Question 1

What is Incyte's P/B ratio?

Accepted Answer

Incyte (INCY) P/B ratio is 3.8× as of June 5, 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 3.4×.

Question 5

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

Accepted Answer

Incyte's P/B ratio of 3.8× is above its own 5-year average of 3.8× and above the sector median of 3.4×. That places the current reading at the 42th 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	$19.50B	$5.17B	3.8×	-0.1×	Dec 31, 2025
2024	$13.34B	$3.45B	3.9×	+1.2×	Dec 31, 2024
2023	$14.08B	$5.19B	2.7×	-1.4×	Dec 31, 2023
2022	$17.88B	$4.37B	4.1×	-0.2×	Dec 31, 2022
2021	$16.22B	$3.77B	4.3×	-3.0×	Dec 31, 2021
2020	$19.07B	$2.61B	7.3×	+0.1×	Dec 31, 2020
2019	$18.84B	$2.60B	7.3×	+0.2×	Dec 31, 2019
2018	$13.55B	$1.93B	7.0×	-5.2×	Dec 31, 2018
2017	$20.00B	$1.63B	12.3×	-32.8×	Dec 31, 2017
2016	$18.91B	$419.47M	45.1×	-72.9×	Dec 31, 2016
2015	$20.20B	$171.16M	118.0×	—	Dec 31, 2015
2014	$12.41B	−$81.63M	—	—	Dec 31, 2014
2013	$8.20B	−$193.11M	—	—	Dec 31, 2013
2012	$2.19B	−$174.96M	—	—	Dec 31, 2012
2011	$1.90B	−$227.08M	—	—	Dec 31, 2011
2010	$2.04B	−$88.64M	—	—	Dec 31, 2010
2009	$1.08B	−$102.38M	—	—	Dec 31, 2009
2008	$368.70M	−$220.75M	—	—	Dec 31, 2008
2007	$848.29M	−$159.52M	—	—	Dec 31, 2007
2006	$490.16M	−$84.91M	—	—	Dec 31, 2006
2005	$446.66M	−$19.40M	—	—	Dec 31, 2005
2004	$792.43M	$78.52M	10.1×	+6.9×	Dec 31, 2004
2003	$495.28M	$154.33M	3.2×	+2.2×	Dec 31, 2003
2002	$308.11M	$302.41M	1.0×	-1.9×	Dec 31, 2002
2001	$1.29B	$440.20M	2.9×	—	Dec 31, 2001


Quest Diagnostics (DGX)	2.9×
Moderna (MRNA)	2.7×
Charles River (CRL)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Danaher (DHR)	2.4×
UnitedHealth Group (UNH)	2.4×
Solventum (SOLV)	2.3×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Molina Healthcare (MOH)	1.7×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Elevance Health (ELV)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Revvity (RVTY)	1.4×
Zimmer Biomet Holdings (ZBH)	1.2×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Centene (CNC)	0.8×

P/B Ratio for Incyte (INCY)

P/B Ratio daily chart for Incyte (INCY)

Historical P/B Ratio for Incyte (INCY) from 2001 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

P/B Ratio daily chart for Incyte (INCY)

Historical P/B Ratio for Incyte (INCY) from 2001 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

+What is Incyte's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Incyte?

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

+What is Incyte's historical P/B ratio range?

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

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

Incyte (INCY) Key Financials