Forensic Analysis · Professional & Commercial Services · as of Aug 10, 2026

Incyte Corp (INCY)

A forensic read on Incyte Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality compounder

Forensic grade

Safe

Financial health

17.5

Distress distance

Clean

Earnings quality

Forensic signals

15.1

P / E (ttm)

24.9%

ROE

$24.7B

Market cap

21.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Incyte Corp earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 17.5, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns — halted.

What the filings flag

stopped

FY2024→FY2025

Shareholder returns — halted. Capital returns have STOPPED — $2.0B of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.

+16.2%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +16.2% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +72% against +19% in cost of sales and receivables up +20% against revenue +21%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 7% of net operating assets, diverging from the balance-sheet accrual read.

78d

FY2024→FY2025

Inventory days. Days inventory outstanding moved from 71 to 78 FY2024→FY2025 (against cost of goods sold; inventory +72% vs +19% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.

Key fundamentals

Latest Revenue$5.14B

Revenue Growth YoY+21.2%

Revenue CAGR (3yr)+14.8%

Net Margin25.0%

Free Cash Flow$1.35B

Return on Equity24.9%

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.