Tearsheet

NovoCure (NVCR)


Market Price (3/15/2026): $12.06 | Market Cap: $1.4 Bil
Sector: Health Care | Industry: Life Sciences Tools & Services

NovoCure (NVCR)


Market Price (3/15/2026): $12.06
Market Cap: $1.4 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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 -15%
Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -153%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -154 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Oncology Treatments, Show more.
  Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%
2   Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12%
3   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 -14%
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 -15%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Oncology Treatments, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -153%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -154 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23%
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12%
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 -14%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

NovoCure (NVCR) stock has lost about 5% since 11/30/2025 because of the following key factors:

1. Negative Market Reaction to Q4 2025 Earnings and 2026 Outlook.

NovoCure's stock experienced a significant negative reaction, tumbling over 8% on February 26, 2026, following its Q4 2025 earnings report. While the company reported an earnings per share (EPS) of -$0.22, beating analyst estimates of -$0.42, its revenue of $174.35 million slightly missed the consensus. Investors appeared to focus on the overall 2026 revenue guidance of $675 million to $705 million, which, despite representing year-over-year growth of 3% to 8%, did not sufficiently address concerns about the company's profitability pathway.

2. Persistent Unprofitability Despite Positive Regulatory Milestones.

Despite achieving record annual revenue of $655 million in 2025, an 8% increase from the prior year, NovoCure continues to face challenges with profitability, reporting a negative EBITDA of -$159.3 million for the full year 2025. This ongoing unprofitability weighed on investor sentiment, even as the company secured significant regulatory wins, including the U.S. FDA approval of Optune Pax for locally advanced pancreatic cancer on February 11, 2026, and reimbursement approval for Optune Lua in Japan for non-small cell lung cancer on March 2, 2026.

Show more

Stock Movement Drivers

Fundamental Drivers

The -5.9% change in NVCR stock from 11/30/2025 to 3/13/2026 was primarily driven by a -7.6% change in the company's P/S Multiple.
(LTM values as of)113020253132026Change
Stock Price ($)12.8112.06-5.9%
Change Contribution By: 
Total Revenues ($ Mil)6426552.0%
P/S Multiple2.22.1-7.6%
Shares Outstanding (Mil)112112-0.2%
Cumulative Contribution-5.9%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
NVCR-5.9% 
Market (SPY)-3.1%30.3%
Sector (XLV)-5.0%9.3%

Fundamental Drivers

The -2.2% change in NVCR stock from 8/31/2025 to 3/13/2026 was primarily driven by a -5.5% change in the company's P/S Multiple.
(LTM values as of)83120253132026Change
Stock Price ($)12.3312.06-2.2%
Change Contribution By: 
Total Revenues ($ Mil)6306554.0%
P/S Multiple2.22.1-5.5%
Shares Outstanding (Mil)112112-0.5%
Cumulative Contribution-2.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
NVCR-2.2% 
Market (SPY)3.0%31.9%
Sector (XLV)9.5%21.8%

Fundamental Drivers

The -36.8% change in NVCR stock from 2/28/2025 to 3/13/2026 was primarily driven by a -39.5% change in the company's P/S Multiple.
(LTM values as of)22820253132026Change
Stock Price ($)19.0712.06-36.8%
Change Contribution By: 
Total Revenues ($ Mil)6056558.3%
P/S Multiple3.42.1-39.5%
Shares Outstanding (Mil)108112-3.4%
Cumulative Contribution-36.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
NVCR-36.8% 
Market (SPY)12.4%35.6%
Sector (XLV)1.9%32.0%

Fundamental Drivers

The -84.3% change in NVCR stock from 2/28/2023 to 3/13/2026 was primarily driven by a -86.3% change in the company's P/S Multiple.
(LTM values as of)22820233132026Change
Stock Price ($)76.9712.06-84.3%
Change Contribution By: 
Total Revenues ($ Mil)53865521.8%
P/S Multiple15.02.1-86.3%
Shares Outstanding (Mil)105112-6.4%
Cumulative Contribution-84.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
NVCR-84.3% 
Market (SPY)73.4%27.5%
Sector (XLV)23.3%25.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NVCR Return-57%-2%-80%100%-57%-2%-93%
Peers Return23%-5%-1%6%-8%-5%9%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
NVCR Win Rate17%42%33%50%42%33% 
Peers Win Rate50%52%40%48%45%40% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
NVCR Max Drawdown-57%-25%-85%-21%-63%-22% 
Peers Max Drawdown-13%-29%-20%-19%-28%-12% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARAY, ISRG, PFE, MRK, BMY. 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] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventNVCRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-95.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven1926.8%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-40.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven67.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven175 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-45.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven83.3%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven87 days120 days

Compare to ARAY, ISRG, PFE, MRK, BMY

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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Asset Allocation

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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 Analysis | Feedback

Intuitive Surgical for cancer treatment: Like Intuitive Surgical revolutionized surgery with robotic devices, NovoCure is applying innovative electric field devices to treat solid tumors.

Medtronic for cancer devices: They are like a Medtronic specializing in oncology, developing unique electric field devices as a non-drug therapy for solid tumors.

AI Analysis | Feedback

  • Optune: A Tumor Treating Fields (TTFields) device for the treatment of various solid tumors, primarily glioblastoma.
  • Optune Lua: A Tumor Treating Fields (TTFields) device specifically marketed for adult patients with glioblastoma.

AI Analysis | Feedback

NovoCure (NVCR) primarily sells its medical devices, Optune and Optune Lua, for the treatment of solid tumors. As such, the company primarily serves individual patients, with sales typically facilitated through healthcare providers and insurance companies.

Based on the company's description, the categories of customers it serves or is actively developing products to serve include:

  1. Adult patients with glioblastoma: This is the primary customer category for whom Optune and Optune Lua are currently marketed and approved as monotherapy.
  2. Patients with brain metastases: NovoCure is developing products for this specific indication, representing a significant future customer category.
  3. Patients with non-small cell lung cancer (NSCLC): This is another key future customer category for whom the company is developing TTFields products. (Other indications like pancreatic cancer, gastric cancer, ovarian cancer, liver cancer, and malignant pleural mesothelioma are also in development.)

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Better Bets vs. NovoCure (NVCR)

Latest Trefis Analyses

Trade Ideas

Select ideas related to NVCR.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
QDEL_2282026_Insider_Buying_45D_2Buy_200K02282026QDELQuidelOrthoInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
CHE_2272026_Dip_Buyer_FCFYield02272026CHEChemedDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.0%0.0%0.0%
LLY_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026LLYEli LillyMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
0.0%0.0%0.0%
HAE_2202026_Dip_Buyer_FCFYield02202026HAEHaemoneticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
3.5%3.5%0.0%
IQV_2132026_Dip_Buyer_ValueBuy02132026IQVIQVIADip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
7.1%7.1%-3.0%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NVCRARAYISRGPFEMRKBMYMedian
NameNovoCure Accuray Intuitiv.Pfizer Merck Bristol-. 
Mkt Price12.060.37472.1626.58115.6159.0842.83
Mkt Cap1.40.0167.7151.1286.8120.2135.7
Rev LTM65543710,06562,57965,01148,19529,130
Op Inc LTM-154-122,94617,40622,10813,7238,334
FCF LTM-76-112,4919,07512,36012,8455,783
FCF 3Y Avg-82-41,5157,90113,20013,1464,708
CFO LTM-4953,03011,70416,47214,1567,367
CFO 3Y Avg-5072,42011,04916,98214,4026,735

Growth & Margins

NVCRARAYISRGPFEMRKBMYMedian
NameNovoCure Accuray Intuitiv.Pfizer Merck Bristol-. 
Rev Chg LTM8.3%-3.6%20.5%-1.6%1.3%-0.2%0.5%
Rev Chg 3Y Avg7.3%1.6%17.4%-12.0%3.2%1.5%2.4%
Rev Chg Q8.1%-12.0%18.8%-1.2%5.0%1.3%3.1%
QoQ Delta Rev Chg LTM2.0%-3.1%4.7%-0.3%1.2%0.3%0.8%
Op Mgn LTM-23.5%-2.6%29.3%27.8%34.0%28.5%28.1%
Op Mgn 3Y Avg-32.5%-0.5%27.4%19.6%23.5%19.6%19.6%
QoQ Delta Op Mgn LTM4.0%-2.3%-0.0%0.9%-0.9%4.7%0.4%
CFO/Rev LTM-7.5%1.0%30.1%18.7%25.3%29.4%22.0%
CFO/Rev 3Y Avg-8.7%1.6%28.2%17.8%26.8%30.5%22.3%
FCF/Rev LTM-11.5%-2.5%24.7%14.5%19.0%26.7%16.8%
FCF/Rev 3Y Avg-14.2%-0.8%17.0%12.7%20.8%27.9%14.8%

Valuation

NVCRARAYISRGPFEMRKBMYMedian
NameNovoCure Accuray Intuitiv.Pfizer Merck Bristol-. 
Mkt Cap1.40.0167.7151.1286.8120.2135.7
P/S2.10.116.72.44.42.52.5
P/EBIT-11.3-4.356.914.812.810.711.8
P/E-9.9-1.358.719.515.717.016.4
P/CFO-27.69.855.312.917.48.511.4
Total Yield-10.1%-79.6%1.7%11.6%9.2%10.1%5.5%
Dividend Yield0.0%0.0%0.0%6.5%2.9%4.2%1.4%
FCF Yield 3Y Avg-4.6%-3.9%0.9%5.3%5.1%12.0%3.0%
D/E0.23.90.00.40.20.40.3
Net D/E-0.13.0-0.00.30.10.30.2

Returns

NVCRARAYISRGPFEMRKBMYMedian
NameNovoCure Accuray Intuitiv.Pfizer Merck Bristol-. 
1M Rtn14.9%-27.7%-4.8%-4.1%-3.1%-1.4%-3.6%
3M Rtn-9.5%-65.1%-12.9%4.5%15.3%14.1%-2.5%
6M Rtn-0.7%-76.4%5.0%15.2%42.2%31.2%10.1%
12M Rtn-39.9%-78.7%-1.0%11.4%26.7%3.0%1.0%
3Y Rtn-82.1%-87.0%100.7%-20.2%17.6%1.9%-9.1%
1M Excs Rtn17.2%-25.3%-2.4%-1.8%-0.7%1.0%-1.2%
3M Excs Rtn-7.2%-64.1%-13.5%6.4%20.0%18.3%-0.4%
6M Excs Rtn-8.1%-79.6%0.7%7.8%35.4%24.6%4.2%
12M Excs Rtn-62.5%-100.7%-26.1%-10.1%7.5%-17.2%-21.7%
3Y Excs Rtn-153.5%-157.2%34.6%-90.3%-52.7%-69.1%-79.7%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Development, manufacture and commercialization of Tumor Treating Fields (TTFields) as treatment for605509538535494
Total605509538535494


Price Behavior

Price Behavior
Market Price$12.06 
Market Cap ($ Bil)1.3 
First Trading Date10/02/2015 
Distance from 52W High-39.9% 
   50 Days200 Days
DMA Price$12.71$13.52
DMA Trenddowndown
Distance from DMA-5.1%-10.8%
 3M1YR
Volatility92.2%69.3%
Downside Capture229.12189.08
Upside Capture209.3999.73
Correlation (SPY)29.9%36.3%
NVCR Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta2.052.132.591.961.251.42
Up Beta5.596.055.673.381.431.29
Down Beta-3.18-0.290.520.970.731.30
Up Capture347%242%333%240%116%88%
Bmk +ve Days9203170142431
Stock +ve Days9182856113342
Down Capture146%184%225%176%135%112%
Bmk -ve Days12213054109320
Stock -ve Days12233366132401

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NVCR
NVCR-38.2%69.1%-0.42-
Sector ETF (XLV)5.0%17.5%0.1232.3%
Equity (SPY)19.6%18.9%0.8136.2%
Gold (GLD)71.9%26.3%2.05-7.0%
Commodities (DBC)19.3%17.3%0.89-1.1%
Real Estate (VNQ)6.2%16.3%0.1925.3%
Bitcoin (BTCUSD)-15.3%44.2%-0.2528.0%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NVCR
NVCR-36.9%81.3%-0.22-
Sector ETF (XLV)7.5%14.5%0.3325.2%
Equity (SPY)13.1%17.0%0.6129.5%
Gold (GLD)24.1%17.3%1.141.9%
Commodities (DBC)11.2%19.0%0.473.7%
Real Estate (VNQ)4.8%18.8%0.1622.7%
Bitcoin (BTCUSD)6.3%56.7%0.3317.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NVCR
NVCR-2.6%71.7%0.27-
Sector ETF (XLV)10.1%16.5%0.5030.4%
Equity (SPY)14.5%17.9%0.7031.5%
Gold (GLD)14.4%15.6%0.771.3%
Commodities (DBC)8.6%17.6%0.407.7%
Real Estate (VNQ)5.6%20.7%0.2322.3%
Bitcoin (BTCUSD)67.4%66.8%1.0711.9%

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Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity9.1 Mil
Short Interest: % Change Since 21520262.6%
Average Daily Volume2.6 Mil
Days-to-Cover Short Interest3.6 days
Basic Shares Quantity112.1 Mil
Short % of Basic Shares8.1%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/12/2026-1.2%-4.9%-27.0%
10/30/2025-4.9%-13.9%-13.4%
7/24/2025-24.0%-33.6%-27.9%
4/24/20254.4%2.1%1.9%
1/13/2025-0.3%-4.7%-22.7%
10/30/20240.6%-1.6%16.6%
7/25/2024-0.7%21.2%-9.6%
5/2/202411.4%25.8%72.8%
...
SUMMARY STATS   
# Positive91012
# Negative151412
Median Positive4.4%6.1%12.7%
Median Negative-5.0%-6.0%-14.3%
Max Positive12.0%25.8%72.8%
Max Negative-24.0%-33.6%-27.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/26/202610-K
09/30/202510/30/202510-Q
06/30/202507/24/202510-Q
03/31/202504/24/202510-Q
12/31/202402/27/202510-K
09/30/202410/30/202410-Q
06/30/202407/25/202410-Q
03/31/202405/02/202410-Q
12/31/202302/22/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202210/27/202210-Q
06/30/202207/28/202210-Q
03/31/202204/28/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Cordova, AshleyChief Executive OfficerDirectBuy908202512.2281,550996,8595,348,800Form
2Brackmann, ChristophChief Financial OfficerDirectBuy730202511.5920,000231,8001,635,928Form
3Stafford, KristinDirectSell604202517.2899917,25952,762Form
4Leung, GabrielDirectSell604202517.3199917,2971,406,448Form
5Madden, Martin JDirectSell604202517.1999917,176321,058Form