Question 1

What is Incyte's P/B ratio?

Accepted Answer

Incyte (INCY) P/B ratio is 4.3× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Incyte?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Incyte specifically, the relevant sector benchmark is the current sector median of 3.2×.

Question 5

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

Accepted Answer

Incyte's P/B ratio of 4.3× is above its own 5-year average of 3.8× and above the sector median of 3.2×. That places the current reading at the 66th 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/B ratio range?

Accepted Answer

In the available daily series, Incyte (INCY) P/B ratio has ranged from a low of 0.8× in 2003 to a high of 337.5× in 2015. The 5-year average is 3.8× and the 5-year median is 3.7×.

Question 7

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

Accepted Answer

Incyte (INCY) P/B ratio at the end of 2025 was 3.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$5.17B	3.8×	-0.1×	Dec 31, 2025
2024	$13.3B	$3.45B	3.9×	+1.2×	Dec 31, 2024
2023	$14.1B	$5.19B	2.7×	-1.4×	Dec 31, 2023
2022	$17.9B	$4.37B	4.1×	-0.2×	Dec 31, 2022
2021	$16.2B	$3.77B	4.3×	-3.0×	Dec 31, 2021
2020	$19.1B	$2.61B	7.3×	+0.1×	Dec 31, 2020
2019	$18.8B	$2.6B	7.3×	+0.2×	Dec 31, 2019
2018	$13.5B	$1.93B	7.0×	-5.2×	Dec 31, 2018
2017	$20B	$1.63B	12.3×	-32.8×	Dec 31, 2017
2016	$18.9B	$419M	45.1×	-72.9×	Dec 31, 2016
2015	$20.2B	$171M	118.0×	—	Dec 31, 2015
2014	$12.4B	-$81.6M	—	—	Dec 31, 2014
2013	$8.2B	-$193M	—	—	Dec 31, 2013
2012	$2.19B	-$175M	—	—	Dec 31, 2012
2011	$1.9B	-$227M	—	—	Dec 31, 2011
2010	$2.04B	-$88.6M	—	—	Dec 31, 2010
2009	$1.08B	-$102M	—	—	Dec 31, 2009
2008	$369M	-$221M	—	—	Dec 31, 2008
2007	$848M	-$160M	—	—	Dec 31, 2007
2006	$490M	-$84.9M	—	—	Dec 31, 2006
2005	$447M	-$19.4M	—	—	Dec 31, 2005
2004	$792M	$78.5M	10.1×	+6.9×	Dec 31, 2004
2003	$495M	$154M	3.2×	+2.2×	Dec 31, 2003
2002	$308M	$302M	1.0×	—	Dec 31, 2002


Charles River (CRL)	2.6×
Danaher (DHR)	2.6×
Spruce Biosciences (SPRB)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Solventum (SOLV)	2.3×
Medtronic (MDT)	2.2×
Elevance Health (ELV)	1.9×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Zimmer Biomet Holdings (ZBH)	1.4×
Revvity (RVTY)	1.4×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Ovid Therapeutics (OVID)	0.8×
Centene (CNC)	0.8×
Teladoc Health (TDOC)	0.7×

P/B Ratio for Incyte (INCY) 2002-2026

P/B Ratio daily chart for Incyte (INCY)

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

About P/B Ratio at Incyte (INCY)

Incyte P/B Ratio by Year

Incyte P/B Ratio 2025: 3.8×

Incyte P/B Ratio 2024: 3.9×

Incyte P/B Ratio 2023: 2.7×

Incyte P/B Ratio 2022: 4.1×

Incyte P/B Ratio 2021: 4.3×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Incyte (INCY) Key Financials