Incyte Corporation
$23.26B- Market cap
- $24.85B
- Debt
- +$1.51B
- Cash
- −$3.10B
Capital structure 94% equity / 6% debt · EV / Revenue 4.52x · EV / EBITDA 13.23x
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 at premium vs ZTS $124.40 current versus $78.38 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 ZTS's multiple
Implied fair value · at INCY's multiple
Snapshot Sep 8, 2026, 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) · ZTS FY 2025 (ended Dec 31, 2025).
Trendline
Eight period-end years of reported revenue, earnings, and margins. Periods and currencies are shown with the data.
Price framework
Market cap plus debt, less cash.
Capital structure 94% equity / 6% debt · EV / Revenue 4.52x · EV / EBITDA 13.23x
Complete market value, debt and cash evidence is required for enterprise value.
Capital structure 77% equity / 23% debt
ZTS carries the larger enterprise value at $39.46B against $23.26B; ZTS trades on the lower EV / Revenue multiple (4.17x vs 4.52x); ZTS on the lower EV / EBITDA (9.02x vs 13.23x).
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.
Zoetis 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
2.71x
Net debt / EBITDA
Leverage against operating earnings
-0.90x
—
Cash and equivalents
Liquid reserves on the balance sheet
$3.10B
—
Total debt
Interest-bearing obligations outstanding
$1.51B
$9.04B
Comparable set
Where the pair sits against the wider comparable set.
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LLM-powered synthesis
An explanation of the financial evidence. Check its snapshot date against the figures above.
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