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) Beneish M-score
NovoCure Limited's Beneish M-score for fiscal 2025 is −2.12; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.12 | 0.75 |
| FY2024 | −2.88 | 0.26 |
| FY2023 | −3.14 | (0.28) |
| FY2022 | −2.86 | 0.32 |
| FY2021 | −3.18 | (0.46) |
| FY2020 | −2.72 | (2.29) |
| FY2019 | −0.43 | 2.56 |
| FY2018 | −2.99 | (1.06) |
| FY2017 | −1.93 | 0.17 |
| FY2016 | −2.09 | (0.37) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.25 | — | 1.15 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 2.14 | — | 0.86 | |
| Sales growth index | 1.08 | — | 0.97 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.90 | — | −0.15 | |
| Total accruals to total assets | (0.11) | — | −0.51 | |
| Leverage index | 0.81 | — | −0.27 | |
| Beneish M-score | Elevated | −2.12 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ATEC Alphatec Holdings, Inc. compare | −3.4× |
| BFLY Butterfly Network, Inc. compare | −3.3× |
| BVS Bioventus Inc. compare | −2.8× |
| AXGN AxoGen, Inc. compare | −2.7× |
| CNMD CONMED Corporation compare | −2.7× |
| UFPT UFP Technologies, Inc. compare | −2.6× |
| ESTA Establishment Labs Holdings Inc. compare | −2.3× |
| NVCR NovoCure Limited | −2.1× |
| INSP Inspire Medical Systems, Inc. compare | −1.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI