Question 1

What is Incyte's P/FCF ratio?

Accepted Answer

Incyte (INCY) P/FCF ratio is 16.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Incyte?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Incyte specifically, the relevant sector benchmark is the current sector median of 19.1×.

Question 5

Is Incyte's P/FCF ratio high or low?

Accepted Answer

Incyte's P/FCF ratio of 16.5× is below its own 5-year average of 64.3× and below the sector median of 19.1×. That places the current reading at the 12th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Incyte's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Incyte (INCY) P/FCF ratio has ranged from a low of 7.3× in 2010 to a high of 1668.6× in 2013. The 5-year average is 64.3× and the 5-year median is 25.3×.

Question 7

What was Incyte's P/FCF ratio in 2025?

Accepted Answer

Incyte (INCY) P/FCF ratio at the end of 2025 was 14.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Incyte's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$19.5B	$1.35B	14.4×	-42.3×	Dec 31, 2025
2024	$13.3B	$235M	56.7×	+25.4×	Dec 31, 2024
2023	$14.1B	$449M	31.4×	+11.3×	Dec 31, 2023
2022	$17.9B	$892M	20.0×	-8.5×	Dec 31, 2022
2021	$16.2B	$568M	28.5×	—	Dec 31, 2021
2020	$19.1B	-$312M	—	—	Dec 31, 2020
2019	$18.8B	$633M	29.8×	-21.8×	Dec 31, 2019
2018	$13.5B	$263M	51.6×	—	Dec 31, 2018
2017	$20B	-$204M	—	—	Dec 31, 2017
2016	$18.9B	$184M	102.5×	-231.2×	Dec 31, 2016
2015	$20.2B	$60.5M	333.7×	—	Dec 31, 2015
2014	$12.4B	-$1.62M	—	—	Dec 31, 2014
2013	$8.2B	$4.91M	1668.6×	—	Dec 31, 2013
2012	$2.19B	-$97.7M	—	—	Dec 31, 2012
2011	$1.9B	-$166M	—	—	Dec 31, 2011
2010	$2.04B	$93.8M	21.7×	-68.7×	Dec 31, 2010
2009	$1.08B	$12M	90.4×	—	Dec 31, 2009
2008	$369M	-$142M	—	—	Dec 31, 2008
2007	$848M	-$93.8M	—	—	Dec 31, 2007
2006	$490M	-$51.9M	—	—	Dec 31, 2006
2005	$447M	-$104M	—	—	Dec 31, 2005
2004	$792M	-$116M	—	—	Dec 31, 2004
2003	$495M	-$128M	—	—	Dec 31, 2003
2002	$308M	-$70.2M	—	—	Dec 31, 2002


Align Technology (ALGN)	17.8×
McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
UnitedHealth Group (UNH)	15.9×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Elevance Health (ELV)	13.4×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	11.3×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Teladoc Health (TDOC)	3.9×
Centene (CNC)	2.5×

P/FCF Ratio for Incyte (INCY) 2009-2026

P/FCF Ratio daily chart for Incyte (INCY)

Historical P/FCF Ratio for Incyte (INCY) from 2002 to 2025

About P/FCF Ratio at Incyte (INCY)

Incyte P/FCF Ratio by Year

Incyte P/FCF Ratio 2025: 14.4×

Incyte P/FCF Ratio 2024: 56.7×

Incyte P/FCF Ratio 2023: 31.4×

Incyte P/FCF Ratio 2022: 20.0×

Incyte P/FCF Ratio 2021: 28.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Incyte (INCY) Key Financials