Incyte Corporation
$23.36B- Market cap
- $24.94B
- Debt
- +$1.51B
- Cash
- −$3.10B
Capital structure 94% equity / 6% debt · EV / Revenue 4.54x · EV / EBITDA 13.29x
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 TNET $124.86 current versus $131.73 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 TNET's multiple
Implied fair value · at INCY's multiple
Snapshot Sep 8, 11:45 AM 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) · TNET FY 2025 (ended Dec 31, 2025).
Trendline
Eight 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 4.54x · EV / EBITDA 13.29x
Capital structure 77% equity / 23% debt · EV / Revenue 0.72x · EV / EBITDA 9.20x
INCY carries the larger enterprise value at $23.36B against $3.63B; TNET trades on the lower EV / Revenue multiple (0.72x vs 4.54x); TNET on the lower EV / EBITDA (9.20x vs 13.29x).
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.
TRINET GROUP, 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
16.57x
Net debt / EBITDA
Leverage against operating earnings
-0.90x
1.54x
Cash and equivalents
Liquid reserves on the balance sheet
$3.10B
$287.00M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
AMGEN INC
INCY vs AMGN
GILEAD SCIENCES, INC.
INCY vs GILD
VERTEX PHARMACEUTICALS INC / MA
INCY vs VRTX
REGENERON PHARMACEUTICALS, INC.
INCY vs REGN
BIOGEN INC.
INCY vs BIIB
AUTOMATIC DATA PROCESSING INC
INCY vs ADP
PAYCHEX INC
INCY vs PAYX
INSPERITY, INC.
INCY vs NSP
Workday, Inc.
INCY vs WDAY
$1.51B
$895.00M
LLM-powered synthesis
An on-demand narrative read of the same deterministic data.
The deterministic comparison remains available. Sign in when you want an on-demand narrative synthesis of the same data.