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Novocure Ltd (NVCR) stock

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NASDAQ: NVCR Nasdaq Health Care Equipment Next results ~January 18, 2027

C+ Fundamentals grade

Novocure Ltd is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$7.6

Valuation models combined (2)

Base case. Range ~$7.2–$8.4. Weighted average of 2 models (forward price-to-sales vs peers, revenue-to-maturity model).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Novocure Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 14 selling0 purchases and 25 sales by directors and officers, last 12 monthsInsider trades
  • Funds118 adding, 96 cuttingOf 41 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Novocure files

Where Novocure stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $725m, up 12.9% on a year earlier, faster than the 11.0% growth a quarter earlier. Free-cash-flow margin rose to -3.4% from -10.1% a year earlier. Operating margin widened to -17.2% from -27.5%. The diluted share count is up 3.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $6.35 a share.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 18, 2027 (estimated)

Novocure Ltd's trailing-twelve-month revenue grew 12.9% year on year, with a free-cash-flow margin of -3.4%. Where it stands out: gross margin of 77.0% ranks 24 of 123 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 62.2% while net income grew 31.5%: a 31pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 10.3 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Loss-making. Operating margin is -17.2%: costs exceed revenue.
  • Burning cash. Free cash flow was -3.4% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 16.2% of revenue, against a median of 6.1% for health care equipment companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 3.9% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 80% and a beta of 1.5 against the S&P 500.
  • Heavily shorted. 14.8% of the shares available to trade are sold short (9.3 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
-$0.09 against an average estimate of -$0.23: beat by 61.7%
Revenue
$193m, up 15.7% on a year earlier
Share reaction
-7.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate -$0.24

Novocure's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week-8.3%
  • 1 month-11.6%
  • This year+2.2%
  • 1 year+3.1%
  • 5 years-88.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$725M
Operating margin
-17.2%
Net margin
-16.8%
EPS (TTM, diluted)
$-1.06

Growth

Revenue growth
+12.9%
Change in growth rate
+2.0 pts
Share count change
+3.9%

Cash

Free cash flow (TTM)
-$24.6M
FCF margin
-3.4%
Stock pay % of revenue
16.2%

Earnings

Last results
October 29, 2026
Next results (est.)
January 18, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Leadership
  4. Announcement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Novocure Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Novocure Ltd as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.17 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.5 ~$1.0–$3.4 Left out: out of range vs price (0.19x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$8.4 ~$9.1–$32 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$7.2 ~$5.2–$9.7 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$7.6 ~$7.2–$8.4 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Novocure Ltd with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$22.36$7.85$20.20$33.48$84.27$173.04$75.08$73.35$14.93$29.80$12.93$13.21
Market value$680m$672m$1.8bn$3.1bn$8.2bn$18.8bn$7.8bn$7.7bn$1.6bn$3.2bn$1.4bn$1.5bn
+ Net debt (− = net cash)−$96m−$3m$19m$9m−$28m$195m$353m$450m$328m$492m$101m$100m
Enterprise value$584m$668m$1.8bn$3.1bn$8.2bn$19.0bn$8.1bn$8.1bn$1.9bn$3.7bn$1.5bn$1.6bn
Multiples
Price / sales 20.5x8.1x10.1x12.4x23.3x38.1x14.5x14.3x3.1x5.3x2.2x2.1x
Price / earnings —————n/m——————
Price / free cash flow ————n/mn/m132.6xn/m————
EV / EBITDA ————n/mn/m——————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard Novocure's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -12.7% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 75.9%, moving by 3.9 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -15.0%; its worst year was -44.5%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -6.8% of revenue.

  • Discipline 4 / 20

    The diluted share count rose 9.2% over five years; stock-based pay has been a median 17.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.24 −1% $739m +13%
Next −$0.81 +35% $806m +9%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.7% on 90 days ago. In the last 30 days, 1 analyst raised Novocure Ltd's forecast and 0 cut it.

Consensus EPS forecast Novocure Ltd, last 90 days
−$1.50 −$1.00 −$0.50 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$1.26 Current fiscal year, 60 days ago: −$1.25 Current fiscal year, 30 days ago: −$1.25 Current fiscal year, 7 days ago: −$1.24 Current fiscal year, Now: −$1.24 −$1.24 Next fiscal year, 90 days ago: −$0.80 Next fiscal year, 60 days ago: −$0.82 Next fiscal year, 30 days ago: −$0.82 Next fiscal year, 7 days ago: −$0.81 Next fiscal year, Now: −$0.81 −$0.81

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$1.26−$0.80
60 days ago −$1.25−$0.82
30 days ago −$1.25−$0.82
7 days ago −$1.24−$0.81
Now −$1.24−$0.81

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.23 −$0.09 +61.7%
Jun 2026 −$0.33 −$0.13 +60.8%
Mar 2026 −$0.51 −$0.62 −20.9%
Dec 2025 −$0.41 −$0.22 +46.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

7 analysts, Oct 2026
Buy457%
Hold343%
Sell00%

Monthly trend

  1. Oct 20261337
  2. Sep 20261337
  3. Aug 20261337
  4. Jul 20261337

Counts of recommendations published by analysts covering Novocure Ltd, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
14.8%
of tradable shares
Days to cover
9.27
at average volume
Short interest, 1 month
+9%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
9.9%
of shares
Employees
1,605
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +3.1%

$12.81 on October 31, 2025 to $13.21

ThenNowEffect
Revenue (last 12 months) $630m $699m +11.0%
P/S multiple 2.2x 2.1x −3.7%
Share count 110m 114m −3.5%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years −4.1%

$13.78 on November 3, 2023 to $13.21

ThenNowEffect
Revenue (last 12 months) $508m $699m +37.7%
P/S multiple 2.9x 2.1x −25.1%
Share count 105m 114m −7.1%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NVCR−57%−2%−80%+100%−57%+2%
Industry peers (median)−7%−37%−8%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NVCR17%42%33%50%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NVCR−67%−37%−91%−40%−64%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 96% from June 23, 2021 to February 9, 2026. Getting back needed a 2149% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$10.03 – $19.99
From 52-week high
−33.9%
vs 50-day average
−15.9%
vs 200-day average
−10.8%
Volatility (1 year)
80%
Beta vs S&P 500
1.50

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±11.6%
After a week
4 up, 7 down
typical move ±12.7%
After a month
4 up, 7 down
typical move ±18.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −7.2% −2.1% — —
July 23, 2026 +13.4% −1.1% −2.2% +9.8%
April 30, 2026 +39.3% +1.3% +41.1% +38.8%
February 26, 2026 −8.8% −1.0% −5.1% −26.8%
January 12, 2026 −4.9% 0.0% −9.3% −26.8%
October 30, 2025 −5.0% −0.8% −16.4% −13.4%
July 24, 2025 −27.1% +0.5% −29.9% −24.7%
April 24, 2025 +4.1% +2.8% +1.0% +4.3%
February 27, 2025 −13.2% −0.1% −12.3% −14.1%
January 13, 2025 −4.4% +0.3% −1.8% −22.1%
October 30, 2024 −10.1% −2.3% +7.2% +18.7%
July 25, 2024 +1.2% +0.6% +13.9% −4.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Novocure Ltd in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Novocure Ltd
$500M $600M $700M $800M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $509.3M Revenue (TTM), FY24 Q1: $525.7M Revenue (TTM), FY24 Q2: $550M Revenue (TTM), FY24 Q3: $577.7M Revenue (TTM), FY24 Q4: $605.2M Revenue (TTM), FY25 Q1: $621.7M Revenue (TTM), FY25 Q2: $630.2M Revenue (TTM), FY25 Q3: $642.3M Revenue (TTM), FY25 Q4: $655.4M Revenue (TTM), FY26 Q1: $674.4M Revenue (TTM), FY26 Q2: $699.2M Revenue (TTM), FY26 Q3: $725.4M $725.4M

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $509.3M
FY24 Q1 $525.7M
FY24 Q2 $550M
FY24 Q3 $577.7M
FY24 Q4 $605.2M
FY25 Q1 $621.7M
FY25 Q2 $630.2M
FY25 Q3 $642.3M
FY25 Q4 $655.4M
FY26 Q1 $674.4M
FY26 Q2 $699.2M
FY26 Q3 $725.4M
Revenue growth, TTM YoY Novocure Ltd
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -5.3% Revenue growth, TTM YoY, FY24 Q1: 0.6% Revenue growth, TTM YoY, FY24 Q2: 8.3% Revenue growth, TTM YoY, FY24 Q3: 14.6% Revenue growth, TTM YoY, FY24 Q4: 18.8% Revenue growth, TTM YoY, FY25 Q1: 18.3% Revenue growth, TTM YoY, FY25 Q2: 14.6% Revenue growth, TTM YoY, FY25 Q3: 11.2% Revenue growth, TTM YoY, FY25 Q4: 8.3% Revenue growth, TTM YoY, FY26 Q1: 8.5% Revenue growth, TTM YoY, FY26 Q2: 11.0% Revenue growth, TTM YoY, FY26 Q3: 12.9% 12.9%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -5.3%
FY24 Q1 0.6%
FY24 Q2 8.3%
FY24 Q3 14.6%
FY24 Q4 18.8%
FY25 Q1 18.3%
FY25 Q2 14.6%
FY25 Q3 11.2%
FY25 Q4 8.3%
FY26 Q1 8.5%
FY26 Q2 11.0%
FY26 Q3 12.9%
Operating margin (TTM) Novocure Ltd
-60% -40% -20% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -45.7% Operating margin (TTM), FY24 Q1: -40.7% Operating margin (TTM), FY24 Q2: -33.6% Operating margin (TTM), FY24 Q3: -27.5% Operating margin (TTM), FY24 Q4: -28.2% Operating margin (TTM), FY25 Q1: -26.8% Operating margin (TTM), FY25 Q2: -27.4% Operating margin (TTM), FY25 Q3: -27.5% Operating margin (TTM), FY25 Q4: -23.5% Operating margin (TTM), FY26 Q1: -27.2% Operating margin (TTM), FY26 Q2: -22.1% Operating margin (TTM), FY26 Q3: -17.2% -17.2%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -45.7%
FY24 Q1 -40.7%
FY24 Q2 -33.6%
FY24 Q3 -27.5%
FY24 Q4 -28.2%
FY25 Q1 -26.8%
FY25 Q2 -27.4%
FY25 Q3 -27.5%
FY25 Q4 -23.5%
FY26 Q1 -27.2%
FY26 Q2 -22.1%
FY26 Q3 -17.2%
FCF margin (TTM) Novocure Ltd
-30% -20% -10% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -19.7% FCF margin (TTM), FY24 Q1: -23.0% FCF margin (TTM), FY24 Q2: -19.0% FCF margin (TTM), FY24 Q3: -13.5% FCF margin (TTM), FY24 Q4: -11.4% FCF margin (TTM), FY25 Q1: -11.6% FCF margin (TTM), FY25 Q2: -12.8% FCF margin (TTM), FY25 Q3: -10.1% FCF margin (TTM), FY25 Q4: -11.5% FCF margin (TTM), FY26 Q1: -7.1% FCF margin (TTM), FY26 Q2: -3.6% FCF margin (TTM), FY26 Q3: -3.4% -3.4%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -19.7%
FY24 Q1 -23.0%
FY24 Q2 -19.0%
FY24 Q3 -13.5%
FY24 Q4 -11.4%
FY25 Q1 -11.6%
FY25 Q2 -12.8%
FY25 Q3 -10.1%
FY25 Q4 -11.5%
FY26 Q1 -7.1%
FY26 Q2 -3.6%
FY26 Q3 -3.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 10 15 33 83 177 248 351 494 535 538 509 605 655 725
Gross profit 3 5 12 37 121 168 263 388 420 423 381 468 488 559
EBITDA −63 −78 −101 −110 −32 −25 8 40 −34 −79 −222 −159 −139 −107
Operating income −64 −80 −104 −115 −39 −34 −1 30 −44 −90 −233 −170 −154 −125
Net income −77 −81 −112 −132 −62 −64 −7 20 −58 −93 −207 −169 −136 −122
Diluted EPS −$6.73 −$6.46 −$3.67 −$1.54 −$0.70 −$0.69 −$0.07 $0.18 −$0.56 −$0.88 −$1.95 −$1.56 −$1.22 −$1.06
Growth (year on year)
Revenue — +49.5% +113.6% +150.5% +113.6% +40.1% +41.6% +40.7% +8.2% +0.5% −5.3% +18.8% +8.3% +12.9%
EBITDA — — — — — — — +424.1% −186.2% — — — — —
Operating income — — — — — — — — −245.8% — — — — —
Net income — — — — — — — — −394.6% — — — — —
Diluted EPS — — — — — — — — −411.1% — — — — —
Margins
Gross margin 32.3% 35.2% 37.7% 44.2% 68.6% 67.7% 74.8% 78.5% 78.5% 78.6% 74.8% 77.3% 74.5% 77.0%
EBITDA margin −610.5% −504.8% −304.8% −132.3% −17.9% −9.9% 2.1% 8.0% −6.4% −14.7% −43.6% −26.3% −21.2% −14.8%
Operating margin −622.3% −517.5% −314.3% −139.1% −22.2% −13.6% −0.3% 6.1% −8.3% −16.6% −45.7% −28.2% −23.5% −17.2%
Net margin −746.9% −520.9% −337.2% −159.1% −34.8% −25.6% −2.1% 4.0% −10.9% −17.2% −40.6% −27.9% −20.8% −16.8%
Free-cash-flow margin −530.1% −484.8% −316.0% −136.6% −22.9% −3.5% 4.6% 17.0% 10.9% 1.8% −19.7% −11.4% −11.5% −3.4%
Cash flow
Cash from operations −53 −74 −100 −108 −33 −2 27 99 83 31 −73 −26 −49 −1
Capital spending 2 1 5 6 7 7 10 15 24 21 27 43 27 24
Free cash flow −55 −75 −105 −113 −41 −9 16 84 59 9 −100 −69 −76 −25
Stock-based pay 5 5 12 22 27 40 52 76 95 107 116 160 105 117
Free cash flow after stock pay −60 −80 −116 −135 −68 −48 −36 8 −36 −98 −216 −229 −181 −142
Balance sheet
Cash 176 58 119 100 79 141 177 235 209 115 241 164 94 97
Total debt 0 0 23 96 97 149 149 430 562 566 569 655 195 196
Net debt (negative = net cash) −176 −57 −96 −3 19 9 −28 195 353 450 328 492 101 100
Diluted shares 11m 12m 30m 86m 89m 92m 97m 109m 103m 105m 106m 108m 111m 115m
Returned to shareholders
Dividends — — 0 0 0 — — — — — — — — —
Buybacks — — 0 — — — — — — — — — — —
Total returned — — 0 0 0 — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $829m
Short-term assets $674mLonger-term assets $155m
What it owes, and who funded it · $829m
Short-term liabilities $271mLonger-term liabilities $207mShareholders' equity $351m
  • Short-term assets cover short-term liabilities $674m of assets due within a year against $271m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $674m short-term assets against $207m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Novocure Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+3.9%
year over year
R&D spending
31.5%
of revenue
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated NVCR GKOS TMDX MYGN IRTC OFIX Median
Revenue, last 12 months $725m $690m $668m $807m $825m $833m $99m
Revenue growth, last 12 months 12.9% 46.9% 25.8% −3.2% 25.6% 3.0% 9.2%
Revenue growth, 3-year average 12.9% 31.5% 64.2% 4.9% 22.2% 11.7% 13.5%
Revenue growth, latest quarter 15.7% 58.0% 20.7% −10.5% 20.1% 3.8% 10.2%
Gross margin 77.0% 64.8% 58.7% 68.8% 71.5% 71.3% 61.2%
Operating margin −17.2% −25.5% 12.2% −12.2% −3.0% −4.7% −8.5%
Operating margin, 3-year average −24.1% −27.0% 8.8% −27.2% −14.3% −9.7% −17.9%
Net margin −16.8% −24.6% 22.7% −14.0% −1.7% −7.4% −12.0%
Cash from operations / revenue −0.1% 6.9% 21.8% 1.0% 10.4% 2.0% −1.9%
Free-cash-flow margin −3.4% 5.2% 11.8% −4.2% 4.7% −3.3% −3.9%
Free-cash-flow margin, 3-year average −9.0% −7.7% −13.0% −10.5% −3.0% −4.2% −7.0%
Stock pay / revenue 16.2% 12.0% 5.5% 3.6% 10.1% 3.4% 6.1%
Change in share count 3.9% 3.8% 4.8% 2.5% 2.9% 3.6% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 12.9% 9.1% 56 of 129
Change in growth rate Growth +2.0pp -0.6pp 31 of 129
Gross margin Profitability 77.0% 61.9% 24 of 123
Operating margin Profitability -17.2% -8.3% 75 of 132
Net margin Profitability -16.8% -12.0% 74 of 133
Free-cash-flow margin Cash generation -3.4% -3.4% 64 of 128
Stock pay as % of revenue Cash generation 16.2% 6.1% 93 of 123
Long-term debt as % of assets Balance sheet 24.2% 24.2% 44 of 87
Change in share count Balance sheet 3.9% 3.3% 62 of 115
Days sales outstanding Balance sheet 54 days 57 days 55 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue YoY
United States $386M ▼ 1.6%
International Markets $250M ▲ 27.7%
Germany $79.4M ▲ 21.7%
France $76.2M ▲ 36.7%
Other International Markets $56.9M ▲ 34.0%
Japan $37.8M ▲ 16.0%
China $19.4M ▲ 11.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Novocure Ltd's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.6B
Institutions reporting
214
Shares held vs prior quarter
▲ 4.6%
Positions opened / closed
29 / 34

Top buyers and sellers, Q2 2026: 118 institutions bought and 96 sold ; the biggest buyer was Empowered Funds, LLC (+1.2M shares) and the biggest seller SG Americas Securities, LLC (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $263M 17.4M 16.8% ▲ 1.8%
Blackrock, Inc. $203M 13.4M 13.0% ▲ 1.7%
Soleus Capital Management, L.P. $150M 9.9M 9.6% ▼ 5.5%
Vanguard Portfolio Management LLC $95M 6.3M 6.1% ▲ 0.3%
Vanguard Capital Management LLC $74.3M 4.9M 4.7% ▲ 4.7%
Morgan Stanley $68.5M 4.5M 4.4% ▼ 0.4%
State Street Corp $43.4M 2.9M 2.8% ▲ 11.9%
Geode Capital Management, LLC $42.4M 2.8M 2.7% ▲ 11.4%
Wells Fargo & Company $38.3M 2.5M 2.4% ▼ 14.3%
Quantinno Capital Management LP $33.7M 2.2M 2.2% ▼ 10.6%
Renaissance Technologies LLC $29.6M 2.0M 1.9% ▲ 25.8%
Jpmorgan Chase & Co $25.9M 1.7M 1.7% ▲ 79.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Novocure Ltd's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.3M 25 trades by 14 insiders · 0% under pre-set plans
Net ▼ $3.3M net selling
Insider Date Trade Shares Price Value
Leonard Frank X Chief Executive Officer June 4, 2026 Sell 34,273 $17.93 $614,635
Hung David Director June 2, 2026 Sell 2,945 $15.77 $46,445
Vernon W Anthony Director June 2, 2026 Sell 2,945 $15.77 $46,445
Hilleman Jeryl L Director June 2, 2026 Sell 2,945 $15.77 $46,445
Scannell Timothy J Director June 2, 2026 Sell 2,945 $15.77 $46,445
Ocean Allyson J Director June 2, 2026 Sell 2,945 $15.77 $46,445
Stafford Kristin Director June 2, 2026 Sell 2,945 $15.77 $46,445
Leung Gabriel Director June 2, 2026 Sell 2,945 $15.77 $46,445
Paravasthu Mukund Chief Operating Officer March 5, 2026 Sell 43,246 $13.77 $595,670
Puri Michal Nath Chief Human Resources Officer March 4, 2026 Sell 1,100 $13.31 $14,636
Paravasthu Mukund Chief Operating Officer March 4, 2026 Sell 5,377 $13.31 $71,543
Leonard Frank X Chief Executive Officer March 4, 2026 Sell 5,607 $13.31 $74,603

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Novocure Ltd disclosed in the last 12 months; 3 earlier trades on record.

  • Marie Newman(D-IL 3):Purchase, $15,001 - $50,000, traded July 2, 2021, filed August 5, 2021
  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020
  • Donna Shalala(FL):Purchase, $1,001 - $15,000, traded June 19, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 18, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 23, 2026
  • April 30, 2026
  • February 26, 2026
  • January 12, 2026
  • October 30, 2025

Recent SEC filings

Data status

When each part of this page on Novocure Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Novocure Ltd in brief

What does Novocure Ltd do?
Novocure Ltd is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Novocure Ltd's stock ticker?
Novocure Ltd trades under the ticker NVCR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Novocure Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Novocure Ltd reported revenue of $725M, 12.9% higher than a year earlier, according to its SEC filings.
What is Novocure Ltd's free cash flow?
Novocure Ltd's free-cash-flow margin is -3.4% of revenue over the trailing twelve months, ranking 64 of the 128 health care equipment companies we cover.
Who are Novocure Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Soleus Capital Management, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Novocure Ltd's market cap?
On November 2, 2026, Novocure Ltd's market capitalisation was about $1.5B and net debt of $99.6M. Market figures come from third-party market data and may be delayed.
Who are Novocure Ltd's competitors?
In our Health Care Equipment peer group, the companies closest to Novocure Ltd are Glaukos Corp, Transmedics Group, Inc., Myriad Genetics Inc, Irhythm Holdings, Inc. and Orthofix Medical Inc. The side-by-side comparison below sets their revenue, margins and growth against Novocure Ltd's.
Are insiders buying or selling Novocure Ltd stock?
Over the last 12 months, Novocure Ltd's directors and officers reported 0 open-market purchases and 25 sales on Form 4. The insider trading page charts every trade.
When is Novocure Ltd's next earnings date?
Around January 18, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Novocure Ltd announces its own schedule.