Verdict: Side-by-side breakdown using the Bull Rankings model. INCY scored 84.1, HRMY scored 88.5 — HRMY leads.
Compare another set
Different reporting periods. HRMY's fundamentals are as of June 2026, but INCY's are as of March 2026 — a 3-month gap. Growth, margin and valuation figures below therefore describe different windows and aren't strictly like-for-like.
INCY
Incyte Corporation
Biotechnology · Quality-Growth
84.1
$112.79 · $22.9B
fundamentals as of
Score gap
4.4
HRMY leads
HRMY
Harmony Biosciences Holdings, Inc.
Biotechnology · Quality-Growth
88.5
$40.28 · $2.3B
fundamentals as of
At a glance · who leads each dimension, on the model's own rules
CheapestHRMY13.0x
Fastest growthHRMY+24.3%
Strongest balance sheetINCY0.01
Highest qualityINCY83 / 100
Largest discount to fair valueHRMY-71%
Side by side · every name on one set of axes
Growth against the P/E multiple. Up and to the right is cheaper and faster — the quality-growth idea in one picture. Points beyond the axis are pinned to the edge and marked off-scale rather than allowed to compress everything else.
The model, pillar by pillar (0–100 each)
INCY
stronger →← stronger
HRMY
83
Qualityreturns · margins · balance sheet
79
87
Growthrevenue & earnings expansion
95
83
Valuevaluation vs sector peers
92
HRMY is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
INCY
HRMY
$1.4bC+
FCF
$355mC
+21.5%A-
Rev
+24.3%A-
0.01A
D/E
0.16B+
14.4xA-
P/E
13.0xA
10.82D
PEG
0.38A
Winner per row is the stronger grade; where grades tie, the better figure breaks it. A true tie or a missing value shows no highlight.
Valuation · DCF cross-check
INCY
HRMY
31% below
Price vs fair valuelower is cheaper
71% below
~0%/yr
Growth the price impliesyr-1 FCF growth, fading to 4% · lower = less priced in
~-15%/yr
+26%
1-yr DCF upside
+168%
+44%
5-yr DCF upside
+249%
+76%
10-yr DCF upside
+413%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
INCY
Why this score
Diluting shareholders
HRMY
Why this score
Durable high returns
The companies
INCYIncyte Corporation
Biotechnology · $112.79 · beta 0.74
Why now
Biotechnology · market cap $22.9b. 15% off the 52-week high of $132.60. Revenue growing +21%, comfortably above the S&P median. 24 sell-side analysts rate this a Buy with a mean 1-yr target of $129.13 (implying +14% upside).
Moat
Net margin 27% sits well above the S&P median (~11%) — suggests structural pricing advantage or cost discipline competitors can't quickly close. ROE 25% — top-decile capital efficiency. Either pricing leverage, low capital intensity, or aggressive buybacks; the durability story depends on which. FCF converts 98% of net income — earnings translate cleanly into cash.
Risk
Reimbursement risk — even an approved drug can fail commercially if payors don't reimburse; pricing pressure from Medicare and large PBMs has been accelerating since 2024.
HRMYHarmony Biosciences Holdings, Inc.
Biotechnology · $40.28 · beta 1.01
Why now
Biotechnology · market cap $2.3b. 7% off the 52-week high of $43.49. Revenue growing +24%, comfortably above the S&P median. PEG 0.38 — paying under fair value for the growth rate. 11 sell-side analysts rate this a Buy with a mean 1-yr target of $47.64 (implying +18% upside).
Moat
Net margin 19% beats the market median by a meaningful margin — the company is keeping more of every revenue dollar than the average S&P constituent. ROE 18% is above 15% — the equity base is compounding at a rate the market struggles to discount accurately. FCF converts 196% of net income — earnings translate cleanly into cash.
Risk
Trial-readout binary — late-stage clinical trials carry approve/reject outcomes that swing valuation 30%+; the equity is effectively a portfolio of these binary events, not a steady cash-flow business.
Verdict — model-derived comparison
HRMY leads INCY by 4.4 points (88.5 to 84.1), its sharpest advantage coming in PEG (grade A). A contrarian could still prefer INCY, which trades about 31% below our DCF fair value — a margin of safety the score doesn't reward. Note they play different roles — HRMY screens as value, INCY screens as growth — so the model rewards different traits for each.
Our AI analyst is busy right now, so this verdict is drawn directly from the pillars, grades and DCF above.
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.
Where INCY and HRMY diverge
On the headline score the gap is 4.4 points in favor of HRMY. They get there differently, though — each leads on a different pillar, so the better pick depends on which you weight.
ValueINCY 82.6 · HRMY 92.2HRMY +9.6
GrowthINCY 86.9 · HRMY 94.5HRMY +7.6
QualityINCY 82.8 · HRMY 79.5INCY +3.3
Pillars run 0–100. Value is judged against each company's own sector, so a Value score is a statement about a company relative to its own industry rather than to the other name here. A wide Value gap usually means the market already prices the difference in quality or growth — which is the trade-off this comparison comes down to.
Common questions
Is HRMY or INCY the better stock?
HRMY scores higher: HRMY 88.5, INCY 84.1 out of 100 on the Bull Rankings quality-growth score, which blends business quality, growth and valuation into one number. A higher score means a stronger business at a more reasonable price — it is not a price target or a recommendation.
Where do HRMY and INCY differ most?
The widest gap is value, where HRMY leads by 10 points on the 0–100 pillar scale. Neither name sweeps: they trade the lead across the three pillars, so the comparison is a trade-off rather than one being better on every measure.
How are HRMY and INCY scored?
Each carries the same 0–100 quality-growth score used everywhere on the site, built from three pillars — quality (profitability and returns on capital), growth (revenue and earnings), and value (what you pay for them) — combined as a geometric mean, so a weak pillar cannot be papered over by a strong one.
How current is this comparison?
The whole universe is re-scored every trading day after the US market close, so the scores and fundamentals here reflect the latest published edition.