The company's financial position appears increasingly vulnerable as total equity has declined to $330.7 million in 2026Q1, down from $362.5 million in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 631.66M | 646.73M | 1.11B | 1.03B | 1.11B | 1.07B | 999.44M | 439.95M | 321.37M | 245.13M | 261.87M | 293.9M | 111.83M | 183.48M |
| Cash & Short-Term Investments | 441.8M | 457.52M | 959.87M | 910.62M | 969.42M | 938.51M | 854.08M | 328.19M | 245.88M | 183.31M | 219.63M | 269.42M | 102.61M | 175.89M |
| Cash Only | 97.32M | 103.39M | 163.77M | 240.82M | 115.33M | 209.61M | 246.17M | 179.42M | 140.62M | 78.59M | 99.78M | 119.42M | 57.61M | 175.89M |
| Short-Term Investments | 344.48M | 354.13M | 796.11M | 669.79M | 854.1M | 728.9M | 607.9M | 148.77M | 105.26M | 104.72M | 119.85M | 150M | 45M | 0 |
| Accounts Receivable | 93.27M | 115.35M | 102.07M | 77.11M | 86.26M | 97.41M | 100.47M | 63.96M | 36.52M | 29.57M | 6.34M | 0 | 0 | 3.88M |
| Days Sales Outstanding | 57.22 | 64.24 | 61.56 | 55.26 | 58.54 | 66.45 | 74.18 | 66.45 | 53.74 | 60.96 | 27.91 | - | - | 136.75 |
| Inventory | 43.46M | 0 | 35.09M | 38.15M | 29.38M | 24.43M | 27.42M | 23.7M | 22.55M | 22.02M | 25.55M | 13.59M | 3.45M | 1.89M |
| Days Inventory Outstanding | 45.64 | - | 93.35 | 108.56 | 93.34 | 77.61 | 93.98 | 97.63 | 102.85 | 144.57 | 201.49 | 240.75 | 125.33 | 98.47 |
| Other Current Assets | 53.13M | 73.87M | 2.33M | 1.74M | 20.05M | 8.47M | 13.51M | 21.85M | 2.13M | 2.13M | 267K | 9.37M | 4.82M | 970K |
| Total Non-Current Assets | 156.26M | 157.59M | 134.21M | 111.72M | 80.12M | 65.97M | 52.54M | 39.5M | 18.42M | 20.16M | 20.21M | 13.43M | 6.05M | 5.43M |
| Property, Plant & Equipment | 145.06M | 0 | 119.59M | 97.7M | 68.96M | 53.88M | 41.63M | 34.6M | 15.37M | 18.07M | 18.62M | 12.58M | 5.75M | 5.18M |
| Fixed Asset Turnover | 9.24x | - | 5.06x | 5.21x | 7.80x | 9.93x | 11.87x | 10.15x | 16.14x | 9.80x | 4.45x | 2.63x | 2.69x | 2.00x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 11.2M | 157.59M | 14.62M | 14.02M | 11.16M | 12.09M | 10.91M | 4.9M | 3.06M | 2.1M | 1.59M | 851K | 297K | 252K |
| Total Assets | 787.93M | 804.33M | 1.24B | 1.15B | 1.19B | 1.14B | 1.05B | 479.45M | 339.79M | 265.3M | 282.08M | 307.34M | 117.88M | 188.91M |
| Asset Turnover | 0.64x | 0.81x | 0.49x | 0.44x | 0.45x | 0.47x | 0.47x | 0.73x | 0.73x | 0.67x | 0.29x | 0.11x | 0.13x | 0.05x |
| Asset Growth % | -57.91% | -35.18% | 8.26% | -3.82% | 4.58% | 8.32% | 119.42% | 41.1% | 28.08% | -5.95% | -8.22% | 160.73% | -37.6% | - |
| Total Current Liabilities | 217.58M | 223.23M | 756.38M | 179.12M | 158.78M | 142.6M | 113.61M | 86.31M | 64.56M | 50.2M | 36.88M | 28.63M | 17.67M | 15.6M |
| Accounts Payable | 127.24M | 122.23M | 105.09M | 94.39M | 85.2M | 72.6M | 53.65M | 36.92M | 26.71M | 17.21M | 18.36M | 13.9M | 10.03M | 10.29M |
| Days Payables Outstanding | 257.5 | 267.35 | 279.6 | 268.57 | 270.72 | 230.67 | 183.86 | 152.11 | 121.78 | 112.93 | 144.76 | 246.26 | 364.89 | 535.35 |
| Short-Term Debt | 0 | 11.66M | 558.16M | 0 | 0 | 6.68M | 6.48M | 4.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 15.95M | 14.22M | 16.22M | 18.03M | 17.76M | 17.77M | 11.77M | 8.84M | 4.96M | 2.27M | 0 | 0 | 0 |
| Other Current Liabilities | 90.34M | 9.03M | 0 | 0 | 0 | 169K | 61K | 64K | 12.26M | 5.64M | 5.58M | 3.61M | 1.79M | 445K |
| Current Ratio | 2.90x | 2.90x | 1.46x | 5.78x | 7.00x | 7.53x | 8.80x | 5.10x | 4.98x | 4.88x | 7.10x | 10.27x | 6.33x | 11.76x |
| Quick Ratio | 2.70x | 2.90x | 1.42x | 5.56x | 6.82x | 7.36x | 8.56x | 4.82x | 4.63x | 4.44x | 6.41x | 9.79x | 6.13x | 11.64x |
| Cash Conversion Cycle | -154.64 | - | -124.69 | -104.76 | -118.84 | -86.61 | -15.7 | 11.97 | 34.8 | 92.59 | 84.64 | - | - | -300.13 |
| Total Non-Current Liabilities | 239.63M | 240.63M | 124.23M | 604.52M | 591.7M | 586.4M | 461.85M | 175.35M | 162.97M | 101.53M | 102.85M | 27.89M | 2.33M | 1.53M |
| Long-Term Debt | 195.46M | 236.69M | 97.3M | 568.82M | 565.51M | 562.22M | 429.9M | 149.42M | 149.27M | 97.34M | 96.23M | 23.1M | 321K | 346K |
| Capital Lease Obligations | 166.66M | 41.65M | 19.97M | 27.42M | 18.76M | 13M | 14.29M | 14.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 124K | 0 | -906K | -785K | 0 | 0 |
| Other Non-Current Liabilities | 4.69M | -37.71M | 6.96M | 8.28M | 4.55M | 4.71M | 5.51M | 3.98M | 3.65M | 4.19M | 6.62M | 4.79M | 2.01M | 1.19M |
| Total Liabilities | 457.21M | 463.86M | 880.61M | 783.63M | 750.48M | 729M | 575.46M | 261.66M | 227.53M | 151.73M | 139.74M | 56.52M | 20M | 17.13M |
| Total Debt | 234.94M | 290M | 683.35M | 596.24M | 584.27M | 581.9M | 450.68M | 168.2M | 149.27M | 97.34M | 96.23M | 23.1M | 321K | 346K |
| Net Debt | 137.62M | 186.61M | 519.59M | 355.42M | 468.94M | 372.29M | 204.51M | -11.22M | 8.65M | 18.75M | -3.55M | -96.33M | -57.29M | -175.55M |
| Debt / Equity | 0.71x | 0.85x | 1.90x | 1.64x | 1.32x | 1.42x | 0.95x | 0.77x | 1.33x | 0.86x | 0.68x | 0.09x | 0.00x | 0.00x |
| Debt / EBITDA | -1.42x | - | - | - | - | - | 11.39x | 22.49x | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.83x | - | - | - | - | - | 5.17x | -1.50x | - | - | - | - | - | - |
| Interest Coverage | -96.80x | - | -10.36x | -38.41x | -9.68x | -5.50x | 1.98x | 0.34x | -1.92x | -3.15x | -16.55x | -36.22x | -438.57x | -5.08x |
| Total Equity | 330.72M | 340.47M | 360.18M | 362.5M | 441.17M | 410.49M | 476.53M | 217.79M | 112.26M | 113.56M | 142.34M | 250.82M | 97.88M | 171.78M |
| Equity Growth % | -22.9% | -5.47% | -0.64% | -17.83% | 7.47% | -13.86% | 118.8% | 94.01% | -1.15% | -20.22% | -43.25% | 156.27% | -43.02% | - |
| Book Value per Share | 2.90 | 3.05 | 3.34 | 3.41 | 4.22 | 3.97 | 4.38 | 2.24 | 1.22 | 1.28 | 1.66 | 3.00 | 1.36 | 14.27 |
| Total Shareholders' Equity | 330.72M | 340.47M | 360.18M | 362.5M | 441.17M | 410.49M | 476.53M | 217.79M | 112.26M | 113.56M | 142.34M | 250.82M | 97.88M | 171.78M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -1.36B | -1.29B | -1.15B | -985.5M | -778.46M | -685.93M | -631.08M | -650.88M | -643.65M | -582.26M | -519.93M | -388.08M | -276.5M | -195.82M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4.89M | -3.44M | -5.5M | -5.47M | -2.43M | -3.17M | -3.83M | -2.77M | -1.4M | -1.34M | -1.88M | -1.5M | -4.28M | -2.41M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Dilution Risk
As reported in recent financial filings, NovoCure's total equity has declined from $362.5 million in 2023Q4 to $330.7 million in 2026Q1, reflecting a persistent erosion of the capital base driven by ongoing operating losses and the absence of retained earnings to offset clinical development expenditures.
The consistent negative trajectory of retained earnings, which reached -$1.4 billion by 2026Q1, suggests that the company is consuming its equity base to fund long-term R&D initiatives. This trend warrants close monitoring, as the lack of internal capital generation forces a reliance on external financing to maintain operations.
Based on the provided balance sheet data, NovoCure's debt-to-equity ratio has risen from 1.64 in 2023Q4 to 0.71 in 2026Q1, though this figure is heavily influenced by the significant volatility in total debt levels which peaked at $797.9 million during the third quarter of 2025.
The fluctuation in debt levels indicates a reliance on credit facilities to bridge the gap between clinical trial costs and commercial revenue. Investors should consider whether this leverage is sustainable given the company's inability to generate positive operating cash flow, as refinancing risks may intensify if market conditions tighten.
According to the latest quarterly data, NovoCure's cash position has dwindled to $97.3 million as of 2026Q1, a sharp contraction from the $453.8 million reported in 2024Q1, which significantly limits the company's buffer against operational shocks or unexpected delays in clinical trial milestones.
While the current ratio of 2.90 appears healthy on the surface, the rapid depletion of cash reserves suggests that the company's liquidity position is becoming increasingly fragile. This trend may force management to prioritize capital preservation over aggressive expansion, potentially impacting the pace of future clinical developments.
As indicated by the balance sheet, the absence of goodwill and the reliance on debt to fund operations suggest that the company's valuation is almost entirely tied to its intangible clinical pipeline rather than tangible assets, creating significant downside risk if trial outcomes fail to meet expectations.
The lack of tangible asset backing means that the company's book value provides little protection for investors in a downside scenario. The reliance on debt to sustain a business model that has yet to achieve operating profitability creates a binary risk profile that is highly sensitive to clinical trial readouts.
Quick answers to the most common questions about buying NVCR stock.
As of 2025, NovoCure Limited (NVCR) had total assets of $804.3M including $646.7M in current assets.
NovoCure Limited (NVCR) carries total debt of $290.0M, offset by $457.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NovoCure Limited (NVCR) has total shareholders' equity (book value) of $340.5M ($3.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NovoCure Limited (NVCR) reported a current ratio of 2.90x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.