NVCRNovoCure Ltd
Surgical & Medical Instruments & Apparatus
- Revenue
- $655M
- 8.3% YoY
- Operating margin
- -23.5%
- 17% YoY
- EBITDA
- −$139M
- 13% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$97M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired16% of revenueOver 10% of revenue
- Payouts exceed cash flowClear-0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $535M | $538M | $509M | $605M | $655M | 8.3% |
| Operating income | −$44M | −$90M | −$233M | −$170M | −$154M | 9.8% |
| Net income | −$58M | −$93M | −$207M | −$169M | −$136M | 19% |
| Operating cash flow | $83M | $31M | −$73M | −$26M | −$49M | 86% |
| Capex | $24M | $21M | $27M | $43M | $27M | 38% |
| Stock-based comp | $95M | $107M | $116M | $160M | $105M | 34% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 7 | 125 |
| FY2024 | $2M | $796K | 35 | 118 |
| FY2023 | $2M | −$5M | 18 | 119 |
| FY2022 | $2M | $2M | 87 | 114 |
| FY2021 | $1M | −$32M | 89 | 126 |