3M | $1.41B |
| Capital expenditure | -$181.0M | -$77.8M | -$47.5M | -$86.3M | -$58.9M |
| Free cash flow | $568.5M | $892.1M | $449.0M | $249.1M | $1.35B |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Net share buybacks | $58.6M | $61.1M | $35.8M | -$1.96B | $202.7M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $4.54B
- Total assets
- $7.87B
- Total liabilities
- $1.53B
- Total debt
- $38.3M
- Net debt
- -$3.94B
- Shareholders’ equity
- $6.34B
As of Jun 30, 2026 (filed Jul 28, 2026).
Short interest
- Shares sold short
- 9,981,369
- Days to cover
- 7.26
- Change vs previous report
- +6.6%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Sep 1, 2000
- 2-for-1
- Nov 10, 1997
- 2-for-1