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Side-by-side financial comparison of Incyte (INCY) and MSCI Inc. (MSCI). Click either name above to swap in a different company.
Incyte is the larger business by last-quarter revenue ($1.3B vs $822.5M, roughly 1.5× MSCI Inc.). MSCI Inc. runs the higher net margin — 34.6% vs 23.8%, a 10.8% gap on every dollar of revenue. On growth, Incyte posted the faster year-over-year revenue change (20.9% vs 10.6%). Over the past eight quarters, Incyte's revenue compounded faster (10.4% CAGR vs 10.0%).
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.
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
INCY vs MSCI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $822.5M |
| Net Profit | $303.3M | $284.7M |
| Gross Margin | — | — |
| Operating Margin | 23.7% | 56.4% |
| Net Margin | 23.8% | 34.6% |
| Revenue YoY | 20.9% | 10.6% |
| Net Profit YoY | 91.7% | -6.8% |
| EPS (diluted) | $1.47 | $3.81 |
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 | $1.5B | $822.5M | ||
| Q3 25 | $1.4B | $793.4M | ||
| Q2 25 | $1.2B | $772.7M | ||
| Q1 25 | $1.1B | $745.8M | ||
| Q4 24 | $1.2B | $743.5M | ||
| Q3 24 | $1.1B | $724.7M | ||
| Q2 24 | $1.0B | $707.9M |
| Q1 26 | $303.3M | — | ||
| Q4 25 | $299.3M | $284.7M | ||
| Q3 25 | $424.2M | $325.4M | ||
| Q2 25 | $405.0M | $303.6M | ||
| Q1 25 | $158.2M | $288.6M | ||
| Q4 24 | $201.2M | $305.5M | ||
| Q3 24 | $106.5M | $280.9M | ||
| Q2 24 | $-444.6M | $266.8M |
| 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 | 22.3% | 56.4% | ||
| Q3 25 | 32.5% | 56.4% | ||
| Q2 25 | 43.6% | 55.0% | ||
| Q1 25 | 19.5% | 50.6% | ||
| Q4 24 | 25.6% | 54.5% | ||
| Q3 24 | 12.8% | 55.4% | ||
| Q2 24 | -45.8% | 54.0% |
| Q1 26 | 23.8% | — | ||
| Q4 25 | 19.9% | 34.6% | ||
| Q3 25 | 31.1% | 41.0% | ||
| Q2 25 | 33.3% | 39.3% | ||
| Q1 25 | 15.0% | 38.7% | ||
| Q4 24 | 17.1% | 41.1% | ||
| Q3 24 | 9.4% | 38.8% | ||
| Q2 24 | -42.6% | 37.7% |
| Q1 26 | $1.47 | — | ||
| Q4 25 | $1.46 | $3.81 | ||
| Q3 25 | $2.11 | $4.25 | ||
| Q2 25 | $2.04 | $3.92 | ||
| Q1 25 | $0.80 | $3.71 | ||
| Q4 24 | $0.90 | $3.89 | ||
| Q3 24 | $0.54 | $3.57 | ||
| Q2 24 | $-2.04 | $3.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $515.3M |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $5.6B | $-2.7B |
| Total Assets | $7.3B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $515.3M | ||
| Q3 25 | $2.5B | $400.1M | ||
| Q2 25 | $2.0B | $347.3M | ||
| Q1 25 | $1.9B | $360.7M | ||
| Q4 24 | $1.7B | $409.4M | ||
| Q3 24 | $1.3B | $501.0M | ||
| Q2 24 | $987.3M | $451.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.2B | $-2.7B | ||
| Q3 25 | $4.7B | $-1.9B | ||
| Q2 25 | $4.2B | $-886.2M | ||
| Q1 25 | $3.7B | $-958.6M | ||
| Q4 24 | $3.4B | $-940.0M | ||
| Q3 24 | $3.2B | $-751.0M | ||
| Q2 24 | $3.0B | $-734.5M |
| Q1 26 | $7.3B | — | ||
| Q4 25 | $7.0B | $5.7B | ||
| Q3 25 | $6.3B | $5.4B | ||
| Q2 25 | $5.8B | $5.4B | ||
| Q1 25 | $5.7B | $5.3B | ||
| Q4 24 | $5.4B | $5.4B | ||
| Q3 24 | $5.0B | $5.4B | ||
| Q2 24 | $4.7B | $5.5B |
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 | — | $501.1M |
| Free Cash FlowOCF − Capex | — | $488.7M |
| FCF MarginFCF / Revenue | — | 59.4% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | — | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $543.3M | $501.1M | ||
| Q3 25 | $559.4M | $449.4M | ||
| Q2 25 | $44.7M | $336.1M | ||
| Q1 25 | $266.1M | $301.7M | ||
| Q4 24 | $381.2M | $430.6M | ||
| Q3 24 | $310.9M | $421.6M | ||
| Q2 24 | $-575.6M | $349.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $488.7M | ||
| Q3 25 | — | $445.5M | ||
| Q2 25 | — | $324.7M | ||
| Q1 25 | — | $290.2M | ||
| Q4 24 | — | $416.4M | ||
| Q3 24 | — | $415.0M | ||
| Q2 24 | — | $340.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 59.4% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | — | 57.3% | ||
| Q2 24 | — | 48.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.82× | 1.76× | ||
| Q3 25 | 1.32× | 1.38× | ||
| Q2 25 | 0.11× | 1.11× | ||
| Q1 25 | 1.68× | 1.05× | ||
| Q4 24 | 1.89× | 1.41× | ||
| Q3 24 | 2.92× | 1.50× | ||
| Q2 24 | — | 1.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INCY
Segment breakdown not available.
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
