Incyte Corporation — Earnings Quality Grade A
INCY · Healthcare
Strong financial health
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 73 days, change -1 days YoY
AR growth 20.1% vs revenue growth 21.2%
Revenue 21.2%, CFFO 321.5%. Cash follows revenue
Expense Quality
Inventory growth 71.7% exceeds COGS 19.2%
CapEx growth -16.3% vs revenue 21.2%. Normal
SG&A/Gross Profit = 28.9%, excellent (<30%)
Gross margin 92.8%, change +0.1pp. Stable
Cash Flow Quality
CFFO/NI = 1.10. Profits backed by cash
FCF $1.3B, FCF/NI = 1.03
Accruals ratio = -1.8%. Low accruals
Cash $3.6B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 5% of equity. Manageable
Debt/EBITDA = 0.0x. Healthy
Other assets 0.4% vs revenue 21.2%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -7% YoY. Normal
Manipulation Score
M-Score = -2.43 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09