Incyte Corp. (INCY) intrinsic value & 10-year financials
Incyte Corp. (INCY) has a Graham intrinsic value of $212.91 per share. At $113.07 on Oct 17, 2026, the stock trades 47% below that value. Over the last 10 fiscal years revenue grew 18.6% a year to $5.1B, with an average return on invested capital of 11.7%.
- Graham intrinsic value
- $212.91
- Share price (Oct 17, 2026)
- $113.07
- Price vs Graham value
- 47% below
- Market cap
- $22.7B
- Revenue (FY2025)
- $5.1B
- Revenue growth (10-yr CAGR)
- 18.6%
- ROIC (10-yr avg)
- 11.7%
- Free cash flow (FY2025)
- $1.4B
INCY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.1B | $1.3B | $6.41 | $1.4B | 29.5% | 59.7% |
| FY2024 | $4.2B | $32.6M | $0.15 | $249.1M | 1.4% | 1.6% |
| FY2023 | $3.7B | $597.6M | $2.65 | $464.0M | 16.8% | 25.5% |
| FY2022 | $3.4B | $340.7M | $1.52 | $892.1M | 17.1% | 23.2% |
| FY2021 | $3.0B | $948.6M | $4.27 | $568.5M | 19.6% | 40.3% |
| FY2020 | $2.7B | -$295.7M | -$1.36 | -$312.0M | -9.9% | -27.0% |
| FY2019 | $2.2B | $446.9M | $2.05 | $632.6M | 18.6% | 3.6% |
| FY2018 | $1.9B | $109.5M | $0.51 | $262.7M | 6.9% | 1.2% |
| FY2017 | $1.5B | -$313.1M | -$1.53 | -$204.0M | -15.9% | -38.2% |
| FY2016 | $1.1B | $104.2M | $0.54 | $184.5M | 13.1% | 27.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Incyte is a consistent compounder, expanding top-line revenue at 18.6% annually over the past decade.
Incyte returns on capital have been average, hovering around 11.7% ROIC over the decade.
Incyte has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Incyte is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $212.91 per share.