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 · Mkt cap
Decision snapshot: INCY stock price near parity vs MORN $126.78 current versus $151.35 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 MORN'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
Value edge
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: INCY FY 2025 (ended Dec 31, 2025) · MORN FY 2025 (ended Dec 31, 2025).
Trendline
Five 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 88% equity / 12% debt · EV / Revenue 3.44x · EV / EBITDA 11.62x
INCY carries the larger enterprise value at $23.74B against $8.40B; MORN trades on the lower EV / Revenue multiple (3.44x vs 4.62x); MORN on the lower EV / EBITDA (11.62x vs 13.51x).
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.
MORNINGSTAR, INC. · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
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
0.88x
Net debt / EBITDA
Leverage against operating earnings
-0.90x
0.75x
Cash and equivalents
Liquid reserves on the balance sheet
$3.10B
$528.70M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
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$1.51B
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