Is the business good?
How good a business is INCY?
Incyte earns 59% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
59%
Return on invested capital · cost of capital 9.0% · 50 points above what the capital costs: growth creates value
- Operating margin
- 30%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Share count, year on year
- +4.4%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 40%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −9.9% |
| FY2021 | 20% |
| FY2022 | 17% |
| FY2023 | 17% |
| FY2024 | 1.5% |
| FY2025 | 29% |
Details›
- Gross margin12 months to Q1 2026
- 92%
- Operating margin12 months to Q1 2026
- 30%
- Net margin12 months to Q1 2026
- 27%
- R&D as % of revenue
- 40%
- Revenue, trailing twelve months
- $5.36B
- Net income, trailing twelve months
- $1.43B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 59%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Biotechnology
Ranks #2 of 145 by Smart Score