Start here if you're new
what it is
Novocure sells a wearable cancer treatment that uses electric fields to slow tumor cell growth.
how it gets paid
Last year Novocure made $655M in revenue. GBM franchise was the main engine at $430M, or 66% of sales.
why it's growing
Revenue grew 8.3% last year. The -$0.22 EPS result mattered most because it beat the -$0.40 estimate and told you the quarter was less ugly than feared.
what just happened
NovoCure beat EPS expectations as Revenue hit $481M.
At a glance
B+ balance sheet — decent shape, but not bulletproof
30/100 earnings predictability — expect surprises
xvary composite: 34/100 — weak
-$1.10 fy2027 eps est
$850M fy2029 rev est
What they do
Novocure sells a wearable cancer treatment that uses electric fields to slow tumor cell growth.
You are buying a therapy patients wear instead of swallow. That is weird, and it is protected by approvals, not by a commodity pill aisle. Novocure still posted a 74.1% gross margin on $655 million of annual revenue, so the machine prints a lot before corporate costs show up.
How they make money
$655M
annual revenue · their business grew +8.3% last year
GBM franchise
$430M
+7.0%
NSCLC franchise
$95M
+18.0%
Pancreatic cancer program
$35M
+0.0%
International sales
$70M
+4.0%
Other revenue
$25M
+2.0%
The products that matter
electric field cancer therapy
Tumor Treating Fields (TTFields)
$655M · effectively the whole business
it generated the company's $655M revenue base. in plain English: if TTFields adoption slows, the whole story slows with it.
100% of revenue
pancreatic cancer system
Optune Lua
2026 guide: $675M–$705M
this newer approved use case is part of the argument for 3–8% growth this year. if adoption stalls, that guide gets hard to defend.
growth test
Key numbers
$0.66B
annual revenue
That is the size of the business today. It is real revenue, but it still trails the company’s losses.
23.5%
operating margin
For every $100 of sales, about $23.50 vanished at the operating line.
$25
vl target
That is 89% above the current $13.26 price, so the market is still pricing in a lot of doubt.
$195M
long-term debt
That debt is manageable next to a $2 billion market cap, but it still matters when losses persist.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $195M (11% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in NVCR 3 years ago → it's now worth $1,470.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
NovoCure beat EPS expectations as Revenue hit $481M.
Actual EPS came in at -$0.22 versus -$0.40 expected, a 45.0% beat. Gross margin was 74.1%, which is strong for a company still losing money.
$0.48B
revenue
-$0.22
eps
74.1%
gross margin
the number that mattered
The -$0.22 EPS result mattered most because it beat the -$0.40 estimate and told you the quarter was less ugly than feared.
-
novocure exits 2025 having achieved record annual revenue.
-
indeed, the company reported total preliminary net revenues for the year of $655.4 million, an increase of 8% compared to the prior year, supported by 4,464 active patients on therapy by year-end.
-
growth was largely driven by the company's optune gio glioblastoma (gbm) business, which remains a solid cash-flow engine, particularly in international markets like france and japan where patient counts grew by 27% and 8%, respectively, vs. prior year.additionally, novocure successfully initiated the commercial launch of optune lua for metastatic non-small cell lung cancer (nsclc), contributing its first significant recognized revenues while managing the at-risk treatment of patients prior to broad reimbursement coverage.
-
the 2026 outlook is heavily weighted toward regulatory catalysts.by the end of this calendar year, management aims to have four commercial indications, including anticipated fda decisions on the premarket approval application for locally advanced pancreatic cancer in the second quarter and for brain metastases from nsclc in the fourth quarter.
-
novocure intends to stop reporting quarterly prescription counts for its mature indications.strategically, this ought to shift investor focus toward active patients on therapy and the ramp-up of new indications as it moves toward an adjusted ebitda breakeven target of $700 million to $750 million in annual revenue.
source: company earnings report, 2026
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What could go wrong
the #1 risk is reimbursement and adoption of tumor treating fields.
med
profitability wall
NVCR lost $136.2M in 2025 on $655M revenue, and net margin was -27.66%.
if growth stays in the 3–8% range while losses stay this deep, the story stops being "scale is coming" and starts being "scale is not fixing it."
med
single-product concentration
100% of revenue comes from TTFields. there is no segment hiding underneath to cushion a miss.
a reimbursement change, clinical setback, or slower doctor adoption does not hit one business line. it hits the whole $655M base.
med
margin drift
gross margin fell to 75% in 2025 from 77%, and Q4 landed at 76% versus 79% a year earlier.
this matters because high gross margin is the part of the story bulls point to. if even that starts slipping, the path to breakeven gets longer.
med
CEO transition risk
Ashley Cordova resigned Nov 30, 2025, and Frank Leonard took over the next day.
new leadership can sharpen execution. it can also reset priorities while investors are waiting for proof that 2026 guidance is real.
if coverage or adoption weakens, 100% of NVCR's current $655M revenue base is exposed. that's concentration, not diversification.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings report
next report is expected around Apr 22, 2026. you want to see the first read on whether $675M–$705M still looks credible.
adoption
pancreatic cancer uptake
this is the cleanest growth lever on the page. if pancreatic prescriptions do not build, 3–8% guidance starts looking generous.
risk
gross margin direction
75% is still strong. the problem is the direction. another drop from 76% quarterly margin would tell you scaling is getting harder, not easier.
management
new CEO execution
Frank Leonard took over on Dec 1, 2025. watch what changes first: cost discipline, commercial focus, or the tone around profitability.
Analyst rankings
short-term outlook
bottom 5%
momentum score 5 is the lowest rating. in human-speak, analysts expect this to lag most stocks in the near term.
risk profile
below average
stability score 4 means bigger swings than most stocks. if you own it, you are accepting volatility as part of the package.
chart momentum
below average
technical score 4 means the chart has not started helping the story yet.
earnings predictability
30 / 100
low predictability means quarter-to-quarter numbers can move around more than you want in a company already asking for patience.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 133 buyers vs. 122 sellers in 3q2025. total institutional holdings: 92.1M shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$10
$40
$13
current price
$25
target midpoint · +89% from current · 3-5yr high: $30 (+105% · 21% ann'l return)
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