Incyte Corporation (INCY)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	18,080	17,862	17,647
Total stockholders’ equity	US$ in thousands	5,189,840	4,931,450	4,740,690	4,462,570	4,370,120	4,226,650	4,085,060	3,863,070	3,770,000	3,148,660	2,935,860	2,727,840	2,611,270	2,390,830	2,344,600	1,937,720	2,598,410	2,422,530	2,247,190	2,085,570
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.01

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $5,189,840K)
= 0.00

The debt-to-capital ratio of Incyte Corp. has remained consistent at 0.01 for each quarter from Q1 2022 to Q4 2023. This indicates that the company has a very low level of debt relative to its total capital, with only 1% of its capital structure being funded by debt. A low debt-to-capital ratio suggests that the company has a strong financial position, as it relies more on equity financing rather than debt financing. This can be considered a positive indicator of financial stability and creditworthiness for Incyte Corp.