NVCR Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2016βFY2025
NovoCure Ltd had $655M of revenue in fiscal 2025, up 8.3% on the year before. Over five years, revenue changed +5.8% a year on average.
Last close Β· Oct 23, 2026
$14.68
2.8%Hi! I read NovoCure Ltdβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+8.3%
Yes. Sales grew 8.3% last year.
Does it make a profit?
β20.8%
No. It lost money last year.
Does profit turn into cash?
β11.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days NovoCure Ltd did it, and the next one. Share prices often move a lot on those days.
Next results
October 29, 2026
Thursday Β· in 3 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Jul 23, 2026 | Q2 '26 | Before the market opens | 8-K β |
| Apr 30, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Jan 12, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Oct 30, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Jul 24, 2025 | Q2 '25 | Before the market opens | 8-K β |
| Apr 24, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Jan 13, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Oct 29, 2024 | Q3 '24 | Time not announced | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· NovoCure Ltd had $655M of revenue in fiscal 2025, up 8.3% on the year before. Over five years, revenue changed +5.8% a year on average. Its operating margin was β23.5%, up 4.7Β pts: of every 100 in sales, about β23 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· NovoCure Ltd lost $136M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$75.7M in fiscal 2025, β11.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· NovoCure Ltd owes $101M more than it holds in cash.
Cash, debt and the ratios that show how comfortably NovoCure Ltd can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $209M | $115M | $241M | $164M | $93.5M |
| Debt incl. finance leases | $562M | $566M | $569M | $97.3M | $195M |
| Debt / equity | 1.4x | 1.3x | 1.6x | 0.3x | 0.6x |
| Interest coverage | β5.0x | β11.0x | β47.5x | β14.6x | β6.9x |
| Current ratio | 7.5x | 7.0x | 5.8x | 1.5x | 2.9x |
| Quick ratio | 7.4x | 6.8x | 5.6x | 1.4x | 2.7x |
| 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 (β = net cash) | $353M | $450M | $328M | β$66.5M | $101M |
KIRA Β· Its return on capital was β27.5%: every 100 invested in the business earned about β27 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· NovoCure Ltd passes 3 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 9 | 4 / 9 | 7 / 9 | 6 / 9 | 4 / 9 | 4 / 9 | 1 / 9 | 5 / 9 | 3 / 9 |
| Accruals ratio | β8.6% | β10.4% | β20.4% | β8.3% | β10.4% | β12.9% | β10.6% | β11.4% | β11.9% | β8.5% |
| Altman Z'' | β2.45 | β2.55 | β1.37 | 1.27 | 4.63 | 3.73 | 3.23 | 1.21 | β1.67 | β2.29 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $82.9M | $177M | $248M | $351M | $494M | $535M | $538M | $509M | $605M | $655M |
| Net interest income | β | β | β | β | β | β | $7.7M | β | β | β |
| 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 | β$115M | β$39.3M | β$33.7M | β$0.9M | $30.4M | β$44.3M | β$89.5M | β$233M | β$170M | β$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 | β$121M | β$48.5M | β$45.9M | β$8.8M | $18.1M | β$52.1M | β$81.8M | β$192M | β$131M | β$136M |
| Income tax | $10.4M | $13.2M | $17.6M | β$1.6M | β$1.7M | $6.3M | $10.7M | $15.3M | $37.5M | β$0.0M |
| Net income | β$132M | β$61.7M | β$63.6M | β$7.2M | $19.8M | β$58.4M | β$92.5M | β$207M | β$169M | β$136M |
| Net income to common | β | β | β$63.6M | β$7.2M | $19.8M | β$58.4M | β$92.5M | β$207M | β$169M | β$136M |
| Diluted EPS | β$1.54 | β$0.70 | β$0.69 | β$0.07 | $0.18 | β$0.56 | β$0.88 | β$1.95 | β$1.56 | β$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 | β$108M | β$33.1M | β$1.9M | $26.6M | $99.1M | $82.8M | $30.8M | β$73.3M | β$26.4M | β$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 | β$113M | β$40.5M | β$8.6M | $16.1M | $84.2M | $58.6M | $9.4M | β$100M | β$69.2M | β$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 | β | β | β | β | β | β | β | β |
| Dividends and buybacks | $0.0M | $0.0M | β | β | β | β | β | β | β | β |
| 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 | β139.1% | β22.2% | β13.6% | β0.3% | 6.1% | β8.3% | β16.6% | β45.7% | β28.2% | β23.5% |
| EBITDA margin | β132.3% | β17.9% | β9.9% | 2.1% | 8.0% | β6.4% | β14.7% | β43.6% | β26.3% | β21.2% |
| Net margin | β159.1% | β34.8% | β25.6% | β2.1% | 4.0% | β10.9% | β17.2% | β40.6% | β27.9% | β20.8% |
| FCF margin | β136.6% | β22.9% | β3.5% | 4.6% | 17.0% | 11.0% | 1.8% | β19.7% | β11.4% | β11.5% |
| Net interest share of revenue | β | β | β | β | β | β | 1.4% | β | β | β |
| Returns | ||||||||||
| Return on capital | β65.6% | β23.5% | β22.0% | β0.4% | 4.5% | β4.6% | β7.9% | β26.6% | β45.9% | β27.5% |
| Return on capital employed | β47.0% | β18.3% | β12.2% | β0.2% | 3.2% | β4.4% | β8.7% | β24.1% | β35.2% | β26.5% |
| Return on equity | β92.6% | β48.2% | β56.3% | β4.4% | 5.7% | β13.2% | β21.7% | β51.5% | β46.7% | β38.9% |
| Return on assets | β46.7% | β22.5% | β21.0% | β1.8% | 2.6% | β5.3% | β7.9% | β17.7% | β14.1% | β13.3% |
| Return on tangible equity | β92.6% | β54.3% | β56.6% | β3.3% | 4.2% | β14.2% | β21.0% | β57.1% | β46.8% | β40.0% |
| Growth | ||||||||||
| Revenue growth | β | 113.6% | 40.1% | 41.6% | 40.7% | 8.2% | 0.5% | β5.3% | 18.8% | 8.3% |
| Net income growth | β | β | β | β | β | β394.6% | β | β | β | β |
| EPS growth | β | β | β | β | β | β411.1% | β | β | β | β |
| FCF growth | β | β | β | β | 421.7% | β30.4% | β83.9% | β1,165.0% | β | β |
| Share count change | β | 3.5% | 3.7% | 5.9% | 12.0% | β5.0% | 1.2% | 1.7% | 1.4% | 3.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β3.7x | 4.9x | β | β | β | β | β |
| Debt / equity | 0.7x | 0.9x | 1.3x | 0.7x | 0.9x | 1.4x | 1.3x | 1.6x | 0.3x | 0.6x |
| Interest coverage | β15.8x | β3.4x | β2.0x | β0.1x | 1.7x | β5.0x | β11.0x | β47.5x | β14.6x | β6.9x |
| 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 | β | 4.0 | 4.0 | 7.0 | 6.0 | 4.0 | 4.0 | 1.0 | 5.0 | 3.0 |
| Altman Z'' | β2.5 | β2.5 | β1.4 | 1.3 | 4.6 | 3.7 | 3.2 | 1.2 | β1.7 | β2.3 |
| Accruals ratio | β8.6% | β10.4% | β20.4% | β8.3% | β10.4% | β12.9% | β10.6% | β11.4% | β11.9% | β8.5% |
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 β not investment advice. Check the original filings before relying on any figure.
