NovoCure (NVCR)
Market Price (3/15/2026): $12.06 | Market Cap: $1.4 BilSector: Health Care | Industry: Life Sciences Tools & Services
NovoCure (NVCR)
Market Price (3/15/2026): $12.06Market Cap: $1.4 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet 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 returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -153% | Not profitable at operating income levelOp 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% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Oncology Treatments, Show more. | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% | |
| Not cash flow generativeCFO/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% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Oncology Treatments, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -153% |
| Not profitable at operating income levelOp 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% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Not cash flow generativeCFO/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% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% |
Qualitative Assessment
AI Analysis | Feedback
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 -$159.3 million for the full year 2025. This ongoing unprofitability weighed on investor sentiment, even as the company secured significant regulatory wins, including the U.S. FDA approval of Optune Pax for locally advanced pancreatic cancer on February 11, 2026, and reimbursement approval for Optune Lua in Japan for non-small cell lung cancer on March 2, 2026.
Show more
Stock Movement Drivers
Fundamental Drivers
The -5.9% change in NVCR stock from 11/30/2025 to 3/13/2026 was primarily driven by a -7.6% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.81 | 12.06 | -5.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 642 | 655 | 2.0% |
| P/S Multiple | 2.2 | 2.1 | -7.6% |
| Shares Outstanding (Mil) | 112 | 112 | -0.2% |
| Cumulative Contribution | -5.9% |
Market Drivers
11/30/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| 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) | 8312025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.33 | 12.06 | -2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 630 | 655 | 4.0% |
| P/S Multiple | 2.2 | 2.1 | -5.5% |
| Shares Outstanding (Mil) | 112 | 112 | -0.5% |
| Cumulative Contribution | -2.2% |
Market Drivers
8/31/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| 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) | 2282025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.07 | 12.06 | -36.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 605 | 655 | 8.3% |
| P/S Multiple | 3.4 | 2.1 | -39.5% |
| Shares Outstanding (Mil) | 108 | 112 | -3.4% |
| Cumulative Contribution | -36.8% |
Market Drivers
2/28/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| 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) | 2282023 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.97 | 12.06 | -84.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 538 | 655 | 21.8% |
| P/S Multiple | 15.0 | 2.1 | -86.3% |
| Shares Outstanding (Mil) | 105 | 112 | -6.4% |
| Cumulative Contribution | -84.3% |
Market Drivers
2/28/2023 to 3/13/2026| Return | Correlation | |
|---|---|---|
| NVCR | -84.3% | |
| Market (SPY) | 73.4% | 27.5% |
| Sector (XLV) | 23.3% | 25.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NVCR Return | -57% | -2% | -80% | 100% | -57% | -2% | -93% |
| Peers Return | 23% | -5% | -1% | 6% | -8% | -5% | 9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| NVCR Win Rate | 17% | 42% | 33% | 50% | 42% | 33% | |
| Peers Win Rate | 50% | 52% | 40% | 48% | 45% | 40% | |
| S&P 500 Win Rate | 75% | 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
| Event | NVCR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -95.1% | -25.4% |
| % Gain to Breakeven | 1926.8% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -40.4% | -33.9% |
| % Gain to Breakeven | 67.8% | 51.3% |
| Time to Breakeven | 175 days | 148 days |
| 2018 Correction | ||
| % Loss | -45.4% | -19.8% |
| % Gain to Breakeven | 83.3% | 24.7% |
| Time to Breakeven | 87 days | 120 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.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About NovoCure (NVCR)
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:
- Adult patients with glioblastoma: This is the primary customer category for whom Optune and Optune Lua are currently marketed and approved as monotherapy.
- Patients with brain metastases: NovoCure is developing products for this specific indication, representing a significant future customer category.
- 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.)
AI Analysis | Feedback
nullAI Analysis | Feedback
nullAI Analysis | Feedback
nullAI Analysis | Feedback
null
AI Analysis | Feedback
nullAI Analysis | Feedback
nullAI Analysis | Feedback
nullLatest Trefis Analyses
Trade Ideas
Select ideas related to NVCR.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02132026 | IQV | IQVIA | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.1% | 7.1% | -3.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.83 |
| Mkt Cap | 135.7 |
| Rev LTM | 29,130 |
| Op Inc LTM | 8,334 |
| FCF LTM | 5,783 |
| FCF 3Y Avg | 4,708 |
| CFO LTM | 7,367 |
| CFO 3Y Avg | 6,735 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.5% |
| Rev Chg 3Y Avg | 2.4% |
| Rev Chg Q | 3.1% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Mgn LTM | 28.1% |
| Op Mgn 3Y Avg | 19.6% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 22.0% |
| CFO/Rev 3Y Avg | 22.3% |
| FCF/Rev LTM | 16.8% |
| FCF/Rev 3Y Avg | 14.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 135.7 |
| P/S | 2.5 |
| P/EBIT | 11.8 |
| P/E | 16.4 |
| P/CFO | 11.4 |
| Total Yield | 5.5% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | 3.0% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.6% |
| 3M Rtn | -2.5% |
| 6M Rtn | 10.1% |
| 12M Rtn | 1.0% |
| 3Y Rtn | -9.1% |
| 1M Excs Rtn | -1.2% |
| 3M Excs Rtn | -0.4% |
| 6M Excs Rtn | 4.2% |
| 12M Excs Rtn | -21.7% |
| 3Y Excs Rtn | -79.7% |
Comparison Analyses
Price Behavior
| Market Price | $12.06 | |
| Market Cap ($ Bil) | 1.3 | |
| First Trading Date | 10/02/2015 | |
| Distance from 52W High | -39.9% | |
| 50 Days | 200 Days | |
| DMA Price | $12.71 | $13.52 |
| DMA Trend | down | down |
| Distance from DMA | -5.1% | -10.8% |
| 3M | 1YR | |
| Volatility | 92.2% | 69.3% |
| Downside Capture | 229.12 | 189.08 |
| Upside Capture | 209.39 | 99.73 |
| Correlation (SPY) | 29.9% | 36.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.05 | 2.13 | 2.59 | 1.96 | 1.25 | 1.42 |
| Up Beta | 5.59 | 6.05 | 5.67 | 3.38 | 1.43 | 1.29 |
| Down Beta | -3.18 | -0.29 | 0.52 | 0.97 | 0.73 | 1.30 |
| Up Capture | 347% | 242% | 333% | 240% | 116% | 88% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 9 | 18 | 28 | 56 | 113 | 342 |
| Down Capture | 146% | 184% | 225% | 176% | 135% | 112% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 12 | 23 | 33 | 66 | 132 | 401 |
[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% | 0.12 | 32.3% |
| Equity (SPY) | 19.6% | 18.9% | 0.81 | 36.2% |
| 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% | 0.19 | 25.3% |
| Bitcoin (BTCUSD) | -15.3% | 44.2% | -0.25 | 28.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
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% | 0.33 | 25.2% |
| Equity (SPY) | 13.1% | 17.0% | 0.61 | 29.5% |
| Gold (GLD) | 24.1% | 17.3% | 1.14 | 1.9% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 3.7% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 22.7% |
| Bitcoin (BTCUSD) | 6.3% | 56.7% | 0.33 | 17.4% |
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% | 0.50 | 30.4% |
| Equity (SPY) | 14.5% | 17.9% | 0.70 | 31.5% |
| Gold (GLD) | 14.4% | 15.6% | 0.77 | 1.3% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 7.7% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 22.3% |
| Bitcoin (BTCUSD) | 67.4% | 66.8% | 1.07 | 11.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D 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% |
| 4/24/2025 | 4.4% | 2.1% | 1.9% |
| 1/13/2025 | -0.3% | -4.7% | -22.7% |
| 10/30/2024 | 0.6% | -1.6% | 16.6% |
| 7/25/2024 | -0.7% | 21.2% | -9.6% |
| 5/2/2024 | 11.4% | 25.8% | 72.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 12 |
| # Negative | 15 | 14 | 12 |
| Median Positive | 4.4% | 6.1% | 12.7% |
| Median Negative | -5.0% | -6.0% | -14.3% |
| Max Positive | 12.0% | 25.8% | 72.8% |
| Max Negative | -24.0% | -33.6% | -27.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cordova, Ashley | Chief Executive Officer | Direct | Buy | 9082025 | 12.22 | 81,550 | 996,859 | 5,348,800 | Form |
| 2 | Brackmann, Christoph | Chief Financial Officer | Direct | Buy | 7302025 | 11.59 | 20,000 | 231,800 | 1,635,928 | Form |
| 3 | Stafford, Kristin | Direct | Sell | 6042025 | 17.28 | 999 | 17,259 | 52,762 | Form | |
| 4 | Leung, Gabriel | Direct | Sell | 6042025 | 17.31 | 999 | 17,297 | 1,406,448 | Form | |
| 5 | Madden, Martin J | Direct | Sell | 6042025 | 17.19 | 999 | 17,176 | 321,058 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.