Tearsheet

NovoCure (NVCR)

Market Price (12/2/2025): $12.0 | Market Cap: $1.3 Bil
Sector: Health Care | Industry: Life Sciences Tools & Services

NovoCure (NVCR)

Market Price (12/2/2025): $12.0
Market Cap: $1.3 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16%	Weak multi-year price returns 2Y Excs Rtn is -56%, 3Y Excs Rtn is -155%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -177 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -28%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10%
2	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Oncology Treatments, Show more.		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16%

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%
2	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Oncology Treatments, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -56%, 3Y Excs Rtn is -155%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -177 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -28%
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16%

Valuation, Metrics & Events

	12/2/25	2024	2023	2022	2021
Share Price CYE	$12.00	$29.80	$14.93	$73.35	$75.08
Market Cap CYE ($ Bil)	1.3	3.2	1.6	7.7	7.8
Total Debt ($ Bil)	0.8	0.7	0.6	0.6	0.6
Total Cash ($ Bil)	1.0	1.0	0.9	1.0	0.9
Enterprise Value ($ Bil)	1.1	3.9	2.2	8.3	8.4
Valuation Ratios
P/S TTM	2.3	5.3	3.1	14.3	14.5
P/EBIT TTM	-11.7	-26.6	-8.4	-97.8	-159.7
P/E TTM	-8.4	-19.1	-7.7	-83.0	-133.1
Sector Ratios
P/S TTM (Sector)	3.7	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3	-1.2	-2.6
P/E TTM (Sector)	-1.6	-1.5	-1.5	-1.3	-2.8

	12/2/25	2024	2023
Share Price CYE	$12.00	$29.80	$14.93
Market Cap CYE ($ Bil)	1.3	3.2	1.6
Total Debt ($ Bil)	0.8	0.7	0.6
Total Cash ($ Bil)	1.0	1.0	0.9
Enterprise Value ($ Bil)	1.1	3.9	2.2
Valuation Ratios
P/S TTM	2.3	5.3	3.1
P/EBIT TTM	-11.7	-26.6	-8.4
P/E TTM	-8.4	-19.1	-7.7
Sector Ratios
P/S TTM (Sector)	3.7	3.5	3.9
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3
P/E TTM (Sector)	-1.6	-1.5	-1.5

	NVCR	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	0.6
Rev Chg Q	7.8%	7.1%
Rev Chg LTM	11.2%	6.1%
Rev Chg 3Y Avg	6.2%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.2
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.2
Op Mgn LTM	-27.5%	18.8%
CFO/Rev LTM	-5.4%	20.5%
Net Inc Mgn	-27.7%	13.1%
VALUATION	MODERATE
P/S	2.3	3.2
P/CFO	-43.1	15.8
P/FCF	-22.8	20.5
P/E	-8.4	23.5
STABILITY	GOOD
Debt/Equity	0.54	0.20
Cash/Assets	0.76	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Total active patients on TTFields therapy	4416	9302025	Link
Active Optune Gio patients on therapy	4277	9302025	Link
Prescriptions for Optune Gio	1675	9302025	Link
Total prescriptions for Optune Lua	130	9302025	Link
Active metastatic NSCLC patients on Optune Lua	20	12312024	Link
Active malignant pleural mesothelioma (MPM) patients on Optune Lua	29	12312024	Link

Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

NVCR Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points for why NovoCure's stock (NVCR) moved by -5.3% from August 31, 2025, to December 2, 2025:

1. The launch of the Optune Lua product for non-small cell lung cancer (NSCLC) continued to underperform expectations, with prescription growth stalling in the third quarter of 2025. Management cited challenges such as competition, patient health status, and slower uptake in this market.

2. NovoCure experienced a decline in its gross margin for the third quarter of 2025, which fell to 73% from 77% in the prior year. This reduction was primarily attributed to costs associated with new product rollouts, treating lung cancer patients before broad reimbursement was established, and increased tariffs. The company also recognized a $2.9 million expense related to an inventory obsolescence provision for Optune Lua arrays.

3. Operating expenses, particularly general and administrative (G&A) costs, increased significantly in Q3 2025. G&A expenses rose by 15% compared to the same period in 2024, driven by higher share-based compensation and investments in digital infrastructure. Despite revenue growth, the company continued to report a net loss of $37.3 million, highlighting ongoing challenges on its path to profitability due to heavy investments in its clinical pipeline and commercial expansion.

4. A leadership transition occurred with the resignation of CEO Ashley Cordova and the immediate appointment of Frank Leonard on December 1, 2025. Such changes in top management can introduce uncertainty for investors and contribute to negative stock performance, especially given the company's significant year-to-date stock decline.

5. Despite several positive clinical and regulatory updates during the period, these catalysts were seemingly not enough to significantly boost investor confidence or offset existing concerns. For instance, NovoCure submitted a Premarket Approval application for pancreatic cancer in August 2025, announced positive Phase 3 METIS trial results for brain metastases in September 2025, and received approval for Optune Lua in Japan for NSCLC in September 2025. However, the stock still experienced a net decline, indicating that market attention may have been more focused on the commercial underperformance and profitability challenges.

Show less

Stock Movement Drivers

Fundamental Drivers

The -5.3% change in NVCR stock from 9/1/2025 to 12/1/2025 was primarily driven by a -6.8% change in the company's P/S Multiple.

	9012025	12012025	Change
Stock Price ($)	12.33	11.68	-5.27%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	630.16	642.27	1.92%
P/S Multiple	2.18	2.04	-6.78%
Shares Outstanding (Mil)	111.57	111.91	-0.30%
Cumulative Contribution			-5.27%

LTM = Last Twelve Months as of date shown

Market Drivers

9/1/2025 to 12/1/2025

	Return	Correlation
NVCR	-5.3%
Market (SPY)	5.5%	41.4%
Sector (XLV)	13.0%	49.3%

Fundamental Drivers

The -31.5% change in NVCR stock from 6/2/2025 to 12/1/2025 was primarily driven by a -32.7% change in the company's P/S Multiple.

	6022025	12012025	Change
Stock Price ($)	17.04	11.68	-31.46%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	621.71	642.27	3.31%
P/S Multiple	3.02	2.04	-32.67%
Shares Outstanding (Mil)	110.28	111.91	-1.47%
Cumulative Contribution			-31.47%

LTM = Last Twelve Months as of date shown

Market Drivers

6/2/2025 to 12/1/2025

	Return	Correlation
NVCR	-31.5%
Market (SPY)	15.1%	36.6%
Sector (XLV)	17.6%	37.1%

Fundamental Drivers

The -41.7% change in NVCR stock from 12/1/2024 to 12/1/2025 was primarily driven by a -45.8% change in the company's P/S Multiple.

	12012024	12012025	Change
Stock Price ($)	20.04	11.68	-41.72%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	577.74	642.27	11.17%
P/S Multiple	3.75	2.04	-45.80%
Shares Outstanding (Mil)	108.25	111.91	-3.38%
Cumulative Contribution			-41.78%

LTM = Last Twelve Months as of date shown

Market Drivers

12/1/2024 to 12/1/2025

	Return	Correlation
NVCR	-41.7%
Market (SPY)	14.0%	40.2%
Sector (XLV)	6.7%	38.2%

Fundamental Drivers

The -85.4% change in NVCR stock from 12/2/2022 to 12/1/2025 was primarily driven by a -86.8% change in the company's P/S Multiple.

	12022022	12012025	Change
Stock Price ($)	80.04	11.68	-85.41%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	542.62	642.27	18.36%
P/S Multiple	15.47	2.04	-86.85%
Shares Outstanding (Mil)	104.88	111.91	-6.70%
Cumulative Contribution			-85.47%

LTM = Last Twelve Months as of date shown

Market Drivers

12/2/2023 to 12/1/2025

	Return	Correlation
NVCR	-6.6%
Market (SPY)	51.6%	31.4%
Sector (XLV)	21.2%	28.1%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NVCR Return	105%	-57%	-2%	-80%	100%	-61%	-86%
Peers Return			-25%	-18%	-10%	-5%	-47%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	111%
Monthly Win Rates [3]
NVCR Win Rate	58%	17%	42%	33%	50%	40%
Peers Win Rate		3%	8%	8%	14%	40%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
NVCR Max Drawdown	-32%	-57%	-25%	-85%	-21%	-63%
Peers Max Drawdown			-26%	-21%	-13%	-32%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: SNSE, AVRT, BLLN, BNBX, BSME. See NVCR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/1/2025 (YTD)

How Low Can It Go

Unique Key	Event	NVCR	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-95.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	1926.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-40.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	67.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	175 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-45.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	83.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	87 days	120 days

Compare to SNSE, AVRT, BLLN, BNBX, BSME

In The Past

NovoCure's stock fell -95.1% during the 2022 Inflation Shock from a high on 6/23/2021. A -95.1% loss requires a 1926.8% gain to breakeven.

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About NovoCure (NVCR)

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of Optune for the treatment of a variety of solid tumors. The company markets Optune and Optune Lua, a Tumor Treating Fields (TTFields) devices for use as a monotherapy treatment for adult patients with glioblastoma. It is also developing products for brain metastases, non-small cell lung cancer, pancreatic cancer, gastric cancer, ovarian cancer, liver cancer, and malignant pleural mesothelioma. The company markets its products in the European Union, the United Kingdom, Japan, and internationally. It has a clinical study collaboration agreement with MSD to study TTFields together with KEYNOTE, an anti-PD-1 therapy; and a strategic collaboration with Zai Lab (Shanghai) Co., Ltd. to commercialize its products in Greater China and establishes a development partnership intended to accelerate the development of TTFields in multiple solid tumor cancer indications. NovoCure Limited was incorporated in 2000 and is based in Saint Helier, Jersey.

AI Generated Analysis | Feedback

A Vertex Pharmaceuticals for cancer, but instead of breakthrough drugs, it's pioneering a unique electric field therapy.
Like an early Moderna, but developing a revolutionary electric field therapy for cancer rather than mRNA vaccines.
Like an Abiomed, but instead of heart pumps, it's pioneering a novel device-based electric field therapy for cancer.

AI Generated Analysis | Feedback

Optune: A portable, non-invasive medical device utilizing Tumor Treating Fields (TTFields) for the treatment of glioblastoma multiforme (GBM).
Optune Lua: A next-generation, wearable device applying Tumor Treating Fields (TTFields) for the treatment of malignant pleural mesothelioma (MPM).

AI Generated Analysis | Feedback

NovoCure (NVCR) primarily sells its Tumor Treating Fields (TTFields) therapy devices and associated services to individuals, specifically patients who have been prescribed the treatment by their healthcare providers. While reimbursement is largely handled by third-party payers (insurance companies and government programs), the direct provision of the device and ongoing support is to the individual patient.

NovoCure serves the following categories of individual customers:

Patients with Glioblastoma (GBM): This category includes individuals diagnosed with glioblastoma, an aggressive form of brain cancer. NovoCure's flagship product, Optune, is approved for both newly diagnosed and recurrent GBM patients, who utilize the device as part of their prescribed treatment regimen.
Patients with Malignant Pleural Mesothelioma (MPM): This category comprises individuals diagnosed with malignant pleural mesothelioma, a rare and aggressive cancer affecting the lining of the lungs. NovoCure's Optune Lua device is approved for use in MPM patients.

AI Generated Analysis | Feedback

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Ashley Cordova, Chief Executive Officer

Ashley Cordova has served as NovoCure's Chief Executive Officer since January 2025. Prior to this role, she was the company's Chief Financial Officer from 2020 through 2024. Ms. Cordova joined NovoCure in 2014, and throughout her tenure, she has been integral to building NovoCure's global organization. Before joining NovoCure, Ms. Cordova held various financial roles at Zoetis Inc. from 2012 to 2014 and Pfizer Inc. from 2005 to 2012.

Christoph Brackmann, Chief Financial Officer

Christoph Brackmann has served as NovoCure's Chief Financial Officer since January 2025. He joined NovoCure in October 2024 as a Senior Financial Advisor. Before NovoCure, Mr. Brackmann was the Senior Vice President of Finance at Moderna since 2019, where he established and built the finance team and oversaw the rapid expansion of the organization during the COVID-19 pandemic. Previously, he served as the Vice President of Investor Relations and Head of International Finance at Shire plc (which was acquired by Takeda) and held various financial roles at Eli Lilly and Company and Novartis.

William F. Doyle, Executive Chairman

William F. Doyle has served as NovoCure's Executive Chairman since 2016 and has been a member of the Board of Directors since 2004. Mr. Doyle is also the Managing Director of WFD Ventures LLC, a private venture capital firm he co-founded in 2002. Before 2002, he was a member of Johnson & Johnson's Medical Devices and Diagnostics Group Operating Committee, Vice President of Licensing and Acquisitions, and Chairman of the Medical Devices Research and Development Council. He also served as Worldwide President of Biosense-Webster, Inc. and was a member of the board of directors of Cordis Corporation and Johnson & Johnson Development Corporation, J&J's venture capital subsidiary.

Frank Leonard, President

Frank Leonard has served as President of NovoCure since June 2025, overseeing the global business units, a role he has held since January 2024. He served as Chief Development Officer from September 2020 to September 2022. Mr. Leonard joined NovoCure in 2010 to prepare the company for a commercial launch and established its finance, reimbursement, and business development functions. Prior to joining NovoCure, Mr. Leonard was a venture capital investor focusing on high-impact medical technology companies, including NovoCure.

Pritesh Shah, Chief Commercial Officer

Pritesh Shah was appointed Chief Commercial Officer of NovoCure in July 2018. He joined NovoCure in 2012 as the Senior Director of Global Marketing and progressed through various commercial roles, including Senior Vice President of the Americas. Before NovoCure, Mr. Shah gained extensive experience in the oncology field through roles at Roche, Genentech, Bristol-Myers Squibb, OSI Oncology, and AVEO Oncology.

AI Generated Analysis | Feedback

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NovoCure's primary product is its Tumor Treating Fields (TTFields) therapy.

For non-small cell lung cancer (NSCLC), the recent CE Mark approval for Optune Lua has opened a **30,000-patient annual addressable market in the U.S.**.
The global Tumor Treating Fields Market, in which NovoCure is a major player, is estimated to be valued at **USD 445.6 million in 2025** and is projected to reach **USD 1,221.9 million by 2032**. This market is expected to grow at a compound annual growth rate (CAGR) of 15.5% from 2025 to 2032. North America is anticipated to be the leading region in this market. This global market includes indications such as Glioblastoma Multiforme, Non-small Cell Lung Cancer, Pancreatic Cancer, Ovarian Cancer, Mesothelioma, and Brain Metastasis.

AI Generated Analysis | Feedback

NovoCure (NVCR) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

Expansion into New Oncology Indications: A primary driver of future revenue growth for NovoCure is the anticipated launch and commercialization of its Tumor Treating Fields (TTFields) therapy in new cancer indications. The company has submitted a Pre-Market Approval (PMA) application for pancreatic cancer and plans to file another for brain metastases from non-small cell lung cancer (NSCLC) by late 2025 or early 2026. NovoCure aims to have four marketed indications by the end of 2026, which is expected to significantly expand its addressable market. Key upcoming data readouts for metastatic pancreatic cancer (PANOVA-4) and newly diagnosed glioblastoma (TRIDENT) in early 2026 are critical catalysts for this expansion.
Continued Growth in Existing Glioblastoma (GBM) Market and Patient Base: NovoCure has demonstrated consistent commercial success in treating glioblastoma, with its active patient base growing to 4,416. The company's GBM active patient count has seen year-over-year growth of 5% to 12% for nine consecutive quarters, particularly driven by strong performance in international markets such as France, Germany, and Japan. Efforts to increase prescription conversion and patient persistence within its core GBM business will continue to contribute to revenue.
Geographic Expansion and Reimbursement Gains: NovoCure is actively expanding its geographic footprint and securing broader reimbursement for its therapies. The European CE Mark approval for Optune Lua in metastatic non-small cell lung cancer allows for marketing across Europe, representing a significant international expansion opportunity. Furthermore, improved U.S. approval rates and new national coverage decisions, such as in Spain for GBM, are expected to enhance market access and drive revenue growth from a wider patient population.
Launch of Next-Generation Devices and Combination Therapies: Product innovation and the development of combination therapies are anticipated to fuel future revenue. The global rollout of next-generation arrays and the planned FDA submission of a next-gen torso array are expected to improve patient compliance and potentially expand the utility of TTFields therapy. Additionally, ongoing clinical trials exploring TTFields therapy in combination with other treatments, such as pembrolizumab in newly diagnosed GBM (KEYNOTE D58 trial) and chemotherapy for pancreatic cancer, could redefine standard-of-care protocols and open new revenue streams.

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Share Issuance

In November 2020, NovoCure closed a private offering of $575 million aggregate principal amount of 0% Convertible Senior Notes due 2025.
The net proceeds from this offering were approximately $558.4 million.
As of September 30, 2025, these Convertible Senior Notes due 2025 were recorded as a current liability of $560.62 million.

Inbound Investments

In November 2020, NovoCure completed a private placement of $575 million in 0% Convertible Senior Notes due 2025 to qualified institutional buyers, resulting in net proceeds of approximately $558.4 million.

Outbound Investments

NovoCure has not made any investments in or acquisitions of other companies.

Capital Expenditures

Capital expenditures amounted to $15 million in 2020, $24 million in 2021, $21 million in 2022, $27 million in 2023, and $43 million in 2024.
These capital expenditures are primarily focused on purchasing property, equipment, and field equipment.

Better Bets than NovoCure (NVCR)

	NVCR	Better Performance than NVCR
Metric	Value	INDUSTRY: Life Sciences Tools & Services
Rev Chg LTM	11.2%	NTRA (38.2%), GH (30.4%), IRTC (25.5%), EXAS (14.5%), MEDP (13.9%)
Rev Chg 3Y Avg	6.2%	NTRA (40.2%), GH (28.0%), IRTC (22.8%), MEDP (19.9%), EXAS (15.5%)
Op Mgn LTM	-27.5%	A (21.3%), DHR (19.0%), TMO (18.4%), IQV (14.2%), NTRA (-16.6%)
CFO/Rev LTM	-5.4%	DHR (26.0%), A (22.0%), IQV (17.6%), TMO (17.5%), NTRA (9.2%)
FCF/Rev LTM	-10.1%	DHR (20.7%), A (16.0%), TMO (14.0%), IQV (13.9%), NTRA (4.4%)
Total Yield	-12.3%	A (4.5%), IQV (4.0%), TMO (3.6%), DHR (2.5%), NTRA (-1.4%)
P/S	2.3	AVTR (1.3), CRL (1.9), CSTL (1.9), IQV (2.0), AZTA (2.1)
P/Op Inc	-8.2

	NVCR	Better Performance than NVCR
Metric	Value	SECTOR: Health Care
Rev Chg LTM	11.2%	LLY (36.8%), ISRG (22.2%), BSX (21.6%), MCK (17.2%), ELV (12.0%)
Rev Chg 3Y Avg	6.2%	LLY (23.4%), ISRG (16.3%), BSX (15.6%), UNH (11.4%), AMGN (11.2%)
Op Mgn LTM	-27.5%	LLY (43.0%), MRK (34.9%), JNJ (26.2%), ABBV (24.1%), UNH (6.1%)
CFO/Rev LTM	-5.4%	ABBV (35.0%), MRK (26.6%), JNJ (26.3%), LLY (20.5%), UNH (4.8%)
FCF/Rev LTM	-10.1%	ABBV (33.0%), MRK (20.3%), JNJ (20.3%), UNH (4.0%), LLY (-0.1%)
Total Yield	-12.3%	MRK (13.0%), JNJ (8.4%), UNH (8.1%), ABBV (3.4%), LLY (2.7%)
P/S	2.3	CVS (0.2), MCK (0.2), UNH (0.7), HCA (1.4), BMY (1.9)
P/Op Inc	-8.2

	NVCR	Better Performance than NVCR
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	11.2%	NVDA (71.6%), AVGO (28.0%), META (21.3%), MSFT (15.6%), GOOGL (13.4%)
Rev Chg 3Y Avg	6.2%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%)
Op Mgn LTM	-27.5%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	-5.4%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-10.1%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-12.3%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.3%)
P/S	2.3	WMT (1.1), XOM (1.4), COST (1.5), CVX (1.6), HD (2.2)
P/Op Inc	-8.2

		Best Bets In Health Care Sector
	NVCR	RPRX	HALO	DOCS	UTHR	CPRX	HRMY	LGND	ISRG	GMED	MD
What You Pay
P/E	-8.1	19.9	14.4	54.3	14.4	11.1	8.5	71.4	58.1	18.2	8.7
P/EBIT	-11.4	9.6	11.3	55.6	10.9	9.3	6.5	51.9	56.6	17.8	5.9
What You Get
Rev Chg Q	7.8%	7.9%	22.1%	23.2%	6.8%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%
Rev Chg LTM	11.2%	3.7%	31.2%	20.2%	13.5%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%
Rev Chg 3Y Avg	6.2%	1.5%	29.0%	17.4%	19.0%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%
FCF/Rev 3Y Avg	-13.8%	115.2%	45.0%	42.7%	34.3%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	NovoCure Stock Drop Looks Sharp, But How Deep Can It Go?	Return
2	Day 5 of Loss Streak for NovoCure Stock with -34% Return (vs. -63% YTD) [7/30/2025]	Notification
3	NVCR Dip Buy Analysis
4	NovoCure (NVCR) Stock: 38% of days in last 3 months had 1% or greater fluctuation
5	NovoCure (NVCR) Operating Cash Flow Comparison	Financials
6	NovoCure (NVCR) Net Income Comparison	Financials
7	NovoCure (NVCR) Operating Income Comparison	Financials
8	NovoCure (NVCR) Revenue Comparison	Financials
9	NovoCure vs. S&P500 Correlation	Correlation
10	NovoCure Price Volatility	Volatility
11	ARTICLES
12	NVCR Stock Down -34% after 5-Day Loss Streak		July 31st, 2025
13	Stocks Trading At 52-Week Low		July 29th, 2025
14	Market Movers \| Winners: BE, WST, ICLR \| Losers: CYH, NVCR, IRDM		July 25th, 2025
15	Will Novocure Stock Rebound After A Large 22% Fall In A Month?		November 24th, 2021
16	What’s Next For Novocure Stock?		April 14th, 2021

	Title
0	DASHBOARDS
1	NovoCure Stock Drop Looks Sharp, But How Deep Can It Go?
2	Day 5 of Loss Streak for NovoCure Stock with -34% Return (vs. -63% YTD) [7/30/2025]
3	NVCR Dip Buy Analysis
4	NovoCure (NVCR) Stock: 38% of days in last 3 months had 1% or greater fluctuation
5	NovoCure (NVCR) Operating Cash Flow Comparison
6	NovoCure (NVCR) Net Income Comparison
7	NovoCure (NVCR) Operating Income Comparison
8	NovoCure (NVCR) Revenue Comparison
9	NovoCure vs. S&P500 Correlation
10	NovoCure Price Volatility
11	ARTICLES
12	NVCR Stock Down -34% after 5-Day Loss Streak
13	Stocks Trading At 52-Week Low
14	Market Movers \| Winners: BE, WST, ICLR \| Losers: CYH, NVCR, IRDM
15	Will Novocure Stock Rebound After A Large 22% Fall In A Month?
16	What’s Next For Novocure Stock?

Trade Ideas

Select past ideas related to NVCR. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.6%	6.6%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-4.7%	-4.7%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.1%	7.1%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	11.6%	11.6%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.4%	5.4%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.6%	6.6%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-4.7%	-4.7%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.1%	7.1%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	11.6%	11.6%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.4%	5.4%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	8.3	659.6%	488.3%
HPP	Hudson Pacific Properties	6.3	607.1%	357.4%
LEG	Leggett & Platt	1.7	17.8%	26.5%
TE	T1 Energy	0.7	16.4%
AG	First Majestic Silver	7.6	14.9%	183.5%
ITRG	Integra Resources	0.6	14.3%	332.2%
GTN-A	Gray Media	0.9	14.1%	27.1%
APLD	Applied Digital	7.2	13.1%	269.2%
BHC	Bausch Health Companies	2.6	12.8%	-12.5%
TMQ	Trilogy Metals	0.7	12.3%	284.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
EXOD	Exodus Movement	0.4	-16.8%	-51.8%
CTEV	Claritev	0.8	-14.7%
CMCL	Caledonia Mining	0.5	-13.8%	188.9%
FULC	Fulcrum Therapeutics	0.6	-12.8%	110.0%
UP	Wheels Up Experience	0.5	-12.7%	-58.6%
SION	Sionna Therapeutics	1.7	-11.0%
GRAL	GRAIL	3.5	-10.8%	450.5%
WOOF	Petco Health and Wellness	0.8	-10.6%	-20.2%
PSNL	Personalis	0.9	-9.7%	67.5%
IRWD	Ironwood Pharmaceuticals	0.6	-9.3%	-21.0%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	8.3	770.2%	488.3%
HPP	Hudson Pacific Properties	6.3	729.9%	357.4%
TE	T1 Energy	0.7	64.3%
KSS	Kohl's	2.7	60.9%	78.1%
SYM	Symbotic	9.3	55.9%	259.8%
INSP	Inspire Medical Systems	3.7	51.7%	-31.8%
ANF	Abercrombie & Fitch	4.8	50.3%	-31.8%
ARWR	Arrowhead Pharmaceuticals	7.8	47.7%	199.2%
CLSK	Cleanspark	4.0	44.0%	52.9%
AG	First Majestic Silver	7.6	40.8%	183.5%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ACLX	Arcellx	4.0	-21.5%	-8.4%
UP	Wheels Up Experience	0.5	-20.7%	-58.6%
PD	PagerDuty	1.1	-19.6%	-35.3%
NTNX	Nutanix	12.7	-19.5%	-22.9%
KOS	Kosmos Energy	0.5	-15.3%	-67.5%
AMBA	Ambarella	3.0	-14.9%	-2.5%
ANGX	Angel Studios	0.7	-14.9%
IMSR	Terrestrial Energy	0.8	-14.3%
BURL	Burlington Stores	15.3	-14.1%	-15.0%
ESTC	Elastic	7.5	-13.4%	-28.2%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	489.8%	357.4%
TLRY	Tilray Brands	8.3	475.3%	488.3%
TERN	Terns Pharmaceuticals	2.5	243.3%	396.9%
OLMA	Olema Pharmaceuticals	2.4	223.5%	379.4%
COGT	Cogent Biosciences	5.5	148.5%	409.7%
RHLD	Resolute Management	1.5	145.4%
IRWD	Ironwood Pharmaceuticals	0.6	131.8%	-21.0%
FRGE	Forge Global	0.6	123.8%	216.5%
CDTX	Cidara Therapeutics	5.9	109.9%	717.4%
SGML	Sigma Lithium	1.3	100.9%	2.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
QURE	uniQure	1.5	-62.4%	50.5%
SMR	NuScale Power	2.7	-58.1%	0.8%
CCOI	Cogent Communications	0.9	-54.7%	-73.0%
UP	Wheels Up Experience	0.5	-53.2%	-58.6%
AMSC	American Superconductor	1.3	-52.5%	21.6%
FMC	FMC	1.7	-52.3%	-70.2%
DD	DuPont de Nemours	16.7	-51.4%	-46.8%
BHVN	Biohaven	1.0	-48.5%	-75.0%
METC	Ramaco Resources	0.9	-48.4%	47.9%
CRWV	CoreWeave	37.5	-44.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	8.3	659.6%	488.3%
HPP	Hudson Pacific Properties	6.3	607.1%	357.4%
LEG	Leggett & Platt	1.7	17.8%	26.5%
TE	T1 Energy	0.7	16.4%
AG	First Majestic Silver	7.6	14.9%	183.5%
ITRG	Integra Resources	0.6	14.3%	332.2%
GTN-A	Gray Media	0.9	14.1%	27.1%
APLD	Applied Digital	7.2	13.1%	269.2%
BHC	Bausch Health Companies	2.6	12.8%	-12.5%
TMQ	Trilogy Metals	0.7	12.3%	284.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
EXOD	Exodus Movement	0.4	-16.8%	-51.8%
CTEV	Claritev	0.8	-14.7%
CMCL	Caledonia Mining	0.5	-13.8%	188.9%
FULC	Fulcrum Therapeutics	0.6	-12.8%	110.0%
UP	Wheels Up Experience	0.5	-12.7%	-58.6%
SION	Sionna Therapeutics	1.7	-11.0%
GRAL	GRAIL	3.5	-10.8%	450.5%
WOOF	Petco Health and Wellness	0.8	-10.6%	-20.2%
PSNL	Personalis	0.9	-9.7%	67.5%
IRWD	Ironwood Pharmaceuticals	0.6	-9.3%	-21.0%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	8.3	770.2%	488.3%
HPP	Hudson Pacific Properties	6.3	729.9%	357.4%
TE	T1 Energy	0.7	64.3%
KSS	Kohl's	2.7	60.9%	78.1%
SYM	Symbotic	9.3	55.9%	259.8%
INSP	Inspire Medical Systems	3.7	51.7%	-31.8%
ANF	Abercrombie & Fitch	4.8	50.3%	-31.8%
ARWR	Arrowhead Pharmaceuticals	7.8	47.7%	199.2%
CLSK	Cleanspark	4.0	44.0%	52.9%
AG	First Majestic Silver	7.6	40.8%	183.5%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ACLX	Arcellx	4.0	-21.5%	-8.4%
UP	Wheels Up Experience	0.5	-20.7%	-58.6%
PD	PagerDuty	1.1	-19.6%	-35.3%
NTNX	Nutanix	12.7	-19.5%	-22.9%
KOS	Kosmos Energy	0.5	-15.3%	-67.5%
AMBA	Ambarella	3.0	-14.9%	-2.5%
ANGX	Angel Studios	0.7	-14.9%
IMSR	Terrestrial Energy	0.8	-14.3%
BURL	Burlington Stores	15.3	-14.1%	-15.0%
ESTC	Elastic	7.5	-13.4%	-28.2%

Peer Comparisons for NovoCure

Peers to compare with:

Financials

	NVCR	SNSE	AVRT	BLLN	BNBX	BSME	Median
Name	NovoCure	Sensei B.	Avertix .	BillionT.	BNB Plus	MED EIBY
Mkt Price	11.68	8.41	-	113.04	2.64	-	10.04
Mkt Cap	1.3	0.0	-	-	-	-	0.7
Rev LTM	642	0	-	-	4	-	4
Op Inc LTM	-177	-28	-	-	-13	-	-28
FCF LTM	-65	-24	-	-	-14	-	-24
FCF 3Y Avg	-78	-29	-	-	-10	-	-29
CFO LTM	-34	-24	-	-	-13	-	-24
CFO 3Y Avg	-45	-29	-	-	-10	-	-29

Growth & Margins

	NVCR	SNSE	AVRT	BLLN	BNBX	BSME	Median
Name	NovoCure	Sensei B.	Avertix .	BillionT.	BNB Plus	MED EIBY
Rev Chg LTM	11.2%	-	-	-	-51.0%	-	-19.9%
Rev Chg 3Y Avg	6.2%	-	-	-	-12.6%	-	-3.2%
Rev Chg Q	7.8%	-	-	-	34.3%	-	21.0%
QoQ Delta Rev Chg LTM	1.9%	-	-	-	7.5%	-	4.7%
Op Mgn LTM	-27.5%	-	-	-	-306.1%	-	-166.8%
Op Mgn 3Y Avg	-33.2%	-	-	-	-170.3%	-	-101.7%
QoQ Delta Op Mgn LTM	-0.1%	-	-	-	42.9%	-	21.4%
CFO/Rev LTM	-5.4%	-	-	-	-301.5%	-	-153.4%
CFO/Rev 3Y Avg	-8.1%	-	-	-	-141.9%	-	-75.0%
FCF/Rev LTM	-10.1%	-	-	-	-313.1%	-	-161.6%
FCF/Rev 3Y Avg	-13.8%	-	-	-	-147.0%	-	-80.4%

Valuation

	NVCR	SNSE	AVRT	BLLN	BNBX	BSME	Median
Name	NovoCure	Sensei B.	Avertix .	BillionT.	BNB Plus	MED EIBY
Mkt Cap	1.3	0.0	-	-	-	-	0.7
P/S	2.3	-	-	-	-	-	2.3
P/EBIT	-11.4	-0.4	-	-	-	-	-5.9
P/E	-8.1	-0.4	-	-	-	-	-4.3
P/CFO	-41.9	-0.4	-	-	-	-	-21.2
Total Yield	-12.3%	-247.9%	-	-	-	-	-130.1%
Dividend Yield	0.0%	0.0%	-	-	-	-	0.0%
FCF Yield 3Y Avg	-4.8%	-1,847.4%	-	-	-	-	-926.1%
D/E	0.6	0.2	-	-	-	-	0.4
Net D/E	-0.2	-2.4	-	-	-	-	-1.3

Returns

	NVCR	SNSE	AVRT	BLLN	BNBX	BSME	Median
Name	NovoCure	Sensei B.	Avertix .	BillionT.	BNB Plus	MED EIBY
1M Rtn	-8.8%	-8.3%	-	-	-23.5%	-	-8.8%
3M Rtn	-5.3%	0.7%	-	-	-	-	-2.3%
6M Rtn	-31.5%	33.4%	-	-	-	-	1.0%
12M Rtn	-41.7%	-22.3%	-	-	-	-	-32.0%
3Y Rtn	-85.4%	-72.5%	-	-	-	-	-79.0%
1M Excs Rtn	-12.2%	-9.2%	-	-	-26.1%	-	-12.2%
3M Excs Rtn	-10.7%	-4.8%	-	-	-	-	-7.8%
6M Excs Rtn	-54.1%	24.2%	-	-	-	-	-14.9%
12M Excs Rtn	-51.6%	-43.7%	-	-	-	-	-47.6%
3Y Excs Rtn	-154.7%	-138.5%	-	-	-	-	-146.6%

Comparison Analyses

	Title
0	Novocure Limited vs. BeiGene: With Return Forecast Of 84%, Novocure Limited Is A Better Bet
1	Novocure Limited vs. Zillow: With Return Forecast Of 93%, Novocure Limited Is A Better Bet
2	Novocure Limited vs. Hubbell: With Return Forecast Of 93%, Novocure Limited Is A Better Bet
3	Novocure Limited vs. American Airlines: With Return Forecast Of 93%, Novocure Limited Is A Better Bet
4	Novocure Limited vs. AGCO: With Return Forecast Of 66%, Novocure Limited Is A Better Bet
5	Novocure Limited vs. Teva Pharmaceutical Industries: With Return Forecast Of 66%, Novocure Limited Is A Better Bet
6	Novocure Limited vs. A.O. Smith: With Return Forecast Of 66%, Novocure Limited Is A Better Bet
7	Novocure Limited vs. Lamb Weston: With Return Forecast Of 112%, Novocure Limited Is A Better Bet
8	Novocure Limited vs. Allegion: With Return Forecast Of 112%, Novocure Limited Is A Better Bet
9	Novocure Limited vs. Royal Gold: With Return Forecast Of 112%, Novocure Limited Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/27/2025	2/22/2024	2/23/2023	2/24/2022	2/25/2021	2/27/2020
Key Financials
Total Revenue	642	605	509	538	535	494	351
EBITDA	-113	-110	-177	-68	-38	45	14
Operating Income	-177	-170	-233	-90	-44	30	-1
Net Income	-178	-169	-207	-93	-58	20	-7
EPS	-1.61	-1.56	-1.95	-0.88	-0.56	0.20	-0.07
Growth Rates
Total Revenue Growth	11.2%	18.8%	-5.3%	0.5%	8.2%	40.7%	41.6%
EBITDA Growth	-9.5%	38.2%	-161.4%	-76.9%	-185.6%	231.9%	165.4%
Operating Income Growth	-11.2%	26.8%	-160.1%	-101.9%	-245.8%	3426.1%	97.3%
Net Income Growth	-18.6%	18.6%	-123.7%	-58.6%	-394.6%	374.0%	88.6%
Margins
EBITDA Margin	-17.7%	-18.1%	-34.8%	-12.6%	-7.2%	9.1%	3.8%
Operating Income Margin	-27.5%	-28.2%	-45.7%	-16.6%	-8.3%	6.1%	-0.3%
Net Income Margin	-27.7%	-27.9%	-40.6%	-17.2%	-10.9%	4.0%	-2.1%
Cash & Debt
Total Cash	1,034	960	911	969	938	843	326
Total Debt	798	683	605	584	575	444	164
Net Debt / (Cash)	-236	-277	-306	-385	-362	-398	-163
Cash Flows
Net Cash from Operations	-34	-26	-73	31	83	99	27
Free Cash from Operations	-65	-69	-100	9	59	84	16
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/24/2025	4/24/2025	2/27/2025	10/30/2024	7/25/2024	5/2/2024	2/22/2024	10/26/2023	7/27/2023	5/4/2023	2/23/2023
Key Financials Quarterly
Total Revenue	167	159	155	161	155	150	139	134	127	126	122	128
Ebitda	-32	-36	-35	-11	-30	-31	-39	-5	-55	-60	-58	-29
Operating Income	-36	-40	-38	-63	-32	-34	-42	-52	-58	-63	-60	-43
Net Income	-37	-40	-34	-66	-31	-33	-39	-47	-49	-57	-53	-37
EPS	-0.33	-0.36	-0.31	-0.61	-0.28	-0.31	-0.36	-0.45	-0.46	-0.54	-0.50	-0.36
Key Financials TTM
Total Revenue TTM	642	630	622	605	578	550	526	509	504	508	522	538
Ebitda TTM	-113	-111	-105	-110	-104	-129	-159	-177	-202	-169	-127	-68
Operating Income TTM	-177	-173	-167	-170	-159	-185	-214	-233	-224	-190	-149	-90
Net Income TTM	-178	-171	-164	-169	-150	-169	-193	-207	-197	-174	-141	-93
Growth Rates Quarterly
Total Revenue Growth	7.8%	5.6%	11.9%	20.5%	21.8%	19.3%	13.4%	4.2%	-2.8%	-10.5%	-11.2%	-3.6%
EBITDA Growth	-9.2%	-17.4%	10.8%	-131.6%	46.5%	48.7%	32.7%	84.5%	-152.6%	-224.5%	-3288.9%	-16.9%
Operating Income Growth	-12.2%	-17.7%	8.8%	-22.4%	44.9%	46.4%	31.1%	-20.3%	-136.7%	-196.6%	-7375.1%	-83.7%
Net Income Growth	-21.9%	-20.3%	11.5%	-40.0%	38.2%	41.9%	27.0%	-26.2%	-86.2%	-139.2%	-1041.8%	-41.0%
Margins Quarterly
EBITDA Margin	-19.4%	-22.7%	-22.3%	-6.5%	-19.1%	-20.4%	-27.9%	-3.4%	-43.5%	-47.6%	-47.1%	-22.8%
Operating Income Margin	-21.5%	-24.9%	-24.4%	-39.3%	-20.7%	-22.3%	-30.0%	-38.7%	-45.7%	-49.7%	-49.3%	-33.5%
Net Income Margin	-22.3%	-25.3%	-22.1%	-40.9%	-19.7%	-22.2%	-28.0%	-35.2%	-38.9%	-45.6%	-43.4%	-29.0%
Cash & Debt
Total Cash	1,034	912	929	960	960	951	870	911	921	941	958	969
Total Debt	798	700	697	683	676	675	595	605	590	587	586	584
Net Debt / (Cash)	-236	-211	-232	-277	-284	-276	-275	-306	-331	-353	-372	-385
Cash Flows Quarterly
FCF from Operations	21	-16	-36	-3	10	-2	-32	-15	-19	-23	-17	-4
Cash Flows TTM
FCF from Operations TTM	-34	-45	-30	-26	-37	-67	-88	-73	-62	-21	18	31
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-10.5%	-11.6%	-11.5%	-20.5%	-11.0%	-11.7%	-15.0%	-19.9%	-23.3%	-26.3%	-27.0%	-20.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-12.9%	-12.6%	-12.7%	-13.8%	-13.6%	-16.2%	-19.3%	-22.3%	-22.4%	-20.0%	-16.7%	-10.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Development, manufacture and commercialization of Tumor Treating Fields (TTFields) as treatment for	509	538	535	494	351
Total	509	538	535	494	351

Price Behavior

Price Behavior

Market Price	$11.68
Market Cap ($ Bil)	1.3
First Trading Date	10/02/2015
Distance from 52W High	-65.0%
	50 Days	200 Days
DMA Price	$12.88	$15.56
DMA Trend	down	up
Distance from DMA	-9.3%	-24.9%
	3M	1YR
Volatility	49.7%	58.8%
Downside Capture	211.75	175.11
Upside Capture	135.07	99.28
Correlation (SPY)	39.7%	31.1%

NVCR Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.23	1.51	1.55	1.80	1.20	1.21
Up Beta	4.65	1.94	2.06	3.09	1.16	1.15
Down Beta	-0.01	1.57	1.36	1.24	0.89	1.07
Up Capture	49%	119%	140%	61%	107%	54%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	18	28	55	109	342
Down Capture	56%	143%	153%	212%	133%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	23	33	66	134	400

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of NVCR With Other Asset Classes (Last 1Y)
	NVCR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-34.0%	9.1%	15.2%	55.7%	2.5%	-3.3%	-7.8%
Annualized Volatility	77.3%	17.2%	19.6%	19.6%	16.0%	17.8%	35.5%
Sharpe Ratio	-0.24	0.34	0.60	2.14	-0.03	-0.34	-0.06
Correlation With Other Assets		28.6%	30.5%	-3.1%	-1.9%	18.5%	14.9%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of NVCR With Other Asset Classes (Last 5Y)
	NVCR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-37.8%	8.9%	15.2%	17.3%	12.5%	5.0%	38.4%
Annualized Volatility	80.0%	14.4%	17.1%	15.6%	18.9%	19.0%	49.1%
Sharpe Ratio	-0.25	0.44	0.72	0.90	0.55	0.18	0.65
Correlation With Other Assets		26.2%	29.9%	4.7%	4.4%	23.9%	17.7%

Based On 10-Year Data

		Comparison of NVCR With Other Asset Classes (Last 10Y)
	NVCR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-6.3%	10.0%	14.4%	14.2%	5.9%	5.5%	75.5%
Annualized Volatility	71.8%	16.7%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.22	0.49	0.69	0.79	0.26	0.23	0.94
Correlation With Other Assets		30.3%	31.3%	1.9%	8.2%	22.8%	12.4%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	5,971,436
Short Interest: % Change Since 10312025	4.6%
Average Daily Volume	1,874,788
Days-to-Cover Short Interest	3.19
Basic Shares Quantity	111,908,252
Short % of Basic Shares	5.3%

Returns Analyses

	Title
0	NovoCure Stock Drop Looks Sharp, But How Deep Can It Go?
1	NovoCure Stock Return Comparison
2	[10/5/2021] Novocure Limited (NVCR) Stock Price Forecast: AI Forecasts NVCR Stock Price To Be Around $115 In A Month (Up 4.2%)
3	NovoCure Total Shareholder Return (TSR): -2.3% in 2022 and -4.5% 3-yr returns (above peer average)

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	7242025	10-Q 6/30/2025
3312025	4242025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	10302024	10-Q 9/30/2024
6302024	7252024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2222024	10-K 12/31/2023
9302023	10262023	10-Q 9/30/2023
6302023	7272023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	4282022	10-Q 3/31/2022
12312021	2242022	10-K 12/31/2021

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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NovoCure (NVCR)

Market Price (12/2/2025): $12.0 | Market Cap: $1.3 BilSector: Health Care | Industry: Life Sciences Tools & Services

NovoCure (NVCR)

Market Price (12/2/2025): $12.0Market Cap: $1.3 BilSector: Health CareIndustry: Life Sciences Tools & Services

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NVCR Stock

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Market Price (12/2/2025): $12.0 | Market Cap: $1.3 Bil
Sector: Health Care | Industry: Life Sciences Tools & Services

Market Price (12/2/2025): $12.0
Market Cap: $1.3 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services