INCY · Health care(services-commercial physical & biological research) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Incyte Corp reported revenue of $5.1 billion in fiscal 2025, after growing 18.6% a year over the previous 9 years. Its operating margin widened from 13.1% in 2016 to 29.5%. Of the $5.1 billion its operations generated over 10 years, 39.3% went to buybacks and 16.3% back into the business; the share count rose 3.4%. On the accounting screens, it passes 7 of 8 Piotroski tests, its Altman Z'' of 7.90 is in the safe zone and its Beneish M-score is below the -1.78 line; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 20255.1B+18.6% a year over 9 years
Operating margin29.5%gross margin 92.8%
Return on invested capital—
Free cash flow—
Net debt ÷ EBITDA—net debt —
Piotroski F-score7/8tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-2.0B02.0B4.0B6.0B
2016Revenue 1.1BOperating income 145.0M
2017Revenue 1.5BOperating income -243.4M
2018Revenue 1.9BOperating income 129.2M
2019Revenue 2.2BOperating income 402.0M
2020Revenue 2.7BOperating income -263.7M
2021Revenue 3.0BOperating income 585.8M
2022Revenue 3.4BOperating income 579.4M
2023Revenue 3.7BOperating income 620.5M
2024Revenue 4.2BOperating income 61.4M
2025Revenue 5.1BOperating income 1.5B
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+14.8%
+14.0%
+18.6%
Operating income
+37.8%
—
+29.8%
Net income
+55.7%
—
+32.2%
Earnings per share
+61.5%
—
+31.7%
Shares
-3.6%
-1.6%
+0.4%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
24.9%
Return on assets
18.5%
Asset turnover
0.74×
Research & development
39.9% of revenue
Overheads (SG&A)
26.8% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-500.0M0500.0M1.0B1.5B
2016Net income 104.2MFree cash flow 184.5MAfter stock-based pay 88.3M
2017Net income -313.1MFree cash flow -204.0MAfter stock-based pay -337.1M
2018Net income 109.5MFree cash flow 262.7MAfter stock-based pay 114.6M
2019Net income 446.9MFree cash flow 632.6MAfter stock-based pay 466.0M
2020Net income -295.7MFree cash flow -312.0MAfter stock-based pay -489.9M
2021Net income 948.6MFree cash flow 568.5MAfter stock-based pay 385.5M
2022Net income 340.7MFree cash flow 892.1MAfter stock-based pay 703.7M
2023Net income 597.6M
2024Net income 32.6M
2025Net income 1.3B
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
5.1B generated by the business. Each band is its share of that total.
Reinvested in the business 16%829.1M
Acquisitions 3%142.9M
Dividends 0%0
Share buybacks 39%2.0B
Kept, or used to pay down debt 42%2.1B
Over the same years it paid 1.8B in stock. The share count rose 3.4%. 180.2M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-2.00$0.00$2.00$4.00$6.00$8.00
2016Earnings per share $0.54Free cash flow per share $0.95
2017Earnings per share $-1.53Free cash flow per share $-1.00
2018Earnings per share $0.51Free cash flow per share $1.22
2019Earnings per share $2.05Free cash flow per share $2.91
2020Earnings per share $-1.36Free cash flow per share $-1.43
2021Earnings per share $4.27Free cash flow per share $2.56
2022Earnings per share $1.52Free cash flow per share $3.98
2023Earnings per share $2.65
2024Earnings per share $0.15
2025Earnings per share $6.41
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
190.0M200.0M210.0M220.0M230.0M
2016Diluted shares 194.1M
2017Diluted shares 204.6M
2018Diluted shares 215.6M
2019Diluted shares 217.7M
2020Diluted shares 218.1M
2021Diluted shares 222.1M
2022Diluted shares 224.0M
2023Diluted shares 225.9M
2024Diluted shares 210.5M
2025Diluted shares 200.7M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-5.0B05.0B10.0B15.0B20.0B
2016Net debt 97.5M
2017Net debt -872.7M
2018Net debt 17.9B
2019
2020
2021
2022
2023
2024
2025
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
—
Interest coverage
624× operating income ÷ interest
Current ratio
3.32 current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
7of 8 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✓More liquidCurrent ratio higher than a year beforepassed
✓No new sharesShare count did not growpassed
✓Better gross marginGross margin higher than a year beforepassed
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
7.90safe zone
1.12.6
Working capital ÷ assets 0.50 × 6.56+3.31
Retained earnings ÷ assets 0.03 × 3.26+0.10
Operating income ÷ assets 0.22 × 6.72+1.46
Equity ÷ liabilities 2.89 × 1.05+3.03
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.42below the -1.78 line
-1.78
Receivables vs sales 1.00 (not reported, set to 1)+0.92
Gross margin slipping 1.00+0.53
Soft assets 0.65+0.26
Sales growth 1.21+1.08
Slower depreciation 0.92+0.11
Overheads vs sales 0.91-0.16
Profit not in cash -0.02-0.09
Leverage rising 0.72-0.24
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Inventory is growing 72% against revenue growing 21%.
Benign
Stocking up for a launch, or securing supply.
Worrying
Demand is softening; discounts or write-downs tend to follow.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$5.7M5 sale(s) by 2 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
