Verdict: Side-by-side breakdown using the Bull Rankings model. MRNA scored 13.7, INCY scored 84.1 — INCY leads.
Compare another set
Different reporting periods. MRNA'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.
MRNA
Moderna, Inc.
Biotechnology · Quality-Growth
13.7
$225.00 · $89.8B
fundamentals as of
Score gap
70.4
INCY leads
INCY
Incyte Corporation
Biotechnology · Quality-Growth
84.1
$112.79 · $22.9B
fundamentals as of
At a glance · who leads each dimension, on the model's own rules
Fastest growthINCY+21.5%
Strongest balance sheetINCY0.01
Highest qualityINCY83 / 100
Largest discount to fair valueINCY-31%
Side by side · every name on one set of axes
The model, pillar by pillar (0–100 each)
MRNA
stronger →← stronger
INCY
15
Qualityreturns · margins · balance sheet
83
14
Growthrevenue & earnings expansion
87
12
Valuevaluation vs sector peers
83
INCY is stronger on 3 of 3 pillars.
Fundamentals, head-to-head
MRNA
INCY
-$1.2bF
FCF
$1.4bC+
-39.9%F
Rev
+21.5%A-
0.19B+
D/E
0.01A
40.3xD
P/S
—
—
PEG
10.82D
—
P/E
14.4xA-
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
MRNA
INCY
—
Price vs fair valuelower is cheaper
31% below
—
Growth the price impliesyr-1 FCF growth, fading to 4% · lower = less priced in
~0%/yr
—
1-yr DCF upside
+26%
—
5-yr DCF upside
+44%
—
10-yr DCF upside
+76%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
MRNA
Why this score
Diluting shareholders
Earnings outpace cash
INCY
Why this score
Diluting shareholders
The companies
MRNAModerna, Inc.
Biotechnology · $225.00 · beta 1.09
Why now
Biotechnology · market cap $89.8b. Trading near 52-week high of $225.00 — momentum setup, limited technical margin of safety. Revenue -40% — in contraction; any catalyst that reverses this triggers re-rating. 18 sell-side analysts rate this a Hold with a mean 1-yr target of $122.67 (implying -45% upside).
Moat
$89.8b market cap gives the company enough scale to absorb fixed costs that subscale competitors can't, without yet being so large that growth has to come from acquisition. Pharma moat is patent runway + pipeline depth — a single approved molecule funds the next generation of bets. Late-stage trials carry binary readouts that swing valuation 30%+.
Risk
Free cash flow is negative (-$1.2b) — capital raises or debt issuance likely required; dilution / leverage risk. Revenue contracting -40% — the operational turn is not yet visible in the top line. Trading within 0% of the 52-week high — limited technical margin of safety; a momentum reversal would test conviction.
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.
Verdict — model-derived comparison
Generating verdict… typically 5–10 seconds
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 MRNA and INCY diverge
On the headline score the gap is 70.4 points in favor of INCY. The widest single difference is Growth, where INCY leads by 72.8 points.
GrowthMRNA 14.1 · INCY 86.9INCY +72.8
ValueMRNA 12.2 · INCY 82.6INCY +70.4
QualityMRNA 15.1 · INCY 82.8INCY +67.7
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 INCY or MRNA the better stock?
INCY scores higher: INCY 84.1, MRNA 13.7 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 INCY and MRNA differ most?
The widest gap is growth, where INCY leads by 73 points on the 0–100 pillar scale. INCY leads all three pillars, so the gap is broad rather than a single-measure difference.
How are INCY and MRNA 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.