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INCY, Incyte

Life Sciences Tools & Services asset-light Cyclical

Incyte is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics.

Our hematology franchise includes four approved products, JAKAFI (ruxolitinib), ICLUSIG (ponatinib), MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) and NIKTIMVO (axatilimab-csfr), as well as multiple clinical development programs.

Approved Products JAKAFI (ruxolitinib) JAKAFI (ruxolitinib) was approved by the U.S.

Latest annual: FY2025 10-K

INCY · Incyte

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$5.1B

+21.2% YoY · 14% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $5.8B 5-yr avg $3.9B

Gross margin 93% 5-yr avg 93%

Operating margin 30.6% 5-yr avg 16.9%

ROIC 7% 5-yr avg 28%

Owner-earnings margin 33% 5-yr avg 25%

Free cash flow margin 33% 5-yr avg 23%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 95% and operating margin about 15% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from −16% to 29% — on a steadier 95% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. The cash cycle has run negative through the cycle (a median of −218 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 24%, above 15% in 6 of 10 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 22% of revenue reaches owners as cash, though it swings, and customers and suppliers fund the business through negative working capital. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$1.1B	$1.5B	$1.9B	$2.2B	$2.7B	$3.0B	$3.4B	$3.7B	$4.2B	$5.1B	$5.8B	RevenueRevenue
$1.0B	$1.5B	$1.8B	$2.0B	$2.5B	$2.8B	$3.2B	$3.4B	$3.9B	$4.8B	$5.4B	Gross profitGross prof.
95%	95%	95%	95%	95%	95%	94%	93%	93%	93%	93%	Gross marginGross mgn
27%	24%	23%	22%	19%	25%	30%	31%	29%	27%	24%	SG&A / revenueSG&A/rev
53%	86%	64%	53%	83%	49%	47%	44%	61%	40%	37%	R&D / revenueR&D/rev
$145M	($243M)	$129M	$402M	($264M)	$586M	$579M	$621M	$61M	$1.5B	$1.8B	Operating incomeOp. inc.
13.1%	−15.8%	6.9%	18.6%	−9.9%	19.6%	17.1%	16.8%	1.4%	29.5%	30.6%	Operating marginOp. mgn
$107M	($312M)	$115M	$487M	($232M)	$570M	$529M	$834M	$317M	$1.7B	—	Pretax incomePretax
$104M	($313M)	$109M	$447M	($296M)	$949M	$341M	$598M	$33M	$1.3B	$1.6B	Net incomeNet inc.
3%	—	5%	8%	—	—	36%	28%	—	23%	18%	Effective tax rateTax rate
											Cash flow & returns
$305M	($93M)	$336M	$711M	($125M)	$749M	$970M	$496M	$335M	$1.4B	$2.0B	Operating cash flowOp. cash
$58M	$52M	$55M	$55M	$52M	$58M	$68M	$83M	$89M	$93M	$98M	DepreciationDeprec.
$46M	$35M	$24M	$43M	($59M)	($440M)	$373M	($400M)	($53M)	($216M)	$14M	Working capital & otherWC & other
$120M	$111M	$73M	$78M	$187M	$181M	$78M	—	—	—	$78M	CapexCapex
10.9%	7.2%	3.9%	3.6%	7.0%	6.1%	2.3%	—	—	—	1.3%	Capex / revenueCapex/rev
$246M	($145M)	$281M	$656M	($176M)	$692M	$892M	—	—	—	$1.9B	Owner earningsOwner earn.
22.3%	−9.4%	14.9%	30.4%	−6.6%	23.2%	26.3%	—	—	—	32.7%	Owner earnings marginOE mgn
$184M	($204M)	$263M	$633M	($312M)	$568M	$892M	—	—	—	$1.9B	Free cash flowFCF
16.7%	−13.3%	14.0%	29.3%	−11.7%	19.0%	26.3%	—	—	—	32.7%	Free cash flow marginFCF mgn
—	—	—	—	—	—	$0	$0	$2.0B	$0	—	BuybacksBuybacks
($232M)	($350M)	($86M)	($87M)	($269M)	($208M)	($79M)	($208M)	$158M	($103M)	—	Investing cash flowInv. cash
$45M	$690M	$15M	$46M	$72M	$6M	($794K)	($20M)	($2.0B)	$101M	—	Financing cash flowFin. cash
($9K)	($39K)	$91K	($192K)	$3M	($4M)	$3M	($7M)	$3M	($2M)	—	Exchange-rate effectFX
$117M	$247M	$265M	$669M	($319M)	$544M	$894M	$262M	($1.5B)	$1.4B	—	Change in cashΔ cash
27%	-25%	1%	48%	-19%	34%	26%	22%	2%	57%	7%	ROICROIC
25%	-19%	6%	17%	-11%	25%	8%	12%	1%	25%	25%	Return on equityROE
25%	−19%	6%	17%	−11%	25%	8%	12%	1%	25%	25%	Retained to equityRetained/eq
											Balance sheet
$809M	$1.2B	$1.4B	$2.1B	$1.5B	$2.1B	$3.0B	$3.2B	$1.7B	$3.1B	$4.3B	Cash & investmentsCash+inv
$149M	$266M	$308M	$309M	$482M	$616M	$645M	$744M	$853M	$1.0B	$1.1B	ReceivablesReceiv.
$4M	$6M	$7M	$11M	$16M	$28M	$42M	$63M	$59M	$101M	$113M	InventoryInvent.
$76M	$68M	$104M	$84M	$99M	$172M	$278M	$110M	$197M	$210M	$250M	Accounts payablePayables
$77M	$205M	$211M	$237M	$400M	$472M	$409M	$697M	$715M	$916M	$987M	Operating working capitalOper. WC
$994M	$1.5B	$1.8B	$2.5B	$2.4B	$3.1B	$4.1B	$4.6B	$3.2B	$5.0B	$6.0B	Current assetsCur. assets
$274M	$375M	$425M	$513M	$631M	$854M	$1.2B	$1.2B	$1.6B	$1.5B	$1.3B	Current liabilitiesCur. liab.
3.6×	4.0×	4.3×	4.8×	3.7×	3.7×	3.5×	3.7×	2.0×	3.3×	4.6×	Current ratioCurr. ratio
$168M	$260M	$320M	$378M	$560M	$724M	$739M	$752M	$763M	$731M	—	Net PP&ENet PP&E
$156M	$156M	$156M	$156M	$156M	$156M	$156M	$156M	$156M	$133M	$133M	GoodwillGoodwill
$1.6B	$2.3B	$2.6B	$3.4B	$3.6B	$4.9B	$5.8B	$6.8B	$5.4B	$7.0B	$7.9B	Total assetsAssets
$750M	$27M	$19.1B	—	—	—	—	—	—	—	$19.8B	Total debtDebt
($59M)	($1.1B)	$17.7B	—	—	—	—	—	—	—	$15.5B	Net debt / (cash)Net debt
3.7×	-35.3×	83.7×	216.7×	-121.3×	307.0×	217.3×	243.2×	26.9×	623.9×	764.9×	Interest coverageInt. cov.
$1.2B	$672M	$720M	$828M	$950M	$1.2B	$1.5B	$1.6B	$2.0B	$1.8B	—	Total liabilitiesTotal liab.
$419M	$1.6B	$1.9B	$2.6B	$2.6B	$3.8B	$4.4B	$5.2B	$3.4B	$5.2B	$6.3B	Shareholders’ equityEquity
8.7%	8.7%	7.9%	7.7%	6.7%	6.1%	5.6%	5.8%	6.3%	4.8%	4.4%	Stock comp / revenueSBC/rev
											Per share
194M	205M	216M	218M	218M	222M	224M	226M	211M	201M	208M	Shares out (diluted)Shares
$5.70	$7.51	$8.73	$9.92	$12.23	$13.45	$15.16	$16.36	$20.15	$25.62	$27.95	Revenue / shareRev/sh
$0.54	$-1.53	$0.51	$2.05	$-1.36	$4.27	$1.52	$2.65	$0.15	$6.41	$7.74	EPS (diluted)EPS
$1.27	$-0.71	$1.30	$3.01	$-0.81	$3.11	$3.98	—	—	—	$9.13	Owner earnings / shareOE/sh
$0.95	$-1.00	$1.22	$2.91	$-1.43	$2.56	$3.98	—	—	—	$9.13	Free cash flow / shareFCF/sh
$0.62	$0.54	$0.34	$0.36	$0.86	$0.82	$0.35	—	—	—	$0.37	Cap. spending / shareCapex/sh
$2.16	$7.97	$8.93	$11.94	$11.97	$16.98	$19.51	$22.97	$16.38	$25.75	$30.47	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+18.2%/yr	+15.9%/yr
Owner earnings / share	+21.0%/yr (6-yr)	—
EPS	+31.7%/yr	—
Capital spending / share	−9.2%/yr (6-yr)	−8.5%/yr
Book value / share	+31.7%/yr	+16.5%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2018–FY2022cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2022 the business turned $341M of profit into $892M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$341M

Owner earnings$892M · 26% of revenue

	FY2022	FY2021	FY2020	FY2019	FY2018
Reported net income	$341M	$949M	($296M)	$447M	$109M
Depreciation & amortizationnon-cash charge added back	+$68M	+$58M	+$52M	+$55M	+$55M
Stock-based compensationreal costnon-cash, but a real cost	+$188M	+$183M	+$178M	+$167M	+$148M
Working capital & othertiming of cash in and out, other non-cash items	+$373M	−$440M	−$59M	+$43M	+$24M
Cash from operations	$970M	$749M	($125M)	$711M	$336M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$78M	−$58M	−$52M	−$55M	−$55M
Owner earnings	$892M	$692M	($176M)	$656M	$281M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$123M	−$136M	−$24M	−$19M
Free cash flow	$892M	$568M	($312M)	$633M	$263M
Owner-earnings marginowner earnings ÷ revenue	26%	23%	-7%	30%	15%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $188M), owner earnings is nearer $704M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 623.9×

Comfortable

Operating income $1.5B ÷ interest expense $2M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $16.7B · 11.0× operating profit

Heavy net debt

Cash $3.1B − debt $19.8B

What this means
Netting $3.1B of cash and short-term investments against $19.8B of debt leaves $16.7B owed, about 11.0× a year's operating profit (13.1× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -34d

Negative, funded by others

DSO 73 + DIO 99 − DPO 206 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.

Is it a good business?

Return on invested capital 24%

High through the cycle

10-yr median, range -25%–57%; 5% latest = NOPAT $1.2B ÷ invested capital $21.9B

Industry peers: median 16%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 5% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin —

Not enough data

Industry peers: median 13%

What this means
The filing data didn't include the inputs for this check.
Are earnings backed by cash? 1.10×

Cash-backed

Cash from ops $1.4B ÷ net income $1.3B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

The promise and the pay packet

Is the buyback buying ownership, or mopping up? 4.8%

The count is genuinely shrinking

Stock compensation $249M (fiscal 2025), 4.8% of revenue · no repurchases · diluted shares -10.4% since 2022

What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.

Graham’s defensive tests · 2 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $5.1B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.32×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $19.8B vs $3.5B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record —

Uninterrupted dividends · no dividend line tagged in the data

What this means
An unbroken dividend was Graham's mark of durability. This record carries no dividends-paid line in any year — common for partnerships, whose distributions file under tags the chain doesn't read — so the criterion is withheld rather than judged on silence.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $3.15/share (latest year $6.35), the averaged base the calculator's gate runs on, and book value is $25.49/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 10

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 3 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 1% → 16% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about 1% early to 16% lately, median 13% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +58%/yr

What this means
Owner earnings grew about 58% a year over the record.
Worst year 2017 · −15.8% op. margin

What this means
Operations went underwater in 2017, understand why before trusting the good years.
Share count +0.4%/yr

What this means
Roughly flat share count, little dilution, little buyback.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$6.0B

Cash & short-term investments$4.3B
Receivables$1.1B
Inventory$113M
Other current assets$522M

Current liabilities$1.3B

Debt due within a year$689M
Accounts payable$250M
Other current liabilities$373M

Current ratio4.59×all current assets ÷ what's due · Graham looked for 2×

Quick ratio4.51×stricter: inventory excluded

Cash ratio3.25×strictest: cash alone against what's due

Working capital$4.7Bthe cushion left after near-term bills

Debt due this year vs. cash$689M due · $4.3B cash covered by cash on hand, no refinancing forced · both figures from the Jun 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago+37.7%the freshest read on whether the business is still growing

Current ratio, recent quarters1.9× → 4.6×

Deeper floors

Tangible book value$6.0Bequity stripped of goodwill & intangibles

Net current asset value$4.5BGraham's net-net: current assets less all liabilities

Debt incl. operating leases$19.8B$20M of it operating leases

Deferred revenue$80Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2022

Over the record, the business generated $2.9B of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$829M · 29%
Retained (debt / cash)$2.0B · 71%

Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $19.0B and cash and short-term investments rose $3.5B.
Net change in share count7.3%
The diluted count rose from 194M to 208M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained25%
Of the earnings it kept rather than paid out ($1.3B over the span), annual owner earnings (first three years vs last three) grew $342M, so each retained $1 added about 0.25 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Net income
2021	$14.4M	$6.2M	$949M
2022	$16.7M	$16.0M	$341M
2023	$16.7M	$7.8M	$598M
2024	$17.5M	$25.2M	$33M
2025	$6.4M	$23.4M	$1.3B
2025	$32.1M	$54.7M	$1.3B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.

Insider ownership16.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$249M
The slice of the business handed to employees in shares in fiscal 2025, 4.8% of revenue, equal to 16.5% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Peers, Life Sciences Tools & Services

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
IQVIQVIA Holdings Inc.	$16.3B	—	9.2%	5%	11%
ICLRICON plc	$8.3B	29%	13.3%	16%	13%
AVTRAvantor Inc.	$6.6B	34%	10.0%	7%	9%
INCYIncyte	$5.1B	95%	15.0%	24%	22%
ILMNIllumina Inc.	$4.3B	67%	18.2%	16%	23%
CRLCharles River Labs	$4.0B	84%2y	14.7%	9%	13%
ULSUL Solutions Inc.	$3.1B	48%	16.2%	27%	10%
MEDPMedpace Holdings	$2.5B	—	17.6%	27%	22%
Group median	—	58%	14.8%	16%	13%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Incyte has delivered.

Incyte’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Incyte earns about $1.1B on its 22.3% median owner-earnings margin. This year’s — margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($1.1B) Net of stock comp (−$255M TTM)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.68% 10-year Treasury (Jul 30, 2026) + 4.32 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’18→’22+14%/yr

Owner-earnings growth · since FY2021+57%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.68%, as of Jul 30, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $1.9B on 203M shares outstanding, per the 10-Q cover, as of 2026-07-21; net debt $15.5B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh INCY against another business →

Cite: Owner Scorecard, "Incyte (INCY), the owner's record," https://ownerscorecard.com/c/INCY, data as of 2026-07-18.

Manual order: ← INBX its page in the Manual INDB →

Industry order: ← ILMN the Life Sciences Tools & Services chapter IQV →