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Incyte (NAS:INCY) Cyclically Adjusted FCF per Share

: $1.25 (As of Dec. 2023)
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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

Incyte's adjusted free cash flow per share for the three months ended in Dec. 2023 was $0.642. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is $1.25 for the trailing ten years ended in Dec. 2023.

During the past 12 months, Incyte's average Cyclically Adjusted FCF Growth Rate was 22.50% per year. During the past 3 years, the average Cyclically Adjusted FCF Growth Rate was 175.20% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted FCF Growth Rate using Cyclically Adjusted FCF per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted FCF Growth Rate of Incyte was 175.20% per year. The lowest was -11.60% per year. And the median was 7.25% per year.

As of today (2024-02-24), Incyte's current stock price is $60.59. Incyte's Cyclically Adjusted FCF per Share for the quarter that ended in Dec. 2023 was $1.25. Incyte's Cyclically Adjusted Price-to-FCF of today is 48.47.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Incyte was 1631.50. The lowest was 44.44. And the median was 159.96.


Incyte Cyclically Adjusted FCF per Share Historical Data

The historical data trend for Incyte's Cyclically Adjusted FCF per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Incyte Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Cyclically Adjusted FCF per Share
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.30 0.06 0.49 1.02 1.25

Incyte Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Cyclically Adjusted FCF per Share Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.02 0.96 1.10 1.18 1.25

Competitive Comparison

For the Biotechnology subindustry, Incyte's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Incyte Cyclically Adjusted Price-to-FCF Distribution

For the Biotechnology industry and Healthcare sector, Incyte's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where Incyte's Cyclically Adjusted Price-to-FCF falls into.



Incyte Cyclically Adjusted FCF per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

What is Cyclically Adjusted FCF per Share? How do we calculate Cyclically Adjusted FCF per Share?

Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.

We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Incyte's adjusted Free Cash Flow per Share data for the three months ended in Dec. 2023 was:

Adj_FreeCashFlowPerShare= Free Cash Flow per Share /CPI of Dec. 2023 (Change)*Current CPI (Dec. 2023)
=0.642/129.4194*129.4194
=0.642

Current CPI (Dec. 2023) = 129.4194.

Incyte Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201403 -0.208 99.695 -0.270
201406 -0.138 100.560 -0.178
201409 0.091 100.428 0.117
201412 0.229 99.070 0.299
201503 -0.047 99.621 -0.061
201506 0.060 100.684 0.077
201509 -0.031 100.392 -0.040
201512 0.304 99.792 0.394
201603 0.477 100.470 0.614
201606 -0.335 101.688 -0.426
201609 0.405 101.861 0.515
201612 0.402 101.863 0.511
201703 -0.997 102.862 -1.254
201706 0.421 103.349 0.527
201709 0.089 104.136 0.111
201712 -0.542 104.011 -0.674
201803 0.039 105.290 0.048
201806 0.100 106.317 0.122
201809 0.807 106.507 0.981
201812 0.271 105.998 0.331
201903 0.633 107.251 0.764
201906 0.486 108.070 0.582
201909 1.319 108.329 1.576
201912 0.468 108.420 0.559
202003 -3.335 108.902 -3.963
202006 1.023 108.767 1.217
202009 0.591 109.815 0.697
202012 0.255 109.897 0.300
202103 0.712 111.754 0.825
202106 0.480 114.631 0.542
202109 1.003 115.734 1.122
202112 0.364 117.630 0.400
202203 0.891 121.301 0.951
202206 0.726 125.017 0.752
202209 1.198 125.227 1.238
202212 1.166 125.222 1.205
202303 -0.587 127.348 -0.597
202306 1.326 128.729 1.333
202309 0.605 129.860 0.603
202312 0.642 129.419 0.642

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.


Incyte  (NAS:INCY) Cyclically Adjusted FCF per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.

For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.

Incyte's Cyclically Adjusted Price-to-FCF of today is calculated as

Cyclically Adjusted Price-to-FCF=Share Price/Cyclically Adjusted FCF per Share
=60.59/1.25
=48.47

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Incyte was 1631.50. The lowest was 44.44. And the median was 159.96.


Be Aware

Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.


Incyte Cyclically Adjusted FCF per Share Related Terms

Thank you for viewing the detailed overview of Incyte's Cyclically Adjusted FCF per Share provided by GuruFocus.com. Please click on the following links to see related term pages.


Incyte (NAS:INCY) Business Description

Industry
Traded in Other Exchanges
Address
1801 Augustine Cut-Off, Wilmington, DE, USA, 19803
Incyte focuses on the discovery and development of small-molecule drugs. The firm's lead drug, Jakafi, treats two types of rare blood cancer and graft versus host disease and is partnered with Novartis. Incyte's other marketed drugs include rheumatoid arthritis treatment Olumiant (licensed to Lilly), and oncology drugs Iclusig (chronic myeloid leukemia), Pemazyre (cholangiocarcinoma), Tabrecta (lung cancer), and Monjuvi (diffuse large B-cell lymphoma). The firm's first dermatology product, Opzelura, was approved in 2021 for atopic dermatitis and 2022 for vitiligo. Incyte's pipeline includes a broad array of oncology and dermatology programs.
Executives
Steven H Stein officer: EVP & Chief Medical Officer 1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Vijay K Iyengar officer: EVP GPS, BD, & Licensing 1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Thomas Tray officer: Principal Accounting Officer C/O INCYTE CORPORATION, 1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Sheila A. Denton officer: EVP & General Counsel 1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Paul J Clancy director C/O BIOGEN IDEC INC., 14 CAMBRIDGE CENTER, CAMBRIDGE MA 02142
Edmund Harrigan director C/O ACADIA PHARMACEUTICALS INC., 12830 EL CAMINO REAL, SUITE 400, SAN DIEGO CA 92130
Paula J Swain other: Exec VP, Human Resources C/O INCYTE CORPORATION, 3160 PORTER DRIVE, PALO LATO CA 94304
Pablo J Cagnoni officer: President, R&D ONYX PHARMACEUTICALS, INC., 249 E. GRAND AVE., SOUTH SAN FRANCISCO CA 94080
Maria E Pasquale officer: EVP & General Counsel C/O INCYTE CORPORATION, 1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Dashyant Dhanak officer: EVP & Chief Scientific Officer C/O INCYTE CORPORATION, 1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Susanne Schaffert director C/O RUBIUS THERAPEUTICS, INC., 399 BINNEY STREET, SUITE 300, CAMBRIDGE MA 02139
Barry P Flannelly officer: See Remarks ROUTE 141 AND HENRY CLAY ROAD, WILMINGTON DE 19880
Baker Bros. Advisors Lp director, 10 percent owner 860 WASHINGTON STREET, 3RD FLOOR, NEW YORK NY 10014
Jonathan Elliott Dickinson officer: EVP, General Manager, Europe CARE OF INCYTE CORPORATION, 1801 AUGUSTINE CUT OFF, WILMINGTON DE 19803
Wendy L Dixon director