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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. 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.

14.07 0.34 −2.36%
Market cap
$1.7B
P/E
0.0×
Fwd P/E
−10.8×
Dividend yield
—
F-score
4/9
Altman Z
0.43
Beneish M
−2.12
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 2.98
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — 2 7 — — 8 — — — —
Insider Ownership 9.78%

Capital & Financial Ratios $m

Market Cap 1,680.00
Revenue 699.19
Net Income (148.56)
Free Cash Flow (25.43)
Net Debt (254.58)
Current Ratio 2.89 (at or above 1.5: strong)
Debt/Equity 0.58
P/E ratio 0.00
Fwd P/E (10.80) (negative: loss-making)
P/S ratio 2.33
P/B ratio 4.83
Past 5Y EPS Growth —
This Y EPS Growth (1.23%) (below 0%: weak)
Next Y EPS Growth 34.71% (at or above 15%: strong)
Next Y revenue growth 10.80% (at or above 10%: strong)
Next 5Y EPS Growth 32.69% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 12.5×; over the ten years it ranged from 0.8× in 2025 to 41.5× in 2021.
P/S against its own 10 years 5.97%
10-year low 10-year high
P/B against its own 10 years 22.96%
10-year low 10-year high
EV/Sales against its own 10 years 12.38%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 912 962 458 450
Receivables 84 109 148 146
Inventory 38 35 41 42
Other — — — —
1,034 1,107 647 639
2023 2024 2025 Q'26
Payables 94 105 122 131
ST’ Debt — — — —
Other — — — —
179 756 223 221

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 174 184 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.62) (0.13) — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 5.95 6.00 19.06 31.19 53.40 74.90 56.39 10.87 11.70 10.70

Analyst estimates 2026–2028

Powerpack
High 23.31 22.30 53.70 98.70 179.62 232.76 90.98 120.03 34.13 31.17
People
People Employees 460 495 598 782 1,023 1,167 1,320 1,453 1,488 1,605
Revenue/emp, $m 0.18 0.36 0.41 0.45 0.48 0.46 0.41 0.35 0.41 0.41
Income, $m
Income, $m Revenue 83 177 248 351 494 535 538 509 605 655
Gross margin, % 44.16 68.59 67.73 74.78 78.46 78.53 78.64 74.81 77.33 74.54
EBT (121) (48) (46) (9) 18 (52) (82) (192) (131) (136)
EBT margin, % (146.54) (27.40) (18.52) (2.51) 3.66 (9.73) (15.22) (37.64) (21.67) (20.79)
Net income (132) (62) (64) (7) 20 (58) (93) (207) (169) (136)
Depreciation 6 8 10 6 12 13 9 (12) (14) (9)
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
Earnings (1.54) (0.70) (0.69) (0.07) 0.20 (0.56) (0.88) (1.95) (1.56) (1.22)
Cash flow (1.26) (0.37) (0.02) 0.27 0.98 0.80 0.29 (0.69) (0.24) (0.44)
Capex (0.21) (0.08) (0.07) (0.11) (0.15) (0.23) (0.20) (0.25) (0.40) (0.24)
Free cash flow (1.46) (0.46) (0.09) 0.17 0.83 0.57 0.09 (0.94) (0.64) (0.68)
Book value 1.66 1.28 1.22 2.24 4.72 3.97 4.22 3.41 3.34 3.05
Shares, m 86 89 92 97 101 103 105 106 108 111
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 865.20 0.00 0.00 0.00 0.00 0.00
P/S 8.10 10.15 12.39 23.32 35.33 14.51 13.22 3.01 5.31 2.20
P/B 4.72 15.83 27.39 37.62 36.65 18.92 16.12 4.23 8.92 4.23
EV/Sales 6.61 9.66 12.00 22.82 34.47 13.81 12.47 2.33 3.91 1.80
EV/FCF (4.37) (42.21) (346.97) 496.77 202.43 126.13 711.15 (11.83) (34.22) (15.58)
Cash, $m
Cash, $m Operating cash flow (108) (33) (2) 27 99 83 31 (73) (26) (49)
Capex (18) (7) (7) (10) (15) (24) (21) (27) (43) (27)
Free cash flow (125) (40) (9) 16 84 59 9 (100) (69) (76)
Balance, $m
Balance, $m Working capital 225 195 257 354 886 931 953 855 350 424
Total debt 96 97 149 149 430 562 566 569 117 237
Net debt (124) (88) (99) (179) (424) (376) (404) (344) (845) (221)
Shareholders’ equity 142 114 112 218 477 410 441 362 360 340
Returns, %
Returns, % ROA (44.74) (22.53) (21.01) (1.77) 2.59 (5.33) (7.94) (17.71) (14.13) (13.32)
ROIC (385.93) (96.51) (155.72) (1.46) 36.29 (81.01) (152.27) (767.68) 0.00 (80.34)
ROE (67.07) (48.19) (56.29) (4.38) 5.71 (13.16) (21.73) (51.52) (46.67) (38.89)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
UFPT UFP Technologies, Inc. $2.3B 31.2× 23.6× +15.07% (above 0%: growing) +20.63% (above 0%: growing) −35.77% (below 0%: shrinking) 29.27% 16.15% Compare
BFLY Butterfly Network, Inc. $2.1B — (loss-making) — (loss-making) +39.47% (above 0%: growing) n/m −113.85% (below 0%: shrinking) 71.41% (41.90%) Compare
AXGN AxoGen, Inc. $2.1B — (loss-making) — (loss-making) +23.06% (above 0%: growing) n/m −17.36% (below 0%: shrinking) 72.67% (3.09%) Compare
INSP Inspire Medical Systems, Inc. $2.0B 14.8× 93.5× −7.60% (below 0%: shrinking) n/m +322.84% (above 0%: growing) 85.48% (0.26%) Compare
ESTA Establishment Labs Holdings Inc. $1.8B — (loss-making) — (loss-making) +31.66% (above 0%: growing) n/m +2.75% (above 0%: growing) 70.64% (6.35%) Compare
ATEC Alphatec Holdings, Inc. $1.7B — (loss-making) — (loss-making) +15.07% (above 0%: growing) n/m −146.87% (below 0%: shrinking) 72.17% (0.89%) Compare
NVCR NovoCure Limited $1.7B — (loss-making) — (loss-making) +15.60% (above 0%: growing) n/m +105.68% (above 0%: growing) 77.61% (5.75%)
CNMD CONMED Corporation $1.4B 25.3× 8.8× +0.33% (above 0%: growing) +11.59% (above 0%: growing) +45.96% (above 0%: growing) 57.49% 10.60% Compare
BVS Bioventus Inc. $1.2B 16.4× 21.4× +3.76% (above 0%: growing) +345.45% (above 0%: growing) −25.11% (below 0%: shrinking) 68.97% 12.48% Compare
Median of peers $1.9B 20.8× 22.5× +15.07% +20.63% −21.23% 71.03% (0.57%)

All 149 Medical Devices stocks →

NovoCure Limited (NVCR) key facts

  • Concern: NovoCure Limited reported a net loss of $136.2 million, or a loss of $1.22 per share, for fiscal 2025.
  • Strength: NovoCure Limited’s revenue for fiscal 2025 (year ended December 2025) was $655.4 million, up 8.28% from fiscal 2024.
  • NovoCure Limited (NVCR) is a Medical Devices company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, NVCR traded at $14.07, a market capitalization of $1.7 billion.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 2.3× sales.
  • Return on equity was −38.9% and debt-to-equity 0.58.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 0.43 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

NovoCure Limited (NVCR) Latest News

2 Dec

Impact 5 ·
stockrow.com/NVCR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com