NVCR (NovoCure Limited) Stock Financials & Earnings | Market Cap Arena

NVCR (NovoCure Limited) Stock Financials & Earnings | Market Cap Arena

NVCRNovoCure Limited

Mkt Cap$1B

Healthcare·Medical - Instruments & Supplies· Jersey·NASDAQ

Revenue (TTM)$655M

Net Income (TTM)-$136M

EPS (TTM)-$1.22

Free Cash Flow (TTM)-$76M

Gross Margin74.5%

Op. Margin-23.5%

Net Margin-20.8%

FCF Margin-11.5%

P/S Ratio (TTM)2.2x

P/E Ratio (TTM)—

YoY Rev Growth+8.3%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$122M	$93M	-$60M
Q2 23	$126M	$92M	-$63M
Q3 23	$127M	$95M	-$58M
Q4 23	$134M	$101M	-$52M
Q1 24	$139M	$105M	-$42M
Q2 24	$150M	$116M	-$34M
Q3 24	$155M	$120M	-$32M
Q4 24	$161M	$128M	-$63M
Q1 25	$155M	$116M	-$38M
Q2 25	$159M	$117M	-$40M
Q3 25	$167M	$122M	-$36M
Q4 25	$174M	$132M	-$40M

Valuation

Quarter	P/S	P/E
Q1 23	2.8x	—
Q2 23	2.8x	—
Q3 23	2.9x	—
Q4 23	2.8x	—
Q1 24	2.7x	—
Q2 24	2.6x	—
Q3 24	2.5x	—
Q4 24	2.4x	—
Q1 25	2.3x	—
Q2 25	2.3x	—
Q3 25	2.2x	—
Q4 25	2.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$17M	-$23M
Q2 23	-$23M	-$30M
Q3 23	-$19M	-$27M
Q4 23	-$15M	-$21M
Q1 24	-$32M	-$43M
Q2 24	-$2M	-$13M
Q3 24	$10M	-$307K
Q4 24	-$3M	-$12M
Q1 25	-$36M	-$46M
Q2 25	-$16M	-$21M
Q3 25	$21M	$15M
Q4 25	-$18M	-$23M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$6M
Q2 23	$7M
Q3 23	$7M
Q4 23	$7M
Q1 24	$12M
Q2 24	$11M
Q3 24	$11M
Q4 24	$9M
Q1 25	$11M
Q2 25	$5M
Q3 25	$6M
Q4 25	$5M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-11.2%	+31.9%
Q2 23	-10.5%	+16.5%
Q3 23	-2.8%	+19.3%
Q4 23	+4.2%	+8.2%
Q1 24	+13.4%	-1.3%
Q2 24	+19.3%	-2.5%
Q3 24	+21.8%	+0.9%
Q4 24	+20.5%	+21.1%
Q1 25	+11.9%	+7.1%
Q2 25	+5.6%	+7.8%
Q3 25	+7.8%	+8.6%
Q4 25	+8.1%	-4.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$39M	32.0%
Q2 23	$33M	26.0%
Q3 23	$0	0.0%
Q4 23	$17M	13.0%
Q1 24	$34M	24.6%
Q2 24	$32M	21.2%
Q3 24	$31M	20.2%
Q4 24	$63M	38.9%
Q1 25	$30M	19.1%
Q2 25	$26M	16.5%
Q3 25	$29M	17.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$60M	$42M	$51M
Q2 23	$55M	$41M	$58M
Q3 23	$54M	$42M	$58M
Q4 23	$54M	$39M	$59M
Q1 24	$52M	$40M	$55M
Q2 24	$55M	$38M	$57M
Q3 24	$52M	$40M	$60M
Q4 24	$51M	$72M	$67M
Q1 25	$54M	$45M	$56M
Q2 25	$56M	$44M	$57M
Q3 25	$54M	$46M	$59M
Q4 25	$61M	$43M	$69M

Revenue by Geography

Quarter	China	Germany	Japan	Others Countries	United States
Q1 23	$5M	$15M	$9M	$8M	$85M
Q2 23	$7M	$16M	$8M	$9M	$87M
Q3 23	$7M	$15M	$8M	$12M	$86M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$186M	$772M	$958M
Q2 23	$157M	$784M	$941M
Q3 23	$155M	$766M	$921M
Q4 23	$241M	$670M	$911M
Q1 24	$454M	$416M	$870M
Q2 24	$168M	$786M	$955M
Q3 24	$185M	$774M	$960M
Q4 24	$164M	$796M	$960M
Q1 25	$127M	$802M	$929M
Q2 25	$150M	$762M	$912M
Q3 25	$345M	$691M	$1.0B
Q4 25	$103M	$354M	$458M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	106M	+0.6%
Q2 23	106M	+0.6%
Q3 23	107M	+0.5%
Q4 23	107M	+0.2%
Q1 24	107M	+0.3%
Q2 24	108M	+0.4%
Q3 24	108M	+0.5%
Q4 24	108M	-0.4%
Q1 25	110M	+2.3%
Q2 25	112M	+1.2%
Q3 25	112M	+0.3%
Q4 25	111M	-0.4%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	$104K	318
FY 16	$180K	460
FY 17	$358K	495
FY 18	$415K	598
FY 19	$449K	782
FY 20	$483K	1K
FY 21	$458K	1K
FY 22	$407K	1K
FY 23	$351K	1K
FY 24	$407K	1K
FY 25	$440K	1K