Liquidity constraints are evident as the cash position contracted to $97.3 million in 2026Q1, while stock-based compensation of $63.0 million continues to obscure the underlying cash burn rate.
| 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 |
|---|
| Cash from Operations | -26.88M | -49.03M | -26.37M | -73.34M | 30.79M | 82.76M | 99.15M | 26.62M | -1.86M | -33.13M | -107.59M | -99.88M | -74.24M | -52.72M |
| Operating CF Margin % | - | -7.48% | -4.36% | -14.4% | 5.72% | 15.47% | 20.06% | 7.58% | -0.75% | -18.72% | -129.8% | -301.88% | -479.3% | -508.9% |
| Operating CF Growth % | -1087.83% | -85.94% | 64.04% | -338.2% | -62.8% | -16.53% | 272.46% | 1527.35% | 94.37% | 69.2% | -7.72% | -34.53% | -40.84% | - |
| Net Income | -173.05M | -136.23M | -168.63M | -207.04M | -92.53M | -58.35M | 19.81M | -7.23M | -63.56M | -61.66M | -131.84M | -111.58M | -80.68M | -77.37M |
| Depreciation & Amortization | 6.43M | 14.65M | -14.41M | 10.97M | 10.62M | 10.25M | 9.15M | 8.46M | 9.01M | 7.68M | 5.65M | 3.15M | 1.96M | 1.22M |
| Stock-Based Compensation | 118.47M | 0 | 160.03M | 115.61M | 106.95M | 94.9M | 75.72M | 52.42M | 39.85M | 27.12M | 22.14M | 11.86M | 4.62M | 5.12M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 3.88M | -270K | -519K | 407K | 241K | 5.75M | 46K | 23K | 19K |
| Other Non-Cash Items | 12.52M | 87.67M | 932K | -22.43M | -6.05M | 3.01M | 3.26M | -2.17M | 1.02M | 252K | 155K | 1M | -19K | 11.5M |
| Working Capital Changes | 8.74M | -15.13M | -4.3M | 29.56M | 11.8M | 29.07M | -8.52M | -24.33M | 11.41M | -6.76M | -9.44M | -4.36M | -152K | 6.8M |
| Change in Receivables | -29.5M | -38.94M | -26.36M | 29.41M | 2.55M | 5.27M | -30.35M | -36.5M | -4.15M | -23.23M | -6.34M | -1.31M | 1.17M | -398K |
| Change in Inventory | -4.5M | -5.67M | 2.57M | -8.92M | -4.34M | 2.48M | -2.94M | -1.16M | -529K | 3.52M | -11.96M | -10.15M | -1.55M | 1.48M |
| Change in Payables | 30.26M | 18.96M | 19.11M | 14.87M | 14.26M | 27.78M | 25.47M | 16.88M | 9.5M | -1.15M | 1.6M | 6.96M | -492K | 5.7M |
| Cash from Investing | 451.5M | 437.28M | -140.24M | 184.15M | -139.96M | -144.83M | -472.85M | -51.67M | -5.49M | 6.77M | 12.81M | -115.3M | -46.18M | 10.4M |
| Capital Expenditures | -21.19M | -26.65M | -42.85M | -27.09M | -21.36M | -24.17M | -14.97M | -10.48M | -6.71M | -7.37M | -17.66M | -10.27M | -2.32M | -3.63M |
| CapEx % of Revenue | 3.14% | 4.07% | 7.08% | 5.32% | 3.97% | 4.52% | 3.03% | 2.98% | 2.71% | 4.16% | 21.31% | 31.04% | 14.97% | 35.01% |
| Acquisitions | 0 | 0 | 0 | 0 | 118.6M | 120.66M | 457.88M | 41.18M | 3.79M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -118.6M | -120.66M | -457.88M | -41.18M | -3.79M | -1.86M | -180K | -26K | 1.12M | -1.02M |
| Cash from Financing | -456.76M | -451.34M | 90.31M | 15.79M | 15.49M | 25.7M | 440.21M | 61.68M | 69.37M | 5.17M | 75.12M | 276.99M | 2.15M | 183.32M |
| Debt Issued (Net) | -460.97M | -460.97M | 84.01M | -10K | -28K | -26K | 408.41M | -31K | 49.07M | -57K | 72.82M | 22.82M | -9K | -8.42M |
| Equity Issued (Net) | 4.27M | 9.77M | 4.15M | 4.42M | 5.22M | 4.55M | 3.37M | 2.47M | 1.83M | 1.54M | 616K | 252.13M | 0 | 191.74M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5K | 0 | 0 |
| Other Financing | -61K | -146K | 2.16M | 11.38M | 10.29M | 21.18M | 28.43M | 59.24M | 18.47M | 3.69M | 1.69M | 2.04M | 2.15M | 2K |
| Net Change in Cash | -32.11M | -62.7M | -76.47M | 126.73M | -93.78M | -36.56M | 66.76M | 36.66M | 62.04M | -21.19M | -19.64M | 61.81M | -118.28M | 141M |
| Free Cash Flow | -48.07M | -75.68M | -69.22M | -100.43M | 9.43M | 58.59M | 84.18M | 16.14M | -8.58M | -40.5M | -125.26M | -110.16M | -76.56M | -56.34M |
| FCF Margin % | -7.13% | -11.55% | -11.44% | -19.72% | 1.75% | 10.95% | 17.03% | 4.59% | -3.46% | -22.88% | -151.11% | -332.93% | -494.27% | -543.91% |
| FCF Growth % | 33.36% | -9.32% | 31.07% | -1164.99% | -83.9% | -30.4% | 421.72% | 288.14% | 78.82% | 67.67% | -13.71% | -43.88% | -35.88% | - |
| FCF per Share | -0.42 | -0.68 | -0.64 | -0.94 | 0.09 | 0.57 | 0.77 | 0.17 | -0.09 | -0.46 | -1.46 | -1.32 | -1.06 | -4.68 |
| FCF Conversion (FCF/Net Income) | 0.28x | 0.36x | 0.16x | 0.35x | -0.33x | -1.42x | 5.01x | -3.68x | 0.03x | 0.54x | 0.82x | 0.90x | 0.92x | 0.68x |
| Interest Paid | 2.67M | 0 | 7.71M | 6K | 41K | 101K | 0 | 13.7M | 13.33M | 10.16M | 6.59M | 1.69M | 25K | 7.13M |
| Taxes Paid | 13.84M | 0 | 23.46M | 13.66M | 5.48M | 3.11M | 0 | 11.24M | 20.35M | 10.29M | 9.45M | 1.49M | 282K | 689K |
Clinical Trial Funding Dependency
As reported in financial statements, the persistent gap between net income and operating cash flow, highlighted by an OCF/NI ratio of 0.19 in 2026Q1, suggests that reported losses are being exacerbated by significant non-cash charges, primarily driven by elevated stock-based compensation expenses.
The wide variance between accounting losses and cash generation indicates that the company's operational performance is heavily reliant on non-cash accounting adjustments. Investors should monitor whether this divergence continues, as it masks the true cash-burn profile required to maintain the current commercial infrastructure.
Based on recent quarterly filings, NovoCure's free cash flow margin has remained consistently negative, reaching a low of -29.9% in 2025Q1, which underscores the difficulty in achieving self-sustaining cash generation while simultaneously funding extensive clinical development and commercial expansion efforts.
The inability to maintain positive free cash flow suggests that the core GBM business is not yet generating sufficient surplus to cover the company's aggressive R&D pipeline. This trajectory warrants further investigation into whether future clinical milestones can realistically bridge the gap to positive cash flow.
According to the provided cash flow data, the company's capital expenditure as a percentage of revenue has fluctuated between 2.8% and 8.5% over the last ten quarters, reflecting a moderate but necessary investment in manufacturing capabilities to support the global rollout of TTFields.
While capital intensity appears relatively contained, the ongoing need for infrastructure investment suggests that the company cannot easily scale back spending without risking its ability to supply disposable arrays. This fixed-cost burden remains a critical factor in the company's path toward operational break-even.
As indicated by the quarterly cash flow data, working capital changes have been highly erratic, swinging from a $30.1 million inflow in 2025Q3 to a $27.5 million outflow in 2025Q1, which suggests potential volatility in inventory management and the timing of accounts receivable collections.
These swings in working capital may indicate challenges in aligning supply chain logistics with fluctuating patient demand across international markets. Investors should monitor these movements closely, as they directly impact the company's short-term liquidity and ability to manage its cash reserves effectively.
Based on an analysis of the cash flow statement, stock-based compensation has reached as high as $63.0 million in a single quarter, which significantly obscures the actual cash burn rate and complicates the assessment of the company's true operational sustainability for external stakeholders.
The reliance on equity-based compensation to manage cash outflows may be masking the true cost of talent retention and operational overhead. This practice warrants further investigation, as it may lead to future dilution that is not immediately apparent when focusing solely on headline cash flow figures.
Quick answers to the most common questions about buying NVCR stock.
NovoCure Limited (NVCR) generated $-49.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NovoCure Limited (NVCR) reported negative free cash flow of $75.7M in 2025, indicating capital requirements exceeded cash from operations.
NovoCure Limited (NVCR) spent $26.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.