Establishment Labs Holdings Inc. (ESTA) vs NovoCure Limited (NVCR)

Establishment Labs Holdings Inc. and NovoCure Limited are both Medical Devices companies. Establishment Labs Holdings Inc. and NovoCure Limited are of similar size ($2.0B and $1.9B). Establishment Labs Holdings Inc. grew revenue faster over the last twelve months: 38.6% against 11.0%. Establishment Labs Holdings Inc. has the higher net margin (−15.8% vs −21.3%) and the higher return on invested capital (−5.53% vs −115.6%). Across the 18 metrics below, Establishment Labs Holdings Inc. leads on 10 and NovoCure Limited on 8.

Valuation

Metric ESTA NVCR Medical Devices median
P/E n/m n/m 22.18
P/S 8.08 2.63 2.70
P/B 91.97 5.44 2.46
Price to free cash flow n/m n/m 22.53
EV/EBITDA n/m n/m 11.78
EV/Sales 8.86 2.26 2.38
Earnings yield (1.99%) (8.21%) (8.22%)
Free cash flow yield (2.09%) (1.38%) (7.80%)

Profitability

Metric ESTA NVCR Medical Devices median
Gross margin 70.49% 76.13% 56.01%
Operating margin (7.63%) (22.08%) (15.03%)
Net margin (15.82%) (21.25%) (20.40%)
Free cash flow margin (16.90%) (3.64%) (7.24%)
Return on equity (175.30%) (43.22%) (15.32%)
Return on assets (11.41%) (14.56%) (19.72%)
Return on invested capital (5.53%) (115.56%) (10.33%)

Growth

Metric ESTA NVCR Medical Devices median
Revenue growth (TTM) 38.55% 10.95% 8.80%
EPS growth (last fiscal year) 42.67% 21.79% —
Revenue growth, 5-year CAGR 20.04% 5.80% 15.23%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ESTA NVCR Medical Devices median
Debt to equity 12.11 0.58 0.07
Current ratio 3.84 2.89 2.50
Net debt to EBITDA (6.03) 1.36 0.49

Dividend

Metric ESTA NVCR Medical Devices median
Dividend yield — — 0.94%
Payout ratio 0.00 0.00 0.00

Size

Metric ESTA NVCR Medical Devices median
Market cap 1.95b 1.89b 172.91m

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