NASDAQ : NVCR
NovoCure Limited — Financial statements
Healthcare · Medical Devices · Switzerland
Last price 13.11 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.53B
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Financial statements
NovoCure Limited (NVCR) reported revenue of 725.39M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 725.39M | 655.35M | 605.22M | 509.34M | 537.84M | 535.03M |
| Cost of Revenue | 165.01M | 165.17M | 136.18M | 127.53M | 114.26M | 114.24M |
| Gross Profit | 560.38M | 490.18M | 469.05M | 381.80M | 423.58M | 420.79M |
| Selling, General & Admin | 450.62M | 413.93M | 427.21M | 386.97M | 306.41M | 263.18M |
| Research & Development | 228.79M | 224.54M | 209.37M | 220.99M | 206.09M | 201.30M |
| Operating Expenses | 679.41M | 638.47M | 636.58M | 607.96M | 512.50M | 464.49M |
| Operating Income | -119.04M | -148.29M | -167.54M | -226.16M | -88.91M | -43.69M |
| Interest Expense | -27.71M | -17.04M | -11.48M | -3.32M | -3.33M | -3.44M |
| Interest & Investment Income | 12.87M | 22.72M | 19.64M | 10.96M | 791.00K | |
| Currency Exchange Gain (Loss) | -4.32M | -4.32M | -717.00K | -797.00K | -3.52M | -4.03M |
| Other Non Operating Income (Expenses) | -858.00K | -858.00K | -603.00K | -790.00K | -1.26M | -1.37M |
| EBT Excluding Unusual Items | -151.93M | -157.63M | -157.62M | -211.42M | -86.06M | -51.74M |
| Merger & Restructuring Charges | -2.20M | -2.20M | -2.00M | -6.23M | ||
| Gain (Loss) on Sale of Investments | 26.89M | 26.89M | 28.27M | 26.40M | 4.83M | 306.00K |
| Asset Writedown | -3.31M | -3.31M | -954.00K | -483.00K | -611.00K | -639.00K |
| Other Unusual Items | 1.14M | |||||
| Pretax Income | -130.54M | -136.25M | -131.16M | -191.74M | -81.85M | -52.08M |
| Income Tax Expense | -8.81M | -23.00K | 37.47M | 15.30M | 10.69M | 6.28M |
| Net Income | -121.73M | -136.23M | -168.63M | -207.04M | -92.53M | -58.35M |
| Net Income to Common | -121.73M | -136.23M | -168.63M | -207.04M | -92.53M | -58.35M |
| Shares Outstanding (Basic) | 114.79M | 111.47M | 107.83M | 106.39M | 104.66M | 103.43M |
| Shares Outstanding (Diluted) | 114.79M | 111.47M | 107.83M | 106.39M | 104.66M | 103.43M |
| EPS (Basic) | -1.06 | -1.22 | -1.56 | -1.95 | -0.88 | -0.56 |
| EPS (Diluted) | -1.06 | -1.22 | -1.56 | -1.95 | -0.88 | -0.56 |
| Free Cash Flow | -24.61M | -75.68M | -69.22M | -100.43M | 9.43M | 58.59M |
| Free Cash Flow Per Share | -0.21 | -0.68 | -0.64 | -0.94 | 0.09 | 0.57 |
| Gross Margin | 77.25% | 74.80% | 77.50% | 74.96% | 78.76% | 78.65% |
| Operating Margin | -16.41% | -22.63% | -27.68% | -44.40% | -16.53% | -8.17% |
| Profit Margin | -16.78% | -20.79% | -27.86% | -40.65% | -17.21% | -10.91% |
| Free Cash Flow Margin | -3.39% | -11.55% | -11.44% | -19.72% | 1.75% | 10.95% |
| EBITDA | -103.49M | -135.16M | -157.67M | -216.46M | -79.34M | -34.53M |
| EBITDA Margin | -14.27% | -20.62% | -26.05% | -42.50% | -14.75% | -6.45% |
| D&A For EBITDA | 15.55M | 13.13M | 9.87M | 9.70M | 9.57M | 9.17M |
| EBIT | -119.04M | -148.29M | -167.54M | -226.16M | -88.91M | -43.69M |
| EBIT Margin | -16.41% | -22.63% | -27.68% | -44.40% | -16.53% | -8.17% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 96.73M | 93.55M | 163.77M | 240.82M | 115.33M | 208.80M |
| Short-Term Investments | 366.75M | 354.13M | 796.11M | 669.79M | 854.10M | 728.90M |
| Cash & Short-Term Investments | 463.48M | 447.67M | 959.87M | 910.62M | 969.42M | 937.70M |
| Accounts Receivable | 108.26M | 89.44M | 74.23M | 61.22M | 86.26M | 93.57M |
| Other Receivables | 51.07M | 23.05M | 3.33M | 5.26M | 12.39M | 8.42M |
| Receivables | 159.33M | 112.48M | 77.55M | 66.48M | 98.65M | 101.99M |
| Inventory | 40.60M | 41.11M | 35.09M | 38.15M | 29.38M | 24.43M |
| Prepaid Expenses | 9.71M | 7.32M | 6.85M | 6.42M | 4.76M | |
| Restricted Cash | 10.11M | 9.84M | 2.33M | 1.74M | 508.00K | 807.00K |
| Other Current Assets | 25.91M | 24.41M | 10.56M | 7.15M | 3.84M | |
| Total Current Assets | 673.52M | 646.73M | 1.11B | 1.03B | 1.11B | 1.07B |
| Property, Plant & Equipment | 144.09M | 147.00M | 119.59M | 97.70M | 68.96M | 53.88M |
| Other Long-Term Assets | 11.10M | 10.60M | 14.62M | 14.02M | 11.16M | 12.09M |
| Total Assets | 828.71M | 804.33M | 1.24B | 1.15B | 1.19B | 1.14B |
| Accounts Payable | 145.92M | 122.23M | 105.09M | 94.39M | 85.20M | 72.60M |
| Accrued Expenses | 73.06M | 70.98M | 60.18M | 49.44M | 45.39M | |
| Current Portion of Long-Term Debt | 25.00M | 558.16M | ||||
| Current Portion of Leases | 11.66M | 7.91M | ||||
| Current Unearned Revenue | 15.95M | 14.22M | 16.22M | 18.03M | 17.76M | |
| Other Current Liabilities | 99.74M | 327.00K | 32.00K | 8.32M | 6.11M | 6.85M |
| Total Current Liabilities | 270.66M | 223.23M | 756.39M | 179.12M | 158.78M | 142.60M |
| Long-Term Debt | 171.34M | 195.05M | 97.30M | 568.82M | 565.58M | 562.23M |
| Long-Term Leases | 35.22M | 41.65M | 19.97M | 27.42M | 18.76M | 13.00M |
| Long-Term Unearned Revenue | 2.88M | 6.48M | ||||
| Pension & Post-Retirement Benefits | 882.00K | 3.94M | 6.94M | 8.26M | 4.40M | 4.54M |
| Other Long-Term Liabilities | 18.00K | 76.00K | 154.00K | |||
| Total Liabilities | 478.10M | 463.86M | 880.61M | 783.63M | 750.48M | 729.00M |
| Additional Paid-In Capital | 1.74B | 1.63B | 1.52B | 1.35B | 1.22B | 1.10B |
| Retained Earnings | -1.39B | -1.29B | -1.15B | -985.50M | -778.46M | -685.93M |
| Comprehensive Income & Other | -1.59M | -3.44M | -5.50M | -5.47M | -2.43M | -3.17M |
| Shareholders' Equity | 350.61M | 340.47M | 360.18M | 362.50M | 441.17M | 410.49M |
| Total Liabilities & Equity | 828.71M | 804.33M | 1.24B | 1.15B | 1.19B | 1.14B |
| Total Debt | 231.55M | 248.35M | 683.34M | 596.24M | 584.34M | 575.23M |
| Net Cash (Debt) | 231.93M | 199.32M | 276.53M | 314.37M | 385.08M | 362.48M |
| Net Cash Per Share | 2.02 | 1.79 | 2.56 | 2.95 | 3.68 | 3.50 |
| Filing Date Shares Outstanding | 116.92M | 113.79M | 109.92M | 107.09M | 105.46M | 104.42M |
| Total Common Shares Outstanding | 112.49M | 112.49M | 108.52M | 107.08M | 105.05M | 103.97M |
| Working Capital | 402.86M | 423.50M | 350.18M | 855.29M | 952.75M | 930.92M |
| Book Value Per Share | 3.12 | 3.03 | 3.32 | 3.39 | 4.20 | 3.95 |
| Tangible Book Value | 350.61M | 340.47M | 360.18M | 362.50M | 441.17M | 410.49M |
| Tangible Book Value Per Share | 3.12 | 3.03 | 3.32 | 3.39 | 4.20 | 3.95 |
| Land | 34.95M | 34.53M | 24.70M | 15.99M | 11.15M | |
| Machinery | 70.80M | 63.31M | 43.05M | 30.94M | 26.56M | |
| Leasehold Improvements | 13.73M | 12.13M | 11.70M | 9.35M | 7.08M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -121.73M | -136.23M | -168.63M | -207.04M | -92.53M | -58.35M |
| Depreciation & Amortization | 15.55M | 13.13M | 9.87M | 9.70M | 9.57M | 9.17M |
| Other Amortization | 5.15M | 5.15M | 5.14M | 4.59M | 4.35M | 4.42M |
| Asset Writedown & Restructuring Costs | 6.23M | 4.85M | 1.16M | 493.00K | 955.00K | 649.00K |
| Loss (Gain) From Sale of Investments | -26.89M | -26.89M | -28.27M | -26.40M | -4.83M | -238.00K |
| Stock-Based Compensation | 117.32M | 104.83M | 160.03M | 115.61M | 106.95M | 94.90M |
| Other Operating Activities | 10.09M | 6.20M | -2.02M | 66.00K | -5.47M | 3.14M |
| Change in Accounts Receivable | -35.62M | -38.94M | -26.36M | 29.41M | 2.55M | 5.27M |
| Change in Inventory | -1.95M | -5.67M | 2.57M | -8.92M | -4.34M | 2.48M |
| Change in Accounts Payable | 31.27M | 18.96M | 19.11M | 14.87M | 14.26M | 27.78M |
| Change in Other Net Operating Assets | -138.00K | 5.57M | 1.03M | -5.71M | -666.00K | -6.46M |
| Operating Cash Flow | -722.00K | -49.03M | -26.37M | -73.34M | 30.79M | 82.76M |
| Capital Expenditures | -23.89M | -26.65M | -42.85M | -27.09M | -21.36M | -24.17M |
| Investment in Securities | 338.34M | 463.92M | -97.39M | 211.24M | -118.60M | -120.66M |
| Investing Cash Flow | 314.46M | 437.28M | -140.24M | 184.15M | -139.96M | -144.83M |
| Long-Term Debt Issued | 99.98M | 96.92M | ||||
| Long-Term Debt Repaid | -560.95M | -12.91M | -10.00K | -28.00K | -26.00K | |
| Net Debt Issued (Repaid) | -560.95M | -460.97M | 84.01M | -10.00K | -28.00K | -26.00K |
| Issuance of Common Stock | 10.18M | 9.77M | 6.31M | 15.80M | 15.52M | 25.73M |
| Repurchase of Common Stock | -702.00K | -146.00K | ||||
| Financing Cash Flow | -551.47M | -451.34M | 90.31M | 15.79M | 15.49M | 25.70M |
| Foreign Exchange Rate Adjustments | -65.00K | 394.00K | -174.00K | 131.00K | -97.00K | -188.00K |
| Net Cash Flow | -237.80M | -62.70M | -76.47M | 126.73M | -93.78M | -36.56M |
| Free Cash Flow | -24.61M | -75.68M | -69.22M | -100.43M | 9.43M | 58.59M |
| Free Cash Flow Margin | -3.39% | -11.55% | -11.44% | -19.72% | 1.75% | 10.95% |
| Free Cash Flow Per Share | -0.21 | -0.68 | -0.64 | -0.94 | 0.09 | 0.57 |
| Levered Free Cash Flow | 9.00M | -37.98M | 8.60M | -1.98M | 51.76M | 104.89M |
| Unlevered Free Cash Flow | 22.69M | -30.96M | 12.00M | -3.21M | 50.55M | 103.70M |
| Cash Interest Paid | 20.34M | 13.41M | 7.71M | 6.00K | 41.00K | 101.00K |
| Cash Income Tax Paid | 9.63M | 30.67M | 23.46M | 13.66M | 5.48M | 3.11M |
| Change in Working Capital | -6.43M | -20.07M | -3.65M | 29.66M | 11.80M | 29.07M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.54B | 1.45B | 3.22B | 1.60B | 7.70B | 7.79B |
| Enterprise Value | 1.31B | 1.21B | 2.94B | 1.26B | 7.31B | 7.43B |
| Last Close Price | 13.15 | 12.93 | 29.80 | 14.93 | 73.35 | 75.08 |
| Forward PE | 277.46 | 277.46 | 277.46 | 277.46 | 277.46 | |
| PS Ratio | 2.12 | 2.21 | 5.33 | 3.13 | 14.31 | 14.57 |
| PB Ratio | 4.22 | 4.25 | 8.95 | 4.40 | 17.45 | 18.99 |
| P/TBV Ratio | 4.39 | 4.25 | 8.95 | 4.40 | 17.45 | 18.99 |
| P/FCF Ratio | 816.34 | 133.05 | ||||
| P/OCF Ratio | 250.03 | 94.19 | ||||
| PEG Ratio | 63.89 | 63.89 | 63.89 | 63.89 | 63.89 | |
| EV/Sales Ratio | 1.80 | 1.85 | 4.86 | 2.48 | 13.59 | 13.89 |
| EV/FCF Ratio | 774.90 | 126.89 | ||||
| Debt / Equity Ratio | 0.66 | 0.73 | 1.90 | 1.65 | 1.32 | 1.40 |
| Debt / FCF Ratio | 61.97 | 9.82 | ||||
| Net Debt / Equity Ratio | -0.66 | -0.58 | -0.77 | -0.87 | -0.87 | -0.88 |
| Net Debt / EBITDA Ratio | 2.24 | 1.48 | 1.75 | 1.45 | 4.85 | 10.50 |
| Net Debt / FCF Ratio | 9.43 | 2.63 | 4.00 | 3.13 | -40.84 | -6.19 |
| Asset Turnover | 0.66 | 0.64 | 0.51 | 0.44 | 0.46 | 0.49 |
| Inventory Turnover | 4.14 | 4.33 | 3.72 | 3.78 | 4.25 | 4.41 |
| Quick Ratio | 2.30 | 2.51 | 1.37 | 5.46 | 6.73 | 7.29 |
| Current Ratio | 2.49 | 2.90 | 1.46 | 5.78 | 7.00 | 7.53 |
| Return on Equity (ROE) | -35.19% | -38.89% | -46.67% | -51.52% | -21.73% | -13.16% |
| Return on Assets (ROA) | -6.79% | -9.06% | -8.77% | -12.09% | -4.77% | -2.49% |
| Return on Capital Employed (ROCE) | -21.30% | -25.50% | -34.60% | -23.40% | -8.60% | -4.40% |
| Earnings Yield | -8.06% | -9.41% | -5.23% | -12.98% | -1.20% | -0.75% |
| FCF Yield | -1.60% | -5.23% | -2.15% | -6.30% | 0.12% | 0.75% |
| Buyback Yield / Dilution | -3.86% | -3.37% | -1.36% | -1.65% | -1.19% | 5.00% |