Novocure

NVCR

Medical - Devices · Healthcare

Price

$15.92

-0.50 (-3.05%)

Market Cap

$1.84B

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+7.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 103.4M (2021) → 111.5M (2025)

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Europe, the Middle East, Africa, Japan, and Greater China. Its TTFields devices include Optune for the treatment of glioblastoma; and Optune Lua for the treatment of malignant pleural mesothelioma. The company also has ongoing or completed clinical trials investigating TTFields in brain met

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-100.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$225M/ year

↑ Rising (+7% vs prior year)

34.3% of revenue

1.9x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

17.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~16 months

$97M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Heavy R&D investment

Novocure is putting 34% of revenue into R&D and that number is rising. That's 1.9x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

77.6%

Premium pricing power — 77.6% gross margin

Operating Margin

-38.7%

Losing money on operations — -38.7%

ROCE

-12.8%

Weak — -12.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+8.5%

Steady sales growth (8.5% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-7.1%

Burning cash (-7.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.59

Conservative — low debt load (0.59)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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