Incyte Corporation (INCY) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Incyte Corporation stock $199, price $118, upside +68.8%, quality 85 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $51.18 – $129.93 · fair‑value band $111.77 – $265.98 · the $118.01 price screens below the $199.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
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Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics in the United States, Europe, Canada, and Japan.
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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.
Stock analysis
Incyte Corporation (INCY) currently trades at $118.01, while our model-based Fair Value estimate is $199.23, implying the stock looks roughly 41% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $204.60 per share, and 16 of the 24 models we run sit above the $118.01 price.
Bear case: the Economic Profit group reads lowest at $59.40, and 8 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $111.77 (bear) to $265.98 (bull), the price of $118.01 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 85/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Incyte Corporation reported revenue of $5.1B in FY2025 versus $3.0B in FY2021, a compound +14.5%/yr. Reported net income was $1.3B in FY2025, compounding +7.9%/yr from FY2021.
Key figures
Market cap $24.6B Large · P/E ratio 60.2 · P/S ratio 4.09 · EPS (TTM) $1.96 · Net margin 6.7% · Return on equity 7.8% · Return on assets (EBIT) 10.6% · Operating margin 33.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 9% below its 52-week high and 31% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 8% fair-value upside, at 69%, INCY screens cheaper than that median.
Fair Value models
Bear$111.77Fair Value $199.23Bull$265.98
Price $118.01 · Upside +68.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.66 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 6 officers or directors sold shares worth $20.5M and none bought.
SaleThomas TrayPrincipal Accounting Officer5× since Nov 21, 2025: 9,443 shares, avg. $100.76$951,518Nov 3, 202610b5-1 plan
SalePablo J CagnoniPresident, Global Head of R&D9× since Feb 19, 2026: 129,994 shares, avg. $110.77$14.4MOct 15, 202610b5-1 plan
SalePatrick A MayesEVP & Chief Scientific Officer3× since Dec 10, 2025: 55,969 shares, avg. $117.26$6.6MAug 5, 202610b5-1 plan
SaleSteven H SteinCMO & Head of Late-Stage Dev.4× since Dec 1, 2025: 68,412 shares, avg. $107.03$7.3MJul 16, 202610b5-1 plan
SaleMohamed Khairie IssaEVP, Head of U.S. Commercial2× since Jan 7, 2026: 11,949 shares, avg. $109.61$1.3MJul 16, 202610b5-1 plan
SalePaul J ClancyDirector15,000 shares at $94.93$1.4MMay 19, 202610b5-1 plan
SaleMichael James MorrisseyEVP, Head of Tech. Operations58,331 shares at $97.29$5.7MDec 17, 202510b5-1 plan
SaleSheila A. DentonEVP & General Counsel278 shares at $104.36$29,012Nov 17, 202510b5-1 plan
SaleHerve HoppenotDirector187,500 shares at $105.46$19.8MNov 10, 202510b5-1 plan
Plus 43 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+21.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.0%
Start year 2020 (pandemic). Over 10 years: +21.2% a year
Revenue growth 32 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+35.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+22.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.15.2% vs 36.5%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−10% → 26%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +0.1% a year for the price and +4.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Reliable cash flows from the established JAK business provide stability, yet limited evidence of moat durability and uncertain effects from pipeline expansion form the main constraint on quality.
Main risk: Generic competitors such as Apotex could enter the market after Jakafi patents expire in 2028 and erode prices and margins on Incyte's flagship product that generates the bulk of revenues.
Bull case: Incyte could leverage its expanding KRAS G12D inhibitor and Genmab collaboration plus other pipeline assets to build new revenue streams that more than replace declining Jakafi sales after patent expiry.
Bear case: If the new oncology programs fail to gain approval or meaningful market share, Incyte could face a sharp and sustained drop in revenues once generic Jakafi versions erode its core cash flows.
Incyte is advancing its KRAS G12D inhibitor with strong Phase 1 pancreatic cancer data and a fresh Genmab collaboration targeting first-line colorectal cancer. This broadens the oncology pipeline into larger gastrointestinal indications while the established JAK business continues to generate reliable cash flows. Will the new programs create meaningful additional growth, or will they mainly extend the life of the current portfolio without shifting its fundamentals?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 565 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score85 · Top 25%
Fair Value upside+68.8% · Top 25%
Profitability
Return on equity (12 months)7.8% · Top 25%
Return on assets18.5% · Top 25%
Net margin (12 months)6.7% · Above median
Operating margin (12 months)33.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)14.0% · Above median
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Biotechnology median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Incyte Corporation Fair Value". https://www.fairvalue-calculator.com/stock/INCY
Frequently asked questions
Is Incyte Corporation (INCY) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $199.23 versus a price of $118.01, about +69% upside (undervalued).
What is the fair value of INCY?
Our model-based fair value for Incyte Corporation is $199.23 (as of Nov 6, 2026), built from audited fundamentals. The current price: $118.01.
What is the quality score of INCY?
Incyte Corporation has a Quality Score of 85/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Incyte Corporation (INCY)?
Our model-based price target is the fair value of $199.23 (as of Nov 6, 2026) from 24 valuation models. Cautious scenario $111.77, optimistic scenario $265.98. It is a calculation from audited fundamentals, not an analyst target.
What is the Incyte Corporation stock forecast for 2026?
Our models put fair value at $199.23, about +69% upside versus a price of $118.01 (undervalued). Cautious scenario $111.77, optimistic scenario $265.98. The calculation is refreshed regularly with new filings.
What is the revenue of Incyte Corporation (INCY)?
Incyte Corporation reported trailing-twelve-month revenue of about $6.0B (latest available figure, as of Nov 6, 2026).
What growth is priced into Incyte Corporation (INCY)?
For today's price to be fair in a discounted-cash-flow model, Incyte Corporation would have to grow free cash flow by +2.4 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of INCY use?
Our models discount Incyte Corporation at 8.7 %: a base by market capitalisation (large), damped by beta 0.78, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Incyte Corporation that is +2.4 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Incyte Corporation (INCY) delivered so far?
Over the past 5 years revenue at Incyte Corporation grew +14.0 % a year. The price currently implies +2.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Incyte Corporation (INCY) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Incyte Corporation (+2.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Incyte Corporation (INCY)?
The free-cash-flow yield on the price is 5.51 %: that much free cash flow Incyte Corporation produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Incyte Corporation (INCY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Incyte Corporation it is $199.23 per share (as of Nov 6, 2026), against a price of $118.01. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Incyte Corporation stock overvalued or undervalued in 2026?
As of Nov 6, 2026, INCY trades below its calculated fair value: price $118.01, fair value $199.23, a gap of about +69% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INCY?
No. The price is what the market pays today ($118.01); the fair value is what the company's own numbers justify ($199.23). For Incyte Corporation the two are $81.22 per share apart. That gap is exactly why we show both numbers side by side.
How much is Incyte Corporation worth?
The market values Incyte Corporation at about $24.6B (market capitalisation, as of Nov 6, 2026). Per share that is $118.01; our models calculate a fair value of $199.23 per share.
What do the bullish and bearish scenarios say about INCY?
Our models span a range for Incyte Corporation: cautious scenario $111.77, base $199.23, optimistic $265.98 per share (as of Nov 6, 2026, price $118.01). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INCY?
Incyte Corporation trades at a price-to-earnings ratio of 60.2 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $199.23 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 21.0 (reported for FY2025: 18.4). Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings, FY2023, FY2025 ex one-offs: 47.7. Other multiples: PEG 10.8, P/B 4.8, P/S 4.1, EV/EBITDA 10.6.
What is the PEG ratio of INCY?
The PEG ratio of Incyte Corporation is 10.82 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Incyte Corporation (INCY)?
Balance-sheet figures for Incyte Corporation (as of Nov 6, 2026): return on equity 7.8%, debt of 0.01 per unit of equity. They feed the Quality Score of 85/100, which measures business quality independently of the share price.
How far is INCY from its 52-week high?
Incyte Corporation trades at $118.01, about 9% below its 52-week high of $129.93 and 31% above the low of $90.30 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $199.23 is for.
Which stocks are comparable to Incyte Corporation?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Incyte Corporation stock attractive at the current price?
The data as of Nov 6, 2026: price $118.01, calculated fair value $199.23 (+69%), Quality Score 85/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INCY calculated?
We run Incyte Corporation through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $199.23, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Incyte Corporation currently trades 41% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Incyte Corporation (INCY)?
The closing price on Nov 5, 2026 was $118.01. Our model-based fair value is $199.23, about +69% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Incyte Corporation right now?
The rarer combination: high quality (85/100) AND below fair value. That earns a closer look rather than a quick verdict. A fairly wide model range ($111.77 to $265.98) leaves room in how you read the outcome.
Where does the earnings growth of Incyte Corporation (INCY) come from?
Earnings per share at Incyte Corporation grew +31.7 % a year from 2015 to 2025. Broken into its drivers: revenue per share +18.4 %, EBIT margin +5.1 %, tax rate −4.0 %, residual (interest, one-offs) +10.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Incyte Corporation
How large is the market capitalisation of Incyte Corporation (INCY)?
The market capitalisation of Incyte Corporation is $24.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Incyte Corporation (INCY)?
The price-to-sales ratio of Incyte Corporation is 4.09 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Incyte Corporation (INCY)?
Earnings per share at Incyte Corporation are $1.96 (price ÷ EPS = P/E 60.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Incyte Corporation (INCY)?
The net margin of Incyte Corporation is 6.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Incyte Corporation (INCY)?
The return on equity (ROE) of Incyte Corporation is 7.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Incyte Corporation (INCY)?
On an EBIT basis the return on assets of Incyte Corporation is 10.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Incyte Corporation (INCY)?
The operating margin of Incyte Corporation is 33.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Incyte Corporation (INCY)?
Revenue at Incyte Corporation is growing +14.0% versus a year earlier (3y avg +14.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Incyte Corporation (INCY)?
Earnings per share at Incyte Corporation are growing +37.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Incyte Corporation (INCY) hold?
Incyte Corporation holds more cash than debt, $3.0B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 6, 2026