NovoCure Ltd (NVCR)

Price$17.94Cached quoteAs of 2026-09-05 11:15 UTC

AI: Fair-priced

Price checkThe valuation looks balanced: growth is improving, but profits and pipeline outcomes are still uncertain.

NovoCure Limited (Nasdaq: NVCR) has roughly 116.45 million shares outstanding, putting equity value near $1.82 billion. After subtracting $440.6 million of cash and short-term investments and adding about $200 million of debt, enterprise value—what the whole operating business effectively costs—is around $1.58 billion. Against 2026 revenue guidance of $710-$725 million, that is roughly 2.2 times sales. That multiple is not demanding for a growing oncology-device company, but it is not obviously cheap while GAAP earnings remain negative.

Big pictureRevenue growth is accelerating while operating cash burn has nearly disappeared, strengthening financial durability.

Second-quarter revenue rose 16% year over year to $183.6 million, and management lifted full-year guidance to $710-$725 million. Adjusted EBITDA—a non-GAAP operating-profit measure before interest, taxes, depreciation, amortization and share-based compensation—was $10.8 million, while six-month operating cash use was only $5.4 million. After repaying $561 million of convertible notes at maturity in November 2025, cash and short-term investments still totaled $440.6 million. A $200 million secured term loan remains, with repayments starting in Q3 2027 and floating interest, so continued cash improvement matters.

Business strengthHigh margins, patient growth, and multiple cancer launches offset reimbursement and clinical execution risk.

Gross margin was 78% in Q2, although a tariff refund helped and management guides to mid-70s margins. Active patients rose 18%, led by continued Optune Gio growth and early Optune Pax and Lua adoption. Cancer treatment demand is economically defensive rather than classically cyclical, but revenue can still be lumpy around regulatory approvals, reimbursement decisions and launch execution. The TRIDENT study’s failure to improve overall survival also shows that pipeline success is not automatic, even when the underlying platform is already commercial.

What could change the storyFaster launch adoption could re-rate shares; weak uptake, failed approvals, or dilution could do the opposite.

Bull case: Optune Pax and Lua scale faster than guidance, core Gio keeps mid-to-high single-digit growth, the brain-metastases application wins FDA approval, and positive EBITDA becomes sustained; that combination could justify a higher sales multiple. Bear case: payer coverage lags, new indications disappoint, TRIDENT limits glioblastoma expansion, or operating losses return. Dilution also matters: shares outstanding rose from 112.5 million at year-end 2025 to 116.4 million by June, while stock-based compensation remained high. Given both paths, Fair-priced is the most balanced label.

AI: News

Launch momentum reiteratedManagement highlighted strong Optune Pax demand, steady glioblastoma growth, and early Japan momentum at Wells Fargo.

At the September 9 Wells Fargo healthcare conference, CEO Frank Leonard said commercial traction was building across the portfolio. Optune Pax had generated about 600 prescriptions in roughly four months, while Optune Gio active patients continued growing and Japan was emerging as an additional driver. Management also emphasized spending discipline. The message supports the bull case, but payer coverage, competition and execution remain the main variables that could determine whether launch momentum turns into durable profitability.

Cyber incident disclosedA mid-August breach exposed limited patient and contact data but did not disrupt treatment devices or operations.

Novocure disclosed on September 1 that unauthorized access affected some information systems. More than 1,400 U.S. records had internal patient ID numbers exposed; fewer than 50 western U.S. patients had additional identifying information exposed. The company said no medical treatment devices were accessed, operations were not compromised and systems were fully functional. It did not expect a material financial impact at filing time, though legal, notification and reputational costs remain possible until the investigation is complete.

Guidance raised after Q2Record quarterly revenue and patient growth led management to raise both revenue and adjusted EBITDA guidance.

On July 23, Novocure reported Q2 revenue of $183.6 million, up 16% year over year, with total active patients up 18%. Adjusted EBITDA was positive at $10.8 million and cash plus short-term investments were $440.6 million. Management raised 2026 revenue guidance to $710-$725 million from $690-$710 million and lifted adjusted EBITDA guidance to $0-$15 million from a loss-to-breakeven range, signaling better operating leverage and cash durability.

TRIDENT misses primary endpointEarlier TTFields use in newly diagnosed glioblastoma failed to produce a statistically significant overall-survival improvement.

On June 18, Novocure said the Phase 3 TRIDENT trial did not meet its primary endpoint. Median overall survival was 17.7 months with earlier TTFields initiation versus 17.5 months with maintenance-phase initiation, a difference that was not statistically significant. The trial showed no new safety signals and confirmed feasibility, but the result reduced the likelihood of a straightforward growth boost from moving treatment earlier. It is a clear reminder that pipeline expansion remains a major source of valuation risk.

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Revenue	$655.4M	$605.2M	$509.3M	$537.8M	$535.0M	$494.4M	$351.3M	$248.1M	$177.0M	$82.9M	$33.1M	$15.5M	$10.4M
Gross profit	$488.5M	$468.0M	$381.1M	$423.0M	$420.2M	$387.9M	$262.7M	$168.0M	$121.4M	$36.6M	$12.5M	$5.5M	$3.3M
Gross margin	74.54%	77.33%	74.81%	78.64%	78.53%	78.46%	74.78%	67.73%	68.59%	44.16%	37.71%	35.21%	32.30%
Research & development	$224.5M	$209.6M	$223.1M	$206.1M	$201.3M	$132.0M	$79.0M	$50.6M	$38.1M	$41.5M	$43.7M	$40.4M	$34.8M
Operating expenses	$642.3M	$638.5M	$613.9M	$512.5M	$464.5M	$357.5M	$263.6M	$201.7M	$160.7M	$151.9M	$116.5M	$85.6M	$67.8M
Operating income	−$153.8M	−$170.5M	−$232.9M	−$89.5M	−$44.3M	$30.4M	−$914,000	−$33.7M	−$39.3M	−$115.3M	−$104.0M	−$80.2M	−$64.5M
Operating margin	−23.47%	−28.17%	−45.72%	−16.64%	−8.29%	6.15%	−0.26%	−13.57%	−22.22%	−139.12%	−314.31%	−517.47%	−622.25%
EBITDA	−$139.2M	−$159.3M	−$221.9M	−$78.9M	−$34.1M	$39.6M	$7.5M	−$24.7M	−$31.7M	−$109.7M	−$100.8M	−$78.2M	−$63.2M
EBITDA margin	−21.23%	−26.31%	−43.57%	−14.67%	−6.37%	8.00%	2.15%	−9.94%	−17.88%	−132.31%	−304.78%	−504.80%	−610.51%
Net income	−$136.2M	−$168.6M	−$207.0M	−$92.5M	−$58.4M	$19.8M	−$7.2M	−$63.6M	−$61.7M	−$131.8M	−$111.6M	−$80.7M	−$77.4M
Net profit margin	−20.79%	−27.86%	−40.65%	−17.20%	−10.91%	4.01%	−2.06%	−25.62%	−34.83%	−159.06%	−337.24%	−520.87%	−746.89%
Basic EPSper basic share	-$1.22	-$1.56	-$1.95	-$0.88	-$0.56	$0.20	-$0.07	-$0.69	-$0.70	-$1.54	-$3.67	-$6.46	-$6.73
Diluted EPSper diluted share	-$1.22	-$1.56	-$1.95	-$0.88	-$0.56	$0.18	-$0.07	-$0.69	-$0.70	-$1.54	-$3.67	-$6.46	-$6.73

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.92%of listed shares

FMR LLC17.37M shares · Jun 30, 2026

View holders

Top 20 reported holders of NVCR
Holder	% owned
FMR LLC	14.92%17.37M shares
BlackRock, Inc.	11.52%13.41M shares
Soleus Capital Management, L.P.	8.51%9.91M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.39%6.27M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.21%4.9M shares
MORGAN STANLEY	3.88%4.52M shares
STATE STREET CORP	2.46%2.87M shares
GEODE CAPITAL MANAGEMENT, LLC	2.40%2.8M shares
WELLS FARGO & COMPANY/MN	2.17%2.53M shares
Quantinno Capital Management LP	1.91%2.22M shares
RENAISSANCE TECHNOLOGIES LLC	1.68%1.95M shares
JPMORGAN CHASE & CO	1.44%1.67M shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	1.19%1.39M shares
Palo Alto Investors LP	1.10%1.28M shares
Nuveen, LLC	1.06%1.23M shares
JACOBS LEVY EQUITY MANAGEMENT, INC	1.00%1.16M shares
Empowered Funds, LLC	0.99%1.15M shares
AQR CAPITAL MANAGEMENT LLC	0.95%1.1M shares
DIMENSIONAL FUND ADVISORS LP	0.94%1.09M shares
D. E. Shaw & Co., Inc.	0.88%1.02M shares

Percentages use 116.44M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$1.23M disclosed value

Sells (SEC code S)77$5.59M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 4, 2026Form 4	Leonard Frank XChief Executive Officer	SellOrdinary Shares	34.3K	$17.93	$614.5K	459.5K
Jun 2, 2026Form 4	Stafford KristinDirector	SellOrdinary Shares	2.9K	$15.77	$46.4K	11.3K
Jun 2, 2026Form 4	Ocean Allyson JDirector	SellOrdinary Shares	2.9K	$15.77	$46.4K	11.3K
Jun 2, 2026Form 4	Scannell Timothy JDirector	SellOrdinary Shares	2.9K	$15.77	$46.4K	14.3K
Jun 2, 2026Form 4	VERNON W ANTHONYDirector	SellOrdinary Shares	2.9K	$15.77	$46.4K	197.7K

Review ownership filings at SEC.gov ↗

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