Incyte Corporation (INCY)

Debt-to-equity ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	5,189,840	4,370,120	3,770,000	2,611,270	2,598,410
Debt-to-equity ratio		0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

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

The debt-to-equity ratio of Incyte Corp. has remained relatively stable over the past five years, ranging between 0.01 and 0.02. This suggests that the company has a conservative capital structure, with a low level of debt relative to its equity. A low debt-to-equity ratio indicates that the company is less reliant on borrowing to finance its operations, which can be seen as a positive sign of financial stability and lower financial risk. Overall, the consistent low levels of debt in relation to equity reflect a prudent financial management strategy by Incyte Corp.