frankly.. it's simple..
they are SINGLE cycle engines
but the main goal of dear Felix W'ankel back when he was 17 was to create an engine that
combines intake, compression, ignition(expansion) and exhaust into a single revolution;
as that it's comparable to a two stroke engine, which does that as well if that's what you're asking;
Nowadays it's commonly three turns of the excentric shaft (pto.. not crank but that

)
for one revolution of the rotor; so technically it's a 1/3 cycle (awkward idea...)
if it's the PTO rotaion you'retrying to figure out.
But technically it's still perfectly seperated intake, compression, ignition and exhaust 'zones'
and thus it's also four seperate cycles happening (just three at once) more comparable to a three cylinder four stroke engine
W'ankels need premixed fuel though.. just like two stroke engines
Yes, it's blurry, fuzzy and in the end not really comparable IMHO...
"strokes" are not happening, so zero stroke is the best match
but since you asked for cycles (as in seperated events, not revolutions I assume)
it's four seperate events ...
but -more correctly - three happening at any given time at once
(hence the three sided rotor)
'sid