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Side-by-side financial comparison of AvalonBay Communities (AVB) and Incyte (INCY). Click either name above to swap in a different company.
Incyte is the larger business by last-quarter revenue ($1.3B vs $767.9M, roughly 1.7× AvalonBay Communities). AvalonBay Communities runs the higher net margin — 9040.6% vs 23.8%, a 9016.7% gap on every dollar of revenue. On growth, Incyte posted the faster year-over-year revenue change (19.8% vs 3.7%). Over the past eight quarters, Incyte's revenue compounded faster (10.4% CAGR vs 3.8%).
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
Incyte Corporation is an American multinational pharmaceutical company with headquarters in Wilmington, Delaware. The company currently operates manufacturing and R&D locations in North America, Europe, and Asia.
AVB vs INCY — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $767.9M | $1.3B |
| Net Profit | $166.0M | $303.3M |
| Gross Margin | — | — |
| Operating Margin | 64.2% | 23.7% |
| Net Margin | 9040.6% | 23.8% |
| Revenue YoY | 3.7% | 19.8% |
| Net Profit YoY | -41.2% | 91.7% |
| EPS (diluted) | $1.18 | $1.47 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.3B | ||
| Q4 25 | $767.9M | $1.5B | ||
| Q3 25 | $766.8M | $1.4B | ||
| Q2 25 | $760.2M | $1.2B | ||
| Q1 25 | $745.9M | $1.1B | ||
| Q4 24 | $740.5M | $1.2B | ||
| Q3 24 | $734.3M | $1.1B | ||
| Q2 24 | $726.0M | $1.0B |
| Q1 26 | — | $303.3M | ||
| Q4 25 | $166.0M | $299.3M | ||
| Q3 25 | $381.3M | $424.2M | ||
| Q2 25 | $268.7M | $405.0M | ||
| Q1 25 | $236.6M | $158.2M | ||
| Q4 24 | $282.1M | $201.2M | ||
| Q3 24 | $372.5M | $106.5M | ||
| Q2 24 | $253.9M | $-444.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 92.0% | ||
| Q3 25 | — | 92.8% | ||
| Q2 25 | — | 93.5% | ||
| Q1 25 | — | 93.0% | ||
| Q4 24 | — | 92.5% | ||
| Q3 24 | — | 92.4% | ||
| Q2 24 | — | 92.7% |
| Q1 26 | — | 23.7% | ||
| Q4 25 | 64.2% | 22.3% | ||
| Q3 25 | 65.7% | 32.5% | ||
| Q2 25 | 67.6% | 43.6% | ||
| Q1 25 | 68.5% | 19.5% | ||
| Q4 24 | 63.1% | 25.6% | ||
| Q3 24 | 65.4% | 12.8% | ||
| Q2 24 | 66.6% | -45.8% |
| Q1 26 | — | 23.8% | ||
| Q4 25 | 9040.6% | 19.9% | ||
| Q3 25 | 49.7% | 31.1% | ||
| Q2 25 | 35.3% | 33.3% | ||
| Q1 25 | 31.7% | 15.0% | ||
| Q4 24 | 38.1% | 17.1% | ||
| Q3 24 | 50.7% | 9.4% | ||
| Q2 24 | 35.0% | -42.6% |
| Q1 26 | — | $1.47 | ||
| Q4 25 | $1.18 | $1.46 | ||
| Q3 25 | $2.68 | $2.11 | ||
| Q2 25 | $1.88 | $2.04 | ||
| Q1 25 | $1.66 | $0.80 | ||
| Q4 24 | $1.99 | $0.90 | ||
| Q3 24 | $2.61 | $0.54 | ||
| Q2 24 | $1.78 | $-2.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $187.2M | — |
| Total DebtLower is stronger | $9.3B | — |
| Stockholders' EquityBook value | $11.6B | $5.6B |
| Total Assets | $22.2B | $7.3B |
| Debt / EquityLower = less leverage | 0.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $187.2M | $3.1B | ||
| Q3 25 | $123.3M | $2.5B | ||
| Q2 25 | $102.8M | $2.0B | ||
| Q1 25 | $53.3M | $1.9B | ||
| Q4 24 | $108.6M | $1.7B | ||
| Q3 24 | $552.4M | $1.3B | ||
| Q2 24 | $545.8M | $987.3M |
| Q1 26 | — | — | ||
| Q4 25 | $9.3B | — | ||
| Q3 25 | $8.7B | — | ||
| Q2 25 | $8.7B | — | ||
| Q1 25 | $8.3B | — | ||
| Q4 24 | $8.1B | — | ||
| Q3 24 | $8.4B | — | ||
| Q2 24 | $8.4B | — |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $11.6B | $5.2B | ||
| Q3 25 | $11.9B | $4.7B | ||
| Q2 25 | $11.9B | $4.2B | ||
| Q1 25 | $11.9B | $3.7B | ||
| Q4 24 | $11.9B | $3.4B | ||
| Q3 24 | $11.9B | $3.2B | ||
| Q2 24 | $11.7B | $3.0B |
| Q1 26 | — | $7.3B | ||
| Q4 25 | $22.2B | $7.0B | ||
| Q3 25 | $21.9B | $6.3B | ||
| Q2 25 | $21.8B | $5.8B | ||
| Q1 25 | $21.2B | $5.7B | ||
| Q4 24 | $21.0B | $5.4B | ||
| Q3 24 | $21.3B | $5.0B | ||
| Q2 24 | $21.0B | $4.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.71× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.7B | — |
| Free Cash FlowOCF − Capex | $1.4B | — |
| FCF MarginFCF / Revenue | 183.5% | — |
| Capex IntensityCapex / Revenue | 34.1% | — |
| Cash ConversionOCF / Net Profit | 10.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $543.3M | ||
| Q3 25 | $477.0M | $559.4M | ||
| Q2 25 | $377.8M | $44.7M | ||
| Q1 25 | $415.9M | $266.1M | ||
| Q4 24 | $1.6B | $381.2M | ||
| Q3 24 | $486.2M | $310.9M | ||
| Q2 24 | $380.0M | $-575.6M |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | — | ||
| Q3 25 | $402.2M | — | ||
| Q2 25 | $317.1M | — | ||
| Q1 25 | $367.5M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $434.2M | — | ||
| Q2 24 | $333.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 183.5% | — | ||
| Q3 25 | 52.5% | — | ||
| Q2 25 | 41.7% | — | ||
| Q1 25 | 49.3% | — | ||
| Q4 24 | 191.0% | — | ||
| Q3 24 | 59.1% | — | ||
| Q2 24 | 45.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 34.1% | — | ||
| Q3 25 | 9.8% | — | ||
| Q2 25 | 8.0% | — | ||
| Q1 25 | 6.5% | — | ||
| Q4 24 | 26.1% | — | ||
| Q3 24 | 7.1% | — | ||
| Q2 24 | 6.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 10.07× | 1.82× | ||
| Q3 25 | 1.25× | 1.32× | ||
| Q2 25 | 1.41× | 0.11× | ||
| Q1 25 | 1.76× | 1.68× | ||
| Q4 24 | 5.70× | 1.89× | ||
| Q3 24 | 1.31× | 2.92× | ||
| Q2 24 | 1.50× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
