SURVYR

INCY

Incyte Corporation
$113.31
−$2.40 (2.07%)Oct 26 close
Health CareS&P 500 CompareTechnicals
Model valuationLooks undervaluedDCF base $441
1M3M6M1Y2Y
-10%+3%+16%+29%+42%Oct 2025Oct 2026Apr 202652w high $132.6052w low $84.02
INCYSPY
Wall St. Highest PT $157.00 (+38.6%) Wall St. Avg PT $129.54 (+14.3%)
$90$108$126$144$162POC $97Hi $157Avg $130
Underwater Drawdown %Max DD -18.3%Current -12.8%
0.0%-18.3%
Relative Strength vs SPY+8.8% vs SPYOutperforming
+35%0%-35%
1W
+$0.06 (0.05%)
1M
−$10.58 (8.54%)
3M
−$5.56 (4.68%)
6M
+$17.59 (18.38%)
YTD
+$14.54 (14.72%)
1Y
+$22.03 (24.13%)

Chart

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Ratings & dials

1m · 5m · 15m · 1h · 4h · 1D

Analyst & Morningstar ratings

Consensus · Targets · Morningstar
Wall Street analyst consensus
SellHoldStrong Buy
Buy
28 analysts · mean score 2.25
1 = Strong Buy · 5 = Sell
Strong Buy1036%
Buy27%
Hold1554%
Underperform14%
Sell00%
Wall Street consensus · as of Oct 21, 2026
Analyst price targets
Current price$113.31
Average target$129.54
+$16.23 (+14.3%) upsideaverage target vs current price
CurrentAverageMedian
Low$86.00
Median$129.00
High$157.00
12-month Wall Street target range · as of Oct 21, 2026

Third-party ratings, not SURVYR.'s views.

Health check

Financial health
DistressGrey zoneSafe
Safe zone
Altman Z-score 10.4
Above 2.99 is the safe zone, below 1.81 the distress zone.
Quality
WeakAverageStrong
Strong
Piotroski F-score 7 of 9
See the tests
  • ✓Positive net income
  • ✓Positive operating cash flow
  • ✓Return on assets improved
  • ✓Cash flow above net income
  • ✓Long-term debt / assets fell
  • ✓Current ratio improved
  • ✓No share dilution
  • ✗Gross margin improved
  • ✗Asset turnover improved

Computed by SURVYR. from the company's SEC filings (latest balance sheet Mar 31, 2026). Descriptive, not a forecast.

Key stats & company

Market value$23.5B
P/E (last 12 months)14.7
P/E (next 12 months, estimated)13.4
52-week range$84.02 – $132.60
Revenue growth (latest quarter vs a year ago)+37.7%
Dividend yieldNo dividend
Analyst consensusBuy (24)
Average analyst price target$129.54 (+14%)

What they do

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.

Healthcare · Biotechnology
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Looks undervalued
Model read-out from the numbers below, not advice. Score +3 (DCF counts double).
▲DCF (base case)above the price by 289%
▲Forward P/E vs sector13.4x vs median 18.0x
▲Piotroski F-score7/9
▲Altman Z10.4 (safe)
▼Net debt / EBITDA9.3x
•Analyst target+14% (24 analysts)

Discounted cash flow

Bear
$154
+36%
growth 16% · disc. 8.9% · term. 2.0%
Base
$441
+289%
growth 26% · disc. 7.9% · term. 2.5%
Bull
$945
+734%
growth 33% · disc. 6.9% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Today's price assumes free cash flow grows about 7% a year for 10 years.
Implied
+7%/yr
FCF, last 3 yrs
+13%/yr
FCF, last 5 yrs
n/a
Revenue, last 3 yrs
+15%/yr
Revenue, last 5 yrs
+14%/yr
Same inputs as the DCF above: trailing free cash flow 1.5B, 7.9% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-03-31). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 0.74 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Health Care

P/E (trailing)
sector median 31.2× · 10th pct
 14.7×
cheaper
Forward P/E
sector median 18.0× · 30th pct
 13.4×
cheaper
EV / EBITDA
sector median 16.2× · 76th pct
 23.0×
pricier
Price / sales
sector median 3.3× · 65th pct
 4.4×
pricier
Price / book
sector median 3.5× · 58th pct
 4.2×
pricier
FCF yield
sector median 4.0% · 80th pct
 6.5%
cheaper

Forward EPS $8.64 vs trailing $7.85 (+10% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin
92.5%
Operating margin
30.0%
FCF margin
28.3%
Net margin
26.7%
Return on equity
25.5%
Return on invested capital
6.1%
Net debt / EBITDA
9.3×
Current ratio
3.7×
Interest cover
689.3×
Cash conversion (OCF/NI)
1.1×
Piotroski F-score 7/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✓ No share dilution✗ Gross margin improved✗ Asset turnover improved

Altman Z-score 10.4 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target
$130
+14%
Analysts
24
Buy
Range
$86–$157
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2025$5.1B$1.3B$1.4B
2024$4.2B$32.6M$335.3M
2023$3.7B$597.6M$496.5M
2022$3.4B$340.7M$969.9M
2021$3.0B$948.6M$749.5M
2020$2.7B$-295.7M$-124.6M

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +14.8%.

For information only · Important disclosures

Grades vs sector

Momentum
64th percentile in sector
B-
12-1 return: +29.8%
Percentile within its GICS sector across the S&P 1500.
Growth
91st percentile in sector
A
Revenue growth (YoY): +37.7%
Percentile within its GICS sector across the S&P 1500.
Value
77th percentile in sector
B+
Forward E/P: 7.7% · EBITDA/EV: 10.5%
Percentile within its GICS sector across the S&P 1500.
Profitability
88th percentile in sector
A-
Profit margin: +27.7% · Return on equity: +30.7%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Systematic Models

Held by 1 of 7 live models: Quality Growth.

Quality Growth
6.7% of the book · ranked 15 of 360
 HeldMomentum Top 15
ranked 76 of 499 · 12-month momentum 45.3%
 Momentum Blend
Not in the current book
 New Highs Growth
ranked 38 of 589 · 12-month momentum 46.9%
 SURVYR. Barbell Momentum & T-Bill Shield
Outside this model's universe or screens
 SURVYR. Physical AI Grid & Power
Outside this model's universe or screens
 SURVYR. Long Book
Not in the current book
Why it's in the Quality Growth #15 of 360

Qualified on ROIC 59%, revenue +21% (TTM), growth accelerating +6.1 pts, latest quarter 2026-03-31. Ranked 15th of 360 at the 2026-09-30 rebalance.

What would knock it out: Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-26) it is outside the top 15.

Earnings & events

INCY earningsNext report in 2 days
Next report · quarter Sep 2026
Thu Oct 29, 2026Before the open
EPS consensus-$3.88
Revenue consensus–
Last 4 quarters · EPS vs estimate
Jul 28, 2026$3.09est $2.15+44.0%Above estimates
Apr 28, 2026$1.81est $1.34+35.1%Above estimates
Feb 10, 2026$1.80est $1.92−6.1%Below estimates
Oct 28, 2025$2.26est $1.64+38.0%Above estimates

In line = within 1% of the estimate.

Source: Yahoo Finance · report time: Nasdaq earnings calendar · refreshed 2026-10-26 18:06:28 ET
24-1025-0225-0425-0725-1026-0226-0426-070.003.09
EstimateActual (beat)Actual (miss)

News & catalysts

More news
Genmab, Incyte Partner On Trial Of Petosemtamab Combination In KRAS G12D-Mutated Colorectal Cancer
Nasdaq · Oct 24
Insider trades
Cagnoni Pablo J
President, Global Head of R&D · 2026-10-15
Sell
$297.8K
Cagnoni Pablo J
President, Global Head of R&D · 2026-09-15
Sell
$1.7M
Cagnoni Pablo J
President, Global Head of R&D · 2026-09-15
Sell
$1.1M
Cagnoni Pablo J
President, Global Head of R&D · 2026-08-19
Sell
$1.4M
Cagnoni Pablo J
President, Global Head of R&D · 2026-08-12
Sell
$1.3M
Mayes Patrick A
EVP & Chief Scientific Officer · 2026-08-05
Sell
$273.6K
Cagnoni Pablo J
President, Global Head of R&D · 2026-08-05
Sell
$1.3M
Mayes Patrick A
EVP & Chief Scientific Officer · 2026-08-03
Sell
$729.2K
Mayes Patrick A
EVP & Chief Scientific Officer · 2026-07-31
Sell
$273.8K
Mayes Patrick A
EVP & Chief Scientific Officer · 2026-07-31
Sell
$39.7K
Mayes Patrick A
EVP & Chief Scientific Officer · 2026-07-31
Sell
$10.4K
Mayes Patrick A
EVP & Chief Scientific Officer · 2026-07-31
Sell
$196.0K

Stats refreshed 2026-10-26 18:06:28 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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Systematic research · Not investment advice · Hypothetical unless marked Live · Data: Yahoo Finance (15-min delayed), SEC EDGAR, House Clerk · Important disclosures · Contact desk@coteau.app

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Coteau 0.9 · Oct 21, 2026