# NovoCure Limited (NVCR)

> Source: Nexqual · https://nexqual.com/NVCR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, NovoCure Limited (NVCR), nexqual.com/NVCR" · informational, not investment advice.

**Price:** USD 15.1 (-3.14% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 15.59 · day 14.94–15.66 · 52w 9.82–21.45 · market cap $1.76B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $699M, net income -$149M (-21.2% margin), free cash flow -$25.4M (SEC filings).
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $940K; 8 not under a Rule 10b5-1 plan ($940K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (7 analysts), mean target USD 26.86 (range 17–52).
- Total return with dividends: 1Y +8.5% vs S&P 500 +14.9%; 5Y -87.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD -0.23, revenue estimate $182M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $535M | $538M | $509M | $605M | $655M | $699M |
| Gross profit | $420M | $423M | $381M | $468M | $488M | — |
| Operating income | -$44.3M | -$89.5M | -$233M | -$170M | -$154M | -$154M |
| Net income | -$58.4M | -$92.5M | -$207M | -$169M | -$136M | -$149M |
| EPS (diluted) | -$0.56 | -$0.88 | -$1.95 | -$1.56 | -$1.22 | — |
| Free cash flow | $58.6M | $9.4M | -$100M | -$69.2M | -$75.7M | -$25.4M |
| Gross margin | 78.5% | 78.6% | 74.8% | 77.3% | 74.5% | — |
| Operating margin | -8.3% | -16.6% | -45.7% | -28.2% | -23.5% | -22.1% |
| Net margin | -10.9% | -17.2% | -40.6% | -27.9% | -20.8% | -21.2% |
| Revenue growth | +8.2% | +0.5% | -5.3% | +18.8% | +8.3% | — |
| Cash + short-term investments | $209M | $115M | $241M | $164M | $93.5M | — |
| Total debt | $562M | $566M | $569M | $97.3M | $195M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.5x · P/B 5.2x · FCF yield -1.45% · Earnings yield -8.45%

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-04 | Leonard Frank X | Chief Executive Officer | 34,273 | $615K | 6.9% | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-02 | Leung Gabriel | Director | 2,945 | $46K | 3.2% | No | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Stafford Kristin | Director | 2,945 | $46K | 20.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Ocean Allyson J | Director | 2,945 | $46K | 20.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Scannell Timothy J | Director | 2,945 | $46K | 17.1% | No | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Hilleman Jeryl L | Director | 2,945 | $46K | 17.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Vernon W Anthony | Director | 2,945 | $46K | 1.5% | No | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Hung David | Director | 2,945 | $46K | 12.6% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 7 analysts; mean target USD 26.86 (low 17, high 52).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-24 | Wedbush | Target raised | Neutral | $18 → $20 |
| 2026-07-23 | HC Wainwright & Co. | Target raised | Buy | $46 → $52 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +8.5% | -87.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +8.5% | -34.0% |
| Volatility (annualized) | 77.5% | 74.3% |
| Max drawdown | -32.5% (Jan 2026→Feb 2026) | -91.6% (Oct 2021→Feb 2026) |

## Peers (Medical Devices)
BFLY (Butterfly Network, Inc.) USD 6.81 -4.08% · ESTA (Establishment Labs Holdings Inc) USD 63.52 +1.99% · ALMR (Alamar Biosciences, Inc.) USD 29.72 -5.50% · INSP (Inspire Medical Systems, Inc.) USD 72.66 +2.24% · AXGN (AxoGen, Inc.) USD 36.68 +0.55% · UFPT (UFP Technologies, Inc.) USD 297.33 +2.49%

## More
Full page: https://nexqual.com/NVCR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NVCR's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1645113/000164511326000017/nvcr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Merck (MRK) | "KEYNOTE D58 was designed and is being conducted as part of a clinical collaboration between Novocure and MSD, a tradename of Merck & Co., Inc. KEYNOTE D58 is currently open and enrolling, and we anticipate completing enr…" |

Other companies that name NVCR in their own reports (relationship from NVCR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Zai Lab Ltd (ZLAB) | 10-K 2026-02-26 | "For example, we source VYVGART and VYVGART Hytrulo from argenx, OPTUNE from NovoCure, QINLOCK from Deciphera, XACDURO from Innoviva, AUGTYRO from BMS, and TIVDAK from Pfizer." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $103.0M | 56.1% | +9.2% |
| International markets - Total | $74.7M | 40.7% | +24.6% |
| — Germany (part of International markets - Total) | $23.3M | 12.7% | +22.4% |
| — France (part of International markets - Total) | $21.3M | 11.6% | +15.9% |
| — Other international markets (part of International markets - Total) | $18.2M | 9.9% | +40.3% |
| — Japan (part of International markets - Total) | $11.8M | 6.4% | +24.2% |
| Greater China | $6.0M | 3.2% | +29.7% |
| Total revenue | $183.6M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.23 | $-0.33 | -28.2% | $182.2M | 7 |
| Next quarter (ends 2026-12-31) | $-0.24 | $-0.32 | -23.5% | $185.7M | 6 |
| Current fiscal year (ends 2026-12-31) | $-1.24 | $-1.59 | -22.5% | $726.1M | 7 |
| Next fiscal year (ends 2027-12-31) | $-0.81 | $-1.19 | -32.4% | $804.8M | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±12.4%; last 8 reports averaged ±14.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 81.4% | ±12.4% |
| 2026-12-18 | 56 | 78.7% | ±17.1% |
| 2027-01-15 | 84 | 61.7% | ±23.8% |
| 2027-03-19 | 147 | 62.0% | ±31.5% |
| 2027-06-17 | 237 | 60.0% | ±38.4% |