Loading company financials…
NASDAQ NMS - GLOBAL MARKET · Biotechnology · CIK 0000879169
$116.93
+3.08% · live
Updated
$23.21B market value
From INCYTE CORP's FY2025 10-K, filed Feb 10, 2026 · read the filing
INCYTE provides engineering, research and consulting services. It took in $5.14B last year, which makes it a mid-sized company. Of every dollar it sells, about 25 cents is left as profit.
The financial picture is led by profitability, growth and debt.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Strong finances across the board.
From INCYTE CORP's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating income
$61.4M → $1.51B
Profit
$32.6M → $1.29B
Operating margin
1.4% → 29.5%
Profit margin
0.8% → 25.0%
Measured against FY2024, from the 10-K filed Feb 10, 2026
Improved: +2368.6%
$61.4M to $1.51BCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +3845.0%
$32.6M to $1.29BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote live), and what was published around it
INCY rose 3.08% on the latest quote. The average Health Care company tracked here moved +1.58%, and the S&P 500 −1.04%. That is 1.5 points above its sector and 4.1 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 7% a year for the next 10 years. Over the last 7 years it grew by about 46% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 25 cents of every dollar of sales as profit, earning $1.29B last year.
Yes, quickly. Sales grew 21.2% last year.
It does not appear so. For every $1 it owes, it owns $3.89 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $1.29B and generated $1.41B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 10, 2026Filing for FY2025 | FY202410-K · Feb 10, 2025Filing for FY2024 | FY202310-K · Feb 10, 2026Filing for FY2023 | FY202210-K · Feb 7, 2023Filing for FY2022 | FY202110-K · Feb 8, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $5.14B | $4.24B | $3.70B | $3.39B | $2.99B | +21.2% |
| Cost of revenue | $372.1M | $312.1M | $255.0M | $207.0M | $151.0M | +19.2% |
| Gross profit | $4.77B† | $3.93B† | $3.44B† | $3.19B† | $2.84B† | +21.4% |
| Gross marginGross profit ÷ revenueWhat is this? | 92.8% | 92.6% | 93.1% | 93.9% | 94.9% | +0.1 pts |
| Selling, general and administrative | $1.38B | $1.24B | $1.16B | $1.00B | $739.6M | +10.8% |
| Operating income | $1.51B | $61.4M | $620.5M | $579.4M | $585.8M | +2368.6% |
| Operating marginOperating income ÷ revenueWhat is this? | 29.5% | 1.4% | 16.8% | 17.1% | 19.6% | +28.0 pts |
| Interest expense | $2.4M | $2.3M | $2.6M | $2.7M | $1.9M | +6.5% |
| Income before tax | $1.66B | $316.6M | $834.2M | $529.1M | $570.4M | +425.7% |
| Net income | $1.29B | $32.6M | $597.6M | $340.7M | $948.6M | +3845.0% |
| Net marginNet income ÷ revenueWhat is this? | 25.0% | 0.8% | 16.2% | 10.0% | 31.8% | +24.3 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $6.48 | $0.1686 | $2.66 | $1.53 | $4.29 | +3745.1% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| INCYINCYTE CORP · this page | 10.0/10 | 6/8 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 839 shares at $71.93 ($60.3K)
Holds 184,039 shares after this filing.
Exercised stock options — 423 shares at $61.76 ($26.1K)
Holds 184,462 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Reported another event
Read the filingQuarterly report on Form 10-Q
Read the filingWrite down why you are following INCYTE CORP, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 29 subsidiaries named in its 10-K, incorporated across 19 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from INCY's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 10, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 10.0 | 6/8 | 10-K, filed Feb 10, 2026 |
| FY2024 | 7.3 | 5/8 | 10-K, filed Feb 10, 2025 |
| FY2023 | 8.7 | 5/8 | 10-K, filed Feb 13, 2024 |
| FY2022 | 8.7 | 4/8 | 10-K, filed Feb 7, 2023 |
| FY2021 | 8.7 | 4/8 | 10-K, filed Feb 8, 2022 |
| FY2020 | 4.7 | 4/8 | 10-K, filed Feb 9, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
6 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
7.90
In the safe zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +28.0 pts
1.4% to 29.5%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +24.3 pts
0.8% to 25.0%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +3745.1%
$0.17 to $6.48Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +83.5%
$1.69B to $3.10BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +21.2%
$4.24B to $5.14BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +21.4%
$3.93B to $4.77BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: +2.6%
193.4M to 198.5MNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Q1 FY2026 against Q1 FY2025, from the 10-Q filed Apr 28, 2026 — read it.
Improved: +46.8%
$205.2M to $301.1MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +91.7%
$158.2M to $303.3MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +8.8 pts
15.0% to 23.8%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +85.8%
$0.82 to $1.52Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +78.2%
$1.94B to $3.46BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +20.9%
$1.05B to $1.27BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +19.2%
$979.7M to $1.17BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +4.2 pts
19.5% to 23.7%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −1.3 pts
93.0% to 91.8%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: +3.2%
193.8M to 199.9MNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
1 other measure barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
Loading price history…
Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 5% and 9%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 35 analysts covering this company, as of . Their views, not this site's.
Of 35 analysts publishing on this company, 8 say strong buy, 10 say buy and 17 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 5.0% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 18.0x — investors pay $18.0 for each $1 of trailing profit.
This company has not reported enough of the required figures to calculate this score.
| 21.2% |
| 25.0% |
| 18.04x |
| 0.35x |
| BIIBBIOGEN INC. | 9.0/10 | 6/9 | 2.2% | 13.1% | 28.82x | 0.61x |
|---|
| ALNYALNYLAM PHARMACEUTICALS, INC. | 7.3/10 | 5/8 | 65.2% | 8.4% | 95.89x | 5.29x |
|---|
| NBIXNEUROCRINE BIOSCIENCES INC | 10.0/10 | 5/8 | 21.4% | 16.7% | 29.97x | 0.42x |
|---|
| Median of peers | 9.0/10 | — | 21.4% | 13.1% | 29.97x | 0.61x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Exercised stock options — 455 shares at $61.18 ($27.8K)
Holds 184,917 shares after this filing.
Exercised stock options — 925 shares at $64.25 ($59.4K)
Holds 185,842 shares after this filing.
Sold on the open market — 2,642 shares at $112.71 ($297.8K)
Holds 183,200 shares after this filing.
Had shares withheld to cover taxes — 463 shares at $117.14 ($54.2K)
Holds 37,578 shares after this filing.
Was granted or awarded shares — 206 shares at $121.35 ($25.0K)
Holds 23,225 shares after this filing.
Was granted or awarded shares — 203 shares at $121.35 ($24.6K)
Holds 25,838 shares after this filing.
Was granted or awarded shares — 322 shares
Holds 2,835,403 shares after this filing.
Was granted or awarded shares — 322 shares
Holds 28,206,082 shares after this filing.
Had shares withheld to cover taxes — 920 shares at $126.93 ($116.8K)
Holds 15,904 shares after this filing.
Exercised stock options — 2,957 shares at $61.76 ($182.6K)
Holds 186,157 shares after this filing.
Exercised stock options — 4,551 shares at $61.18 ($278.4K)
Holds 190,708 shares after this filing.
Exercised stock options — 6,477 shares at $64.25 ($416.1K)
Holds 197,185 shares after this filing.
Exercised stock options — 9,233 shares at $71.93 ($664.1K)
Holds 206,418 shares after this filing.
Sold on the open market — 9,233 shares at $120.50 ($1.1M)
Holds 197,185 shares after this filing.
Sold on the open market — 13,985 shares at $120.49 ($1.7M)
Holds 183,200 shares after this filing.
Had shares withheld to cover taxes — 504 shares at $129.72 ($65.4K)
Holds 10,993 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 2,642 shares ($297.8K) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 23,218 shares ($2.8M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 10,801 shares ($1.4M) on or after .
Shares originally obtained via Restricted Stock and Performance Shares.
Filed notice to sell 10,803 shares ($1.3M) on or after .
Shares originally obtained via Performance and Restricted Stock.
Filed notice to sell 2,207 shares ($273.6K) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 10,640 shares ($1.3M) on or after .
Shares originally obtained via Restricted Stock and Performance Shares.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Published results
Reported another event
Read the filingReported another event
Read the filingHeld a shareholder vote
Read the filingReported another event
Read the filingProxy statement for a shareholder meeting
Read the filingQuarterly report for Q1 FY2026
Revenue +20.9% · Operating margin +4.2 pts · Operating income +46.8% — against Q1 FY2025
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join
Read the filingReported another event
Read the filingAnnual report for FY2025
Revenue +21.2% · Operating margin +28.0 pts · Operating income +2368.6% — against FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q3 FY2025
Revenue +20.0% · Operating margin +19.6 pts · Operating income +203.6% — against Q3 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join
Read the filingSource: Exhibit 21 of the 10-K filed 2026-02-10. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
Coverage from the last 30 days
Prelude Therapeutics Spotlights JAK2, KAT6A Programs and Potential $100M Incyte Option
Yahoo ·
TD Cowen Names Top Biotech Stocks for Q4 Amid Market Volatility
Yahoo ·
Analysts Estimate Incyte (INCY) to Report a Decline in Earnings: What to Look Out for
Yahoo ·
TD Cowen Maintains Buy on Incyte, Raises Price Target to $140
Benzinga ·
Why Should You Think About Vertex Differently Now?
Yahoo ·
Incyte: Digesting The ESMO Updates In Pancreatic, Colorectal, And Ovarian Cancer
SeekingAlpha ·
Mestag Therapeutics Appoints Philip Astley-Sparke and Victor Sandor, M.D.C.M., to its Board of Directors
Yahoo ·
Silence Therapeutics: Downgrade To Hold On Merck KGaA Acquisition And PV siRNA
SeekingAlpha ·
Incyte to Highlight Key Oncology Data Presentations at the European Society for Medical Oncology (ESMO) Congress 2026
Yahoo ·
2 High-Flying Stocks with Competitive Advantages and 1 We Question
Yahoo ·
Why Is Arcutis Biotherapeutics Stock Surging Thursday?
Benzinga ·
Truist Securities Maintains Hold on Incyte, Raises Price Target to $115
Benzinga ·
Primary sources and further research