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Stocks · Health care · Surgical & Medical Instruments & Apparatus

NovoCure Ltd

NVCR Clue Score34
Fiscal year ends December CIK 0001645113
$14.58 +2.53% Close, 9 Oct 2026
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Price $14.58 −86.92% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue82.9Operating income−115.3Net income−131.8Fiscal year 2017Revenue177.0 +113.6%Operating income−39.3Net income−61.7Fiscal year 2018Revenue248.1 +40.1%Operating income−33.7Net income−63.6EPS, diluted−0.69Fiscal year 2019Revenue351.3 +41.6%Operating income−0.9Net income−7.2EPS, diluted−0.07Fiscal year 2020Revenue494.4 +40.7%Operating income30.4Net income19.8EPS, diluted0.18Fiscal year 2021Revenue535.0 +8.2%Operating income−44.3Net income−58.4 −394.6%EPS, diluted−0.56 −411.1%Fiscal year 2022Revenue537.8 +0.5%Operating income−89.5Net income−92.5EPS, diluted−0.88Fiscal year 2023Revenue509.3 −5.3%Operating income−232.9Net income−207.0EPS, diluted−1.95Fiscal year 2024Revenue605.2 +18.8%Operating income−170.5Net income−168.6EPS, diluted−1.56Fiscal year 2025Revenue655.4 +8.3%Operating income−153.8Net income−136.2EPS, diluted−1.22
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 82.9 177.0 248.1 351.3 494.4 535.0 537.8 509.3 605.2 655.4
Growth +113.6% +40.1% +41.6% +40.7% +8.2% +0.5% −5.3% +18.8% +8.3%
Operating income −115.3 −39.3 −33.7 −0.9 30.4 −44.3 −89.5 −232.9 −170.5 −153.8
Net income −131.8 −61.7 −63.6 −7.2 19.8 −58.4 −92.5 −207.0 −168.6 −136.2
Growth −394.6%
EPS, diluted n/a n/a −0.69 −0.07 0.18 −0.56 −0.88 −1.95 −1.56 −1.22
Growth −411.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin44.2%Operating margin−139.1%Net margin−159.1%Free cash flow margin−136.6%Fiscal year 2017Gross margin68.6%Operating margin−22.2%Net margin−34.8%Free cash flow margin−22.9%Fiscal year 2018Gross margin67.7%Operating margin−13.6%Net margin−25.6%Free cash flow margin−3.5%Fiscal year 2019Gross margin74.8%Operating margin−0.3%Net margin−2.1%Free cash flow margin4.6%Fiscal year 2020Gross margin78.5%Operating margin6.1%Net margin4.0%Free cash flow margin17.0%Fiscal year 2021Gross margin78.5%Operating margin−8.3%Net margin−10.9%Free cash flow margin11.0%Fiscal year 2022Gross margin78.6%Operating margin−16.6%Net margin−17.2%Free cash flow margin1.8%Fiscal year 2023Gross margin74.8%Operating margin−45.7%Net margin−40.6%Free cash flow margin−19.7%Fiscal year 2024Gross margin77.3%Operating margin−28.2%Net margin−27.9%Free cash flow margin−11.4%Fiscal year 2025Gross margin74.5%Operating margin−23.5%Net margin−20.8%Free cash flow margin−11.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 44.2% 68.6% 67.7% 74.8% 78.5% 78.5% 78.6% 74.8% 77.3% 74.5%
Operating margin −139.1% −22.2% −13.6% −0.3% 6.1% −8.3% −16.6% −45.7% −28.2% −23.5%
Net margin −159.1% −34.8% −25.6% −2.1% 4.0% −10.9% −17.2% −40.6% −27.9% −20.8%
Free cash flow margin −136.6% −22.9% −3.5% 4.6% 17.0% 11.0% 1.8% −19.7% −11.4% −11.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−107.6Capital expenditure−5.7Free cash flow−113.3Dividends paid0.0Fiscal year 2017Operating cash flow−33.1Capital expenditure−7.4Free cash flow−40.5Dividends paid0.0Fiscal year 2018Operating cash flow−1.9Capital expenditure−6.7Free cash flow−8.6Fiscal year 2019Operating cash flow26.6Capital expenditure−10.5Free cash flow16.1Fiscal year 2020Operating cash flow99.1Capital expenditure−15.0Free cash flow84.2 +421.7%Fiscal year 2021Operating cash flow82.8Capital expenditure−24.2Free cash flow58.6 −30.4%Fiscal year 2022Operating cash flow30.8Capital expenditure−21.4Free cash flow9.4 −83.9%Fiscal year 2023Operating cash flow−73.3Capital expenditure−27.1Free cash flow−100.4 −1,165.0%Fiscal year 2024Operating cash flow−26.4Capital expenditure−42.9Free cash flow−69.2Fiscal year 2025Operating cash flow−49.0Capital expenditure−26.6Free cash flow−75.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −107.6 −33.1 −1.9 26.6 99.1 82.8 30.8 −73.3 −26.4 −49.0
Capital expenditure −5.7 −7.4 −6.7 −10.5 −15.0 −24.2 −21.4 −27.1 −42.9 −26.6
Free cash flow −113.3 −40.5 −8.6 16.1 84.2 58.6 9.4 −100.4 −69.2 −75.7
Growth +421.7% −30.4% −83.9% −1,165.0%
Dividends paid 0.0 0.0 n/a n/a n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash99.8Total debt96.2Net cash (debt)3.5Shareholders’ equity142.3Debt to equity0.68Fiscal year 2017Cash78.6Total debt97.3Net cash (debt)−18.8Shareholders’ equity113.6Debt to equity0.86Fiscal year 2018Cash140.6Total debt149.3Net cash (debt)−8.6Shareholders’ equity112.3Debt to equity1.33Fiscal year 2019Cash177.3Total debt149.4Net cash (debt)27.9Shareholders’ equity217.8Debt to equity0.69Fiscal year 2020Cash234.7Total debt429.9Net cash (debt)−195.2Shareholders’ equity476.5Debt to equity0.90Fiscal year 2021Cash208.8Total debt562.2Net cash (debt)−353.4Shareholders’ equity410.5Debt to equity1.37Fiscal year 2022Cash115.3Total debt565.5Net cash (debt)−450.2Shareholders’ equity441.2Debt to equity1.28Fiscal year 2023Cash240.8Total debt568.8Net cash (debt)−328.0Shareholders’ equity362.5Debt to equity1.57Fiscal year 2024Cash163.8Total debt97.3Net cash (debt)66.5Shareholders’ equity360.2Debt to equity0.27Fiscal year 2025Cash93.5Total debt195.0Net cash (debt)−101.5Shareholders’ equity340.5Debt to equity0.57
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 99.8 78.6 140.6 177.3 234.7 208.8 115.3 240.8 163.8 93.5
Total debt 96.2 97.3 149.3 149.4 429.9 562.2 565.5 568.8 97.3 195.0
Net cash (debt) 3.5 −18.8 −8.6 27.9 −195.2 −353.4 −450.2 −328.0 66.5 −101.5
Shareholders’ equity 142.3 113.6 112.3 217.8 476.5 410.5 441.2 362.5 360.2 340.5
Debt to equity 0.68 0.86 1.33 0.69 0.90 1.37 1.28 1.57 0.27 0.57

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
44.2% 68.6% 67.7% 74.8% 78.5% 78.5% 78.6% 74.8% 77.3% 74.5%
−139.1% −22.2% −13.6% −0.3% 6.1% −8.3% −16.6% −45.7% −28.2% −23.5%
−146.5% −27.4% −18.5% −2.5% 3.7% −9.7% −15.2% −37.6% −21.7% −20.8%
−159.1% −34.8% −25.6% −2.1% 4.0% −10.9% −17.2% −40.6% −27.9% −20.8%
−136.6% −22.9% −3.5% 4.6% 17.0% 11.0% 1.8% −19.7% −11.4% −11.5%
Spending
50.0% 21.5% 20.4% 22.5% 26.7% 37.6% 38.3% 43.8% 34.6% 34.3%
61.5% 33.4% 29.6% 25.0% 21.7% 23.6% 24.7% 32.2% 31.4% 27.1%
6.8% 4.2% 2.7% 3.0% 3.0% 4.5% 4.0% 5.3% 7.1% 4.1%
n/a n/a n/a n/a −9.4% n/a n/a n/a n/a n/a
Returns
−92.6% −54.3% −56.6% −3.3% 4.2% −14.2% −21.0% −57.1% −46.8% −40.0%
−46.7% −23.2% −18.7% −1.5% 1.9% −5.1% −7.8% −18.1% −13.6% −16.9%
Balance and payout
0.68 0.86 1.33 0.69 0.90 1.37 1.28 1.57 0.27 0.57
49.5% 57.2% 67.0% 54.6% 54.7% 64.0% 63.0% 68.4% 71.0% 57.7%