Is Incyte (INCY) overvalued or fairly valued?

MarketChacha shows Incyte's valuation in context — a trailing P/E of about 19.7, a forward P/E of about 14.3, a price-to-book of about 4.0 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Incyte's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.17×) from reported figures — education, not a rating.

What is Incyte's revenue?

Incyte reported revenue of $5.1B for FY2025, with net profit of $1.3B, per official filings.

What is the share price of Incyte (INCY)?

Incyte last traded at $126.75 (-1.0% on the day), as of 9/4/2026 — a delayed quote shown for education, not investment advice.

Incyte

INCY · NASDAQ · Healthcare · United States

Snapshot

TickerINCY

ExchangeNASDAQ

SectorHealthcare

IndustryBiotechnology

CountryUnited States

Employees2,844

HeadquartersWilmington, United States

Websitewww.incyte.com

Filings tracked20

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics in the United States, Europe, Canada, and Japan. The company offers JAKAFI for the treatment of myelofibrosis (MF), polycythemia vera, and steroid-refractory acute graft-versus-host disease; ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; MONJUVI/ MINJUVI for the treatment of diffuse large B-cell lymphoma and Follicular Lymphoma; NIKTIMVO for the treatment of chronic graft-versus-host disease. It also provides INCA033989 for the treatment of essential thrombocythemia and MF; INCA035784 for the treatment of anti-mutant calreticulin and myeloproliferative neoplasms (MPNs); INCB160058 for the treatment of MPNs; PEMAZYRE, a selective fibroblast growth factor receptor kinase inhibitor for the treatment of unresectable biliary tract cancer, metastatic cholangiocarcinoma, and myeloid/lymphoid neoplasms; ZYNYZ to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma. The company's clinical stage products include INCB123667 for ovarian cancer; INCB161734 for solid tumors; INCA33890 for cancers; Ruxolitinib cream for atopic dermatitis, hidradenitis suppurativa (HS), and prurigo nodularis; Povorcitinib for HS, nonsegmental vitiligo, prurigo nodularis, and asthma; and INCB00928 for the treatment of fibrodysplasia ossificans progressive. It has collaboration and license agreement with Novartis, Lilly, and Syndax. The company sells its products to specialty and retail pharmacies, hospital pharmacies, and distributors. The company was formerly known as Incyte Genomics Inc and changed its name to Incyte Corporation in March 2003. Incyte Corporation was incorporated in 1991 and is headquartered in Wilmington, Delaware.

Who owns it

Insiders1.8%
Institutions98.2%
Public & other0.0%

1,284 institutional holders

Ownership breakdown from public market data.

Top holders

Baker Bros. Advisors, LP15.18%
Blackrock Inc.8.90%
Dodge & Cox Inc.5.90%
Vanguard Capital Management LLC5.44%
State Street Corporation4.80%
Vanguard Portfolio Management LLC3.84%
AQR Capital Management, LLC2.63%
Geode Capital Management, LLC2.34%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion1.17×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend16.2% → 25.0%

Margin has expanded by about 8.9 points — the business is getting more profitable.

Return on equity24.9%

Latest ROE of 24.9% — capital is generating a healthy return.

Growth qualityrev 18% · PAT 47%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $1.5B · EPS 1.95

Est. earnings growth +8.2%

Next fiscal year

Rev $6.3B · EPS 8.94

Est. earnings growth +156.9%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$5.1B

Net margin

25.0%

ROE

24.9%

Revenue CAGR (2y)

+17.9%

Profit CAGR (2y)

+46.7%

EPS (FY2025)

6.41

Net profit (FY2025)

$1.3B

Ask MarketChacha about INCY

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Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$5.1B	$1.3B	6.41	25.0%	24.9%
FY2024	$4.2B	$32.6M	0.15	0.8%	0.9%
FY2023	$3.7B	$597.6M	2.65	16.2%	11.5%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q1	$1.3B	$303.3M	1.47	23.8%
2025Q3	$1.4B	$424.2M	2.11	31.1%
2025Q2	$1.2B	$405.0M	2.04	33.3%
2025Q1	$1.1B	$158.2M	0.80	15.0%
2024Q3	$1.1B	$106.5M	0.54	9.4%
2024Q2	$1.0B	$-444.6M	-2.04	-42.6%
2024Q1	$880.9M	$169.5M	0.75	19.2%
2023Q3	$919.0M	$171.3M	0.76	18.6%
2023Q2	$954.6M	$203.5M	0.90	21.3%
2023Q1	$808.7M	$21.7M	0.10	2.7%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q filing
SEC7/28/2026
8-K — Results of operations, Exhibits
SEC7/28/2026material
8-K — Other events, Exhibits
SEC7/6/2026material
8-K — Other events
SEC6/22/2026material
8-K — Shareholder vote results
SEC6/9/2026material
8-K — Other events
SEC6/8/2026material
8-K — Results of operations
SEC4/28/2026material
10-Q filing
SEC4/28/2026
8-K — Executive/director change
SEC3/30/2026material
8-K — Executive/director change, Exhibits
SEC3/26/2026material
8-K — Other events
SEC3/6/2026material
8-K — Results of operations, Exhibits
SEC2/10/2026material
10-K filing
SEC2/10/2026

2025

8-K — Executive/director change
SEC12/12/2025material
8-K — Results of operations, Exhibits
SEC10/28/2025material
10-Q filing
SEC10/28/2025
8-K — Executive/director change
SEC10/3/2025material
8-K — Executive/director change
SEC8/7/2025material
8-K — Results of operations, Exhibits
SEC7/29/2025material
10-Q filing
SEC7/29/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.