NovoCure (NVCR) Financials

$17.86 +0.11 (+0.60%)

As of 01:27 PM Eastern

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

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

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

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

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

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

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%

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

Here are the top takeaways for NovoCure (NVCR) based on the quarterly reports provided, focusing on revenue, profitability, cash flow, and balance-sheet trends across the last four years.

Strong Q4 2025 top line and improved gross margin. Q4 2025 Revenue was $174.35 million with Gross Profit of $132.193 million, yielding a gross margin of about 75.9% (vs. roughly 62.7% at Q4 2024).
Big liquidity event from investments in Q4 2025. The company shows a $560.0 million inflow from sale/maturity of investments, with net cash from continuing investing activities of $336.326 million.
Operating cash flow improved in Q3 2025. Net cash from continuing operating activities rose to +$20.574 million, marking a positive shift in operating cash generation.
Solid financing activity in Q3 2025. Net cash from financing activities was +$100.517 million, indicating access to external funding sources when needed.
Debt financing activity in Q3 2025. Issuance of debt totaled about $99.98 million, providing additional liquidity options for near-term needs.
Balance-sheet scale remains stable. As of Q3 2025, Total Assets were around $1.36 billion and Total Equity near $341 million, with Total Liabilities around $1.02 billion, indicating a relatively stable but leveraged balance sheet.
2025 revenue trend upward, but profitability remains elusive. Year-to-date 2025 revenue progressed from approximately $158.8M (Q2) to $167.2M (Q3) to $174.4M (Q4), while quarterly net income remained negative across all four quarters.
Per-share metrics remain negative but disclosure is clean. Basic EPS ranged roughly from -$0.22 to -$0.33 across 2025 quarters, with weighted-average shares outstanding around 111–114 million.
Ongoing quarterly losses continue to weigh results. Net income for 2025 quarters: Q4 -$24.5M; Q3 -$37.3M; Q2 -$40.1M; Q1 -$34.3M (all in USD).
Operating expenses remain elevated relative to gross profit. In Q4 2025, Selling, General & Administrative expense was $43.021M, Marketing expense $68.66M, and R&D expense $60.905M, with Total Operating Expenses of $172.586M against gross profit of $132.193M.
Significant debt repayment in Q4 2025 and cash flow volatility. Debt repayments totaled about $561.0 million in Q4 2025, and the net change in cash for the quarter was -$241.248 million, reflecting liquidity pressures despite other inflows.

05/21/26 01:27 PM ETAI Generated. May Contain Errors.

NovoCure Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NovoCure's financial year ends in December. Their financial 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. See NovoCure's forecast for analyst expectations on what's next for the company.

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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NovoCure (NVCR) Financials

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NovoCure Financials - Frequently Asked Questions

When does NovoCure's fiscal year end?

How has NovoCure's net income changed over the last 10 years?

What is NovoCure's operating income?

How has NovoCure's revenue changed over the last 10 years?

How much debt does NovoCure have?

How much cash does NovoCure have?

How has NovoCure's book value per share changed over the last 10 years?

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