Forensic Analysis · Consulting & Engineering Services · as of Nov 9, 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.
B · Sound & dependable
Forensic grade
Safe
Financial health
7.9
Distress distance
Clean
Earnings quality
2
Forensic signals
29.9%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 7.9, placing it in the Safe zone. 2 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. 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%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 7% of net operating assets, against an accruals ratio of 16.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$5.14B
Revenue Growth YoY+21.2%
Revenue CAGR (2yr)+17.9%
Net Margin25.0%
Free Cash Flow$1.35B
Return on Equity29.9%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Incyte Corp's actual 10-K/10-Q/8-K filings?