INCY INCY

Name: INCY Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 19, 2026

Price at analysis: $92.03

Crucible Score

74.7

B+

Quality × Value Composite

KQI — Quality

70.7

Fundamental Quality Index

KVI — Value

79.6

B+

Valuation Attractiveness Index

Crucible Verdict — INCY

Incyte Corporation earns a solid B+ rating driven by strong financial quality (88) that compensates for concerning diversification weaknesses (25) and modest management effectiveness under decade-long CEO Hervé Hoppenot. INCY trades at a 22% discount to fair value despite robust fundamentals, though insider selling and a poor 48% earnings beat rate signal execution challenges. The valuation gap presents opportunity if management can improve operational consistency.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

87.5

Growth Profile

70.2

Moat Durability

74.0

Management Effectiveness⚠

67.4

Diversification & Resilience

24.8

Market Position

58.0

Weakest dimension: Diversification & Resilience (24.8)

◆ KVI Value Dimensions

DCF Margin of Safety

69.7

FCF Yield & Cash Returns

67.7

Relative Valuation

95.0

Growth-Adjusted Value

86.5

Historical Valuation

94.5

Macro Context

90.9

◆ DCF Valuation Scenarios

Bear Case

$72.45

Base Case

$112.58

Bull Case

$163.21

Price at Analysis

$92.03

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$72.45	6.0%	22.0%	9.4%
🟢 Base	$112.58	9.0%	26.0%	8.9%
🟢 Bull	$163.21	12.0%	30.0%	8.4%

Key Assumptions: Revenue base of ~$5.1B growing at 6-12% CAGR reflecting Jakafi maturity offset by Opzelura and pipeline growth; operating margins anchored to the 17-26% historical range with most recent year at 26% representing near-peak for base case. Tax rate normalized to 25% given historical volatility from one-time items, and capex intensity kept low at 1.5% consistent with asset-light biotech model. WACC derived from CAPM using 0.84 beta and 5.5% ERP yielding ~8.9% base case.

◆ Financial Snapshot

Profitability

Gross Margin91.8%

Operating Margin26.4%

Net Margin25.0%

ROIC16.5%

ROE8.8%

Balance Sheet

Balance SheetCR: 3.32

Cash ConversionFCF/EPS: 1.05x

Capital IntensityCapex/Rev: 1.1%

Altman Z-Score8.28 (Safe)

Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR14.5% CAGR

Earnings CAGR7.9% CAGR

Growth ConsistencyCV: 0.45

Segment Breadth9/9 growing (100%)

Quarterly TrendRev↑, Margin↑, Exp↓

Earnings CredibilityConsistent Misser

◆ Analyst Consensus & Leadership

Leadership & Governance

CEOHervé Hoppenot · 10 years

CEO Ownership17.8%

Insider ActivitySelling

Capital AllocationROIC 16.5% vs WACC 2.8%

Earnings Beat Rate48% (11/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 19, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.