NVCRNasdaqSurgical & Medical Instruments & ApparatusFiscal year ends December 31
NovoCure Ltd
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$14.89+0.82 (+5.83%)
Close on Oct 19, 2026
- Market cap
- $1.73B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2025
Gross margin
74.5%−3.9 pts over 5 years
Operating margin
-23.5%−29.6 pts over 5 years
Net margin
-20.8%−24.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.3% | +6.8% | +5.8% | +34.8% | |
| Gross profit | +4.4% | +4.9% | +4.7% | +44.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -67.1% | 5.7% | -38.9% | |
| Return on assets | -44.7% | 2.6% | -13.3% | |
| Current ratio | 7.10 | 8.80 | 2.90 | |
| Debt to equity | 0.68 | 0.90 | 0.57 | |
| Net debt to EBITDA | 0.03× | 4.65× | -0.73× | |
| Interest coverage | -15.8× | 1.7× | -6.9× | |
| Inventory turnover | 2.4× | 4.2× | 4.4× | |
| Capex to revenue | 6.8% | 3.0% | 4.1% | |
| Diluted shares | 86M | 109M | 111M |
Where the cash went
Fiscal 2021 to 2025, five years combined
NovoCure generated $262.28M from operations and spent $142.12M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$262.28M
Used
$142.12M
Capital expenditure$142.12M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-20.8%
×Asset turnover0.64×
×Equity multiplier2.92×
=Return on equity, FY2025-38.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -20.8% | 0.64× | 2.92× | -38.9% |
| FY2024 | -27.9% | 0.51× | 3.30× | -46.7% |
| FY2023 | -40.6% | 0.44× | 2.91× | -51.5% |
| FY2022 | -17.2% | 0.46× | 2.74× | -21.7% |
| FY2021 | -10.9% | 0.49× | 2.47× | -13.2% |
| FY2020 | 4.0% | 0.65× | 2.21× | 5.7% |
| FY2019 | -2.1% | 0.86× | 2.48× | -4.4% |
| FY2018 | -25.6% | 0.82× | 2.68× | -56.3% |
| FY2017 | -34.8% | 0.65× | 2.14× | -48.2% |
| FY2016 | -159.1% | 0.28× | 1.50× | -67.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$136.23M
- Cash generatingOperating cash flow above zero-$49.03M
- Return on assets improvedROA up on the prior year-14.7% → -11.0%
- Earnings backed by cashOperating cash flow above net income-$49.03M vs -$136.23M
- Less leverageLong-term debt to assets fell7.8% → 24.2%
- Better liquidityCurrent ratio rose1.46 → 2.90
- No dilutionShare count did not rise108M → 111M
- Gross margin improvedGross margin up on the prior year77.33% → 74.54%
- More efficientAsset turnover rose0.53 → 0.53