Cash flow NovoCure Limited

Equities

NVCR

JE00BYSS4X48

Medical Equipment, Supplies & Distribution

Market Closed - Nasdaq Other stock markets 04:00:00 2026-02-09 pm EST			5-day change	1st Jan Change
10.03 ^USD	-1.08%		-17.72%	-22.43%

Jan. 14	NovoCure Limited Presents at 44th Annual J.P. Morgan Healthcare Conference, Jan-14-2026 09:45 AM
Jan. 12	NovoCure Reports Rise in Q4 Preliminary Revenue	MT

5719c5d4fdfe3d7462.sUiGXjUT981hB40eQvO03WIwR0Nrle0eXWCUJmI_OnA.yx30F0ZRm68qQrV4LpjwnidjDgoZ3IgoLFSsQxR1QBbmMOMGc0WhoCxj_g

Published financial data: NOVOCURE LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	494M	535M	538M	509M	605M
Total Revenues	494M	535M	538M	509M	605M
Cost of Goods Sold, Total	106M	114M	114M	128M	136M
Gross Profit	388M	421M	424M	382M	469M
Selling General & Admin Expenses, Total	225M	263M	306M	387M	427M
R&D Expenses	132M	201M	206M	221M	209M
Other Operating Expenses, Total	357M	464M	512M	608M	637M
Operating Income	30.81M	-43.69M	-88.91M	-226M	-168M
Interest Expense, Total	-17.66M	-3.44M	-3.33M	-3.32M	-10.34M
Interest And Investment Income	1.79M	791K	10.96M	19.64M	22.72M
Net Interest Expenses	-15.87M	-2.65M	7.63M	16.32M	12.38M
Currency Exchange Gains (Loss)	2.65M	-4.03M	-3.52M	-797K	-717K
Other Non Operating Income (Expenses)	-389K	-1.37M	-1.26M	-790K	-603K
EBT, Excl. Unusual Items	17.2M	-51.74M	-86.06M	-211M	-156M
Restructuring Charges	-	-	-	-6.23M	-2M
Gain (Loss) On Sale Of Investments	1.32M	306K	4.83M	26.4M	28.27M
Asset Writedown	-409K	-639K	-611K	-483K	-954K
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	18.1M	-52.08M	-81.85M	-192M	-131M
Income Tax Expense	-1.71M	6.28M	10.69M	15.3M	37.46M
Earnings From Continuing Operations	19.81M	-58.35M	-92.53M	-207M	-169M
Net Income to Company	19.81M	-58.35M	-92.53M	-207M	-169M
Net Income - (IS)	19.81M	-58.35M	-92.53M	-207M	-169M
Net Income to Common Incl Extra Items	19.81M	-58.35M	-92.53M	-207M	-169M
Net Income to Common Excl. Extra Items	19.81M	-58.35M	-92.53M	-207M	-169M
Per Share Items
Net EPS - Basic	0.2	-0.56	-0.88	-1.95	-1.56
Basic EPS - Continuing Operations	0.2	-0.56	-0.88	-1.95	-1.56
Basic Weighted Average Shares Outstanding	101M	103M	105M	106M	108M
Net EPS - Diluted	0.18	-0.56	-0.88	-1.95	-1.56
Diluted EPS - Continuing Operations	0.18	-0.56	-0.88	-1.95	-1.56
Diluted Weighted Average Shares Outstanding	109M	103M	105M	106M	108M
Normalized Basic EPS	0.11	-0.31	-0.51	-1.24	-0.91
Normalized Diluted EPS	0.1	-0.31	-0.51	-1.24	-0.91
Supplemental Items
EBITDA	38.56M	-34.53M	-79.34M	-216M	-158M
EBITA	30.81M	-43.69M	-88.91M	-226M	-168M
EBIT	30.81M	-43.69M	-88.91M	-226M	-168M
EBITDAR	44.51M	-27.18M	-72.24M	-208M	-148M
Effective Tax Rate - (Ratio)	-9.42	-12.05	-13.06	-7.98	-28.56
Current Foreign Taxes	-1.71M	6.28M	10.69M	15.3M	37.46M
Total Current Taxes	-1.71M	6.28M	10.69M	15.3M	37.46M
Deferred Foreign Taxes	-	-	-	-	-
Total Deferred Taxes	-	-	-	-	-
Normalized Net Income	10.75M	-32.34M	-53.79M	-132M	-97.8M
Interest on Long-Term Debt	18.05M	4.81M	4.59M	3.38M	11.48M
Non-Cash Pension Expense	105K	-421K	-621K	-320K	-345K
Supplemental Operating Expense Items
Selling and Marketing Expenses	118M	137M	174M	224M	238M
General and Administrative Expenses	107M	126M	133M	163M	190M
Research And Development Expense From Footnotes	132M	201M	206M	223M	210M
Net Rental Expense, Total	5.95M	7.35M	7.11M	8.2M	9.24M
Imputed Operating Lease Interest Expense	2.74M	394K	325K	366K	1.2M
Imputed Operating Lease Depreciation	3.21M	6.95M	6.78M	7.83M	8.05M
Stock-Based Comp., COGS (Total)	2.22M	3.47M	4.69M	6.59M	6.87M
Stock-Based Comp., R&D Exp. (Total)	18.12M	27.6M	30.79M	31.83M	32.72M
Stock-Based Comp., S&M Exp. (Total)	17.67M	22.67M	28.83M	35.97M	43.1M
Stock-Based Comp., G&A Exp. (Total)	37.7M	41.16M	42.65M	41.23M	77.35M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	75.72M	94.9M	107M	116M	160M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	235M	209M	115M	241M	164M
Short Term Investments	608M	729M	854M	670M	796M
Total Cash And Short Term Investments	843M	938M	969M	911M	960M
Accounts Receivable, Total	96.7M	93.57M	86.26M	61.22M	74.23M
Other Receivables	13.36M	8.42M	12.39M	5.26M	3.33M
Total Receivables	110M	102M	98.65M	66.48M	77.55M
Inventory	27.42M	24.43M	29.38M	38.15M	35.09M
Prepaid Expenses	4.12M	4.76M	6.42M	6.85M	7.32M
Restricted Cash	11.5M	807K	508K	1.74M	2.33M
Other Current Assets, Total	3.77M	3.84M	7.15M	10.56M	24.41M
Total Current Assets	999M	1.07B	1.11B	1.03B	1.11B
Gross Property Plant And Equipment	76.71M	96.84M	117M	153M	178M
Accumulated Depreciation	-35.07M	-42.96M	-47.64M	-54.81M	-58.41M
Net Property Plant And Equipment	41.63M	53.88M	68.96M	97.7M	120M
Other Long-Term Assets, Total	10.91M	12.09M	11.16M	14.02M	14.62M
Total Assets	1.05B	1.14B	1.19B	1.15B	1.24B
Liabilities
Accounts Payable, Total	53.65M	72.6M	85.2M	94.39M	105M
Accrued Expenses, Total	35.66M	45.39M	49.44M	60.18M	70.98M
Current Portion of Long-Term Debt	-	-	-	-	558M
Current Portion of Leases	6.48M	6.68M	5.8M	8.22M	7.91M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	17.76M	17.76M	18.03M	16.22M	14.22M
Other Current Liabilities	61K	169K	310K	98K	14K
Total Current Liabilities	114M	143M	159M	179M	756M
Long-Term Debt	430M	562M	566M	569M	97.3M
Long-Term Leases	14.29M	13M	18.76M	27.42M	19.97M
Unearned Revenue Non Current	12.14M	6.48M	2.88M	-	-
Pension & Other Post Retirement Benefits	5.17M	4.54M	4.4M	8.26M	6.94M
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	297K	154K	76K	18K	18K
Total Liabilities	575M	729M	750M	784M	881M
Additional Paid In Capital	1.11B	1.1B	1.22B	1.35B	1.52B
Retained Earnings	-631M	-686M	-778M	-986M	-1.15B
Comprehensive Income and Other	-3.83M	-3.17M	-2.43M	-5.47M	-5.5M
Total Common Equity	477M	410M	441M	362M	360M
Total Equity	477M	410M	441M	362M	360M
Total Liabilities And Equity	1.05B	1.14B	1.19B	1.15B	1.24B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	102M	104M	105M	107M	110M
ECS Total Common Shares Outstanding	102M	104M	105M	107M	109M
Book Value / Share	4.66	3.95	4.2	3.39	3.32
Tangible Book Value	477M	410M	441M	362M	360M
Tangible Book Value Per Share	4.66	3.95	4.2	3.39	3.32
Total Debt	451M	582M	590M	604M	683M
Net Debt	-392M	-356M	-379M	-306M	-277M
Debt Equivalent of Unfunded Proj. Benefit Obligation	4.67M	4.01M	3.9M	7.81M	6.54M
Debt Equivalent Oper. Leases	47.6M	58.79M	56.86M	65.57M	73.95M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	5.18M	1.48M	4.31M	10.26M	4M
Inventories - Work In Process, Total	4.9M	8.27M	9.32M	9.8M	7.97M
Inventories - Finished Goods, Total	17.35M	14.67M	15.74M	18.09M	23.11M
Land - (BS)	-	11.16M	15.99M	24.7M	34.53M
Machinery, Total	23.32M	26.56M	30.94M	43.05M	63.31M
Full Time Employees	1.02K	1.17K	1.32K	1.45K	1.49K
Assets on Operating Lease - Gross	27.88M	33.79M	36.73M	38.24M	40.92M
Assets on Operating Lease - Accumulated Depreciation	-16.65M	-20.87M	-24.04M	-26.85M	-26.1M
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	19.81M	-58.35M	-92.53M	-207M	-169M
Depreciation & Amortization - CF	7.75M	9.17M	9.57M	9.7M	9.87M
Depreciation & Amortization, Total	7.75M	9.17M	9.57M	9.7M	9.87M
Amortization of Deferred Charges, Total - (CF)	5.91M	4.42M	4.35M	4.59M	5.14M
(Gain) Loss on Sale of Investments - (CF)	-1.25M	-238K	-4.83M	-26.4M	-28.27M
Asset Writedown & Restructuring Costs	429K	649K	955K	493K	1.16M
Stock-Based Compensation (CF)	75.72M	94.9M	107M	116M	160M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	-699K	3.14M	-5.47M	66K	-2.02M
Change In Accounts Receivable	-30.35M	5.27M	2.55M	29.41M	-26.36M
Change In Inventories	-2.94M	2.48M	-4.34M	-8.92M	2.57M
Change In Accounts Payable	25.47M	27.78M	14.26M	14.87M	19.11M
Change in Other Net Operating Assets	-702K	-6.46M	-666K	-5.71M	1.04M
Cash from Operations	99.15M	82.76M	30.79M	-73.34M	-26.37M
Capital Expenditure	-14.97M	-24.17M	-21.36M	-27.09M	-42.86M
Investment in Marketable and Equity Securities, Total	-458M	-121M	-119M	211M	-97.39M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-473M	-145M	-140M	184M	-140M
Long-Term Debt Issued, Total	558M	-	-	-	96.92M
Total Debt Issued	558M	-	-	-	96.92M
Long-Term Debt Repaid, Total	-150M	-26K	-28K	-10K	-12.91M
Total Debt Repaid	-150M	-26K	-28K	-10K	-12.91M
Issuance of Common Stock	31.8M	25.73M	15.52M	15.8M	6.31M
Repurchase of Common Stock	-	-	-	-	-
Issuance of Preferred Stock	-	-	-	-	-
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	440M	25.7M	15.49M	15.79M	90.32M
Foreign Exchange Rate Adjustments	247K	-188K	-97K	131K	-174K
Net Change in Cash	66.76M	-36.56M	-93.78M	127M	-76.47M
Supplemental Items
Cash Interest Paid	8.69M	101K	41K	6K	7.71M
Cash Income Tax Paid (Refund)	-3.26M	3.11M	5.48M	13.66M	23.46M
Levered Free Cash Flow	60.45M	98.21M	45.95M	-10.2M	9.29M
Unlevered Free Cash Flow	66.97M	97.02M	44.74M	-11.44M	11.99M
Change In Net Working Capital	22.19M	-43.34M	-4.09M	-30.42M	11.72M
Net Debt Issued / Repaid	408M	-26K	-28K	-10K	84.01M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.51	-2.49	-4.77	-12.09	-8.77
Return on Total Capital	2.94	-2.85	-5.51	-14.19	-10.46
Return On Equity %	5.71	-13.16	-21.73	-51.52	-46.67
Return on Common Equity	5.71	-13.16	-21.73	-51.52	-46.67
Margin Analysis
Gross Profit Margin %	78.54	78.65	78.76	74.96	77.5
SG&A Margin	45.6	49.19	56.97	75.97	70.59
EBITDA Margin %	7.8	-6.45	-14.75	-42.5	-26.05
EBITA Margin %	6.23	-8.17	-16.53	-44.4	-27.68
EBIT Margin %	6.23	-8.17	-16.53	-44.4	-27.68
Income From Continuing Operations Margin %	4.01	-10.91	-17.2	-40.65	-27.86
Net Income Margin %	4.01	-10.91	-17.2	-40.65	-27.86
Net Avail. For Common Margin %	4.01	-10.91	-17.2	-40.65	-27.86
Normalized Net Income Margin	2.17	-6.04	-10	-25.94	-16.16
Levered Free Cash Flow Margin	12.23	18.36	8.54	-2	1.54
Unlevered Free Cash Flow Margin	13.55	18.13	8.32	-2.25	1.98
Asset Turnover
Asset Turnover	0.65	0.49	0.46	0.44	0.51
Fixed Assets Turnover	12.97	11.2	8.76	6.11	5.57
Receivables Turnover (Average Receivables)	6.36	5.62	5.98	6.91	8.94
Inventory Turnover (Average Inventory)	4.15	4.41	4.25	3.78	3.72
Short Term Liquidity
Current Ratio	8.8	7.53	7	5.78	1.46
Quick Ratio	8.38	7.29	6.73	5.46	1.37
Operating Cash Flow to Current Liabilities	0.87	0.58	0.19	-0.41	-0.03
Days Sales Outstanding (Average Receivables)	57.58	64.9	61.02	52.84	40.95
Days Outstanding Inventory (Average Inventory)	88.18	82.83	85.94	96.63	98.42
Average Days Payable Outstanding	150.94	207.11	241.58	240.44	274.24
Cash Conversion Cycle (Average Days)	-5.17	-59.38	-94.63	-90.97	-134.87
Long Term Solvency
Total Debt/Equity	94.58	141.76	133.77	166.75	189.72
Total Debt / Total Capital	48.61	58.64	57.22	62.51	65.48
LT Debt/Equity	93.22	140.13	132.45	164.48	32.56
Long-Term Debt / Total Capital	47.91	57.96	56.66	61.66	11.24
Total Liabilities / Total Assets	54.7	63.98	62.98	68.37	70.97
EBIT / Interest Expense	1.74	-12.7	-26.67	-68.14	-16.2
EBITDA / Interest Expense	2.52	-7.9	-21.67	-62.75	-14.35
(EBITDA - Capex) / Interest Expense	1.67	-14.93	-28.07	-70.91	-18.49
Total Debt / EBITDA	10.13	-21.41	-8.17	-2.9	-4.6
Net Debt / EBITDA	-8.8	13.09	5.25	1.47	1.86
Total Debt / (EBITDA - Capex)	15.26	-11.33	-6.31	-2.57	-3.57
Net Debt / (EBITDA - Capex)	-13.26	6.93	4.05	1.3	1.45
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	40.72	8.23	0.52	-5.3	18.82
Gross Profit, 1 Yr. Growth %	47.61	8.38	0.66	-9.86	22.85
EBITDA, 1 Yr. Growth %	522.87	-189.54	129.8	172.81	-27.16
EBITA, 1 Yr. Growth %	-5.35K	-241.82	103.49	154.36	-25.92
EBIT, 1 Yr. Growth %	-5.35K	-241.82	103.49	154.36	-25.92
Earnings From Cont. Operations, 1 Yr. Growth %	-373.97	-394.58	58.58	123.75	-18.55
Net Income, 1 Yr. Growth %	-373.97	-394.58	58.58	123.75	-18.55
Normalized Net Income, 1 Yr. Growth %	-258.8	-400.91	66.33	145.66	-25.99
Diluted EPS Before Extra, 1 Yr. Growth %	-342.09	-413.41	56.72	120.55	-19.81
Accounts Receivable, 1 Yr. Growth %	64.29	-3.24	-7.81	-29.03	21.24
Inventory, 1 Yr. Growth %	15.7	-10.92	20.26	29.87	-8.04
Net Property, Plant and Equip., 1 Yr. Growth %	20.34	29.42	27.98	41.68	22.41
Total Assets, 1 Yr. Growth %	119.42	8.32	4.58	-3.82	8.26
Tangible Book Value, 1 Yr. Growth %	118.8	-13.86	7.47	-17.83	-0.64
Common Equity, 1 Yr. Growth %	118.8	-13.86	7.47	-17.83	-0.64
Cash From Operations, 1 Yr. Growth %	272.46	-16.53	-62.8	-338.2	-64.04
Capital Expenditures, 1 Yr. Growth %	42.76	61.48	-11.63	26.85	58.18
Levered Free Cash Flow, 1 Yr. Growth %	142.81	46.63	-56.19	-119.71	-570.31
Unlevered Free Cash Flow, 1 Yr. Growth %	100.45	32.08	-56.85	-122.63	-472.88
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	41.17	23.41	4.3	-2.43	6.08
Gross Profit, 2 Yr. CAGR %	51.86	26.48	4.45	-4.75	5.23
EBITDA, 2 Yr. CAGR %	22.25	136.16	43.44	150.39	40.97
EBITA, 2 Yr. CAGR %	-3.84	762.76	69.88	127.51	37.27
EBIT, 2 Yr. CAGR %	-3.84	762.76	69.88	127.51	37.27
Earnings From Cont. Operations, 2 Yr. CAGR %	-44.17	184.09	116.14	88.37	34.99
Net Income, 2 Yr. CAGR %	-44.17	184.09	116.14	88.37	34.99
Normalized Net Income, 2 Yr. CAGR %	-39.88	118.6	123.72	102.14	34.84
Diluted EPS Before Extra, 2 Yr. CAGR %	-49	175.45	121.63	85.92	32.99
Accounts Receivable, 2 Yr. CAGR %	62.72	26.08	-5.55	-19.11	-7.24
Inventory, 2 Yr. CAGR %	10.26	1.52	3.5	24.98	9.29
Net Property, Plant and Equip., 2 Yr. CAGR %	64.61	24.8	28.7	34.65	31.69
Total Assets, 2 Yr. CAGR %	75.95	54.16	6.43	0.29	2.04
Tangible Book Value, 2 Yr. CAGR %	106.03	37.29	-3.78	-6.03	-9.64
Common Equity, 2 Yr. CAGR %	106.03	37.29	-3.78	-6.03	-9.64
Cash From Operations, 2 Yr. CAGR %	629.13	76.32	-44.28	-5.86	-7.45
Capital Expenditures, 2 Yr. CAGR %	49.34	51.83	19.45	5.87	41.65
Levered Free Cash Flow, 2 Yr. CAGR %	103.37	98.62	-17.17	-68.82	-57.63
Unlevered Free Cash Flow, 2 Yr. CAGR %	74.45	70.41	-21.95	-66.79	-51.3
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	40.82	29.2	15.25	1	4.19
Gross Profit, 3 Yr. CAGR %	47.25	35.71	17.21	-0.56	3.68
EBITDA, 3 Yr. CAGR %	5.67	10.2	134.02	77.72	65.91
EBITA, 3 Yr. CAGR %	-7.66	9.45	433.06	94.34	56.52
EBIT, 3 Yr. CAGR %	-7.66	9.45	433.06	94.34	56.52
Earnings From Cont. Operations, 3 Yr. CAGR %	-31.51	-2.81	133.91	118.65	42.44
Net Income, 3 Yr. CAGR %	-31.51	-2.81	133.91	118.65	42.44
Normalized Net Income, 3 Yr. CAGR %	-29.54	2.84	99.57	130.81	44.61
Diluted EPS Before Extra, 3 Yr. CAGR %	-36.3	-6.59	128.25	121.27	40.47
Accounts Receivable, 3 Yr. CAGR %	48.44	36.83	13.59	-14.13	-7.43
Inventory, 3 Yr. CAGR %	7.58	2.69	7.42	11.64	12.83
Net Property, Plant and Equip., 3 Yr. CAGR %	32.09	51.93	25.85	32.89	30.44
Total Assets, 3 Yr. CAGR %	58.28	49.68	35.46	2.9	2.88
Tangible Book Value, 3 Yr. CAGR %	61.29	54.06	26.53	-8.71	-4.27
Common Equity, 3 Yr. CAGR %	61.29	54.06	26.53	-8.71	-4.27
Cash From Operations, 3 Yr. CAGR %	44.1	254.03	4.97	-9.56	-31.7
Capital Expenditures, 3 Yr. CAGR %	26.66	53.28	26.76	21.87	21.03
Levered Free Cash Flow, 3 Yr. CAGR %	86.67	88.71	22.67	-46.6	-55.42
Unlevered Free Cash Flow, 3 Yr. CAGR %	172.88	63.97	10.23	-46.2	-51.29
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	71.74	45.2	24.89	15.47	11.49
Gross Profit, 5 Yr. CAGR %	98.77	57.77	28.35	17.79	12.26
EBITDA, 5 Yr. CAGR %	-17.53	-19.22	19.41	53.02	91.07
EBITA, 5 Yr. CAGR %	-21.59	-16.13	17.84	46.67	209.81
EBIT, 5 Yr. CAGR %	-21.59	-16.13	17.84	46.67	209.81
Earnings From Cont. Operations, 5 Yr. CAGR %	-29.23	-15.04	8.46	26.64	87.74
Net Income, 5 Yr. CAGR %	-29.23	-15.04	8.46	26.64	87.74
Normalized Net Income, 5 Yr. CAGR %	-30.64	-14.3	11.85	34.76	70.6
Diluted EPS Before Extra, 5 Yr. CAGR %	-45.28	-18.21	4.89	23.02	83.9
Accounts Receivable, 5 Yr. CAGR %	-	71.32	23.88	10.88	4.75
Inventory, 5 Yr. CAGR %	15.07	-0.89	5.93	11.08	8.16
Net Property, Plant and Equip., 5 Yr. CAGR %	27.04	23.68	30.72	44.77	28.15
Total Assets, 5 Yr. CAGR %	27.9	32.21	35.05	27.53	20.95
Tangible Book Value, 5 Yr. CAGR %	13.7	23.59	31.18	26.42	10.58
Common Equity, 5 Yr. CAGR %	13.7	23.59	31.18	26.42	10.58
Cash From Operations, 5 Yr. CAGR %	-0.15	-5.11	-1.46	108.41	-0.19
Capital Expenditures, 5 Yr. CAGR %	7.82	6.47	23.73	32.19	32.52
Levered Free Cash Flow, 5 Yr. CAGR %	-1.71	7.43	37.67	-6.94	-17.89
Unlevered Free Cash Flow, 5 Yr. CAGR %	0.74	8.28	68.48	-12.27	-18.54