Novocure Financials
Novocure (NVCR) reported $655.4M in revenue for fiscal year 2025, up 8.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).
Revenue is recovering, but the business remains investment-led: operating losses narrowed while cash consumption and development spending stayed elevated.
Revenue growth without gross-margin expansion suggests the recent improvement is primarily volume-driven rather than a change in unit economics: revenue increased29.0% from FY2023 to FY2025 while gross margin stayed near75.0% . By FY2025, operating margin had improved to-23.5% while operating cash flow was-$49M , showing that reported earnings improvement still has weak cash conversion.
Spending is being reallocated toward development: R&D reached
The financing structure was reshaped: total assets fell from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Novocure's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Novocure, and counted as zero in the overall score.
Not available for Novocure, and counted as zero in the overall score.
Novocure scores 1.26, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($463.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Novocure passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Novocure reported a net loss of $136.2M while operations used $49.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Novocure reported an operating loss of $153.8M against $22.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Novocure generated $655.4M in revenue in fiscal year 2025. This represents an increase of 8.3% from the prior year.
Novocure's EBITDA was -$139.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.6% from the prior year.
Novocure reported -$136.2M in net income in fiscal year 2025. This represents an increase of 19.4% from the prior year.
Novocure earned -$1.22 per diluted share (EPS) in fiscal year 2025. This represents an increase of 21.8% from the prior year.
Cash & Balance Sheet
Novocure recorded an outflow of $75.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 9.3% from the prior year.
Novocure held $93.5M in cash against $195.0M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Novocure's gross margin was 74.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.8 percentage points from the prior year.
Novocure's operating margin was -23.5% in fiscal year 2025, reflecting core business profitability. This is up 4.7 percentage points from the prior year.
Novocure's net profit margin was -20.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.1 percentage points from the prior year.
Novocure's ROE was -40.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.9 percentage points from the prior year.
Capital Allocation
Novocure invested $224.5M in research and development in fiscal year 2025. This represents an increase of 7.1% from the prior year.
Novocure invested $26.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 37.8% from the prior year.
Not reported for fiscal year 2025.
NVCR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $699.2M | $655.4M+8.3% | $605.2M+18.8% | $509.3M-5.3% | $537.8M+0.5% | $535.0M+8.2% | $494.4M+40.7% | $351.3M+41.6% | $248.1M+40.1% | $177.0M+113.6% | $82.9M+150.5% | $33.1M+113.6% | $15.5M+49.5% | $10.4M |
| Cost of Revenue | $166.9M | $166.9M+21.6% | $137.2M+6.9% | $128.3M+11.7% | $114.9M0.0% | $114.9M+7.9% | $106.5M+20.2% | $88.6M+10.7% | $80.0M+43.9% | $55.6M+39.5% | $39.9M+93.4% | $20.6M+105.4% | $10.0M+43.1% | $7.0M |
| Gross Profit | $532.3M | $488.5M+4.4% | $468.0M+22.8% | $381.1M-9.9% | $423.0M+0.7% | $420.2M+8.3% | $387.9M+47.6% | $262.7M+56.4% | $168.0M+38.4% | $121.4M+231.7% | $36.6M+193.4% | $12.5M+128.8% | $5.5M+63.0% | $3.3M |
| R&D Expenses | $224.7M | $224.5M+7.1% | $209.6M-6.0% | $223.1M+8.2% | $206.1M+2.4% | $201.3M+52.5% | $132.0M+67.1% | $79.0M+56.2% | $50.6M+32.7% | $38.1M-8.1% | $41.5M-5.2% | $43.7M+8.3% | $40.4M+16.0% | $34.8M |
| SG&A Expenses | $214.7M | $177.7M-6.4% | $189.8M+15.7% | $164.1M+23.6% | $132.8M+5.3% | $126.1M+17.4% | $107.4M+22.2% | $87.9M+19.7% | $73.5M+24.3% | $59.1M+15.9% | $51.0M+50.6% | $33.9M+40.8% | $24.1M+44.9% | $16.6M |
| Operating Income | -$154.4M | -$153.8M+9.8% | -$170.5M+26.8% | -$232.9M-160.1% | -$89.5M-101.9% | -$44.3M-245.8% | $30.4M+3426.1% | -$914K+97.3% | -$33.7M+14.4% | -$39.3M+65.9% | -$115.3M-10.9% | -$104.0M-29.7% | -$80.2M-24.4% | -$64.5M |
| Interest Expense | N/A | $22.2M+90.5% | $11.7M+137.7% | $4.9M-39.5% | $8.1M-8.2% | $8.8M-51.0% | $18.1M+23.3% | $14.6M-13.4% | $16.9M+44.6% | $11.7M+59.8% | $7.3M+126.2% | $3.2M+1027.2% | $287K-97.8% | $12.8M |
| Income Tax | -$4.1M | -$23K-100.1% | $37.5M+144.8% | $15.3M+43.2% | $10.7M+70.3% | $6.3M+467.9% | -$1.7M-7.0% | -$1.6M-109.0% | $17.6M+33.8% | $13.2M+26.8% | $10.4M+134.1% | $4.4M+1060.7% | $382K+8.2% | $353K |
| Net Income | -$148.6M | -$136.2M+19.4% | -$169.0M+18.4% | -$207.0M-122.6% | -$93.0M-60.3% | -$58.0M-392.8% | $19.8M+374.0% | -$7.2M+88.6% | -$63.6M-3.1% | -$61.7M+53.2% | -$131.8M-18.2% | -$111.6M-38.3% | -$80.7M-4.3% | -$77.4M |
| EPS (Diluted) | — | -$1.22+21.8% | -$1.56+20.0% | -$1.95-121.6% | -$0.88-57.1% | -$0.56-411.1% | $0.18+357.1% | -$0.07+89.9% | -$0.69 | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NVCR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $804.3M-35.2% | $1.2B+8.3% | $1.1B-3.8% | $1.2B+4.6% | $1.1B+8.3% | $1.1B+119.4% | $479.4M+41.1% | $339.8M+28.1% | $265.3M-5.9% | $282.1M-8.2% | $307.3M+160.7% | $117.9M | N/A |
| Current Assets | $646.7M-41.6% | $1.1B+7.0% | $1.0B-6.9% | $1.1B+3.5% | $1.1B+7.4% | $999.4M+127.2% | $439.9M+36.9% | $321.4M+31.1% | $245.1M-6.4% | $261.9M-10.9% | $293.9M+162.8% | $111.8M | N/A |
| Cash & Equivalents | $93.5M-42.9% | $163.8M-32.0% | $240.8M+108.8% | $115.3M-44.8% | $208.8M-11.0% | $234.7M+32.3% | $177.3M+26.1% | $140.6M+78.9% | $78.6M-21.2% | $99.8M-16.4% | $119.4M+107.3% | $57.6M-67.2% | $175.9M |
| Inventory | $41.1M+17.2% | $35.1M-8.0% | $38.2M+29.9% | $29.4M+20.3% | $24.4M-10.9% | $27.4M+15.7% | $23.7M+5.1% | $22.6M+2.4% | $22.0M-13.8% | $25.5M+87.9% | $13.6M+294.5% | $3.4M | N/A |
| Accounts Receivable | $89.4M+20.5% | $74.2M+21.2% | $61.2M-29.0% | $86.3M-7.8% | $93.6M-3.2% | $96.7M+64.3% | $58.9M+61.2% | $36.5M+23.5% | $29.6M+366.4% | $6.3M | $0 | N/A | N/A |
| Total Liabilities | $463.9M-47.3% | $880.6M+12.4% | $783.6M+4.4% | $750.5M+2.9% | $729.0M+26.7% | $575.5M+119.9% | $261.7M+15.0% | $227.5M+50.0% | $151.7M+8.6% | $139.7M+147.3% | $56.5M+182.6% | $20.0M | N/A |
| Current Liabilities | $223.2M-70.5% | $756.4M+322.3% | $179.1M+12.8% | $158.8M+11.3% | $142.6M+25.5% | $113.6M+31.6% | $86.3M+33.7% | $64.6M+28.6% | $50.2M+36.1% | $36.9M+28.8% | $28.6M+62.0% | $17.7M | N/A |
| Long-Term Debt | $195.0M+100.5% | $97.3M-82.9% | $568.8M+0.6% | $565.5M+0.6% | $562.2M+30.8% | $429.9M+187.7% | $149.4M+0.1% | $149.3M+53.3% | $97.3M+1.2% | $96.2M+316.6% | $23.1M | $0 | N/A |
| Total Equity | $340.5M-5.5% | $360.2M-0.6% | $362.5M-17.8% | $441.2M+7.5% | $410.5M-13.9% | $476.5M+118.8% | $217.8M+94.0% | $112.3M-1.1% | $113.6M-20.2% | $142.3M-43.2% | $250.8M+156.3% | $97.9M-43.0% | $171.8M |
| Retained Earnings | -$1.3B-11.8% | -$1.2B-17.1% | -$985.5M-26.6% | -$778.5M-13.5% | -$685.9M-8.7% | -$631.1M+3.0% | -$650.9M-1.1% | -$643.7M-10.5% | -$582.3M-12.0% | -$519.9M-34.0% | -$388.1M-40.4% | -$276.5M | N/A |
Not reported in any period shown, so not listed: Goodwill.
NVCR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.8M | -$49.0M-85.9% | -$26.4M+64.0% | -$73.3M-338.2% | $30.8M-62.8% | $82.8M-16.5% | $99.1M+272.5% | $26.6M+1527.3% | -$1.9M+94.4% | -$33.1M+69.2% | -$107.6M-7.7% | -$99.9M-34.5% | -$74.2M-40.8% | -$52.7M |
| Capital Expenditures | $22.6M | $26.6M-37.8% | $42.9M+58.2% | $27.1M+26.9% | $21.4M-11.6% | $24.2M+61.5% | $15.0M+42.8% | $10.5M+56.2% | $6.7M-8.9% | $7.4M+29.8% | $5.7M+21.6% | $4.7M+449.7% | $849K-61.4% | $2.2M |
| Free Cash Flow | -$25.4M | -$75.7M-9.3% | -$69.2M+31.1% | -$100.4M-1165.0% | $9.4M-83.9% | $58.6M-30.4% | $84.2M+421.7% | $16.1M+288.1% | -$8.6M+78.8% | -$40.5M+64.2% | -$113.3M-8.3% | -$104.6M-39.2% | -$75.1M-36.7% | -$54.9M |
| Investing Cash Flow | $409.1M | $437.3M+411.8% | -$140.2M-176.2% | $184.1M+231.6% | -$140.0M+3.4% | -$144.8M+69.4% | -$472.8M-815.2% | -$51.7M-840.6% | -$5.5M-163.7% | $8.6M-33.6% | $13.0M | N/A | N/A | N/A |
| Financing Cash Flow | -$454.6M | -$451.3M-599.7% | $90.3M+472.1% | $15.8M+1.9% | $15.5M-39.7% | $25.7M-94.2% | $440.2M+613.7% | $61.7M-11.1% | $69.4M+1242.3% | $5.2M-93.1% | $75.1M | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $5K | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NVCR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.5%-2.8pp | 77.3%+2.5pp | 74.8%-3.8pp | 78.6%+0.1pp | 78.5%+0.1pp | 78.5%+3.7pp | 74.8%+7.1pp | 67.7%-0.9pp | 68.6%+24.4pp | 44.2%+6.5pp | 37.7%+2.5pp | 35.2%+2.9pp | 32.3% |
| Operating Margin | -23.5%+4.7pp | -28.2%+17.5pp | -45.7%-29.1pp | -16.6%-8.3pp | -8.3%-14.4pp | 6.2%+6.4pp | -0.3%+13.3pp | -13.6%+8.7pp | -22.2% | -139.1% | -314.3% | -517.5% | -622.3% |
| Net Margin | -20.8%+7.1pp | -27.9%+12.7pp | -40.6%-23.3pp | -17.3%-6.5pp | -10.8%-14.8pp | 4.0%+6.1pp | -2.1%+23.6pp | -25.6%+9.2pp | -34.8% | -159.1% | -337.2% | -520.9% | -746.9% |
| Return on Equity | -40.0%+6.9pp | -46.9%+10.2pp | -57.1%-36.0pp | -21.1%-6.9pp | -14.1%-18.3pp | 4.2%+7.5pp | -3.3%+53.3pp | -56.6%-2.3pp | -54.3%+38.3pp | -92.6%-48.1pp | -44.5%+37.9pp | -82.4%-37.4pp | -45.0% |
| Return on Assets | -16.9%-3.3pp | -13.6%+4.4pp | -18.1%-10.3pp | -7.8%-2.7pp | -5.1%-7.0pp | 1.9%+3.4pp | -1.5%+17.2pp | -18.7%+4.5pp | -23.2%+23.5pp | -46.7%-10.4pp | -36.3%+32.1pp | -68.5% | N/A |
| Current Ratio | 2.90+1.4x | 1.46-4.3x | 5.78-1.2x | 7.00-0.5x | 7.53-1.3x | 8.80+3.7x | 5.10+0.1x | 4.98+0.1x | 4.88-2.2x | 7.10-3.2x | 10.27+3.9x | 6.33 | N/A |
| Debt-to-Equity | 0.57+0.3x | 0.27-1.3x | 1.57+0.3x | 1.28-0.1x | 1.37+0.5x | 0.90+0.2x | 0.69-0.6x | 1.33+0.5x | 0.86+0.2x | 0.68+0.6x | 0.09+0.1x | 0.00 | N/A |
| FCF Margin | -11.6%-0.1pp | -11.4%+8.3pp | -19.7%-21.5pp | 1.8%-9.2pp | 10.9%-6.1pp | 17.0%+12.4pp | 4.6%+8.1pp | -3.5%+19.4pp | -22.9% | -136.7% | -316.0% | -484.8% | -530.1% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Novocure Ranks
Frequently Asked Questions
What is Novocure's annual revenue?
Novocure (NVCR) reported $655.4M in total revenue for fiscal year 2025. This represents a 8.3% 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 8.3% year-over-year, from $605.2M to $655.4M in fiscal year 2025.
Is Novocure profitable?
No, Novocure (NVCR) reported a net income of -$136.2M in fiscal year 2025, with a net profit margin of -20.8%.
What is Novocure's EBITDA?
Novocure (NVCR) had EBITDA of -$139.2M 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 $93.5M in cash and equivalents against $195.0M in long-term debt.
What is Novocure's gross margin?
Novocure (NVCR) had a gross margin of 74.5% 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 -23.5% 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 -20.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Novocure's return on equity (ROE)?
Novocure (NVCR) has a return on equity of -40.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Novocure's free cash flow?
Novocure (NVCR) recorded an outflow of $75.7M in free cash flow during fiscal year 2025. This represents a -9.3% 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) recorded an outflow of $49.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Novocure's total assets?
Novocure (NVCR) had $804.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Novocure's capital expenditures?
Novocure (NVCR) invested $26.6M 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 $224.5M in research and development during fiscal year 2025.
What is Novocure's current ratio?
Novocure (NVCR) had a current ratio of 2.90 as of fiscal year 2025, which is generally considered healthy.
What is Novocure's debt-to-equity ratio?
Novocure (NVCR) had a debt-to-equity ratio of 0.57 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 -16.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Novocure's Altman Z-Score?
Novocure (NVCR) has an Altman Z-Score of 1.26, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Novocure's Piotroski F-Score?
Novocure (NVCR) has a Piotroski F-Score of 3 out of 9, indicating weak 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Novocure's earnings high quality?
Novocure (NVCR) reported a net loss of $136.2M while operations used $49.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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. Learn more in our complete guide to financial health indicators.
Can Novocure cover its interest payments?
Novocure (NVCR) reported an operating loss of $153.8M against $22.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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. Learn more in our complete guide to financial health indicators.
How financially healthy is Novocure?
Novocure (NVCR) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.