Incyte Corporation
$23.74B- Market cap
- $25.33B
- Debt
- +$1.51B
- Cash
- −$3.10B
Capital structure 94% equity / 6% debt · EV / Revenue 4.62x · EV / EBITDA 13.51x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
FY 2025 ·
Decision snapshot: INCY stock price near parity vs BKH $126.78 current versus $117.94 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at BKH's multiple
Implied fair value · at INCY's multiple
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth edge
Pricing power
Operating leverage
Multiple premium
Premium justified
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: INCY FY 2025 (ended Dec 31, 2025) · BKH FY 2025 (ended Dec 31, 2025).
Trendline
Nine fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 94% equity / 6% debt · EV / Revenue 4.62x · EV / EBITDA 13.51x
Capital structure 54% equity / 46% debt · EV / Revenue 4.37x · EV / EBITDA 13.78x
INCY carries the larger enterprise value at $23.74B against $10.10B; BKH trades on the lower EV / Revenue multiple (4.37x vs 4.62x); INCY on the lower EV / EBITDA (13.51x vs 13.78x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
INCYTE CORPORATION · implied price per share
Five annual free-cash-flow observations are required for the filing-backed baseline.
Black Hills Corporation · implied price per share
Latest annual free cash flow must be positive to qualify the filing-backed baseline.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
0.29x
1.23x
Net debt / EBITDA
Leverage against operating earnings
-0.90x
6.16x
Cash and equivalents
Liquid reserves on the balance sheet
$3.10B
$182.80M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
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