NVCR

MKT CAP:$1B

NovoCure Limited

Market Cap

$1B

Healthcare·Medical - Instruments & Supplies· Jersey·NASDAQ

Healthcare·Medical·NASDAQ

Stock Price

$13.02-$0.10 (-0.76%)

Apr 22, 2026

Company Details

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Europe, the Middle East, Africa...

CEO

Frank Leonard

IPO Date

Oct 1, 2015

Website

www.novocure.com

Key Metrics TTM

Revenue

$655M

+8.3% YoY

Net Income

-$136M

EPS (Diluted)

-$1.22

Free Cash Flow

-$76M

Revenue / Share

$5.88

Gross Margin

74.5%

Operating Margin

-23.5%

Net Margin

-20.8%

FCF Margin

-11.5%

P/S

2.2x

P/E

—

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 26, 2026

$655M+8.3%EPS -$1.22

Q4 2025

Feb 26, 2026

$174M+8.1%EPS -$0.22

Q3 2025

Oct 30, 2025

$167M+7.8%EPS -$0.33

Q2 2025

Jul 24, 2025

$159M+5.6%EPS -$0.36

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$138M	$110M	-$806.0K
Q2 22	$141M	$112M	-$21M
Q3 22	$131M	$101M	-$25M
Q4 22	$128M	$100M	-$43M
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 22	2.6x	—
Q2 22	2.6x	—
Q3 22	2.6x	—
Q4 22	2.6x	—
Q1 23	2.7x	—
Q2 23	2.8x	—
Q3 23	2.8x	—
Q4 23	2.8x	—
Q1 24	2.7x	—
Q2 24	2.6x	—
Q3 24	2.4x	—
Q4 24	2.3x	—
Q1 25	2.3x	—
Q2 25	2.2x	—
Q3 25	2.2x	—
Q4 25	2.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$4M	-$9M
Q2 22	$16M	$12M
Q3 22	$22M	$17M
Q4 22	-$4M	-$10M
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	-$307.0K
Q4 24	-$3M	-$12M
Q1 25	-$36M	-$46M
Q2 25	-$16M	-$21M
Q3 25	$21M	$15M
Q4 25	-$18M	-$23M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$4M
Q3 22	$6M
Q4 22	$6M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+2.1%	+2.6%
Q2 22	+5.5%	+11.1%
Q3 22	-2.0%	+9.5%
Q4 22	-3.6%	+9.4%
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 22	$25M	18.2%
Q2 22	$26M	18.3%
Q3 22	$26M	20.1%
Q4 22	$30M	23.2%
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 22	$42M	$31M	$38M
Q2 22	$57M	$32M	$45M
Q3 22	$52M	$33M	$41M
Q4 22	$55M	$38M	$50M
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	EMEA, Exculding Germany	Germany	Japan	United States	Others Countries
Q1 22	$4M	$8M	$19M	$9M	$97M	—
Q2 22	$6M	$8M	$10M	$8M	$108M	—
Q3 22	$6M	$8M	$7M	$8M	$103M	—
Q1 23	$5M	—	$15M	$9M	$85M	$8M
Q2 23	$7M	—	$16M	$8M	$87M	$9M
Q3 23	$7M	—	$15M	$8M	$86M	$12M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$191M	$742M	$932M
Q2 22	$367M	$582M	$949M
Q3 22	$244M	$727M	$970M
Q4 22	$115M	$854M	$969M
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	104M	+0.3%	+1.5%
Q2 22	105M	+0.4%	+1.1%
Q3 22	105M	+0.2%	+1.1%
Q4 22	105M	+0.1%	+1.1%
Q1 23	106M	+0.6%	+1.4%
Q2 23	106M	+0.6%	+1.6%
Q3 23	107M	+0.5%	+1.8%
Q4 23	107M	+0.2%	+1.9%
Q1 24	107M	+0.3%	+1.5%
Q2 24	108M	+0.4%	+1.3%
Q3 24	108M	+0.5%	+1.4%
Q4 24	108M	-0.4%	+0.8%
Q1 25	110M	+2.3%	+2.8%
Q2 25	112M	+1.2%	+3.6%
Q3 25	112M	+0.3%	+3.4%
Q4 25	111M	-0.4%	+3.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$117.9K	1K
Q2 22	$120.7K	1K
Q3 22	$112.3K	1K
Q4 22	$97.3K	1K
Q1 23	$92.6K	1K
Q2 23	$95.5K	1K
Q3 23	$96.5K	1K
Q4 23	$92.1K	1K
Q1 24	$95.3K	1K
Q2 24	$103.5K	1K
Q3 24	$106.7K	1K
Q4 24	$108.4K	1K
Q1 25	$104.2K	1K
Q2 25	$106.7K	1K
Q3 25	$112.4K	1K
Q4 25	$117.2K	1K

Revenue / Employee