NovoCure Limited Ordinary Shares (NVCR)

FairStock Score: 43/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach NovoCure as an oncology device company with an interesting technology, but I ask Graham's first question: what are the proven earnings? In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $183.6 million and net income was -$15.7 million, or -$0.13 per diluted share. That is better than fiscal Q2 2025, the quarter ended 2025-06-30, when revenue was $158.8 million and net income was -$40.1 million. For fiscal 2025, the period ended 2025-12-31, revenue was $655.4 million and net income was -$136.2 million, compared with -$168.6 million in fiscal 2024 and -$207.0 million in fiscal 2023. The direction is improving, but the company has lost money in each of the last four years; FairStock's Lynch category is none for that reason. The TTFields devices, including Optune Gio, Optune Lua, and Optune Pax, plus ongoing clinical trials, may create barriers to entry, but a medical-device moat depends on reimbursement, adoption, and patent protection. Financial health is not comforting: trailing free cash flow is -$25.4 million, FCF yield is -1.5%, ROE is -43.22%, ROCE is -9.26%, debt-to-equity is 0.69, and the Altman Z-Score of 0.58 is distress territory. The Piotroski F-Score is 5/9, middling. At the 2026-10-13 close of $14.30, FairStock calculates P/E at -11 and P/B at 4.93. No earnings means no Graham-style margin of safety, and the $9.82-$21.45 52-week range only shows how volatile sentiment has been. FairStock Score is 43/100. I see recovery potential, not a proven bargain.

In plain English: NovoCure makes electrical devices that use tumor treating fields to treat certain cancers. Sales are growing and losses are getting smaller, but the company has not made a yearly profit in the last four years and still loses money each quarter. At the 2026-10-13 close of $14.30, the price does not look clearly cheap, because the business trades at several times its accounting value while there are no profits yet.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer