Question 1

What is Incyte's P/S ratio?

Accepted Answer

Incyte (INCY) P/S ratio is 4.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

What is a good P/S ratio for Incyte?

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Incyte specifically, the relevant sector benchmark is the current sector median of 3.4×.

Question 5

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

Accepted Answer

Incyte's P/S ratio of 4.5× is above its own 5-year average of 4.2× and above the sector median of 3.4×. That places the current reading at the 63th 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/S ratio range?

Accepted Answer

In the available daily series, Incyte (INCY) P/S ratio has ranged from a low of 2.3× in 2002 to a high of 198.3× in 2009. The 5-year average is 4.2× and the 5-year median is 3.8×.

Question 7

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

Accepted Answer

Incyte (INCY) P/S 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 revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$5.14B	3.8×	+0.6×	Dec 31, 2025
2024	$13.3B	$4.24B	3.1×	-0.7×	Dec 31, 2024
2023	$14.1B	$3.7B	3.8×	-1.5×	Dec 31, 2023
2022	$17.9B	$3.39B	5.3×	-0.2×	Dec 31, 2022
2021	$16.2B	$2.99B	5.4×	-1.7×	Dec 31, 2021
2020	$19.1B	$2.67B	7.2×	-1.6×	Dec 31, 2020
2019	$18.8B	$2.16B	8.7×	+1.5×	Dec 31, 2019
2018	$13.5B	$1.88B	7.2×	-5.8×	Dec 31, 2018
2017	$20B	$1.54B	13.0×	-4.1×	Dec 31, 2017
2016	$18.9B	$1.11B	17.1×	-9.7×	Dec 31, 2016
2015	$20.2B	$754M	26.8×	+2.5×	Dec 31, 2015
2014	$12.4B	$511M	24.3×	+1.2×	Dec 31, 2014
2013	$8.2B	$355M	23.1×	+15.7×	Dec 31, 2013
2012	$2.19B	$297M	7.4×	-12.7×	Dec 31, 2012
2011	$1.9B	$94.5M	20.1×	+8.1×	Dec 31, 2011
2010	$2.04B	$170M	12.0×	-104.8×	Dec 31, 2010
2009	$1.08B	$9.27M	116.8×	+22.7×	Dec 31, 2009
2008	$369M	$3.92M	94.1×	+69.4×	Dec 31, 2008
2007	$848M	$34.4M	24.6×	+6.9×	Dec 31, 2007
2006	$490M	$27.6M	17.7×	-39.2×	Dec 31, 2006
2005	$447M	$7.85M	56.9×	-16.7×	Dec 31, 2005
2004	$792M	$10.8M	73.6×	+63.1×	Dec 31, 2004
2003	$495M	$47.1M	10.5×	+7.5×	Dec 31, 2003
2002	$308M	$102M	3.0×	—	Dec 31, 2002


Zimmer Biomet Holdings (ZBH)	2.1×
AptarGroup (ATR)	2.1×
Becton, Dickinson and (BDX)	2.1×
Charles River (CRL)	1.9×
Quest Diagnostics (DGX)	1.9×
IQVIA (IQV)	1.7×
GE HealthCare (GEHC)	1.6×
Labcorp Holdings (LH)	1.6×
HCA Healthcare (HCA)	1.4×
Solventum (SOLV)	1.4×
Viatris (VTRS)	1.1×
UnitedHealth Group (UNH)	0.8×
Baxter International (BAX)	0.8×
DaVita (DVA)	0.7×
Henry Schein (HSIC)	0.6×
Universal Health Services (UHS)	0.6×
Elevance Health (ELV)	0.4×
Teladoc Health (TDOC)	0.4×
McKesson (MCK)	0.3×
Cigna (CI)	0.3×
CVS Health (CVS)	0.2×
Cardinal Health (CAH)	0.2×
Cencora (COR)	0.2×
Humana (HUM)	0.2×
Centene (CNC)	0.1×

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

P/S Ratio daily chart for Incyte (INCY)

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

About P/S Ratio at Incyte (INCY)

Incyte P/S Ratio by Year

Incyte P/S Ratio 2025: 3.8×

Incyte P/S Ratio 2024: 3.1×

Incyte P/S Ratio 2023: 3.8×

Incyte P/S Ratio 2022: 5.3×

Incyte P/S Ratio 2021: 5.4×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Incyte (INCY) Key Financials