Novocure Financials

NVCR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Novocure (NVCR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$605.2M

YoY+18.8%

5Y CAGR+11.5%

10Y CAGR+44.3%

Novocure generated $605.2M in revenue in fiscal year 2025. This represents an increase of 18.8% from the prior year.

EBITDA

-$159.3M

YoY+28.2%

Novocure's EBITDA was -$159.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 28.2% from the prior year.

Free Cash Flow

-$69.2M

YoY+31.1%

Novocure generated -$69.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 31.1% from the prior year.

Net Income

-$168.6M

YoY+18.6%

Novocure reported -$168.6M in net income in fiscal year 2025. This represents an increase of 18.6% from the prior year.

EPS (Diluted)

$-1.56

YoY+20.0%

Novocure earned $-1.56 per diluted share (EPS) in fiscal year 2025. This represents an increase of 20.0% from the prior year.

Cash & Debt

$163.8M

YoY-32.0%

5Y CAGR-1.6%

10Y CAGR+11.0%

Novocure held $163.8M in cash against $97.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

109M

YoY+1.3%

5Y CAGR+1.7%

10Y CAGR+23.2%

Novocure had 109M shares outstanding in fiscal year 2025. This represents an increase of 1.3% from the prior year.

Gross Margin

77.3%

YoY+2.5pp

5Y CAGR+2.5pp

10Y CAGR+42.1pp

Novocure's gross margin was 77.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.5 percentage points from the prior year.

Operating Margin

-28.2%

YoY+17.5pp

5Y CAGR-27.9pp

10Y CAGR+489.3pp

Novocure's operating margin was -28.2% in fiscal year 2025, reflecting core business profitability. This is up 17.5 percentage points from the prior year.

Net Margin

-27.9%

YoY+12.8pp

5Y CAGR-25.8pp

10Y CAGR+493.0pp

Novocure's net profit margin was -27.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 12.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$209.6M

YoY-6.0%

5Y CAGR+21.6%

10Y CAGR+17.9%

Novocure invested $209.6M in research and development in fiscal year 2025. This represents a decrease of 6.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$42.9M

YoY+58.2%

5Y CAGR+32.5%

10Y CAGR+48.0%

Novocure invested $42.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 58.2% from the prior year.

NVCR Income Statement

Metric	FY25	FY24	FY24	FY23	FY22	FY21
Revenue	$605.2M+18.8%	$509.3M-5.3%	$537.8M+0.5%	$535.0M+8.2%	$494.4M+40.7%	$351.3M
Cost of Revenue	$137.2M+6.9%	$128.3M+11.7%	$114.9M0.0%	$114.9M+7.9%	$106.5M+20.2%	$88.6M
Gross Profit	$468.0M+22.8%	$381.1M-9.9%	$423.0M+0.7%	$420.2M+8.3%	$387.9M+47.6%	$262.7M
R&D Expenses	$209.6M-6.0%	$223.1M+8.2%	$206.1M+2.4%	$201.3M+52.5%	$132.0M+67.1%	$79.0M
SG&A Expenses	$189.8M+15.7%	$164.1M+23.6%	$132.8M+5.3%	$126.1M+17.4%	$107.4M+22.2%	$87.9M
Operating Income	-$170.5M+26.8%	-$232.9M-160.1%	-$89.5M-101.9%	-$44.3M-245.8%	$30.4M+3426.1%	-$914K
Interest Expense	$11.7M+137.7%	$4.9M-39.5%	$8.1M-8.2%	$8.8M-51.0%	$18.1M+23.3%	$14.6M
Income Tax	$37.5M+144.8%	$15.3M+43.2%	$10.7M+70.3%	$6.3M+467.9%	-$1.7M-7.0%	-$1.6M
Net Income	-$168.6M+18.6%	-$207.0M-123.7%	-$92.5M-58.6%	-$58.4M-394.6%	$19.8M+374.0%	-$7.2M
EPS (Diluted)	$-1.56+20.0%	$-1.95-121.6%	$-0.88-57.1%	$-0.56-411.1%	$0.18+357.1%	$-0.07

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$167.2M+5.3%	$158.8M+2.5%	$155.0M	N/A	$155.1M+3.2%	$150.4M+8.6%	$138.5M	N/A
Cost of Revenue	$44.7M+7.9%	$41.5M+7.7%	$38.5M	N/A	$35.4M+2.1%	$34.7M+2.9%	$33.7M	N/A
Gross Profit	$122.5M+4.4%	$117.3M+0.7%	$116.5M	N/A	$119.7M+3.5%	$115.7M+10.4%	$104.8M	N/A
R&D Expenses	$54.0M-3.2%	$55.8M+3.8%	$53.8M	N/A	$51.9M-5.6%	$55.0M+6.5%	$51.6M	N/A
SG&A Expenses	$45.9M+4.5%	$44.0M-1.8%	$44.8M	N/A	$40.1M+6.3%	$37.7M-4.6%	$39.5M	N/A
Operating Income	-$36.0M+8.9%	-$39.5M-4.4%	-$37.9M	N/A	-$32.1M+4.4%	-$33.6M+19.1%	-$41.5M	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$7.2M+40.5%	$5.2M+28.2%	$4.0M	N/A	$9.0M-15.6%	$10.6M+49.6%	$7.1M	N/A
Net Income	-$37.3M+7.1%	-$40.1M-17.0%	-$34.3M	N/A	-$30.6M+8.4%	-$33.4M+13.9%	-$38.8M	N/A
EPS (Diluted)	$-0.33+8.3%	$-0.36-16.1%	$-0.31	N/A	$-0.28+9.7%	$-0.31+13.9%	$-0.36	N/A

NVCR Balance Sheet

Metric	FY25	FY24	FY24	FY23	FY22	FY21
Total Assets	$1.2B+8.3%	$1.1B-3.8%	$1.2B+4.6%	$1.1B+8.3%	$1.1B+119.4%	$479.4M
Current Assets	$1.1B+7.0%	$1.0B-6.9%	$1.1B+3.5%	$1.1B+7.4%	$999.4M+127.2%	$439.9M
Cash & Equivalents	$163.8M-32.0%	$240.8M+108.8%	$115.3M-44.8%	$208.8M-11.0%	$234.7M+32.3%	$177.3M
Inventory	$35.1M-8.0%	$38.2M+29.9%	$29.4M+20.3%	$24.4M-10.9%	$27.4M+15.7%	$23.7M
Accounts Receivable	$74.2M+21.2%	$61.2M-29.0%	$86.3M-7.8%	$93.6M-3.2%	$96.7M+64.3%	$58.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$880.6M+12.4%	$783.6M+4.4%	$750.5M+2.9%	$729.0M+26.7%	$575.5M+119.9%	$261.7M
Current Liabilities	$756.4M+322.3%	$179.1M+12.8%	$158.8M+11.3%	$142.6M+25.5%	$113.6M+31.6%	$86.3M
Long-Term Debt	$97.3M-82.9%	$568.8M+0.6%	$565.5M+0.6%	$562.2M+30.8%	$429.9M+187.7%	$149.4M
Total Equity	$360.2M-0.6%	$362.5M-17.8%	$441.2M+7.5%	$410.5M-13.9%	$476.5M+118.8%	$217.8M
Retained Earnings	-$1.2B-17.1%	-$985.5M-26.6%	-$778.5M-13.5%	-$685.9M-8.7%	-$631.1M+3.0%	-$650.9M

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$1.4B+9.3%	$1.2B-0.2%	$1.2B+0.6%	$1.2B+1.5%	$1.2B+0.8%	$1.2B+8.1%	$1.1B-2.2%	$1.1B
Current Assets	$1.2B+10.8%	$1.1B-0.6%	$1.1B-1.6%	$1.1B+1.0%	$1.1B+0.2%	$1.1B+9.0%	$1.0B-3.1%	$1.0B
Cash & Equivalents	$342.1M+128.7%	$149.6M+17.6%	$127.3M-22.3%	$163.8M-11.7%	$185.4M+12.5%	$164.8M-63.7%	$453.8M+88.4%	$240.8M
Inventory	$39.1M-2.8%	$40.2M+1.9%	$39.5M+12.5%	$35.1M-10.3%	$39.1M-3.3%	$40.4M-4.6%	$42.4M+11.1%	$38.2M
Accounts Receivable	$85.2M-5.2%	$89.9M+6.4%	$84.5M+13.9%	$74.2M+10.7%	$67.1M+3.6%	$64.7M-0.6%	$65.1M+6.3%	$61.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.0B+13.8%	$896.4M+1.1%	$886.9M+0.7%	$880.6M+2.3%	$861.2M+1.3%	$850.4M+11.6%	$762.1M-2.8%	$783.6M
Current Liabilities	$776.0M+3.5%	$749.6M+0.9%	$743.3M-1.7%	$756.4M+2.9%	$735.0M+334.5%	$169.2M+5.6%	$160.2M-10.5%	$179.1M
Long-Term Debt	N/A	N/A	N/A	$97.3M	N/A	N/A	$569.7M+0.1%	$568.8M
Total Equity	$341.3M-2.3%	$349.4M-3.5%	$362.0M+0.5%	$360.2M-0.2%	$360.8M-0.3%	$361.8M+0.7%	$359.4M-0.9%	$362.5M
Retained Earnings	-$1.3B-3.0%	-$1.2B-3.4%	-$1.2B-3.0%	-$1.2B-6.1%	-$1.1B-2.9%	-$1.1B-3.3%	-$1.0B-3.9%	-$985.5M

NVCR Cash Flow Statement

Metric	FY25	FY24	FY24	FY23	FY22	FY21
Operating Cash Flow	-$26.4M+64.0%	-$73.3M-338.2%	$30.8M-62.8%	$82.8M-16.5%	$99.1M+272.5%	$26.6M
Capital Expenditures	$42.9M+58.2%	$27.1M+26.9%	$21.4M-11.6%	$24.2M+61.5%	$15.0M+42.8%	$10.5M
Free Cash Flow	-$69.2M+31.1%	-$100.4M-1165.0%	$9.4M-83.9%	$58.6M-30.4%	$84.2M+421.7%	$16.1M
Investing Cash Flow	-$140.2M-176.2%	$184.1M+231.6%	-$140.0M+3.4%	-$144.8M+69.4%	-$472.8M-815.2%	-$51.7M
Financing Cash Flow	$90.3M+472.1%	$15.8M+1.9%	$15.5M-39.7%	$25.7M-94.2%	$440.2M+613.7%	$61.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	$20.6M+229.1%	-$15.9M+55.3%	-$35.7M	N/A	$10.4M+703.3%	-$1.7M+94.6%	-$31.6M	N/A
Capital Expenditures	$5.7M+3.1%	$5.5M-48.3%	$10.6M	N/A	$10.7M-6.7%	$11.4M-2.9%	$11.8M	N/A
Free Cash Flow	$14.9M+169.6%	-$21.4M+53.7%	-$46.3M	N/A	-$307K+97.7%	-$13.2M+69.6%	-$43.4M	N/A
Investing Cash Flow	$71.4M+98.5%	$36.0M+656.0%	-$6.5M	N/A	$10.2M+102.7%	-$374.4M-252.1%	$246.2M	N/A
Financing Cash Flow	$100.5M+4111.0%	$2.4M-54.5%	$5.2M	N/A	$100K-99.9%	$87.3M+40893.9%	$213K	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NVCR Financial Ratios

Metric	FY25	FY24	FY24	FY23	FY22	FY21
Gross Margin	77.3%+2.5pp	74.8%-3.8pp	78.6%+0.1pp	78.5%+0.1pp	78.5%+3.7pp	74.8%
Operating Margin	-28.2%+17.5pp	-45.7%-29.1pp	-16.6%-8.3pp	-8.3%-14.4pp	6.2%+6.4pp	-0.3%
Net Margin	-27.9%+12.8pp	-40.6%-23.4pp	-17.2%-6.3pp	-10.9%-14.9pp	4.0%+6.1pp	-2.1%
Return on Equity	N/A	N/A	N/A	N/A	4.2%	N/A
Return on Assets	-13.6%+4.5pp	-18.1%-10.3pp	-7.8%-2.7pp	-5.1%-7.0pp	1.9%+3.4pp	-1.5%
Current Ratio	1.46-4.3	5.78-1.2	7.00-0.5	7.53-1.3	8.80+3.7	5.10
Debt-to-Equity	0.27-1.3	1.57+0.3	1.28-0.1	1.37+0.5	0.90+0.2	0.69
FCF Margin	-11.4%+8.3pp	-19.7%-21.5pp	1.8%-9.2pp	10.9%-6.1pp	17.0%+12.4pp	4.6%

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	73.3%-0.6pp	73.9%-1.3pp	75.1%	N/A	77.2%+0.2pp	77.0%+1.3pp	75.7%	N/A
Operating Margin	-21.5%+3.4pp	-24.9%-0.5pp	-24.4%	N/A	-20.7%+1.6pp	-22.3%+7.7pp	-30.0%	N/A
Net Margin	-22.3%+3.0pp	-25.3%-3.1pp	-22.1%	N/A	-19.7%+2.5pp	-22.2%+5.8pp	-28.0%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.7%+0.5pp	-3.2%-0.5pp	-2.8%	N/A	-2.5%+0.2pp	-2.8%+0.7pp	-3.5%	N/A
Current Ratio	1.55+0.1	1.45-0.0	1.470.0	1.46-0.0	1.49-5.0	6.46+0.2	6.26+0.5	5.78
Debt-to-Equity	2.99+0.4	2.57+0.1	2.45+2.2	0.27-2.1	2.39+0.0	2.35+0.8	1.59+0.0	1.57
FCF Margin	8.9%+22.4pp	-13.5%+16.4pp	-29.9%	N/A	-0.2%+8.6pp	-8.8%+22.5pp	-31.3%	N/A

Financial Health Signals

Piotroski F-Score Neutral

5/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Low Quality

0.16x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage At Risk

-14.6x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

Frequently Asked Questions

What is Novocure's annual revenue?

Novocure (NVCR) reported $605.2M in total revenue for fiscal year 2025. This represents a 18.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Novocure's revenue growing?

Novocure (NVCR) revenue grew by 18.8% year-over-year, from $509.3M to $605.2M in fiscal year 2025.

Is Novocure profitable?

No, Novocure (NVCR) reported a net income of -$168.6M in fiscal year 2025, with a net profit margin of -27.9%.

What is Novocure's earnings per share (EPS)?

Novocure (NVCR) reported diluted earnings per share of $-1.56 for fiscal year 2025. This represents a 20.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Novocure's EBITDA?

Novocure (NVCR) had EBITDA of -$159.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Novocure have?

As of fiscal year 2025, Novocure (NVCR) had $163.8M in cash and equivalents against $97.3M in long-term debt.

What is Novocure's gross margin?

Novocure (NVCR) had a gross margin of 77.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Novocure's operating margin?

Novocure (NVCR) had an operating margin of -28.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Novocure's net profit margin?

Novocure (NVCR) had a net profit margin of -27.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Novocure's free cash flow?

Novocure (NVCR) generated -$69.2M in free cash flow during fiscal year 2025. This represents a 31.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Novocure's operating cash flow?

Novocure (NVCR) generated -$26.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Novocure's total assets?

Novocure (NVCR) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Novocure's capital expenditures?

Novocure (NVCR) invested $42.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Novocure spend on research and development?

Novocure (NVCR) invested $209.6M in research and development during fiscal year 2025.

How many shares does Novocure have outstanding?

Novocure (NVCR) had 109M shares outstanding as of fiscal year 2025.

What is Novocure's current ratio?

Novocure (NVCR) had a current ratio of 1.46 as of fiscal year 2025, which is considered adequate.

What is Novocure's debt-to-equity ratio?

Novocure (NVCR) had a debt-to-equity ratio of 0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Novocure's return on assets (ROA)?

Novocure (NVCR) had a return on assets of -13.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Novocure's cash runway?

Based on fiscal year 2025 data, Novocure (NVCR) had $163.8M in cash against an annual operating cash burn of $26.4M. This gives an estimated cash runway of approximately 75 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Novocure's Piotroski F-Score?

Novocure (NVCR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Novocure's earnings high quality?

Novocure (NVCR) has an earnings quality ratio of 0.16x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Novocure cover its interest payments?

Novocure (NVCR) has an interest coverage ratio of -14.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.