INCYTE CORPORATION

INCY · Consumer Discretionary · $23.3B mkt cap · FY2025 filings · Wide moat

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Wide moat

The four filters

Pricing power100

Median gross margin 94.7% over 10y, very stable.

Returns on capital86

Median ROIC 24.5%, above the 9% hurdle in 60% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 624x.

Capital discipline70

Owner earnings +32.2%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

117% above value

Owner earnings (normalized): $597.6M
Est. intrinsic value / share: $54.20
Recent price: $117.42
Discount to value: 117% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell INCY. See the disclaimer.