Is INCY or WAT cheaper?

On trailing earnings, INCY is cheaper: INCY trades at a 13.87 P/E and WAT at 45.16.

Which has grown faster, INCY or WAT?

Over the past five years, INCY grew revenue faster — INCY at a 14.68% CAGR versus WAT at 8.48%.

Is INCY or WAT more profitable?

INCY runs the higher net margin — INCY at 26.71% versus WAT at 11.91%.

Which has been the better investment, INCY or WAT?

Over the past 10-year, WAT delivered the higher annualized total return — INCY at 2.45% versus WAT at 10.24%. Past performance doesn't predict future results.

Incyte Corporation (INCY) vs Waters Corporation (WAT)

INCY leads on 15 of 16 compared metrics.

A side-by-side comparison of Incyte Corporation and Waters Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of June 21, 2026. The ● marks the stronger figure on each row (cheaper multiple, higher margin/return).

Total return — INCY vs WAT

growth of $100 · last 30y

INCY +1055.5%WAT +4888.6%WAT compounded faster

INCY WAT

INCY vs WAT: by the numbers

•WAT is the larger company ($23.17B vs $19.62B market cap).
•INCY trades at the lower earnings multiple (13.87 vs 45.16 P/E).
•INCY converts more revenue to profit (26.71% vs 11.91% net margin).
•INCY grew revenue faster over the past five years (14.68% vs 8.48% CAGR).

Which is better, INCY or WAT?

Metric tally: INCY 15 · WAT 1

It depends on what you're optimizing for:

ValueINCY(lower P/E)

GrowthINCY(faster 5Y revenue CAGR)

QualityINCY(higher ROIC)

Metrics side by side

Valuation

Metric	INCY	WAT
P/E ratio	13.87●	45.16
Forward P/E	11.04●	21.65
P/S ratio	3.79●	7.74
P/B ratio	3.66	1.91●
PEG ratio	0.65●	75.61
EV / EBITDA	9.03●	37.11
FCF yield	7.14%●	0.90%

Profitability

Metric	INCY	WAT
Gross margin	92.48%●	55.02%
Operating margin	27.05%●	17.08%
Net margin	26.71%●	11.91%
ROE	25.79%●	2.94%
ROIC	20.58%●	17.57%

Growth (annualized)

Metric	INCY	WAT
Revenue CAGR (5Y)	14.68%●	8.48%
EPS CAGR (5Y)	21.19%●	5.16%
FCF CAGR (5Y)	20.60%●	-17.63%
Total return CAGR (5Y)	3.19%●	0.73%

Frequently asked

Which is better, INCY or WAT?: It depends on your goal. value: INCY (lower P/E); growth: INCY (faster 5Y revenue CAGR); quality: INCY (higher ROIC). Across all compared metrics, INCY leads 15 to 1.
Is INCY or WAT cheaper?: On trailing earnings, INCY is cheaper: INCY trades at a 13.87 P/E and WAT at 45.16.
Which has grown faster, INCY or WAT?: Over the past five years, INCY grew revenue faster — INCY at a 14.68% CAGR versus WAT at 8.48%.
Is INCY or WAT more profitable?: INCY runs the higher net margin — INCY at 26.71% versus WAT at 11.91%.
Which has been the better investment, INCY or WAT?: Over the past 10-year, WAT delivered the higher annualized total return — INCY at 2.45% versus WAT at 10.24%. Past performance doesn't predict future results.

Go deeper

Full INCY analysis Full WAT analysis Interactive comparison tool

Dig into the metrics

Incyte P/E ratio Waters P/E ratio Incyte dividend yield Waters dividend yield Incyte ROE Waters ROE Incyte operating margin Waters operating margin Incyte revenue growth Waters revenue growth Incyte free cash flow Waters free cash flow

Incyte & Waters appear in these rankings

Highest ROE Stocks Highest ROIC Stocks Highest FCF Yield Stocks Lowest P/E Ratio Stocks

Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified June 21, 2026.