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Incyte INCY Debt-to-equity

Debt-to-equity at other companies

Bristol-Myers Squibb logo
Bristol-Myers SquibbBMY
2.2×-0.6×
Pfizer logo
PfizerPFE
0.7×0.0×
Gilead Sciences logo
Gilead SciencesGILD
0.9×-0.4×
Johnson & Johnson logo
Johnson & JohnsonJNJ
0.7×0.0×
Amgen logo
AmgenAMGN
6.2×-3.0×
Biogen logo
BiogenBIIB
0.4×+0.1×

Other financials

Income statement

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Revenue$1.3B+20.9%
Gross profit$1.2B+19.2%
Operating income$301.1M+46.8%
Net income$303.3M+91.7%
EPS (diluted)$1.47+83.8%

Balance sheet

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Cash & equivalents$3.5B+78.2%
Total debt$39.4M-8.6%
Total equity$5.6B+53.3%
Total assets$7.3B+27.7%

Cash flow

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Operating cash flow$369.4M+38.8%
CapEx$1.6M-43.5%
Free cash flow$367.7M+39.7%

Valuation

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Market cap$19.78B+59.9%
Enterprise value$16.35B+55.9%
P/E13.8×-568×
P/S3.7×+0.9×

Profitability

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Gross margin92.5%-0.2pp
Operating margin30%+26.1pp
Net margin26.7%+26.2pp

Returns & leverage

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Return on equity30.8%+30.4pp
Current ratio3.7×+1.6×

Where this comes from

Calculated from Incyte’s reported figures.

Based on the most recent quarter.

The official record: Incyte’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Incyte's debt-to-equity?
Incyte (INCY) reported debt-to-equity of 0× in Q1 2026.
How has Incyte's debt-to-equity changed year-over-year?
Incyte's debt-to-equity decreased by 40.7% year-over-year, from 0× to 0×.
What is the long-term trend for Incyte's debt-to-equity?
Over 4 years (2021 to 2025), Incyte's debt-to-equity has grown at a -9.4% compound annual growth rate (CAGR), from 0.1× to 0×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.