Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NovoCure Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
82.9
177
248
351
494
535
538
509
605
655
Cost of revenue
39.9
55.6
80
88.6
107
115
115
128
137
167
Gross profit
36.6
121
168
263
388
420
423
381
468
488
Research and development
41.5
38.1
50.6
79
132
201
206
223
210
225
Selling and marketing
59.4
63.5
77.7
96.7
118
137
174
227
239
240
General and administrative
51
59.1
73.5
87.9
107
126
133
164
190
178
Operating expenses
152
161
202
264
357
464
512
614
639
642
Operating income
-115
-39.3
-33.7
-0.91
30.4
-44.3
-89.5
-233
-170
-154
Interest expense
7.32
11.7
16.9
14.6
18.1
8.84
8.11
4.91
11.7
22.2
Interest income
0.66
1.12
2.65
4.4
1.79
0.79
11
19.6
22.7
12.9
Pre-tax income
-121
-48.5
-45.9
-8.82
18.1
-52.1
-81.8
-192
-131
-136
Income tax
10.4
13.2
17.6
-1.59
-1.71
6.28
10.7
15.3
37.5
-0.02
Net income
-132
-61.7
-63.6
-7.23
19.8
-58.4
-92.5
-207
-169
-136
EBITDA
-110
-31.7
-24.7
7.55
39.6
-34.1
-78.9
-222
-159
-139
EPS, basic
-1.54
-0.70
-0.69
-0.07
0.20
-0.56
-0.88
-1.95
-1.56
-1.22
EPS, diluted
-1.54
-0.70
-0.69
-0.07
0.18
-0.56
-0.88
-1.95
-1.56
-1.22
Shares, basic (weighted)
85.6
88.5
91.8
97.2
101
103
105
106
108
111
Shares, diluted (weighted)
85.6
88.5
91.8
97.2
109
103
105
106
108
111
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
99.8
78.6
141
177
235
209
115
241
164
93.5
Receivables
6.34
29.6
36.5
58.9
96.7
93.6
86.3
61.2
74.2
89.4
Inventory
25.5
22
22.6
23.7
27.4
24.4
29.4
38.2
35.1
41.1
Other current assets
2.24
2.89
3.53
2.25
3.96
4.71
6.2
6.78
7.22
9.66
Total current assets
262
245
321
440
999
1,074
1,112
1,034
1,107
647
Property, plant and equipment
9.81
9.03
8.44
9.34
11.4
22.7
32.7
51.5
77.7
77.6
Lease right-of-use assets
0
17.6
19
18.3
23.6
34.8
27.1
47.3
Other non-current assets
1.5
1.99
3.06
4.9
10.9
12.1
11.2
14
14.6
10.6
Total assets
282
265
340
479
1,052
1,139
1,192
1,146
1,241
804
Accounts payable
18.4
17.2
26.7
36.9
53.6
72.6
85.2
94.4
105
122
Accrued liabilities
7.54
13.3
16.7
20.9
30.3
39.6
40.8
51
48.2
64.4
Deferred revenue
18
16.2
14.2
15.9
Short-term debt
0.07
0.03
0.03
Total current liabilities
36.9
50.2
64.6
86.3
114
143
159
179
756
223
Long-term debt
96.2
97.3
149
149
430
562
566
569
97.3
195
Lease liabilities
0
14.1
14.3
13
18.8
27.4
20
41.6
Other non-current liabilities
4.03
1.74
1.09
0.22
0.34
0.17
0.15
0.02
0.02
Total liabilities
140
152
228
262
575
729
750
784
881
464
Total debt
96.2
97.3
149
149
430
562
566
569
97.3
195
Paid-in capital
664
697
757
871
1,111
1,100
1,222
1,353
1,520
1,634
Retained earnings
-520
-582
-644
-651
-631
-686
-778
-986
-1,154
-1,290
Other comprehensive income
-1.88
-1.34
-1.4
-2.77
-3.83
-3.17
-2.43
-5.47
-5.5
-3.44
Shareholders' equity
142
114
112
218
477
410
441
362
360
340
Total equity
142
114
112
218
477
410
441
362
360
340
Total liabilities and equity
282
265
340
479
1,052
1,139
1,192
1,146
1,241
804
Shares outstanding
87.1
89.5
93.3
99.5
102
104
105
107
109
112
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-132
-61.7
-63.6
-7.23
19.8
-58.4
-92.5
-207
-169
-136
Depreciation and amortization
5.65
7.68
9.01
8.46
9.15
10.3
10.6
11
11.2
14.7
Stock-based compensation
22.1
27.1
39.8
52.4
75.7
94.9
107
116
160
105
Deferred income tax
0.02
-0.35
0.35
0.14
0
0
0
0
0
0
Change in receivables
-6.34
-21.2
-10.3
-36.5
-30.4
5.27
2.55
Change in inventory
-12
3.52
-0.53
-1.16
-2.94
2.48
-4.34
-8.92
2.57
-5.67
Change in payables
13.3
13.7
16.9
25.5
27.8
14.3
14.9
19.1
19
Cash from operations
-108
-33.1
-1.87
26.6
99.1
82.8
30.8
-73.3
-26.4
-49
Capital expenditures
-5.67
-7.37
-6.71
-10.5
-15
-24.2
-21.4
-27.1
-42.9
-26.6
Cash from investing
13
8.63
-5.49
-51.7
-473
-145
-140
184
-140
437
Debt issued
72.9
0.02
149
0
558
0
0
96.9
100
Debt repaid
-0.08
-100
-0.03
-150
-0.03
-0.03
-0.01
-12.9
-561
Stock issued
0.62
1.54
1.84
2.47
3.37
4.55
5.22
4.42
4.15
3.66
Dividends paid
0
0
Cash from financing
75.1
5.17
69.4
61.7
440
25.7
15.5
15.8
90.3
-451
Exchange rate effect
0.01
0.01
0.03
0.03
0.25
-0.19
-0.1
0.13
-0.17
0.39
Net change in cash
-19.6
-19.3
62
36.7
66.8
-36.6
-93.8
127
-76.5
-62.7
Free cash flow
-113
-40.5
-8.58
16.1
84.2
58.6
9.43
-100
-69.2
-75.7
Interest paid
6.6
10.2
13.3
13.7
8.69
0.1
0.04
0.01
7.71
13.4
Income taxes paid
9.45
10.3
20.4
11.2
-3.26
3.11
5.48
13.7
23.5
30.7
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.84 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
76.1%
Gross profit / revenue.
Operating margin
-22.1%
Operating income / revenue.
EBITDA margin
-19.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-21.8%
Pre-tax income / revenue.
Net margin
-21.2%
Net income / revenue.
FCF margin
-3.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-0.4%
Cash from operations / revenue.
Return on equity (ROE)
-43.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-18.7%
Net income / average total assets.
Return on invested capital (ROIC)
-49.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
32.1%
Research and development expense / revenue.
Stock-based pay / revenue
18.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.2%
Capital expenditures / revenue.
D&A / revenue
2.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
8.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
6.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
5.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
4.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
4.9%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
4.7%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-5.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-8.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-6.5%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-35.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-12.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-5.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
3.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
2.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
0.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.89x
Current assets / current liabilities.
Quick ratio
0.87x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.42x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.28
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$6.03
Revenue / diluted weighted shares.
FCF per share
-$0.22
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.02
Cash from operations / diluted weighted shares.
Book value per share
$2.90
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
2.64x
Market cap / revenue.
P/B
5.46x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
5.46x
Market cap / tangible book value, when positive.
EV/Sales
2.50x
Enterprise value / revenue.
FCF yield
-1.4%
Free cash flow / market cap.
Earnings yield
-8.1%
Net income / market cap (the inverse of P/E).
What was NovoCure Ltd's revenue in fiscal 2025?
NovoCure Ltd reported revenue of $655.4M for fiscal 2025, 8.3% higher than the year before.
Was NovoCure Ltd profitable in fiscal 2025?
No. It reported a net loss of $136.2M.
How much free cash flow did NovoCure Ltd generate in fiscal 2025?
Cash from operations of $49.0M minus capital expenditures of $26.6M left free cash flow of -$75.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.