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. In the quarter to June 2026, revenue grew 15.6%, EPS grew 63.9%, free cash flow grew 105.7% and total debt rose 100.7%, each against the same quarter a year earlier.
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NovoCure Limited (NVCR) Altman Z-score
NovoCure Limited's Altman Z-score for fiscal 2025 is 0.43, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.43 | (0.83) |
| FY2024 | 1.26 | 0.58 |
| FY2023 | 0.68 | (5.70) |
| FY2022 | 6.39 | (0.48) |
| FY2021 | 6.87 | (12.08) |
| FY2020 | 18.95 | 0.45 |
| FY2019 | 18.50 | 11.74 |
| FY2018 | 6.77 | 1.71 |
| FY2017 | 5.06 | 4.85 |
| FY2016 | 0.21 | (5.27) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.53 | — | 0.63 | |
| Retained earnings / total assets | (1.60) | — | −2.25 | |
| EBIT / total assets | (0.19) | — | −0.63 | |
| Market value of equity / total liabilities | 3.11 | — | 1.86 | |
| Sales / total assets | 0.81 | — | 0.81 | |
| Altman Z-score | Distress zone | 0.43 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.29 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| INSP Inspire Medical Systems, Inc. compare | 14.5× |
| AXGN AxoGen, Inc. compare | 9.2× |
| UFPT UFP Technologies, Inc. compare | 6.9× |
| ESTA Establishment Labs Holdings Inc. compare | 2.7× |
| CNMD CONMED Corporation compare | 1.9× |
| BFLY Butterfly Network, Inc. compare | 1.6× |
| BVS Bioventus Inc. compare | 1.3× |
| ATEC Alphatec Holdings, Inc. compare | 0.9× |
| NVCR NovoCure Limited | 0.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets