NASDAQ: INCY · Biotechnology
Incyte (INCY) fair value: undervalued or overvalued?
As of 28 Sep 2026, Faircurve's model values Incyte (INCY) at $134.83 a share. The stock last closed at $115.30, which puts the model's fair value 16.9% above the price. On the model's bands that reads as Undervalued.
Revalued . Price is the close of 2 Oct 2026. Incyte Corporation.
Faircurve Insights · 28 Sep 2026
Incyte Corporation is a biopharmaceutical firm engaged in the research, development, and global marketing of its own innovative therapies.
Faircurve's model on 28 Sep 2026 gave a fair value of $134.83 a share, the midpoint of 2,000 simulations. The previous run, on 19 Sep 2026, gave $140.51; the fair value moved -4.0%. The calibrated range over 63 trading days is $113.12 to $164.40, built from the fair value, since there is no live options data for the stock, calibrated weekly against realised prices (4,327 past valuations, refreshed 26 Sep 2026), and ranges built this way held the price 60% of the time at this horizon. The evidence grade is High.
The overall quality score is 71 out of 100 against comparable companies. The model compares it with United Therapeutics Corporation (UTHR), Alnylam Pharmaceuticals, Inc. (ALNY), Jazz Pharmaceuticals plc (JAZZ), Exelixis, Inc. (EXEL), Neurocrine Biosciences, Inc. (NBIX), and Halozyme Therapeutics, Inc. (HALO). The median size of moves around the last 8 earnings reports, ignoring direction, was 8.1%.
Written from the figures on this page for the 28 Sep 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
What price range does the model give INCY?
The calibrated range for INCY over 63 trading days is $113.12 to $164.40. There is no live options data for this stock, so the range is built from the fair value and calibrated weekly against realised prices (n = 4,327 past valuations, refreshed 26 Sep 2026). Ranges built this way held the price 60% of the time at this horizon.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $100.70 to $180.55. In 59% of the simulations the fair value came out above the price the model ran on.
How does INCY score on business quality?
Incyte's overall quality score is 71 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 100 | 62.7%ROIC | 12.3% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 30 | 1.19xFCF / net income | 1.57x |
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analyst estimate revisions. | 82 | 21.2%Revenue growth, trailing | 6.0% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 33 | 0.0%Net buybacks / market value | 2.3% |
| Balance sheetNet debt to EBITDA and interest coverage. | 100 | -1.93xNet debt / EBITDA | 2.02x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 50 | 5.6 ptsEBITDA margin downside volatility, 5y | 5.4 pts |
How does INCY compare with similar companies?
The companies in biotechnology closest to Incyte in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| INSM Insmed Incorporated | $111.12 | $113.15 | +1.8% | Low evidence grade |
| ROIV Roivant Sciences Ltd. | $35.72 | $33.59 | -6.0% | Low evidence grade |
| UTHR United Therapeutics Corporation | $541.70 | $561.13 | +3.6% | Fairly valued |
| ALNY Alnylam Pharmaceuticals, Inc. | $219.72 | $267.69 | +21.8% | Undervalued |
| JAZZ Jazz Pharmaceuticals plc | $235.67 | $281.56 | +19.5% | Undervalued |
| EXEL Exelixis, Inc. | $58.39 | $60.30 | +3.3% | Fairly valued |
| NBIX Neurocrine Biosciences, Inc. | $143.18 | $138.92 | -3.0% | Fairly valued |
| HALO Halozyme Therapeutics, Inc. | $109.86 | $107.60 | -2.1% | Fairly valued |
When does INCY report earnings, and how has the stock reacted?
Incyte's next earnings report is scheduled for 27 Oct 2026. Companies can move their dates.
Options prices on 2 Oct 2026 imply a move of about 6.9% in either direction through the nearest expiry, about 13 days out. That is the size the market is pricing, not a direction.
How INCY moved around its last 8 earnings reports
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across these 8 reports, ignoring direction, was 8.1%.
| Report date | Two session move |
|---|---|
| 28 Jul 2026 | +6.9% |
| 28 Apr 2026 | +3.5% |
| 10 Feb 2026 | -9.3% |
| 28 Oct 2025 | -3.1% |
| 29 Jul 2025 | +10.5% |
| 29 Apr 2025 | +5.3% |
| 10 Feb 2025 | -10.5% |
| 29 Oct 2024 | +12.5% |
Incyte at a glance
Incyte Corporation is a biopharmaceutical firm engaged in the research, development, and global marketing of its own innovative therapies.
- Market value
- $25.1B
- Sector
- Healthcare
- Industry
- Biotechnology
- Revenue expected, next twelve months
- $6.2B
- Consensus revenue growth, next fiscal year
- +15.5%
- Analysts with estimates
- 13
- Beta to the US market
- 0.32
- First valued by Faircurve
- 1 May 2026
How the fair value is worked out: the model prices Incyte on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 19 Sep 2026 the model's fair value for INCY was $140.51. As of 28 Sep 2026 it is $134.83, a change of -4.0%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about Incyte's valuation
Is Incyte stock undervalued or overvalued?
On Faircurve's model, INCY reads as Undervalued as of 28 Sep 2026. The model's fair value is $134.83 a share against a last close of $115.30, a gap of +16.9%.
What is INCY's fair value?
$134.83 a share as of 28 Sep 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $100.70 to $180.55.
What price range does the model give INCY?
$113.12 to $164.40 over 63 trading days. Ranges built this way held the price 60% of the time across 4,327 past valuations, refreshed 26 Sep 2026.
When does Incyte report earnings next?
The next report is scheduled for 27 Oct 2026. Companies can move their dates.
How much has INCY moved on past earnings reports?
Across its last 8 reports the median two session move was 8.1%, ignoring direction. The largest was +12.5% around the report of 29 Oct 2024.
How confident is the model in this valuation?
The model's evidence grade for INCY is high. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.