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NovoCure Ltd

NVCR Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2016–FY2025

Revenue Total sales reported in the income statement.
$655M
8.3% vs prior year
Operating margin Operating income as a share of revenue.
−23.5%
4.7 pts
Net income Profit after all expenses, interest and tax.
−$136M
Free cash flow Cash from operations minus capital spending.
−$75.7M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−27.5%
18.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
—
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.30 EPS (TTM)

What NovoCure Ltd does

No business description yet.

Legal name
NovoCure Ltd
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 26, 2026
Accession · CIK
0001645113-26-000017
0001645113

Revenue and margins

NovoCure Ltd had $655M of revenue in fiscal 2025, up 8.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$75.7M in fiscal 2025, −11.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

NovoCure Ltd returned — to shareholders in fiscal 2025. The diluted share count rose 3.4%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably NovoCure Ltd can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $209M$115M$241M$164M$93.5M
Debt incl. finance leases $562M$566M$569M$97.3M$195M
Debt / equity 1.4x1.3x1.6x0.3x0.6x
Interest coverage −5.0x−11.0x−47.5x−14.6x−6.9x
Current ratio 7.5x7.0x5.8x1.5x2.9x
Quick ratio 7.4x6.8x5.6x1.4x2.7x
Total assets $1.1B$1.2B$1.1B$1.2B$804M
Total liabilities $729M$750M$784M$881M$464M
Shareholders' equity $410M$441M$362M$360M$340M
Net debt (− = net cash) $353M$450M$328M−$66.5M$101M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive ✕ ✕ ✕ ✕ ✓ ✕ ✕ ✕ ✕ ✕
Cash from operations is positive ✕ ✕ ✕ ✓ ✓ ✓ ✓ ✕ ✕ ✕
Return on assets rose — ✓ ✓ ✓ ✓ ✕ ✕ ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Debt fell relative to assets — ✕ ✕ ✓ ✕ ✕ ✓ ✕ ✓ ✕
Current ratio rose — ✕ ✓ ✓ ✓ ✕ ✕ ✕ ✕ ✓
Share count didn't rise — ✕ ✕ ✕ ✕ ✓ ✕ ✕ ✕ ✕
Gross margin rose — ✓ ✕ ✓ ✓ ✓ ✓ ✕ ✓ ✕
Revenue rose relative to assets — ✓ ✓ ✓ ✕ ✕ ✕ ✕ ✓ ✓
F-score — / 34 / 94 / 97 / 96 / 94 / 94 / 91 / 95 / 93 / 9
Accruals ratio −8.6%−10.4%−20.4%−8.3%−10.4%−12.9%−10.6%−11.4%−11.9%−8.5%
Altman Z'' −2.45−2.55−1.371.274.633.733.231.21−1.67−2.29

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $82.9M $177M $248M $351M $494M $535M $538M $509M $605M $655M
Net interest income — — — — — — $7.7M — — —
Gross profit $36.6M $121M $168M $263M $388M $420M $423M $381M $468M $488M
Research and development $41.5M $38.1M $50.6M $79.0M $132M $201M $206M $223M $210M $225M
Operating income −$115M −$39.3M −$33.7M −$0.9M $30.4M −$44.3M −$89.5M −$233M −$170M −$154M
Interest expense $7.3M $11.7M $16.9M $14.6M $18.1M $8.8M $8.1M $4.9M $11.7M $22.2M
Pretax income −$121M −$48.5M −$45.9M −$8.8M $18.1M −$52.1M −$81.8M −$192M −$131M −$136M
Income tax $10.4M $13.2M $17.6M −$1.6M −$1.7M $6.3M $10.7M $15.3M $37.5M −$0.0M
Net income −$132M −$61.7M −$63.6M −$7.2M $19.8M −$58.4M −$92.5M −$207M −$169M −$136M
Net income to common — — −$63.6M −$7.2M $19.8M −$58.4M −$92.5M −$207M −$169M −$136M
Diluted EPS −$1.54 −$0.70 −$0.69 −$0.07 $0.18 −$0.56 −$0.88 −$1.95 −$1.56 −$1.22
Diluted shares 0.09B 0.09B 0.09B 0.10B 0.11B 0.10B 0.10B 0.11B 0.11B 0.11B
Cash flow
Cash from operations −$108M −$33.1M −$1.9M $26.6M $99.1M $82.8M $30.8M −$73.3M −$26.4M −$49.0M
Capital expenditure $5.7M $7.4M $6.7M $10.5M $15.0M $24.2M $21.4M $27.1M $42.9M $26.6M
Free cash flow −$113M −$40.5M −$8.6M $16.1M $84.2M $58.6M $9.4M −$100M −$69.2M −$75.7M
Depreciation and amortization $5.7M $7.7M $9.0M $8.5M $9.2M $10.3M $10.6M $11.0M $11.2M $14.7M
Stock-based compensation $22.1M $27.1M $39.8M $52.4M $75.7M $94.9M $107M $116M $160M $105M
Dividends paid $0.0M $0.0M — — — — — — — —
Dividends and buybacks $0.0M $0.0M — — — — — — — —
Balance sheet
Cash and short-term investments $99.8M $78.6M $141M $177M $235M $209M $115M $241M $164M $93.5M
Total debt $96.3M $97.4M $149M $149M $430M $562M $566M $569M $97.3M $195M
Current assets $262M $245M $321M $440M $999M $1.1B $1.1B $1.0B $1.1B $647M
Current liabilities $36.9M $50.2M $64.6M $86.3M $114M $143M $159M $179M $756M $223M
Inventory $25.5M $22.0M $22.6M $23.7M $27.4M $24.4M $29.4M $38.2M $35.1M $41.1M
Property and equipment, net $9.8M $9.0M $8.4M $9.3M $11.4M $22.7M $32.7M $51.5M $77.7M $77.6M
Total assets $282M $265M $340M $479M $1.1B $1.1B $1.2B $1.1B $1.2B $804M
Total liabilities $140M $152M $228M $262M $575M $729M $750M $784M $881M $464M
Shareholders' equity $142M $114M $112M $218M $477M $410M $441M $362M $360M $340M
Margins
Gross margin 44.2% 68.6% 67.7% 74.8% 78.5% 78.5% 78.6% 74.8% 77.3% 74.5%
Operating margin −139.1% −22.2% −13.6% −0.3% 6.1% −8.3% −16.6% −45.7% −28.2% −23.5%
EBITDA margin −132.3% −17.9% −9.9% 2.1% 8.0% −6.4% −14.7% −43.6% −26.3% −21.2%
Net margin −159.1% −34.8% −25.6% −2.1% 4.0% −10.9% −17.2% −40.6% −27.9% −20.8%
FCF margin −136.6% −22.9% −3.5% 4.6% 17.0% 11.0% 1.8% −19.7% −11.4% −11.5%
Net interest share of revenue — — — — — — 1.4% — — —
Returns
Return on capital −65.6% −23.5% −22.0% −0.4% 4.5% −4.6% −7.9% −26.6% −45.9% −27.5%
Return on capital employed −47.0% −18.3% −12.2% −0.2% 3.2% −4.4% −8.7% −24.1% −35.2% −26.5%
Return on equity −92.6% −48.2% −56.3% −4.4% 5.7% −13.2% −21.7% −51.5% −46.7% −38.9%
Return on assets −46.7% −22.5% −21.0% −1.8% 2.6% −5.3% −7.9% −17.7% −14.1% −13.3%
Return on tangible equity −92.6% −54.3% −56.6% −3.3% 4.2% −14.2% −21.0% −57.1% −46.8% −40.0%
Growth
Revenue growth — 113.6% 40.1% 41.6% 40.7% 8.2% 0.5% −5.3% 18.8% 8.3%
Net income growth — — — — — −394.6% — — — —
EPS growth — — — — — −411.1% — — — —
FCF growth — — — — 421.7% −30.4% −83.9% −1,165.0% — —
Share count change — 3.5% 3.7% 5.9% 12.0% −5.0% 1.2% 1.7% 1.4% 3.4%
Financial health
Net debt / EBITDA — — — −3.7x 4.9x — — — — —
Debt / equity 0.7x 0.9x 1.3x 0.7x 0.9x 1.4x 1.3x 1.6x 0.3x 0.6x
Interest coverage −15.8x −3.4x −2.0x −0.1x 1.7x −5.0x −11.0x −47.5x −14.6x −6.9x
Current ratio 7.1x 4.9x 5.0x 5.1x 8.8x 7.5x 7.0x 5.8x 1.5x 2.9x
Quick ratio 6.4x 4.4x 4.6x 4.8x 8.6x 7.4x 6.8x 5.6x 1.4x 2.7x
Capital allocation
Capex / revenue 6.8% 4.2% 2.7% 3.0% 3.0% 4.5% 4.0% 5.3% 7.1% 4.1%
Stock comp / revenue 26.7% 15.3% 16.1% 14.9% 15.3% 17.7% 19.9% 22.7% 26.4% 16.0%
Quality scores
Piotroski F-score — 4.0 4.0 7.0 6.0 4.0 4.0 1.0 5.0 3.0
Altman Z'' −2.5 −2.5 −1.4 1.3 4.6 3.7 3.2 1.2 −1.7 −2.3
Accruals ratio −8.6% −10.4% −20.4% −8.3% −10.4% −12.9% −10.6% −11.4% −11.9% −8.5%

Source: SEC EDGAR XBRL filings (CIK 0001645113). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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