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Incyte (NAS:INCY) Piotroski F-Score

: 4 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Incyte has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Incyte's Piotroski F-Score or its related term are showing as below:

INCY' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 4   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of Incyte was 8. The lowest was 1. And the median was 4.


Incyte Piotroski F-Score Historical Data

The historical data trend for Incyte's Piotroski F-Score 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 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 7.00 5.00 3.00 5.00

Incyte Quarterly Data
Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22
Piotroski F-Score 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 8.00 5.00 4.00 5.00 4.00

Competitive Comparison

For the Biotechnology subindustry, Incyte's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score Distribution

For the Biotechnology industry and Healthcare sector, Incyte's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Incyte's Piotroski F-Score falls in comparison to its industry or sector. The grey bar indicates the Piotroski F-Score's extreme value range as defined by GuruFocus.


How is the Piotroski F-Score calculated?

* 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.

This Year (Sep22) TTM:Last Year (Sep21) TTM:
Net Income was 563.851 + 37.992 + 161.432 + 112.775 = $876 Mil.
Cash Flow from Operations was 115.351 + 215.741 + 174.157 + 296.381 = $802 Mil.
Revenue was 862.853 + 733.235 + 911.397 + 823.303 = $3,331 Mil.
Gross Profit was 818.953 + 690.635 + 860.797 + 768.703 = $3,139 Mil.
Average Total Assets from the begining of this year (Sep21)
to the end of this year (Sep22) was
(4198.831 + 4933.352 + 5054.221 + 5319.035 + 5510.214) / 5 = $5003.1306 Mil.
Total Assets at the begining of this year (Sep21) was $4,199 Mil.
Long-Term Debt & Capital Lease Obligation was $30 Mil.
Total Current Assets was $3,821 Mil.
Total Current Liabilities was $1,007 Mil.
Net Income was 149.85 + 53.535 + 149.456 + 181.739 = $535 Mil.

Revenue was 789.509 + 604.718 + 705.709 + 812.987 = $2,913 Mil.
Gross Profit was 753.209 + 575.518 + 667.709 + 773.087 = $2,770 Mil.
Average Total Assets from the begining of last year (Sep20)
to the end of last year (Sep21) was
(3307.43 + 3560.918 + 3661.436 + 3904.623 + 4198.831) / 5 = $3726.6476 Mil.
Total Assets at the begining of last year (Sep20) was $3,307 Mil.
Long-Term Debt & Capital Lease Obligation was $31 Mil.
Total Current Assets was $2,924 Mil.
Total Current Liabilities was $743 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Incyte's current Net Income (TTM) was 876. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Incyte's current Cash Flow from Operations (TTM) was 802. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep21)
=876.05/4198.831
=0.20864141

ROA (Last Year)=Net Income/Total Assets (Sep20)
=534.58/3307.43
=0.16163003

Incyte's return on assets of this year was 0.20864141. Incyte's return on assets of last year was 0.16163003. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Incyte's current Net Income (TTM) was 876. Incyte's current Cash Flow from Operations (TTM) was 802. ==> 802 <= 876 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep21 to Sep22
=30.476/5003.1306
=0.00609139

Gearing (Last Year: Sep21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep20 to Sep21
=31.376/3726.6476
=0.00841936

Incyte's gearing of this year was 0.00609139. Incyte's gearing of last year was 0.00841936. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep22)=Total Current Assets/Total Current Liabilities
=3821.111/1006.596
=3.79607211

Current Ratio (Last Year: Sep21)=Total Current Assets/Total Current Liabilities
=2923.797/742.712
=3.93664974

Incyte's current ratio of this year was 3.79607211. Incyte's current ratio of last year was 3.93664974. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Incyte's number of shares in issue this year was 224.175. Incyte's number of shares in issue last year was 222.248. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=3139.088/3330.788
=0.94244605

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2769.523/2912.923
=0.9507711

Incyte's gross margin of this year was 0.94244605. Incyte's gross margin of last year was 0.9507711. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep21)
=3330.788/4198.831
=0.79326555

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep20)
=2912.923/3307.43
=0.88072098

Incyte's asset turnover of this year was 0.79326555. Incyte's asset turnover of last year was 0.88072098. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+0+1+0+0+0+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Incyte has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Incyte  (NAS:INCY) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Incyte Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Incyte's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Incyte (NAS:INCY) Business Description

Incyte logo
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. Incyte's pipeline includes a broad array of oncology and dermatology programs.
Executives
Tray Thomas officer: Principal Accounting Officer C/O INCYTE CORPORATION 1801 AUGUSTINE CUT-OFF WILMINGTON DE 19803
Brawley Otis W director 5203 BRISTOL INDUSTRIAL WAY BUFORD GA 30518
High Katherine A director 3737 MARKET STREET SUITE 1300 PHILADELPHIA PA 19104
Harrigan Edmund director
Morrissey Michael James officer: EVP, Head of Tech. Operations IN CARE OF INCYTE CORPORATION 1801 AUGUSTINE CUT OFF WILMINGTON DE 19803
Dickinson Jonathan Elliott officer: EVP, General Manager, Europe CARE OF INCYTE CORPORATION 1801 AUGUSTINE CUT OFF WILMINGTON DE 19803
Stamoulis Christiana officer: EVP & Chief Financial Officer C/O VERTEX PHARMACEUTICALS INCORPORATED 130 WAVERLY ST CAMBRIDGE MA 02139
Dhanak Dashyant officer: EVP & Chief Scientific Officer C/O INCYTE CORPORATION 1801 AUGUSTINE CUT-OFF WILMINGTON DE 19803
Pasquale Maria E officer: EVP & General Counsel C/O INCYTE CORPORATION 1801 AUGUSTINE CUT-OFF WILMINGTON DE 19803
Fouse Jacqualyn A director C/O DICK'S SPORTING GOODS 345 COURT STREET CORAOPOLIS PA 15108
Iyengar Vijay K officer: EVP GPS, BD, & Licensing 1801 AUGUSTINE CUT-OFF WILMINGTON DE 19803
Stein Steven H officer: EVP & Chief Medical Officer 1801 AUGUSTINE CUT-OFF WILMINGTON DE 19803
Trower Paul officer: VP, Finance & Prin Acc Officer 1801 AUGUSTINE CUT-OFF WILMINGTON DE 19803
Clancy Paul J director C/O BIOGEN IDEC INC. 14 CAMBRIDGE CENTER CAMBRIDGE MA 02142
Bienaime Jean Jacques director 925 PAGE MILL ROAD PALO ALTO CA 94304

Incyte (NAS:INCY) Headlines

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