NVCR Healthcare

NovoCure Limited

$13.43+1.67%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: Switzerland
Market cap: 1.6B USD
Enterprise value: 1.7B USD
Full-time employees: 1,605

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.01 vs a peer median of 0.63) and more debt relative to equity (0.57× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.01 vs peers 0.63) and more debt vs equity (0.57× vs peers 0.22×)
About average: growth

Ranks #980 of 1,157 healthcare companies (bottom 16%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 11% from December 2022 to July 2026.
NovoCure had 11% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.NovoCure had 11% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 16% of revenue in 2025.
NovoCure paid employees $105M in stock in 2025, 16% of its $655M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, NovoCure looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
NovoCure reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

30/ 100

Oct 5 30 → Nov 4 30

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-9.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-8.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-1.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield21.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

59/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 3.7%

Why

Helped by:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth11.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.64Sector median: 0.0584 · MAD: 0.0840

Revenue growth11.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.50Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

22/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 5.1 points to -22.1%

Why

Weaker than most peers on:

▼ ROIC
▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-22.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.39Sector median: 0.0706 · MAD: 0.1217

Return on assets-18.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.79Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-27.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.23Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin76.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-43.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.01

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.14Sector median: 0.6250 · MAD: 0.3380

Current ratio2.89×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.22Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.57×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.72Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about NovoCure

Is NovoCure getting weaker?: Its latest SEC filing (Jul 23, 2026) got stronger: operating margin rose 5.1 points to -22.1%. Its overall score is unchanged at 30/100 since Oct 28, 2026.
How is NovoCure valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -9.5% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -9.5% vs peers 1.5% (weaker than 100% of peers).
Is NovoCure growing?: At about the same pace as its peers. Growth scores 59/100 against 1,393 healthcare peers. 3-year revenue growth 11.3% vs a peer median of 5.8% (stronger than 65% of peers).3-year revenue growth 11.3% vs peers 5.8% (stronger than 65% of peers).
How profitable is NovoCure?: Less profitable than most of its peers. Profitability scores 22/100 against 1,393 healthcare peers. Return on invested capital -27.8% vs a peer median of 4.7% (weaker than 82% of peers).Return on invested capital -27.8% vs peers 4.7% (weaker than 82% of peers).
How risky is NovoCure?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 1.01 vs a peer median of 0.63 (weaker than 72% of peers).Beta 1.01 vs peers 0.63 (weaker than 72% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 23, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 5.1 points to -22.1%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	674.4M USD	699.2M USD	+3.7%
Net income (12 months)	−173.0M USD	−148.6M USD	−14.1%
Operating margin	-27.2%	-22.1%	+5.1 pts
Free cash flow (12 months)	−48.1M USD	−25.4M USD	−47.1%
Cash	87.5M USD	93.7M USD	+7.1%
Shares outstanding	115.8M	116.4M	+0.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	78.5%	78.6%	74.8%	77.3%	74.5%	▼ 2.8 pts
Operating margin	-8.3%	-16.6%	-45.7%	-28.2%	-23.5%	▲ 4.7 pts
Net margin	-10.9%	-17.2%	-40.6%	-27.9%	-20.8%	▲ 7.1 pts
Return on assets (ROA)	-5.1%	-7.8%	-18.1%	-13.6%	-16.9%	▼ 3.3 pts
Return on equity (ROE)	-14.2%	-21.0%	-57.1%	-46.8%	-40.0%	▲ 6.8 pts
Free cash flow margin	11.0%	1.8%	-19.7%	-11.4%	-11.5%	▼ 0.1 pts
Current ratio	7.53×	7.00×	5.78×	1.46×	2.90×	▲ 98%
Quick ratio	7.36×	6.82×	5.56×	1.42×	2.71×	▲ 92%
Debt to equity	1.37×	1.28×	1.57×	0.27×	0.57×	▲ 112%
Interest coverage	-5.02×	-11.03×	-47.47×	-14.62×	-6.92×	▲ 53%

NVCR price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.01 vs a peer median of 0.63) and more debt relative to equity (0.57× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.01 vs peers 0.63) and more debt vs equity (0.57× vs peers 0.22×)

About average: growth

Ranks #980 of 1,157 healthcare companies (bottom 16%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 11% from December 2022 to July 2026.

NovoCure had 11% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.NovoCure had 11% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 16% of revenue in 2025.

NovoCure paid employees $105M in stock in 2025, 16% of its $655M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, NovoCure looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

NovoCure reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about NovoCure

Is NovoCure getting weaker?

Its latest SEC filing (Jul 23, 2026) got stronger: operating margin rose 5.1 points to -22.1%. Its overall score is unchanged at 30/100 since Oct 28, 2026.

How is NovoCure valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -9.5% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -9.5% vs peers 1.5% (weaker than 100% of peers).

Is NovoCure growing?

At about the same pace as its peers. Growth scores 59/100 against 1,393 healthcare peers. 3-year revenue growth 11.3% vs a peer median of 5.8% (stronger than 65% of peers).3-year revenue growth 11.3% vs peers 5.8% (stronger than 65% of peers).

How profitable is NovoCure?

Less profitable than most of its peers. Profitability scores 22/100 against 1,393 healthcare peers. Return on invested capital -27.8% vs a peer median of 4.7% (weaker than 82% of peers).Return on invested capital -27.8% vs peers 4.7% (weaker than 82% of peers).

How risky is NovoCure?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 1.01 vs a peer median of 0.63 (weaker than 72% of peers).Beta 1.01 vs peers 0.63 (weaker than 72% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

674.4M USD

699.2M USD

+3.7%

Net income (12 months)

−173.0M USD

−148.6M USD

−14.1%

Operating margin

-27.2%

-22.1%

+5.1 pts

Free cash flow (12 months)

−48.1M USD

−25.4M USD

−47.1%

Cash

87.5M USD

93.7M USD

+7.1%

Shares outstanding

115.8M

116.4M

+0.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

78.5%

78.6%

74.8%

77.3%

74.5%

▼ 2.8 pts

Operating margin

-8.3%

-16.6%

-45.7%

-28.2%

-23.5%

▲ 4.7 pts

Net margin

-10.9%

-17.2%

-40.6%

-27.9%

-20.8%

▲ 7.1 pts

Return on assets (ROA)

-5.1%

-7.8%

-18.1%

-13.6%

-16.9%

▼ 3.3 pts

Return on equity (ROE)

-14.2%

-21.0%

-57.1%

-46.8%

-40.0%

▲ 6.8 pts

Free cash flow margin

11.0%

1.8%

-19.7%

-11.4%

-11.5%

▼ 0.1 pts

Current ratio

7.53×

7.00×

5.78×

1.46×

2.90×

▲ 98%

Quick ratio

7.36×

6.82×

5.56×

1.42×

2.71×

▲ 92%

Debt to equity

1.37×

1.28×

1.57×

0.27×

0.57×

▲ 112%

Interest coverage

-5.02×

-11.03×

-47.47×

-14.62×

-6.92×

▲ 53%