Verdict: Side-by-side breakdown using the Bull Rankings model. RARE scored 19.1, INCY scored 84.1 — INCY leads.
Compare another set
Different reporting periods. RARE'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.
RARE
Ultragenyx Pharmaceutical Inc.
Biotechnology · Quality-Growth
19.1
$15.48 · $1.5B
fundamentals as of
Score gap
65.0
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%
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)
RARE
stronger →← stronger
INCY
16
Qualityreturns · margins · balance sheet
83
87
Growthrevenue & earnings expansion
87
5
Valuevaluation vs sector peers
83
INCY is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
RARE
INCY
-$489mF
FCF
$1.4bC+
+17.5%B+
Rev
+21.5%A-
Negative equity
D/E
0.01A
2.1xB+
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
RARE
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
RARE
Why this score
Diluting shareholders
INCY
Why this score
Diluting shareholders
The companies
RAREUltragenyx Pharmaceutical Inc.
Biotechnology · $15.48 · beta 0.35
Why now
Biotechnology · market cap $1.5b. Down 61% from 52-week high of $39.89 — deep drawdown territory. Revenue growing +18%, comfortably above the S&P median. 19 sell-side analysts rate this a Buy with a mean 1-yr target of $26.79 (implying +73% upside).
Moat
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 (-$489m) — capital raises or debt issuance likely required; dilution / leverage risk. Currently unprofitable (margin -81.7%) — path to GAAP profitability is the core thesis risk. Down 61% from the 52-week high — the market is pricing in something the screen can't see; verify the bear case before sizing up.
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 RARE and INCY diverge
On the headline score the gap is 65.0 points in favor of INCY. The widest single difference is Value, where INCY leads by 77.6 points.
ValueRARE 5.0 · INCY 82.6INCY +77.6
QualityRARE 16.0 · INCY 82.8INCY +66.8
GrowthRARE 86.9 · INCY 86.9level
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 RARE the better stock?
INCY scores higher: INCY 84.1, RARE 19.1 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 INCY and RARE differ most?
The widest gap is value, where INCY leads by 78 points on the 0–100 pillar scale. INCY also leads quality, while growth is effectively level between them.
How are INCY and RARE 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.