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NovoCure (NVCR) Financials

NovoCure logo
$16.65 -0.59 (-3.42%)
Closing price 04:00 PM Eastern
Extended Trading
$16.64 0.00 (-0.03%)
As of 06:14 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for NovoCure

Annual Income Statements for NovoCure

This table shows NovoCure's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -112 -132 -62 -64 -7.23 20 -58 -93 -207 -169 -136
Consolidated Net Income / (Loss)		 -112 -132 -62 -64 -7.23 20 -58 -93 -207 -169 -136
Net Income / (Loss) Continuing Operations		 -112 -132 -62 -64 -7.23 20 -58 -93 -207 -169 -136
Total Pre-Tax Income 		-107 -121 -48 -46 -8.82 18 -52 -82 -192 -131 -136
Total Operating Income		 -104 -115 -39 -34 -0.91 30 -44 -90 -233 -170 -154
Total Gross Profit		 12 37 121 168 263 388 420 423 381 468 488
Total Revenue		 33 83 177 248 351 494 535 538 509 605 655
Operating Revenue		 33 83 177 248 351 494 535 538 509 605 655
Total Cost of Revenue		 21 46 56 80 89 107 115 115 128 137 167
Operating Cost of Revenue		 21 40 56 80 89 107 115 115 128 137 167
Total Operating Expenses		 116 152 161 202 264 357 464 512 614 639 642
Selling, General & Admin Expense		 34 51 59 73 88 107 126 133 164 190 178
Marketing Expense		 39 59 64 78 97 118 137 174 227 239 240
Research & Development Expense		 44 41 38 51 79 132 201 206 223 210 225
Total Other Income / (Expense), net		 -3.15 -6.15 -9.17 -12 -7.91 -12 -7.74 7.68 41 39 18
Interest & Investment Income		 - - - - - -12 -7.74 7.68 41 39 18
Income Tax Expense		 4.43 10 13 18 -1.59 -1.71 6.28 11 15 37 -0.02
Basic Earnings per Share		 ($3.67) ($1.54) ($0.70) ($0.69) ($0.07) $0.20 ($0.56) ($0.88) ($1.95) ($1.56) ($1.22)
Weighted Average Basic Shares Outstanding		 30.40M 85.56M 88.55M 91.83M 97.24M 100.93M 103.43M 104.66M 106.39M 107.83M 111.47M
Diluted Earnings per Share		 ($3.67) ($1.54) ($0.70) ($0.69) ($0.07) $0.18 ($0.56) ($0.88) ($1.95) ($1.56) ($1.22)
Weighted Average Diluted Shares Outstanding		 30.40M 85.56M 88.55M 91.83M 97.24M 108.88M 103.43M 104.66M 106.39M 107.83M 111.47M
Weighted Average Basic & Diluted Shares Outstanding		 30.40M 85.56M 88.55M 91.83M 97.24M 102.41M 104.42M 105.46M 107.09M 109.92M 113.79M

Quarterly Income Statements for NovoCure

This table shows NovoCure's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -49 -47 -39 -33 -31 -66 -34 -40 -37 -24 -71
Consolidated Net Income / (Loss)		 -49 -47 -39 -33 -31 -66 -34 -40 -37 -24 -71
Net Income / (Loss) Continuing Operations		 -49 -47 -39 -33 -31 -66 -34 -40 -37 -24 -71
Total Pre-Tax Income 		-48 -39 -32 -23 -22 -55 -30 -35 -30 -41 -69
Total Operating Income		 -58 -52 -42 -34 -32 -63 -38 -40 -36 -40 -67
Total Gross Profit		 95 101 105 116 120 128 116 117 122 132 135
Total Revenue		 127 134 139 150 155 161 155 159 167 174 174
Operating Revenue		 127 134 139 150 155 161 155 159 167 174 174
Total Cost of Revenue		 32 33 34 35 35 33 39 41 45 42 39
Operating Cost of Revenue		 32 33 34 35 35 33 39 41 45 42 39
Total Operating Expenses		 153 153 146 149 152 191 154 157 158 173 203
Selling, General & Admin Expense		 42 39 40 38 40 72 45 44 46 43 86
Marketing Expense		 58 59 55 57 60 67 56 57 59 69 58
Research & Development Expense		 54 54 52 55 52 51 54 56 54 61 58
Total Other Income / (Expense), net		 10 13 9.88 11 11 8.10 7.57 4.54 6.00 -0.56 -1.84
Interest & Investment Income		 10 13 9.88 11 11 8.10 7.57 4.54 6.00 -0.56 -1.84
Income Tax Expense		 1.26 8.55 7.12 11 8.99 11 4.02 5.16 7.25 -16 1.88
Basic Earnings per Share		 ($0.46) ($0.45) ($0.36) ($0.31) ($0.28) ($0.61) ($0.31) ($0.36) ($0.33) ($0.22) ($0.62)
Weighted Average Basic Shares Outstanding		 106.77M 106.39M 107.27M 107.70M 108.25M 107.83M 110.28M 111.57M 111.91M 111.47M 114.15M
Diluted Earnings per Share		 ($0.46) ($0.45) ($0.36) ($0.31) ($0.28) ($0.61) ($0.31) ($0.36) ($0.33) ($0.22) ($0.62)
Weighted Average Diluted Shares Outstanding		 106.77M 106.39M 107.27M 107.70M 108.25M 107.83M 110.28M 111.57M 111.91M 111.47M 114.15M
Weighted Average Basic & Diluted Shares Outstanding		 106.86M 107.09M 107.61M 108.22M 108.20M 109.92M 111.49M 111.80M 111.98M 113.79M 115.82M

Annual Cash Flow Statements for NovoCure

This table details how cash moves in and out of NovoCure's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 62 -19 -19 62 37 67 -37 -94 127 -76 -63
Net Cash From Operating Activities		 -100 -108 -33 -1.87 27 99 83 31 -73 -26 -49
Net Cash From Continuing Operating Activities		 -100 -108 -33 -1.87 27 99 83 31 -73 -26 -49
Net Income / (Loss) Continuing Operations		 -112 -132 -62 -64 -7.23 20 -58 -93 -207 -169 -136
Consolidated Net Income / (Loss)		 -112 -132 -62 -64 -7.23 20 -58 -93 -207 -169 -136
Depreciation Expense		 3.15 5.65 7.68 9.01 8.46 9.15 10 11 11 11 15
Amortization Expense		 0.33 0.16 0.25 1.02 -2.18 3.26 3.10 -1.54 -23 -26 -23
Non-Cash Adjustments To Reconcile Net Income		 6.82 28 27 40 52 75 104 107 146 135 72
Changes in Operating Assets and Liabilities, net		 1.40 -9.68 -6.76 11 -24 -8.52 24 7.03 0.15 22 24
Net Cash From Investing Activities		 -115 13 8.63 -5.49 -52 -473 -145 -140 184 -140 437
Net Cash From Continuing Investing Activities		 -115 13 8.63 -5.49 -52 -473 -145 -140 184 -140 437
Purchase of Property, Plant & Equipment		 -4.67 -5.67 -7.37 -6.71 -10 -15 -24 -21 -27 -43 -27
Purchase of Investments		 -209 -239 -104 -254 -462 -608 -1,079 -1,298 -1,004 -875 -821
Sale and/or Maturity of Investments		 104 270 120 255 421 150 958 1,179 1,215 778 1,285
Net Cash From Financing Activities		 277 75 5.17 69 62 440 26 15 16 90 -451
Net Cash From Continuing Financing Activities		 277 75 5.17 69 62 440 26 15 16 90 -451
Repayment of Debt		 - - -0.08 -100 - -150 -0.03 -0.03 -0.01 -13 -561
Issuance of Debt		 23 73 0.02 149 -0.03 558 0.00 0.00 0.00 97 100
Issuance of Common Equity		 254 0.62 1.54 1.84 2.47 3.37 4.55 5.22 4.42 4.15 3.66
Other Financing Activities, net		 - 1.69 3.69 18 59 28 21 10 11 2.16 5.97
Effect of Exchange Rate Changes		 - - - - 0.03 0.25 -0.19 -0.10 0.13 -0.17 0.39
Cash Interest Paid		 1.69 6.60 10 13 14 8.69 0.10 0.04 0.01 7.71 13
Cash Income Taxes Paid		 1.49 9.45 10 20 11 -3.26 3.11 5.48 14 23 31

Quarterly Cash Flow Statements for NovoCure

This table details how cash moves in and out of NovoCure's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -0.98 86 215 -289 21 -23 -37 23 193 -241 -6.07
Net Cash From Operating Activities		 -19 -15 -32 -1.72 10 -3.45 -36 -16 21 -18 -14
Net Cash From Continuing Operating Activities		 -19 -15 -32 -1.72 10 -3.45 -36 -16 21 -18 -14
Net Income / (Loss) Continuing Operations		 -49 -47 -39 -33 -31 -66 -34 -40 -37 -24 -71
Consolidated Net Income / (Loss)		 -49 -47 -39 -33 -31 -66 -34 -40 -37 -24 -71
Depreciation Expense		 2.80 2.72 2.82 2.86 2.46 3.10 3.33 3.44 3.66 4.22 4.12
Amortization Expense		 -6.69 -7.26 -5.38 -6.85 -6.74 -6.67 -6.65 -6.46 -6.40 -3.75 -2.62
Non-Cash Adjustments To Reconcile Net Income		 30 21 32 22 37 45 23 17 34 -2.67 65
Changes in Operating Assets and Liabilities, net		 3.56 16 -22 14 8.50 21 -21 9.73 27 8.69 -8.91
Net Cash From Investing Activities		 17 99 246 -374 10 -22 -6.47 36 71 336 7.75
Net Cash From Continuing Investing Activities		 17 99 246 -374 10 -22 -6.47 36 71 336 7.75
Purchase of Property, Plant & Equipment		 -7.25 -6.82 -12 -11 -11 -8.94 -11 -5.49 -5.66 -4.90 -5.15
Purchase of Investments		 -251 -193 0.00 -523 -169 -183 -116 -379 -108 -219 -97
Sale and/or Maturity of Investments		 276 299 258 160 190 170 120 420 185 560 110
Net Cash From Financing Activities		 1.17 1.91 0.21 87 0.10 2.69 5.25 2.39 101 -559 -0.17
Net Cash From Continuing Financing Activities		 1.17 1.91 0.21 87 0.10 2.69 5.25 2.39 101 -559 -0.17
Repayment of Debt		 - - 0.00 -13 - - 0.00 - - -561 0.00
Issuance of Debt		 - - 0.00 - - - 0.00 - 100 - 0.00
Issuance of Common Equity		 - 1.53 0.00 2.19 - 1.96 0.00 2.14 - 1.52 0.00
Other Financing Activities, net		 1.17 0.38 0.21 1.12 0.10 0.72 5.25 0.25 0.54 -0.07 -0.17
Effect of Exchange Rate Changes		 -0.10 0.20 -0.06 -0.08 0.09 -0.13 0.23 0.27 -0.02 -0.08 -0.13
Cash Interest Paid		 - 0.01 0.00 1.97 2.96 2.78 2.65 2.67 2.84 5.24 4.96
Cash Income Taxes Paid		 1.20 4.92 2.91 7.50 6.64 6.41 4.97 14 3.43 8.43 -3.88

Annual Balance Sheets for NovoCure

This table presents NovoCure's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 307 282 265 340 479 1,052 1,139 1,192 1,146 1,241 804
Total Current Assets		 294 262 245 321 440 999 1,074 1,112 1,034 1,107 647
Cash & Equivalents		 119 100 79 141 177 235 209 115 241 164 94
Restricted Cash		 0.09 0.27 2.13 2.13 2.10 11 0.81 0.51 1.74 2.33 9.84
Short-Term Investments		 150 120 105 105 149 608 729 854 670 796 354
Accounts Receivable		 0.00 6.34 30 37 59 97 94 86 61 74 89
Inventories, net		 14 26 22 23 24 27 24 29 38 35 41
Other Current Assets		 11 10 8.11 14 29 21 17 26 23 35 59
Plant, Property, & Equipment, net		 6.55 9.81 9.03 8.44 9.34 11 23 33 51 78 78
Total Noncurrent Assets		 6.88 10 11 9.98 30 41 43 47 60 57 80
Other Noncurrent Operating Assets		 6.88 10 11 9.98 30 41 43 47 60 57 80
Total Liabilities & Shareholders' Equity		 307 282 265 340 479 1,052 1,139 1,192 1,146 1,241 804
Total Liabilities		 57 140 152 228 262 575 729 750 784 881 464
Total Current Liabilities		 29 37 50 65 86 114 143 159 179 756 223
Accounts Payable		 29 37 50 65 86 54 73 85 94 105 122
Accrued Expenses		 - - - - - 60 70 74 85 93 101
Total Noncurrent Liabilities		 28 103 102 163 175 462 586 592 605 124 241
Long-Term Debt		 23 96 97 149 149 430 562 566 569 97 195
Noncurrent Employee Benefit Liabilities		 2.06 2.59 2.45 2.68 3.75 5.17 4.54 4.40 8.26 6.94 3.94
Other Noncurrent Operating Liabilities		 2.74 4.03 1.74 1.09 0.22 0.34 0.17 19 27 20 42
Commitments & Contingencies		 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 251 142 114 112 218 477 410 441 362 360 340
Total Preferred & Common Equity		 251 142 114 112 218 477 410 441 362 360 340
Total Common Equity		 251 142 114 112 218 477 410 441 362 360 340
Common Stock		 640 664 697 757 871 1,111 1,100 1,222 1,353 1,520 1,634
Retained Earnings		 -388 -520 -582 -644 -651 -631 -686 -778 -986 -1,154 -1,290
Accumulated Other Comprehensive Income / (Loss)		 -1.51 -1.88 -1.34 -1.40 -2.77 -3.83 -3.17 -2.43 -5.47 -5.50 -3.44

Quarterly Balance Sheets for NovoCure

This table presents NovoCure's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,174 1,174 1,159 1,146 1,121 1,212 1,222 1,249 1,246 1,361 788
Total Current Assets		 1,102 1,089 1,065 1,048 1,003 1,093 1,095 1,089 1,083 1,200 632
Cash & Equivalents		 244 186 157 155 454 165 185 127 150 342 88
Restricted Cash		 0.23 0.68 0.52 1.65 3.60 3.65 3.78 2.15 2.51 2.52 9.80
Short-Term Investments		 727 772 784 766 416 786 774 802 762 691 344
Accounts Receivable		 88 75 71 65 65 65 67 85 90 85 93
Inventories, net		 27 32 33 37 42 40 39 39 40 39 43
Other Current Assets		 17 - 20 23 21 33 25 34 39 40 53
Plant, Property, & Equipment, net		 30 36 41 46 59 66 73 80 80 80 76
Total Noncurrent Assets		 42 49 52 53 60 53 53 80 82 81 80
Other Noncurrent Operating Assets		 42 49 52 53 60 53 53 80 82 81 80
Total Liabilities & Shareholders' Equity		 1,174 1,174 1,159 1,146 1,121 1,212 1,222 1,249 1,246 1,361 788
Total Liabilities		 729 742 743 753 762 850 861 887 896 1,020 457
Total Current Liabilities		 141 149 150 157 160 169 735 743 750 776 218
Accounts Payable		 77 81 83 80 84 90 91 95 104 119 127
Accrued Expenses		 64 67 68 77 76 79 86 89 86 96 90
Total Noncurrent Liabilities		 588 593 593 595 602 681 126 144 147 244 240
Long-Term Debt		 565 566 567 568 570 653 97 97 98 195 195
Noncurrent Employee Benefit Liabilities		 4.09 5.14 4.84 5.37 6.57 6.02 7.89 5.77 6.32 6.52 4.69
Other Noncurrent Operating Liabilities		 15 20 20 22 26 22 21 40 43 43 39
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 445 432 416 394 359 362 361 362 349 341 331
Total Preferred & Common Equity		 445 432 416 394 359 362 361 362 349 341 331
Total Common Equity		 445 432 416 394 359 362 361 362 349 341 331
Common Stock		 1,189 1,266 1,307 1,334 1,388 1,423 1,454 1,555 1,583 1,613 1,697
Retained Earnings		 -741 -832 -889 -938 -1,024 -1,058 -1,088 -1,188 -1,229 -1,266 -1,361
Accumulated Other Comprehensive Income / (Loss)		 -2.31 -2.69 -1.98 -1.99 -4.15 -3.52 -5.38 -4.20 -5.11 -5.81 -4.90

Annual Metrics And Ratios for NovoCure

This table displays calculated financial ratios and metrics derived from NovoCure's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 113.60% 150.52% 113.57% 40.13% 41.62% 40.72% 8.23% 0.53% -5.30% 18.82% 8.28%
EBITDA Growth		 -28.51% -8.95% 71.33% 24.70% 122.71% 697.23% -172.37% -159.63% -204.58% 24.52% 12.16%
EBIT Growth		 -29.74% -10.89% 65.90% 14.38% 97.29% 3,426.15% -245.83% -101.93% -160.12% 26.78% 9.79%
NOPAT Growth		 -29.74% -10.89% 65.90% 14.38% 97.29% 5,299.45% -193.29% -101.93% -160.12% 26.78% 9.79%
Net Income Growth		 -38.30% -18.16% 53.23% -3.08% 88.62% 373.97% -394.58% -58.58% -123.75% 18.55% 19.21%
EPS Growth		 43.19% 58.04% 54.55% 1.43% 89.86% 357.14% -411.11% -57.14% -121.59% 20.00% 21.79%
Operating Cash Flow Growth		 -34.53% -7.72% 69.20% 94.37% 1,527.35% 272.46% -16.53% -62.80% -338.20% 64.04% -85.94%
Free Cash Flow Firm Growth		 -59.81% -15.84% 63.87% 66.16% -246.87% 149.10% -158.55% -350.72% -178.14% -5.93% 14.05%
Invested Capital Growth		 191.83% 323.85% 36.38% -46.94% 293.41% 25.35% -29.18% -22.15% -48.41% 181.87% 45.96%
Revenue Q/Q Growth		 0.00% 27.46% 15.25% 6.90% 9.19% 9.95% -1.97% -0.88% 1.06% 4.76% 2.04%
EBITDA Q/Q Growth		 0.00% 10.76% 30.58% -24.23% 244.16% 61.62% -516.36% -41.56% -5.47% -6.09% 14.23%
EBIT Q/Q Growth		 0.00% 9.94% 25.37% -14.09% 90.61% 64.67% -401.33% -27.99% -3.90% -7.29% 12.97%
NOPAT Q/Q Growth		 0.00% 9.94% 25.37% -14.09% 90.61% -27.69% -401.33% -27.99% -3.90% -7.29% 12.97%
Net Income Q/Q Growth		 0.00% 7.55% 15.40% -7.96% 73.34% 3.43% -116.31% -13.28% -4.96% -12.58% 23.32%
EPS Q/Q Growth		 0.00% -222.22% 15.66% -6.15% 75.00% -10.00% -100.00% -14.29% -4.84% -11.43% 24.22%
Operating Cash Flow Q/Q Growth		 -9.31% 10.33% 24.63% 91.36% -27.01% 88.39% -32.07% -37.04% -17.37% 29.64% -42.21%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 20.81% 61.12% -1,752.54% 3,227.03% -145.33% -7.49% 7.00% -24.02% 0.35%
Invested Capital Q/Q Growth		 0.00% 0.43% 1.68% -60.56% 112.54% -6.99% 18.26% -7.04% -51.12% 3.59% 28.77%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 37.71% 44.16% 68.59% 67.73% 74.78% 78.46% 78.53% 78.64% 74.81% 77.33% 74.54%
EBITDA Margin		 -303.79% -132.12% -17.74% -9.53% 1.53% 8.66% -5.79% -14.96% -48.10% -30.55% -24.78%
Operating Margin		 -314.31% -139.12% -22.22% -13.57% -0.26% 6.15% -8.29% -16.64% -45.72% -28.17% -23.47%
EBIT Margin		 -314.31% -139.12% -22.22% -13.57% -0.26% 6.15% -8.29% -16.64% -45.72% -28.17% -23.47%
Profit (Net Income) Margin		 -337.24% -159.06% -34.83% -25.62% -2.06% 4.01% -10.91% -17.20% -40.65% -27.86% -20.79%
Tax Burden Percent		 104.14% 108.55% 127.15% 138.35% 81.94% 109.42% 112.05% 113.06% 107.98% 128.56% 99.98%
Interest Burden Percent		 103.03% 105.33% 123.31% 136.44% 965.43% 59.54% 117.46% 91.42% 82.34% 76.93% 88.59%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% -9.42% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -699.47% -124.73% -120.92% -1.92% 55.53% -54.52% -149.30% -585.26% -329.70% -163.82%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -671.84% -92.49% -78.12% 3.09% 60.21% -47.45% -141.52% -573.48% -314.54% -153.78%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 632.40% 76.54% 64.63% -2.46% -49.82% 41.36% 127.57% 533.73% 283.03% 124.94%
Return on Equity (ROE)		 -64.00% -67.07% -48.19% -56.29% -4.38% 5.71% -13.16% -21.73% -51.52% -46.67% -38.89%
Cash Return on Invested Capital (CROIC)		 -1,861.13% -823.11% -155.51% -59.60% -120.85% 33.03% -20.35% -124.39% -521.40% -424.95% -201.19%
Operating Return on Assets (OROA)		 -48.91% -39.13% -14.37% -11.13% -0.22% 3.97% -4.05% -7.68% -19.92% -14.29% -15.04%
Return on Assets (ROA)		 -52.48% -44.74% -22.53% -21.01% -1.77% 2.59% -5.33% -7.94% -17.71% -14.13% -13.32%
Return on Common Equity (ROCE)		 -64.00% -67.07% -48.19% -56.29% -4.38% 5.71% -13.16% -21.73% -51.52% -46.67% -38.89%
Return on Equity Simple (ROE_SIMPLE)		 -44.49% -92.62% -54.30% -56.62% -3.32% 4.16% -14.21% -20.97% -57.12% -46.82% 0.00%
Net Operating Profit after Tax (NOPAT)		 -73 -81 -28 -24 -0.64 33 -31 -63 -163 -119 -108
NOPAT Margin		 -220.02% -97.39% -15.55% -9.50% -0.18% 6.73% -5.80% -11.65% -32.00% -19.72% -16.43%
Net Nonoperating Expense Percent (NNEP)		 -22.22% -27.63% -32.24% -42.81% -5.00% -4.69% -7.07% -7.78% -11.77% -15.16% -10.04%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -6.23% -17.50% -11.75% -20.10%
Cost of Revenue to Revenue		 62.29% 55.84% 31.41% 32.27% 25.22% 21.54% 21.47% 21.36% 25.19% 22.67% 25.46%
SG&A Expenses to Revenue		 102.35% 61.54% 33.39% 29.61% 25.03% 21.73% 23.57% 24.68% 32.21% 31.37% 27.11%
R&D to Revenue		 132.22% 50.03% 21.52% 20.39% 22.49% 26.70% 37.62% 38.32% 43.79% 34.64% 34.26%
Operating Expenses to Revenue		 352.02% 183.29% 90.80% 81.31% 75.04% 72.31% 86.82% 95.29% 120.53% 105.50% 98.00%
Earnings before Interest and Taxes (EBIT)		 -104 -115 -39 -34 -0.91 30 -44 -90 -233 -170 -154
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -101 -110 -31 -24 5.37 43 -31 -80 -245 -185 -162
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 7.45 4.79 15.90 27.74 38.29 36.97 18.99 17.45 4.40 8.95 4.25
Price to Tangible Book Value (P/TBV)		 7.45 4.79 15.90 27.74 38.29 36.97 18.99 17.45 4.40 8.95 4.25
Price to Revenue (P/Rev)		 56.51 8.22 10.20 12.55 23.74 35.63 14.57 14.31 3.13 5.33 2.21
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 889.29 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.11% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 368.43 29.86 67.42 223.11 153.76 258.15 157.45 198.49 66.03 54.60 15.20
Enterprise Value to Revenue (EV/Rev)		 49.06 6.73 9.70 12.16 23.27 34.80 13.89 13.56 2.46 4.82 1.81
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 1,522.43 401.89 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 565.94 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 517.20 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 307.12 173.53 89.80 236.90 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 869.56 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.09 0.68 0.86 1.33 0.75 0.93 1.40 1.28 1.57 1.82 0.57
Long-Term Debt to Equity		 0.09 0.68 0.86 1.33 0.75 0.93 1.40 1.28 1.57 0.27 0.57
Financial Leverage		 -1.00 -0.94 -0.83 -0.83 -0.80 -0.83 -0.87 -0.90 -0.93 -0.90 -0.81
Leverage Ratio		 1.22 1.50 2.14 2.68 2.48 2.21 2.47 2.74 2.91 3.30 2.92
Compound Leverage Factor		 1.26 1.58 2.64 3.66 23.96 1.31 2.90 2.50 2.40 2.54 2.59
Debt to Total Capital		 8.43% 40.34% 46.15% 57.08% 42.89% 48.24% 58.36% 56.18% 61.08% 64.54% 36.42%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 54.96% 0.00%
Long-Term Debt to Total Capital		 8.43% 40.34% 46.15% 57.08% 42.89% 48.24% 58.36% 56.18% 61.08% 9.58% 36.42%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 91.57% 59.66% 53.85% 42.92% 57.11% 51.76% 41.64% 43.82% 38.92% 35.46% 63.58%
Debt to EBITDA		 -0.23 -0.88 -3.10 -6.31 30.46 10.38 -18.57 -7.03 -2.32 -3.54 -1.20
Net Debt to EBITDA		 2.45 1.13 2.81 4.18 -30.66 -9.57 11.73 5.03 1.40 1.66 1.62
Long-Term Debt to EBITDA		 -0.23 -0.88 -3.10 -6.31 30.46 10.38 -18.57 -7.03 -2.32 -0.53 -1.20
Debt to NOPAT		 -0.32 -1.19 -3.54 -6.33 -255.65 13.35 -18.54 -9.02 -3.49 -5.49 -1.81
Net Debt to NOPAT		 3.38 1.53 3.20 4.19 257.30 -12.32 11.71 6.45 2.11 2.57 2.44
Long-Term Debt to NOPAT		 -0.32 -1.19 -3.54 -6.33 -255.65 13.35 -18.54 -9.02 -3.49 -0.82 -1.81
Altman Z-Score		 18.11 0.25 5.13 6.87 18.84 19.10 6.89 6.40 0.69 1.27 0.44
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 10.27 7.10 4.88 4.98 5.10 8.80 7.53 7.00 5.78 1.46 2.90
Quick Ratio		 9.41 6.13 4.24 4.37 4.46 8.27 7.23 6.65 5.43 1.37 2.41
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -82 -95 -34 -12 -40 20 -12 -52 -145 -154 -132
Operating Cash Flow to CapEx		 -2,140.22% -1,896.56% -449.82% -27.79% 253.89% 662.40% 342.39% 144.15% -270.68% -61.53% -184.00%
Free Cash Flow to Firm to Interest Expense		 -26.02 -15.45 -3.74 -0.95 -5.09 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -31.70 -17.50 -3.61 -0.15 3.37 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -33.18 -18.43 -4.42 -0.70 2.04 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.16 0.28 0.65 0.82 0.86 0.65 0.49 0.46 0.44 0.51 0.64
Accounts Receivable Turnover		 0.00 0.00 9.86 7.51 7.37 6.36 5.62 5.98 6.91 8.94 8.01
Inventory Turnover		 2.42 2.36 2.34 3.59 3.83 4.17 4.43 4.27 3.80 3.75 4.38
Fixed Asset Turnover		 6.43 10.13 18.79 28.39 39.51 47.68 31.39 19.43 12.10 9.37 8.44
Accounts Payable Turnover		 0.89 1.41 1.28 1.40 1.17 1.52 1.82 1.46 1.43 1.38 1.47
Days Sales Outstanding (DSO)		 0.00 0.00 37.02 48.62 49.55 57.43 64.90 61.02 52.84 40.84 45.58
Days Inventory Outstanding (DIO)		 150.89 154.35 156.13 101.64 95.27 87.60 82.37 85.48 96.07 97.43 83.33
Days Payable Outstanding (DPO)		 409.95 258.32 285.79 261.64 310.75 239.83 200.56 250.71 255.49 265.38 248.60
Cash Conversion Cycle (CCC)		 -259.06 -103.97 -92.65 -111.39 -165.93 -94.80 -53.29 -104.21 -106.58 -127.10 -119.69
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4.41 19 25 14 53 67 47 37 19 53 78
Invested Capital Turnover		 -168.81 7.18 8.02 12.73 10.54 8.25 9.40 12.81 18.29 16.72 9.97
Increase / (Decrease) in Invested Capital		 9.20 14 6.79 -12 40 13 -19 -10 -18 34 25
Enterprise Value (EV)		 1,623 558 1,717 3,015 8,175 17,205 7,431 7,294 1,252 2,918 1,185
Market Capitalization		 1,870 681 1,805 3,114 8,340 17,615 7,795 7,698 1,595 3,224 1,448
Book Value per Share		 $3.00 $1.64 $1.27 $1.21 $2.20 $4.68 $3.95 $4.20 $3.39 $3.33 $3.04
Tangible Book Value per Share		 $3.00 $1.64 $1.27 $1.21 $2.20 $4.68 $3.95 $4.20 $3.39 $3.33 $3.04
Total Capital		 274 239 211 262 381 921 986 1,007 931 1,016 536
Total Debt		 23 96 97 149 164 444 575 566 569 655 195
Total Long-Term Debt		 23 96 97 149 164 444 575 566 569 97 195
Net Debt		 -246 -124 -88 -99 -165 -410 -363 -404 -344 -307 -262
Capital Expenditures (CapEx)		 4.67 5.67 7.37 6.71 10 15 24 21 27 43 27
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.23 5.09 9.50 8.80 25 32 -7.58 -17 -57 -54 -34
Debt-free Net Working Capital (DFNWC)		 265 225 195 257 354 886 931 953 855 908 424
Net Working Capital (NWC)		 265 225 195 257 354 886 931 953 855 350 424
Net Nonoperating Expense (NNE)		 39 51 34 40 6.59 13 27 30 44 49 29
Net Nonoperating Obligations (NNO)		 -246 -124 -88 -99 -165 -410 -363 -404 -344 -307 -262
Total Depreciation and Amortization (D&A)		 3.48 5.81 7.93 10 6.28 12 13 9.09 -12 -14 -8.61
Debt-free, Cash-free Net Working Capital to Revenue		 -12.80% 6.14% 5.36% 3.55% 7.24% 6.42% -1.42% -3.19% -11.20% -8.90% -5.19%
Debt-free Net Working Capital to Revenue		 801.76% 271.44% 110.11% 103.52% 100.66% 179.18% 173.99% 177.14% 167.92% 150.09% 64.62%
Net Working Capital to Revenue		 801.76% 271.44% 110.11% 103.52% 100.66% 179.18% 173.99% 177.14% 167.92% 57.86% 64.62%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($3.67) ($1.54) ($0.70) ($0.69) ($0.07) $0.20 ($0.56) ($0.88) ($1.95) ($1.56) ($1.22)
Adjusted Weighted Average Basic Shares Outstanding		 84.43M 87.07M 89.88M 94.99M 99.64M 100.93M 103.43M 104.66M 106.39M 107.83M 111.47M
Adjusted Diluted Earnings per Share		 ($3.67) ($1.54) ($0.70) ($0.69) ($0.07) $0.18 ($0.56) ($0.88) ($1.95) ($1.56) ($1.22)
Adjusted Weighted Average Diluted Shares Outstanding		 84.43M 87.07M 89.88M 94.99M 99.64M 108.88M 103.43M 104.66M 106.39M 107.83M 111.47M
Adjusted Basic & Diluted Earnings per Share		 ($3.67) ($1.54) ($0.70) ($0.69) ($0.07) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 30.40M 85.56M 88.55M 91.83M 97.24M 102.41M 104.42M 105.46M 107.09M 109.92M 113.79M
Normalized Net Operating Profit after Tax (NOPAT)		 -73 -81 -28 -24 -0.64 21 -31 -63 -163 -119 -108
Normalized NOPAT Margin		 -220.02% -97.39% -15.55% -9.50% -0.18% 4.30% -5.80% -11.65% -32.00% -19.72% -16.43%
Pre Tax Income Margin		 -323.83% -146.54% -27.40% -18.52% -2.51% 3.66% -9.73% -15.22% -37.64% -21.67% -20.79%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -33.00 -18.76 -4.29 -2.74 -0.12 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 -23.10 -13.13 -3.00 -1.92 -0.08 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -34.49 -19.68 -5.09 -3.29 -1.44 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -24.58 -14.05 -3.81 -2.47 -1.41 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for NovoCure

This table displays calculated financial ratios and metrics derived from NovoCure's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 113,794,396.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 113,794,396.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.63
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -2.81% 4.17% 13.36% 19.28% 21.81% 20.54% 11.91% 5.62% 7.81% 8.11% 12.30%
EBITDA Growth		 -186.08% -29.15% 28.41% 42.20% 41.46% -18.87% 6.56% -13.20% -6.57% 40.30% -60.01%
EBIT Growth		 -136.66% -20.33% 31.09% 46.41% 44.90% -22.41% 8.80% -17.69% -12.24% 36.19% -78.05%
NOPAT Growth		 -136.66% -20.33% 31.09% 46.41% 44.90% -22.41% 8.80% -17.69% -12.24% 36.19% -78.05%
Net Income Growth		 -86.20% -26.21% 26.95% 41.87% 38.22% -40.02% 11.46% -20.27% -21.92% 62.84% -107.28%
EPS Growth		 -84.00% -25.00% 28.00% 42.59% 39.13% -35.56% 13.89% -16.13% -17.86% 63.93% -100.00%
Operating Cash Flow Growth		 -186.15% -292.72% -88.76% 92.44% 153.72% 76.29% -12.96% -826.51% 98.28% -421.70% 62.10%
Free Cash Flow Firm Growth		 -137.70% 6.20% -174.82% -45.61% 11.92% -327.89% -30.91% -41.74% 3.02% 32.95% 23.76%
Invested Capital Growth		 -1.86% -48.41% 38.99% 45.50% 32.99% 181.87% 57.61% 53.69% 17.41% 45.96% -3.12%
Revenue Q/Q Growth		 1.01% 5.08% 3.53% 8.56% 3.15% 3.98% -3.89% 2.46% 5.29% 4.27% -0.17%
EBITDA Q/Q Growth		 4.43% 9.46% 21.63% 14.77% 3.21% -83.86% 38.40% -3.26% 8.88% -3.00% -65.11%
EBIT Q/Q Growth		 7.05% 11.21% 19.72% 19.12% 4.43% -97.26% 40.19% -4.37% 8.86% -12.14% -66.91%
NOPAT Q/Q Growth		 7.05% 11.21% 19.72% 19.12% 4.43% -97.26% 40.19% -4.37% 8.86% -12.14% -66.91%
Net Income Q/Q Growth		 13.82% 4.86% 17.67% 13.89% 8.40% -115.64% 47.94% -16.96% 7.15% 34.27% -190.37%
EPS Q/Q Growth		 14.81% 2.17% 20.00% 13.89% 9.68% -117.86% 49.18% -16.13% 8.33% 33.33% -181.82%
Operating Cash Flow Q/Q Growth		 15.05% 24.62% -116.88% 94.55% 703.26% -133.26% -933.47% 55.32% 229.10% -187.51% 24.92%
Free Cash Flow Firm Q/Q Growth		 -37.52% 54.00% -142.01% 4.88% 16.82% -123.45% 25.96% -2.99% 43.08% -54.49% 15.82%
Invested Capital Q/Q Growth		 -6.53% -51.12% 191.47% 9.28% -14.57% 3.59% 62.98% 6.56% -34.73% 28.77% 8.18%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 74.79% 75.67% 75.68% 76.95% 77.19% 79.25% 75.15% 73.89% 73.25% 75.82% 77.63%
EBITDA Margin		 -48.80% -42.05% -31.83% -24.99% -23.45% -41.47% -26.58% -26.79% -23.18% -22.90% -37.87%
Operating Margin		 -45.75% -38.66% -29.98% -22.33% -20.69% -39.25% -24.43% -24.89% -21.54% -23.17% -38.73%
EBIT Margin		 -45.75% -38.66% -29.98% -22.33% -20.69% -39.25% -24.43% -24.89% -21.54% -23.17% -38.73%
Profit (Net Income) Margin		 -38.87% -35.19% -27.99% -22.20% -19.71% -40.88% -22.14% -25.28% -22.29% -14.05% -40.87%
Tax Burden Percent		 102.62% 122.18% 122.50% 146.84% 141.63% 119.41% 113.28% 114.75% 124.14% 59.82% 102.71%
Interest Burden Percent		 82.79% 74.51% 76.21% 67.69% 67.26% 87.21% 80.01% 88.51% 83.35% 101.39% 102.73%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -412.14% -494.84% -232.18% -168.77% -185.18% -459.41% -149.37% -143.32% -172.71% -161.72% -213.29%
ROIC Less NNEP Spread (ROIC-NNEP)		 -409.85% -491.93% -229.39% -165.85% -182.74% -452.77% -146.67% -138.85% -168.62% -163.05% -204.10%
Return on Net Nonoperating Assets (RNNOA)		 371.60% 457.83% 201.85% 144.11% 160.85% 407.41% 117.73% 108.94% 141.69% 132.46% 153.57%
Return on Equity (ROE)		 -40.54% -37.01% -30.32% -24.66% -24.33% -52.00% -31.65% -34.38% -31.02% -29.26% -59.71%
Cash Return on Invested Capital (CROIC)		 -398.78% -521.40% -348.14% -291.35% -274.48% -424.95% -208.81% -200.23% -236.59% -201.19% -146.53%
Operating Return on Assets (OROA)		 -19.87% -16.84% -13.73% -10.36% -10.10% -19.91% -12.82% -12.76% -10.71% -14.85% -25.65%
Return on Assets (ROA)		 -16.88% -15.33% -12.82% -10.30% -9.62% -20.73% -11.62% -12.96% -11.08% -9.01% -27.07%
Return on Common Equity (ROCE)		 -40.54% -37.01% -30.32% -24.66% -24.33% -52.00% -31.65% -34.38% -31.02% -29.26% -59.71%
Return on Equity Simple (ROE_SIMPLE)		 -50.11% 0.00% -53.64% -46.63% -41.52% 0.00% -45.36% -48.92% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -41 -36 -29 -24 -22 -44 -27 -28 -25 -28 -47
NOPAT Margin		 -32.02% -27.06% -20.98% -15.63% -14.48% -27.48% -17.10% -17.42% -15.08% -16.22% -27.11%
Net Nonoperating Expense Percent (NNEP)		 -2.29% -2.91% -2.78% -2.92% -2.44% -6.65% -2.70% -4.47% -4.09% 1.33% -9.19%
Return On Investment Capital (ROIC_SIMPLE)		 - -3.89% - - - -4.36% -2.60% -2.75% -2.30% -5.28% -8.97%
Cost of Revenue to Revenue		 25.21% 24.33% 24.32% 23.05% 22.81% 20.75% 24.85% 26.12% 26.75% 24.18% 22.37%
SG&A Expenses to Revenue		 32.90% 29.49% 28.54% 25.08% 25.86% 44.95% 28.88% 27.68% 27.46% 24.68% 49.33%
R&D to Revenue		 42.12% 40.59% 37.25% 36.55% 33.45% 31.76% 34.70% 35.16% 32.31% 34.93% 33.52%
Operating Expenses to Revenue		 120.54% 114.32% 105.65% 99.29% 97.89% 118.50% 99.58% 98.77% 94.79% 98.99% 116.37%
Earnings before Interest and Taxes (EBIT)		 -58 -52 -42 -34 -32 -63 -38 -40 -36 -40 -67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -62 -56 -44 -38 -36 -67 -41 -43 -39 -40 -66
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.37 4.40 4.65 5.10 4.69 8.95 5.41 5.68 4.23 4.25 3.75
Price to Tangible Book Value (P/TBV)		 4.37 4.40 4.65 5.10 4.69 8.95 5.41 5.68 4.23 4.25 3.75
Price to Revenue (P/Rev)		 3.42 3.13 3.18 3.35 2.93 5.33 3.15 3.15 2.25 2.21 1.84
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 35.24 66.03 24.72 25.54 26.79 54.60 19.33 18.62 19.21 15.20 11.78
Enterprise Value to Revenue (EV/Rev)		 2.71 2.46 2.60 2.80 2.39 4.82 2.71 2.74 1.81 1.81 1.47
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.44 1.57 1.59 1.81 1.81 1.82 1.81 1.88 2.21 0.57 0.59
Long-Term Debt to Equity		 1.44 1.57 1.59 1.81 0.27 0.27 0.27 0.28 0.57 0.57 0.59
Financial Leverage		 -0.91 -0.93 -0.88 -0.87 -0.88 -0.90 -0.80 -0.78 -0.84 -0.81 -0.75
Leverage Ratio		 2.77 2.91 2.90 3.05 3.14 3.30 3.29 3.46 3.68 2.92 2.94
Compound Leverage Factor		 2.29 2.17 2.21 2.06 2.11 2.88 2.63 3.06 3.07 2.96 3.02
Debt to Total Capital		 59.06% 61.08% 61.32% 64.37% 64.46% 64.54% 64.46% 65.29% 68.87% 36.42% 37.15%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 54.90% 54.96% 54.89% 55.60% 51.12% 0.00% 0.00%
Long-Term Debt to Total Capital		 59.06% 61.08% 61.32% 64.37% 9.57% 9.58% 9.57% 9.69% 17.75% 36.42% 37.15%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 40.94% 38.92% 38.68% 35.63% 35.54% 35.46% 35.54% 34.71% 31.13% 63.58% 62.85%
Debt to EBITDA		 -2.45 -2.32 -2.50 -3.27 -3.76 -3.54 -3.61 -3.52 -3.99 -1.20 -1.04
Net Debt to EBITDA		 1.53 1.40 1.34 1.51 1.77 1.66 1.51 1.37 1.48 1.62 1.32
Long-Term Debt to EBITDA		 -2.45 -2.32 -2.50 -3.27 -0.56 -0.53 -0.54 -0.52 -1.03 -1.20 -1.04
Debt to NOPAT		 -3.62 -3.49 -3.80 -5.04 -5.88 -5.49 -5.62 -5.44 -6.11 -1.81 -1.52
Net Debt to NOPAT		 2.26 2.11 2.03 2.33 2.78 2.57 2.35 2.12 2.27 2.44 1.92
Long-Term Debt to NOPAT		 -3.62 -3.49 -3.80 -5.04 -0.87 -0.82 -0.83 -0.81 -1.57 -1.81 -1.52
Altman Z-Score		 1.43 1.21 1.28 1.36 0.67 1.55 0.72 0.67 0.31 0.91 0.41
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 6.67 5.78 6.26 6.46 1.49 1.46 1.47 1.45 1.55 2.90 2.90
Quick Ratio		 6.28 5.43 5.84 6.00 1.40 1.37 1.36 1.34 1.44 2.41 2.41
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -40 -18 -45 -42 -35 -79 -58 -60 -34 -53 -44
Operating Cash Flow to CapEx		 -266.29% -213.43% -267.94% -15.03% 97.13% -38.59% -336.11% -290.48% 363.82% -367.73% -262.36%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.43 0.44 0.46 0.46 0.49 0.51 0.52 0.51 0.50 0.64 0.66
Accounts Receivable Turnover		 6.60 6.91 7.51 8.11 8.74 8.94 8.31 8.15 8.43 8.01 7.59
Inventory Turnover		 3.92 3.80 3.57 3.62 3.59 3.75 3.47 3.69 4.05 4.38 4.03
Fixed Asset Turnover		 13.38 12.10 11.02 10.22 9.73 9.37 8.98 8.58 8.38 8.44 8.65
Accounts Payable Turnover		 1.59 1.43 1.60 1.54 1.59 1.38 1.58 1.54 1.50 1.47 1.50
Days Sales Outstanding (DSO)		 55.29 52.84 48.58 45.03 41.76 40.84 43.91 44.78 43.27 45.58 48.11
Days Inventory Outstanding (DIO)		 93.14 96.07 102.19 100.81 101.65 97.43 105.20 98.90 90.22 83.33 90.47
Days Payable Outstanding (DPO)		 229.49 255.49 228.60 237.00 228.99 265.38 230.55 237.70 242.55 248.60 242.54
Cash Conversion Cycle (CCC)		 -81.05 -106.58 -77.82 -91.16 -85.58 -127.10 -81.44 -94.02 -109.06 -119.69 -103.97
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 39 19 55 60 52 53 87 93 61 78 84
Invested Capital Turnover		 12.87 18.29 11.06 10.80 12.78 16.72 8.73 8.23 11.45 9.97 7.87
Increase / (Decrease) in Invested Capital		 -0.74 -18 16 19 13 34 32 32 8.98 25 -2.72
Enterprise Value (EV)		 1,367 1,252 1,366 1,542 1,382 2,918 1,684 1,728 1,164 1,185 994
Market Capitalization		 1,722 1,595 1,670 1,843 1,691 3,224 1,959 1,984 1,444 1,448 1,240
Book Value per Share		 $3.69 $3.39 $3.35 $3.36 $3.33 $3.33 $3.29 $3.13 $3.05 $3.04 $2.91
Tangible Book Value per Share		 $3.69 $3.39 $3.35 $3.36 $3.33 $3.33 $3.29 $3.13 $3.05 $3.04 $2.91
Total Capital		 962 931 929 1,015 1,015 1,016 1,018 1,007 1,097 536 526
Total Debt		 568 569 570 653 654 655 656 657 755 195 195
Total Long-Term Debt		 568 569 570 653 97 97 97 98 195 195 195
Net Debt		 -355 -344 -304 -301 -309 -307 -275 -257 -281 -262 -246
Capital Expenditures (CapEx)		 7.25 6.82 12 11 11 8.94 11 5.49 5.66 4.90 5.15
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -32 -57 -31 -31 -46 -54 -26 -21 -52 -34 -28
Debt-free Net Working Capital (DFNWC)		 891 855 842 924 918 908 905 893 984 424 414
Net Working Capital (NWC)		 891 855 842 924 360 350 346 334 424 424 414
Net Nonoperating Expense (NNE)		 8.71 11 9.70 9.87 8.11 22 7.81 12 12 -3.78 24
Net Nonoperating Obligations (NNO)		 -355 -344 -304 -301 -309 -307 -275 -257 -281 -262 -246
Total Depreciation and Amortization (D&A)		 -3.89 -4.54 -2.57 -4.00 -4.28 -3.57 -3.33 -3.02 -2.74 0.47 1.51
Debt-free, Cash-free Net Working Capital to Revenue		 -6.36% -11.20% -5.95% -5.67% -7.98% -8.90% -4.23% -3.27% -8.03% -5.19% -4.11%
Debt-free Net Working Capital to Revenue		 176.76% 167.92% 160.27% 167.95% 158.83% 150.09% 145.56% 141.78% 153.28% 64.62% 61.40%
Net Working Capital to Revenue		 176.76% 167.92% 160.27% 167.95% 62.36% 57.86% 55.65% 52.95% 65.99% 64.62% 61.40%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.46) ($0.45) ($0.36) ($0.31) ($0.28) ($0.61) ($0.31) ($0.36) ($0.33) ($0.22) ($0.62)
Adjusted Weighted Average Basic Shares Outstanding		 106.77M 106.39M 107.27M 107.70M 108.25M 107.83M 110.28M 111.57M 111.91M 111.47M 114.15M
Adjusted Diluted Earnings per Share		 ($0.46) ($0.45) ($0.36) ($0.31) ($0.28) ($0.61) ($0.31) ($0.36) ($0.33) ($0.22) ($0.62)
Adjusted Weighted Average Diluted Shares Outstanding		 106.77M 106.39M 107.27M 107.70M 108.25M 107.83M 110.28M 111.57M 111.91M 111.47M 114.15M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 106.86M 107.09M 107.61M 108.22M 108.20M 109.92M 111.49M 111.80M 111.98M 113.79M 115.82M
Normalized Net Operating Profit after Tax (NOPAT)		 -41 -36 -29 -24 -22 -44 -27 -28 -25 -28 -47
Normalized NOPAT Margin		 -32.02% -27.06% -20.98% -15.63% -14.48% -27.48% -17.10% -17.42% -15.08% -16.22% -27.11%
Pre Tax Income Margin		 -37.87% -28.80% -22.85% -15.12% -13.92% -34.23% -19.55% -22.03% -17.96% -23.49% -39.79%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

NovoCure’s latest quarter shows a company with strong liquidity, but still deep in operating losses. In Q1 2026, revenue was essentially flat year over year, while operating expenses remained far above gross profit. The balance sheet still looks relatively resilient thanks to a large cash and investment position, but the business is continuing to burn cash and remains dependent on its cash reserve and investment portfolio.

  • Revenue in Q1 2026 was $174.1 million, up slightly from $174.4 million in Q4 2025 and above $155.0 million in Q1 2025, showing the top line has held up better than it did in early 2024.
  • Gross profit remained strong at $135.1 million, producing a gross margin of roughly 78%, which suggests NovoCure’s core product economics are still attractive.
  • The company ended Q1 2026 with $87.5 million in cash and equivalents plus $344.5 million in short-term investments, giving it substantial near-term liquidity.
  • Total current assets were $631.7 million versus current liabilities of $217.6 million, indicating a comfortable current ratio and near-term balance sheet flexibility.
  • NovoCure generated a positive $7.7 million from investing activities in Q1 2026, helped by investment sales exceeding new purchases.
  • Long-term debt was $195.5 million at the end of Q1 2026, which is manageable relative to assets, but still meaningful for a company that is not yet profitable.
  • Shares outstanding have drifted upward over time, with weighted average basic shares at 114.1 million in Q1 2026 versus 110.3 million in Q1 2025, pointing to some dilution.
  • NovoCure posted a Q1 2026 net loss of $71.1 million, wider than the $34.3 million loss in Q1 2025.
  • Operating income was negative $67.4 million in Q1 2026, showing that core operations are still far from break-even.
  • Cash from operations was negative $13.5 million in Q1 2026, extending a long pattern of operating cash burn.
  • Cash and equivalents fell sharply from $342.1 million at Q3 2025 to $87.5 million at Q1 2026, though some of that decline was offset by a larger investment portfolio.
  • Total liabilities remain substantial at $457.2 million, so despite the large cash position, NovoCure still carries balance sheet risk if losses continue.

Longer-term trend: compared with 2023 and early 2024, NovoCure’s revenue base has improved, but profitability has not. Revenue has generally moved into the $150 million to $174 million quarterly range, while operating losses have remained persistent because sales, marketing, and R&D spending are still very high. The company also relied on its investment portfolio and debt financing in 2025, which underscores that the path to sustained positive free cash flow is still not complete.

Bottom line: NovoCure looks financially stable enough for now because of its cash and investment holdings, but investors should focus on whether revenue growth can eventually outpace operating expense growth. Until operating losses narrow materially, the stock will likely remain a story about balance-sheet endurance and execution rather than earnings power.

06/10/26 04:18 PM ETAI Generated. May Contain Errors.

NovoCure Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NovoCure's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

NovoCure's net income appears to be on an upward trend, with a most recent value of -$136.23 million in 2025, rising from -$111.58 million in 2015. The previous period was -$168.63 million in 2024. Check out NovoCure's forecast to explore projected trends and price targets.

NovoCure's total operating income in 2025 was -$153.80 million, based on the following breakdown:
  • Total Gross Profit: $488.47 million
  • Total Operating Expenses: $642.27 million

Over the last 10 years, NovoCure's total revenue changed from $33.09 million in 2015 to $655.35 million in 2025, a change of 1,880.7%.

NovoCure's total liabilities were at $463.86 million at the end of 2025, a 47.3% decrease from 2024, and a 720.8% increase since 2015.

In the past 10 years, NovoCure's cash and equivalents has ranged from $78.59 million in 2017 to $240.82 million in 2023, and is currently $93.55 million as of their latest financial filing in 2025.

Over the last 10 years, NovoCure's book value per share changed from 3.00 in 2015 to 3.04 in 2025, a change of 1.4%.


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Financial statements for NASDAQ:NVCR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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