INCY vs. WAT: Incyte vs. Waters Stock Comparison

November 11, 2026

How do Incyte (INCY) and Waters (WAT) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Incyte (INCY) and Waters (WAT) both fall under the Pharmaceuticals, Biotechnology & Life Sciences industry group, but INCY is classified in Biotechnology while WAT is classified in Life Sciences Tools & Services.

Company profile comparison for Incyte (INCY) and Waters (WAT)
Profile Item	INCY	WAT
Name	Incyte Corp.	Waters Corporation
Country/Region	United States	United States
GICS Sector	Health Care	Health Care
GICS Industry Group	Pharmaceuticals, Biotechnology & Life Sciences	Pharmaceuticals, Biotechnology & Life Sciences
GICS Industry	Biotechnology	Life Sciences Tools & Services
GICS Sub-Industry	Biotechnology	Life Sciences Tools & Services
Market Capitalization	24.39 billion USD	44.93 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	November 4, 1993	November 17, 1995
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

INCY

WAT

GSPC

Incyte (INCY) vs. Waters (WAT), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Incyte (INCY) and Waters (WAT). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Incyte (INCY) and Waters (WAT). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Incyte (INCY) and Waters (WAT)
Metric	INCY	WAT
Total Return (1Y)	14.06%	27.70%
Total Return (3Y, Annualized)	32.03%	23.32%
Total Return (5Y, Annualized)	12.69%	6.27%

Risk Profile

Drawdown History

INCY

WAT

GSPC

Incyte (INCY) vs. Waters (WAT), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Incyte (INCY) and Waters (WAT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Incyte (INCY) and Waters (WAT)
Metric	INCY	WAT
Volatility (1Y, Annualized)	33.19%	35.45%
Beta (5Y)	0.78	1.13
Max Drawdown (5Y)	-40.50%	-36.47%
Avg. Volume (3M)	1.58M	816.72K

Risk-Adjusted Performance

Risk-Return Positioning

INCY and WAT are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Incyte (INCY) and Waters (WAT)
Metric	INCY	WAT
Sharpe Ratio (1Y)	0.29	0.66
Sortino Ratio (1Y)	0.46	0.98

Profitability

ROE (TTM)

Incyte (INCY) at 7.84% sits in the top ROE quartile, while Waters (WAT) at 1.12% is closer to the peer norm — stronger capital efficiency for INCY.

INCY

Pharmaceuticals, Biotechnology & Life Sciences industry group

7.84%

Max: 109.18%
INCY: 7.84%
Q3: 6.23%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.12%

Max: 109.18%
Q3: 6.23%
WAT: 1.12%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

Incyte (INCY) vs. Waters (WAT): A comparison of their ROE against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Net Margin (TTM)

Incyte (INCY) at 6.71% retains a top-quartile share of revenue as profit, ahead of Waters (WAT) at 1.76%, which keeps about the industry-typical share.

INCY

Pharmaceuticals, Biotechnology & Life Sciences industry group

6.71%

Max: 18.05%
INCY: 6.71%
Q3: 4.78%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.76%

Max: 18.05%
Q3: 4.78%
WAT: 1.76%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

Incyte (INCY) vs. Waters (WAT): A comparison of their net margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Operating Margin (TTM)

Incyte (INCY) at 33.72% operates in the top operating margin quartile, ahead of Waters (WAT) at 11.38%, which runs around its industry’s norm.

INCY

Pharmaceuticals, Biotechnology & Life Sciences industry group

33.72%

Max: 83.12%
INCY: 33.72%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

11.38%

Max: 83.12%
Q3: 14.77%
WAT: 11.38%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

Incyte (INCY) vs. Waters (WAT): A comparison of their operating margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Profitability Metrics

Profitability metrics for Incyte (INCY) and Waters (WAT)
Metric	INCY	WAT
ROE (TTM)	7.84%	1.12%
ROA (TTM)	17.78%	2.36%
Net Margin (TTM)	6.71%	1.76%
Operating Margin (TTM)	33.72%	11.38%
Gross Margin (TTM)	56.02%	49.83%

Growth

Revenue Growth

Both Incyte (INCY) at 21.22% and Waters (WAT) at 6.99% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Incyte (INCY) vs. Waters (WAT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Incyte (INCY) at 4,173.33% clears its industry range for EPS growth, a much stronger earnings trajectory than Waters (WAT) at 0.47%, which is closer to a typical peer reading.

Incyte (INCY) vs. Waters (WAT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Incyte (INCY) and Waters (WAT)
Metric	INCY	WAT
Revenue Growth (YoY)	21.22%	6.99%
Revenue Growth (3Y CAGR)	14.84%	2.12%
EPS Growth (YoY)	4,173.33%	0.47%
EPS Growth (3Y CAGR)	61.56%	-2.84%

Financial Strength

Current Ratio (MRQ)

Short-term liquidity can only be read on one side of this pairing: Incyte (INCY) shows current ratio of 3.84 against its industry benchmark, while Waters (WAT) has no reading this period.

INCY

Pharmaceuticals, Biotechnology & Life Sciences industry group

3.84

Max: 25.13
Q3: 12.13
Median: 5.52
INCY: 3.84
Q1: 2.47
Min: 0.10

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
Min: 0.10
WAT: --

Incyte (INCY) vs. Waters (WAT): WAT does not report current ratio, so it has no value marker; INCY is benchmarked against the Pharmaceuticals, Biotechnology & Life Sciences industry group.

Debt / Equity (MRQ)

Incyte (INCY) at 0.01 keeps leverage in the lower industry quartile, while Waters (WAT) at 0.34 runs a more typical debt-to-equity mix.

INCY

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.01

Max: 1.42
Q3: 0.65
Median: 0.15
Q1: 0.02
INCY: 0.01
Min: 0.00

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.34

Max: 1.42
Q3: 0.65
WAT: 0.34
Median: 0.15
Q1: 0.02
Min: 0.00

Incyte (INCY) vs. Waters (WAT): A comparison of their debt-to-equity ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Incyte (INCY) and Waters (WAT)
Metric	INCY	WAT
Current Ratio (MRQ)	3.84	--
Debt / Equity (MRQ)	0.01	0.34
Net Debt / EBITDA	-1.88	3.23

Dividends

Dividend Yield (TTM)

Neither Incyte (INCY) nor Waters (WAT) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

INCY

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

INCY: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

WAT: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Incyte (INCY) vs. Waters (WAT): A comparison of their dividend yield against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Payout Ratio (TTM)

Neither Incyte (INCY) nor Waters (WAT) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

INCY

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

INCY: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

WAT: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Incyte (INCY) vs. Waters (WAT): A comparison of their payout ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Metrics

Dividend metrics for Incyte (INCY) and Waters (WAT)
Metric	INCY	WAT
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

Both look expensive on trailing earnings: Incyte (INCY) at 61.05 sits in the richer P/E ratio quartile, and Waters (WAT) at 191.46 is richer still, above its industry range.

INCY

Pharmaceuticals, Biotechnology & Life Sciences industry group

61.05

Max: 85.34
INCY: 61.05
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

191.46

WAT: 191.46
Max: 85.34
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07

Incyte (INCY) vs. Waters (WAT): A comparison of their P/E ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Incyte (INCY) at 4.06 and Waters (WAT) at 8.01 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

INCY

Pharmaceuticals, Biotechnology & Life Sciences industry group

4.06

Max: 58.18
Q3: 25.77
Median: 7.30
INCY: 4.06
Q1: 3.01
Min: 0.01

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

8.01

Max: 58.18
Q3: 25.77
WAT: 8.01
Median: 7.30
Q1: 3.01
Min: 0.01

Incyte (INCY) vs. Waters (WAT): A comparison of their P/S ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/B Ratio (MRQ)

On P/B ratio, both Incyte (INCY) at 4.33 and Waters (WAT) at 2.94 are valued close to their industries’ norm against book — neither stands out from peers.

INCY

Pharmaceuticals, Biotechnology & Life Sciences industry group

4.33

Max: 13.53
Q3: 6.54
INCY: 4.33
Median: 3.25
Q1: 1.69
Min: -5.59

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.94

Max: 13.53
Q3: 6.54
Median: 3.25
WAT: 2.94
Q1: 1.69
Min: -5.59

Incyte (INCY) vs. Waters (WAT): A comparison of their P/B ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Valuation Metrics

Valuation metrics for Incyte (INCY) and Waters (WAT)
Metric	INCY	WAT
P/E Ratio (TTM)	61.05	191.46
P/S Ratio (TTM)	4.06	8.01
P/B Ratio (MRQ)	4.33	2.94
Free Cash Flow Yield (TTM)	5.28%	--