INCYTE CORPORATION
INCY · Consumer Discretionary · $23.4B mkt cap · FY2025 filings · Wide moat ·
On the watchlist
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $3.0B to $5.1B, increasing; diluted EPS 4.27 to 6.41, increasing.
Median gross margin 94.7% over 10y, very stable.
Median ROIC 24.5%, above the 12% hurdle in 60% of years.
Net debt/EBITDA n/ax, interest coverage 624x.
Owner earnings changed +32.2%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $598M
- $33.46
- $33.46
- $117.67
- 252% above value if growth stopped today
What today’s price assumes: owner earnings growing ~29%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
Fundamentals
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Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for INCY.
Track record
How INCYTE CORPORATION’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored INCY on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, INCY did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Consumer Discretionary context
#27 of 487 scored Consumer Discretionary companies, ranked by Moat Score.
Nearest peers by Moat Score
- #25BRC BRADY CORP84.9 out of 100, Wide moatWide moat
- #26ALSN ALLISON TRANSMISSION HOLDINGS, INC.84.9 out of 100, Wide moatWide moat
- #28IT Gartner, Inc.83.4 out of 100, Wide moatWide moat
- #29OLLI Ollie’s Bargain Outlet Holdings, Inc.83.0 out of 100, Wide moatWide moat
Compare INCY with its nearest peers →All Consumer Discretionary companies on the Index →
Common questions about INCY
- Does INCYTE CORPORATION have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores INCYTE CORPORATION (INCY) 83.7 out of 100 — a Wide moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 90, pricing power 100, returns on capital 86, balance-sheet safety 73, capital allocation 70.
- Is INCY trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $33.46 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $117.67, that is 252% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has INCY's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 83.7 out of 100 (wide moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.