NovoCure Limited

EDGAR

Annual consolidated revenue for 2025: about USD 655.4M, using the latest reported figures. The previous period, 2024, was about USD 605.2M.

Watchlist

Latest quarter

Revenue

193 million USD

2026 Q3 · USD

Exact inputs and evidence

Operating margin

-3.19%

2026 Q3 · %

Exact inputs and evidence
  • Operating Income: -6171000 USD Source
  • Revenue: 193399000 USD Source

Operating cash flow

22.7 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 22667000 USD Source

Free cash flow

15.7 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 22667000 USD Source
  • Capital Expenditure: 6921000 USD Source
Cash and cash equivalents
96.7 million USD Source
Exact value

96734000 USD

Long-term debt including current maturities
569 million USD Source
Exact value

568822000 USD

Shares outstanding
117 million shares Source
Exact value

116914114 shares

Reported share-count change

4.41% · 4.93 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 111979981 shares · 2025-09-30· Source
  • 116914114 shares · 2026-09-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

725 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Revenue: 655353000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 481003000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 174055000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 183584000 USD · 2026-04-01 – 2026-06-30 Source
  • Revenue: 193399000 USD · 2026-07-01 – 2026-09-30 Source

Net income

-122 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Net income: -136227000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: -111728000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: -71138000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: -15658000 USD · 2026-04-01 – 2026-06-30 Source
  • Net income: -10435000 USD · 2026-07-01 – 2026-09-30 Source

Operating cash flow

-722 thousand USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: -49031000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: -31027000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -13517000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 8132000 USD · 2026-04-01 – 2026-06-30 Source
  • Operating cash flow: 22667000 USD · 2026-07-01 – 2026-09-30 Source

Capital expenditure

23.9 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Capital expenditure: 26648000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 21752000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 5152000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 6916000 USD · 2026-04-01 – 2026-06-30 Source
  • Capital expenditure: 6921000 USD · 2026-07-01 – 2026-09-30 Source

Free cash flow

-24.6 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: -49031000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: -31027000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -13517000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 8132000 USD · 2026-04-01 – 2026-06-30 Source
  • Operating cash flow: 22667000 USD · 2026-07-01 – 2026-09-30 Source
  • Capital expenditure: 26648000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 21752000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 5152000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 6916000 USD · 2026-04-01 – 2026-06-30 Source
  • Capital expenditure: 6921000 USD · 2026-07-01 – 2026-09-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-29.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 11 of 11 periods available· newest 2025-12-31
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 11 of 11 periods available· newest 2025-12-31
  • Current assets: 11 of 11 periods available· newest 2025-12-31
  • Current liabilities: 11 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 5 of 11 periods available· newest 2023-12-31
  • Shares outstanding: 11 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +8.3%

    Prior period

    USD 605.22 million

    –

    Current period

    USD 655.35 million

    –

    Exact inputs and evidence

    655353000 − 605220000 = 50133000 USD

    605220000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    655353000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    +USD 32.4 million

    Prior period

    −USD 168.63 million

    –

    Current period

    −USD 136.23 million

    –

    Exact inputs and evidence

    -136227000 − -168627000 = 32400000 USD

    -168627000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -136227000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    −USD 22.66 million

    Prior period

    −USD 26.37 million

    –

    Current period

    −USD 49.03 million

    –

    Exact inputs and evidence

    -49031000 − -26369000 = -22662000 USD

    -26369000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -49031000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    -37.8%

    Prior period

    USD 42.86 million

    –

    Current period

    USD 26.65 million

    –

    Exact inputs and evidence

    26648000 − 42855000 = -16207000 USD

    42855000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    26648000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 655.35 million 100% of revenue
  • Cost of revenue USD 166.88 million 25% of revenue
  • Operating expenses USD 642.27 million 98% of revenue
  • Operating income −USD 153.8 million −23% of revenue
  • Tax, interest and other Derived −USD 17.57 million −2.7% of revenue
  • Net income −USD 136.23 million −21% of revenue

Cash

  • Operating cash flow −USD 49.03 million −7.5% of revenue
  • Capital expenditure USD 26.65 million 4.1% of revenue
  • Free cash flow Derived −USD 75.68 million −12% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 Operating loss: operating costs were 239% of revenue.
  • 2017 Operating loss: operating costs were 122% of revenue.
  • 2018 Operating loss: operating costs were 114% of revenue.
  • 2019 Operating loss: operating costs were 100% of revenue.
  • 2020 94%
  • 2021 Operating loss: operating costs were 108% of revenue.
  • 2022 Operating loss: operating costs were 117% of revenue.
  • 2023 Operating loss: operating costs were 146% of revenue.
  • 2024 Operating loss: operating costs were 128% of revenue.
  • 2025 Operating loss: operating costs were 123% of revenue.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-3182888000 198205000 Derived -115317000 16528000 Derived -131845000 -113265000 Derived
Source
2017 2017-01-01 – 2017-12-31177026000 216354000 Derived -39328000 22334000 Derived -61662000 -40500000 Derived
Source
2018 2018-01-01 – 2018-12-31248069000 281741000 Derived -33672000 29887000 Derived -63559000 -8576000 Derived
Source
2019 2019-01-01 – 2019-12-31351318000 352232000 Derived -914000 6316000 Derived -7230000 16135000 Derived
Source
2020 2020-01-01 – 2020-12-31494366000 463965000 Derived 30401000 10593000 Derived 19808000 84180000 Derived
Source
2021 2021-01-01 – 2021-12-31535031000 579364000 Derived -44333000 14018000 Derived -58351000 58586000 Derived
Source
2022 2022-01-01 – 2022-12-31537840000 627363000 Derived -89523000 3011000 Derived -92534000 9430000 Derived
Source
2023 2023-01-01 – 2023-12-31509338000 742208000 Derived -232870000 -25827000 Derived -207043000 -100429000 Derived
Source
2024 2024-01-01 – 2024-12-31605220000 775716000 Derived -170496000 -1869000 Derived -168627000 -69224000 Derived
Source
2025 2025-01-01 – 2025-12-31655353000 809153000 Derived -153800000 -17573000 Derived -136227000 -75679000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 655.4M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.707.8M530.8M353.9M176.9M0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue82888000
2017Revenue177026000
2018Revenue248069000
2019Revenue351318000
2020Revenue494366000
2021Revenue535031000
2022Revenue537840000
2023Revenue509338000
2024Revenue605220000
2025Revenue655353000

Revenue growth

Change in revenue from the same financial period one year earlier.

8.3% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.163%118%73%27%-18%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over year150.5%
2017Year over year113.6%
2018Year over year40.1%
2019Year over year41.6%
2020Year over year40.7%
2021Year over year8.2%
2022Year over year0.5%
2023Year over year-5.3%
2024Year over year18.8%
2025Year over year8.3%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin -23.5% 2025
Net margin -20.8% 2025
Free cash flow margin -11.5% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.31%-20%-71%-122%-173%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin-139.1%
2017Operating margin-22.2%
2018Operating margin-13.6%
2019Operating margin-0.3%
2020Operating margin6.1%
2021Operating margin-8.3%
2022Operating margin-16.6%
2023Operating margin-45.7%
2024Operating margin-28.2%
2025Operating margin-23.5%
2016Net margin-159.1%
2017Net margin-34.8%
2018Net margin-25.6%
2019Net margin-2.1%
2020Net margin4%
2021Net margin-10.9%
2022Net margin-17.2%
2023Net margin-40.6%
2024Net margin-27.9%
2025Net margin-20.8%
2016Free cash flow margin-136.6%
2017Free cash flow margin-22.9%
2018Free cash flow margin-3.5%
2019Free cash flow margin4.6%
2020Free cash flow margin17%
2021Free cash flow margin11%
2022Free cash flow margin1.8%
2023Free cash flow margin-19.7%
2024Free cash flow margin-11.4%
2025Free cash flow margin-11.5%

Operating cash flow

Cash generated by the company’s normal business operations.

USD -49M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.115.7M55.7M-4.2M-64.2M-124.1M201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow-107592000
2017Operating cash flow-33134000
2018Operating cash flow-1865000
2019Operating cash flow26620000
2020Operating cash flow99148000
2021Operating cash flow82756000
2022Operating cash flow30788000
2023Operating cash flow-73336000
2024Operating cash flow-26369000
2025Operating cash flow-49031000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD -75.7M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.100.0M42.7M-14.5M-71.8M-129.1M201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow-113265000
2017Free cash flow-40500000
2018Free cash flow-8576000
2019Free cash flow16135000
2020Free cash flow84180000
2021Free cash flow58586000
2022Free cash flow9430000
2023Free cash flow-100429000
2024Free cash flow-69224000
2025Free cash flow-75679000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

57.7% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.77%57%38%19%0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets49.5%
2017Liabilities / assets57.2%
2018Liabilities / assets67%
2019Liabilities / assets54.6%
2020Liabilities / assets54.7%
2021Liabilities / assets64%
2022Liabilities / assets63%
2023Liabilities / assets68.4%
2024Liabilities / assets71%
2025Liabilities / assets57.7%

Current assets to current liabilities

Current assets divided by current liabilities.

2.9× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.9.50×7.13×4.75×2.38×0.00×201620212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016Current assets / current liabilities7.1×
2017Current assets / current liabilities4.88×
2018Current assets / current liabilities4.98×
2019Current assets / current liabilities5.1×
2020Current assets / current liabilities8.8×
2021Current assets / current liabilities7.53×
2022Current assets / current liabilities7×
2023Current assets / current liabilities5.78×
2024Current assets / current liabilities1.46×
2025Current assets / current liabilities2.9×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
−USD 131.85 million
Exact value

Exact value: -131845000 USD

2016-01-01 – 2016-12-31: -131845000 USD Inspect Net Income Open source
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−USD 107.59 million
Exact value

Exact value: -107592000 USD

2016-01-01 – 2016-12-31: -107592000 USD Inspect Operating Cash Flow Open source
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USD 5.67 million
Exact value

Exact value: 5673000 USD

2016-01-01 – 2016-12-31: 5673000 USD Inspect Capital Expenditure Open source
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−USD 113.27 million
Calculation and evidence

-107592000 − 5673000 USD

Exact free cash flow: -113265000 USD

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2017 2017-01-01 – 2017-12-31
−USD 61.66 million
Exact value

Exact value: -61662000 USD

2017-01-01 – 2017-12-31: -61662000 USD Inspect Net Income Open source
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−USD 33.13 million
Exact value

Exact value: -33134000 USD

2017-01-01 – 2017-12-31: -33134000 USD Inspect Operating Cash Flow Open source
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USD 7.37 million
Exact value

Exact value: 7366000 USD

2017-01-01 – 2017-12-31: 7366000 USD Inspect Capital Expenditure Open source
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−USD 40.5 million
Calculation and evidence

-33134000 − 7366000 USD

Exact free cash flow: -40500000 USD

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2018 2018-01-01 – 2018-12-31
−USD 63.56 million
Exact value

Exact value: -63559000 USD

2018-01-01 – 2018-12-31: -63559000 USD Inspect Net Income Open source
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−USD 1.87 million
Exact value

Exact value: -1865000 USD

2018-01-01 – 2018-12-31: -1865000 USD Inspect Operating Cash Flow Open source
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USD 6.71 million
Exact value

Exact value: 6711000 USD

2018-01-01 – 2018-12-31: 6711000 USD Inspect Capital Expenditure Open source
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−USD 8.58 million
Calculation and evidence

-1865000 − 6711000 USD

Exact free cash flow: -8576000 USD

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2019 2019-01-01 – 2019-12-31
−USD 7.23 million
Exact value

Exact value: -7230000 USD

2019-01-01 – 2019-12-31: -7230000 USD Inspect Net Income Open source
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USD 26.62 million
Exact value

Exact value: 26620000 USD

2019-01-01 – 2019-12-31: 26620000 USD Inspect Operating Cash Flow Open source
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USD 10.49 million
Exact value

Exact value: 10485000 USD

2019-01-01 – 2019-12-31: 10485000 USD Inspect Capital Expenditure Open source
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USD 16.14 million
Calculation and evidence

26620000 − 10485000 USD

Exact free cash flow: 16135000 USD

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2020 2020-01-01 – 2020-12-31
USD 19.81 million
Exact value

Exact value: 19808000 USD

2020-01-01 – 2020-12-31: 19808000 USD Inspect Net Income Open source
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USD 99.15 million
Exact value

Exact value: 99148000 USD

2020-01-01 – 2020-12-31: 99148000 USD Inspect Operating Cash Flow Open source
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USD 14.97 million
Exact value

Exact value: 14968000 USD

2020-01-01 – 2020-12-31: 14968000 USD Inspect Capital Expenditure Open source
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USD 84.18 million
Calculation and evidence

99148000 − 14968000 USD

Exact free cash flow: 84180000 USD

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2021 2021-01-01 – 2021-12-31
−USD 58.35 million
Exact value

Exact value: -58351000 USD

2021-01-01 – 2021-12-31: -58351000 USD Inspect Net Income Open source
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USD 82.76 million
Exact value

Exact value: 82756000 USD

2021-01-01 – 2021-12-31: 82756000 USD Inspect Operating Cash Flow Open source
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USD 24.17 million
Exact value

Exact value: 24170000 USD

2021-01-01 – 2021-12-31: 24170000 USD Inspect Capital Expenditure Open source
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USD 58.59 million
Calculation and evidence

82756000 − 24170000 USD

Exact free cash flow: 58586000 USD

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2022 2022-01-01 – 2022-12-31
−USD 92.53 million
Exact value

Exact value: -92534000 USD

2022-01-01 – 2022-12-31: -92534000 USD Inspect Net Income Open source
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USD 30.79 million
Exact value

Exact value: 30788000 USD

2022-01-01 – 2022-12-31: 30788000 USD Inspect Operating Cash Flow Open source
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USD 21.36 million
Exact value

Exact value: 21358000 USD

2022-01-01 – 2022-12-31: 21358000 USD Inspect Capital Expenditure Open source
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USD 9.43 million
Calculation and evidence

30788000 − 21358000 USD

Exact free cash flow: 9430000 USD

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2023 2023-01-01 – 2023-12-31
−USD 207.04 million
Exact value

Exact value: -207043000 USD

2023-01-01 – 2023-12-31: -207043000 USD Inspect Net Income Open source
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−USD 73.34 million
Exact value

Exact value: -73336000 USD

2023-01-01 – 2023-12-31: -73336000 USD Inspect Operating Cash Flow Open source
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USD 27.09 million
Exact value

Exact value: 27093000 USD

2023-01-01 – 2023-12-31: 27093000 USD Inspect Capital Expenditure Open source
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−USD 100.43 million
Calculation and evidence

-73336000 − 27093000 USD

Exact free cash flow: -100429000 USD

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2024 2024-01-01 – 2024-12-31
−USD 168.63 million
Exact value

Exact value: -168627000 USD

2024-01-01 – 2024-12-31: -168627000 USD Inspect Net Income Open source
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−USD 26.37 million
Exact value

Exact value: -26369000 USD

2024-01-01 – 2024-12-31: -26369000 USD Inspect Operating Cash Flow Open source
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USD 42.86 million
Exact value

Exact value: 42855000 USD

2024-01-01 – 2024-12-31: 42855000 USD Inspect Capital Expenditure Open source
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−USD 69.22 million
Calculation and evidence

-26369000 − 42855000 USD

Exact free cash flow: -69224000 USD

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2025 2025-01-01 – 2025-12-31
−USD 136.23 million
Exact value

Exact value: -136227000 USD

2025-01-01 – 2025-12-31: -136227000 USD Inspect Net Income Open source
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−USD 49.03 million
Exact value

Exact value: -49031000 USD

2025-01-01 – 2025-12-31: -49031000 USD Inspect Operating Cash Flow Open source
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USD 26.65 million
Exact value

Exact value: 26648000 USD

2025-01-01 – 2025-12-31: 26648000 USD Inspect Capital Expenditure Open source
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−USD 75.68 million
Calculation and evidence

-49031000 − 26648000 USD

Exact free cash flow: -75679000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

139 filings · 3,770 latest values · 3,770 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001645113, 1645113, NVCR, edgar:1645113

Also known as NovoCure Limited, NovoCure Ltd, Novocure Ltd