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NovoCure Limited

NVCR Healthcare Medical Devices

NovoCure Limited’s revenue for fiscal 2025 (year ended December 2025) was $655.4 million, up 8.28% from fiscal 2024.

Revenue
+15.7%
EPS
+72.9%
Free cash flow
+5.54%
Total debt
+0.87%

Quarter to September 2026, against a year earlier

13.48 0.07 −0.52%
Market cap
$1.6B
P/E
0.0×
Fwd P/E
−10.6×
Dividend yield
—
F-score
4/9
Altman Z
0.43
Beneish M
−2.12
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 2.99
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 7 — — 8 — — — — 1
Insider Ownership 10.01%

Capital & Financial Ratios $m

Size
Market Cap 1,580.00
Revenue ttm 725.39
Net income ttm (121.73)
Free cash flow ttm (24.61)
Net debt Q (277.25)
Valuation
P/E 0.00
Forward P/E (10.60) (negative: loss-making)
Price / sales 2.18
Forward P/S Powerpack
Price / FCF 0.00
Price / book 4.51
Financial health
Current ratio Q 2.49 (at or above 1.5: strong)
Debt / equity Q 0.56
Interest coverage Q (3.61)
Growth
Revenue growth Q +15.67% (above 0%: growing)
Operating income growth Q +82.87% (above 0%: growing)
EPS, this year +11.41%
EPS, next year A +38.56% (at or above 15%: strong)
Revenue, next year A +12.89% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +43.93% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 12.3×; over the ten years it ranged from 0.8× in 2025 to 41.5× in 2021.
P/S against its own 10 years 4.07%
10-year low 10-year high
P/B against its own 10 years 19.29%
10-year low 10-year high
EV/Sales against its own 10 years 8.95%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 912 962 458 474
Receivables 84 109 148 159
Inventory 38 35 41 41
Other — — — —
1,034 1,107 647 674
2023 2024 2025 Q'26
Payables 94 105 122 146
ST’ Debt — — — 25
Other — — — —
179 756 223 271

Compound Annual Growth %

10y 5y 3y
Sales 34.80% 5.80% 6.81%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 3.10% (6.50%) (8.27%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.21 Actual −0.09

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.41 −0.22 Beat by 0.19
Q1 FY26 −0.40 −0.62 Miss by 0.22
Q2 FY26 −0.30 −0.13 Beat by 0.17
Q3 FY26 −0.21 −0.09 Beat by 0.12
Q4 FY26 −0.23 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.62) (0.13) (0.09) — —
’25 (0.31) (0.36) (0.33) (0.22) (1.22)
’24 (0.36) (0.31) (0.28) (0.61) (1.56)
’23 (0.50) (0.54) (0.46) (0.45) (1.95)
’22 (0.04) (0.23) (0.25) (0.36) (0.88)
’21 (0.04) (0.14) (0.13) (0.25) (0.56)
’20 0.04 0.02 0.09 0.04 0.18
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 174 184 193 — —
’25 155 159 167 174 655
’24 139 150 155 161 605
’23 122 126 127 134 509
’22 138 141 131 128 538
’21 135 134 134 133 535
’20 102 116 133 144 494
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (14) 8 23 — —
’25 (36) (16) 21 (18) (49)
’24 (32) (2) 10 (3) (26)
’23 (17) (23) (19) (15) (73)
’22 (4) 16 22 (4) 31
’21 18 26 24 14 83
’20 2 13 31 53 99
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (19) 1 16 — —
’25 (46) (21) 15 (23) (76)
’24 (43) (13) 0 (12) (69)
’23 (23) (30) (27) (21) (100)
’22 (9) 12 17 (10) 9
’21 14 24 21 0 59
’20 (1) 9 28 48 84
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 83 177 248 351 494 535 538 509 605 655 725 +25.8% 740 806 947 +13.1%
Gross margin, % 44.16 68.59 67.73 74.78 78.46 78.53 78.64 74.81 77.33 74.54 77.02 +30.4 pt
EBT (121) (48) (46) (9) 18 (52) (82) (192) (131) (136) (131) +1.3%
EBT margin, % (146.54) (27.40) (18.52) (2.51) 3.66 (9.73) (15.22) (37.64) (21.67) (20.79) (18.00) +125.8 pt
Net income (132) (62) (64) (7) 20 (58) (93) (207) (169) (136) (122) +0.4%
Per share, $
Per share, $ Revenue 0.97 2.00 2.70 3.61 4.90 5.17 5.14 4.79 5.61 5.88 6.21 +22.2%
Earnings (1.54) (0.70) (0.69) (0.07) 0.20 (0.56) (0.88) (1.95) (1.56) (1.22) (1.06) (2.6%)
Cash flow (1.26) (0.37) (0.02) 0.27 0.98 0.80 0.29 (0.69) (0.24) (0.44) (0.01) (11.0%)
Capex (0.21) (0.08) (0.07) (0.11) (0.15) (0.23) (0.20) (0.25) (0.40) (0.24) (0.20) +1.6%
Free cash flow (1.46) (0.46) (0.09) 0.17 0.83 0.57 0.09 (0.94) (0.64) (0.68) (0.21) (8.2%)
Book value 1.66 1.28 1.22 2.24 4.72 3.97 4.22 3.41 3.34 3.05 3.00 +7.0%
Shares, m 86 89 92 97 101 103 105 106 108 111 115 +3.0%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 865.20 0.00 0.00 0.00 0.00 0.00 0.00 86.5
P/S 8.10 10.15 12.39 23.32 35.33 14.51 13.22 3.01 5.31 2.20 2.18 12.8
P/B 4.72 15.83 27.39 37.62 36.65 18.92 16.12 4.23 8.92 4.23 4.51 17.5
EV/Sales 6.61 9.66 12.00 22.82 34.47 13.81 12.47 2.33 3.91 1.80 1.80 12.0
EV/FCF (4.37) (42.21) (346.97) 496.77 202.43 126.13 711.15 (11.83) (34.22) (15.58) (52.95) 108.1
Cash, $m
Cash, $m Operating cash flow (108) (33) (2) 27 99 83 31 (73) (26) (49) (1) (8.4%)
Capex (18) (7) (7) (10) (15) (24) (21) (27) (43) (27) (24) +4.7%
Free cash flow (125) (40) (9) 16 84 59 9 (100) (69) (76) (25) (5.4%)
Balance, $m
Balance, $m Working capital 225 195 257 354 886 931 953 855 350 424 403 +7.3%
Net debt (124) (88) (99) (179) (424) (376) (404) (344) (845) (221) (277) +6.7%
Shareholders’ equity 142 114 112 218 477 410 441 362 360 340 351 +10.2%
Returns, %
Returns, % ROA (44.74) (22.53) (21.01) (1.77) 2.59 (5.33) (7.94) (17.71) (14.13) (13.32) (11.12) +31.4 pt
ROIC (385.93) (96.51) (155.72) (1.46) 36.29 (81.01) (152.27) (767.68) 0.00 (80.34) (106.10) +305.6 pt
ROE (67.07) (48.19) (56.29) (4.38) 5.71 (13.16) (21.73) (51.52) (46.67) (38.89) (35.18) +28.2 pt
People
People Employees 460 495 598 782 1,023 1,167 1,320 1,453 1,488 1,605 — +14.9%
Revenue/emp, $m 0.18 0.36 0.41 0.45 0.48 0.46 0.41 0.35 0.41 0.41 — +9.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

NovoCure Limited vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
INSP Inspire Medical Systems, Inc. $1.9B 19.1× — (loss-making) −7.93% (below 0%: shrinking) n/m −33.06% (below 0%: shrinking) 86.05% (13.89%) Compare
ESTA Establishment Labs Holdings Inc. $1.9B — (loss-making) — (loss-making) +31.66% (above 0%: growing) n/m +2.75% (above 0%: growing) 70.64% (6.35%) Compare
ALMR Alamar Biosciences, Inc. $1.9B — (loss-making) — (loss-making) +156.24% (above 0%: growing) n/m −20.26% (below 0%: shrinking) 61.54% (45.13%) Compare
ENOV Enovis Corporation $1.7B — (loss-making) 98.6× +1.79% (above 0%: growing) n/m +20.30% (above 0%: growing) 60.83% 0.60% Compare
BFLY Butterfly Network, Inc. $1.6B — (loss-making) — (loss-making) +51.70% (above 0%: growing) n/m +12.61% (above 0%: growing) 73.02% (41.66%) Compare
NVCR NovoCure Limited $1.6B — (loss-making) — (loss-making) +15.67% (above 0%: growing) n/m +5.54% (above 0%: growing) 76.98% (3.19%)
CNMD CONMED Corporation $1.6B 21.7× 11.7× −0.70% (below 0%: shrinking) +635.00% (above 0%: growing) −3.65% (below 0%: shrinking) 56.37% 11.07% Compare
TNDM Tandem Diabetes Care, Inc. $1.3B — (loss-making) — (loss-making) +13.82% (above 0%: growing) n/m −231.98% (below 0%: shrinking) 56.55% (0.84%) Compare
AORT Artivion, Inc. $1.2B — (loss-making) — (loss-making) +11.32% (above 0%: growing) n/m −202.47% (below 0%: shrinking) 64.03% (6.65%) Compare
Median of peers $1.6B — — +12.57% — −11.95% 62.79% (6.50%)

All 149 Medical Devices stocks →

Pay and ownership Proxy statement filed 20 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 1.54m 796.24k 35.00
2023 1.52m (5.23m) 18.00
2022 2.28m 2.08m 87.00
2021 1.18m (31.52m) 89.00

Ownership

Directors and executive officers, together 6.55%
FMR LLC 13.80%
BlackRock, Inc. 10.50%
Soleus Capital Master Fund, L.P. 7.40%
Hansjoerg Wyss 7.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

NovoCure Limited (NVCR) Latest News

1 Nov

Impact 3 · · The Motley Fool

31 Oct

Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · TIKR
Impact 4 · · Business Wire
Impact 3 · · Stocktwits
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 3 · · Business Wire

10 Oct

Impact 4 · · Simply Wall St.

1 Oct

Impact 4 · · Business Wire

23 Sep

Impact 3 · · Simply Wall St.

22 Sep

Impact 4 · · Simply Wall St.

18 Sep

Impact 4 · · MarketBeat

7 Sep

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14 Aug

Impact 3 · · Trefis

27 Jul

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25 Jul

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24 Jul

Impact 3 · · Moby transcript

23 Jul

Impact 4 ·
Impact 4 · · Stocktwits
Impact 4 · transcript
Impact 4 · · InvestorsHub
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Impact 3 · · MarketBeat transcript

16 Jul

Impact 3 ·

1 Jul

Impact 4 ·

30 Jun

Impact 4 ·
stockrow.com/NVCR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com