NovoCure Limited (NVCR) Balance Sheet
NVCR balance sheet, 2025
December 31, 2025 · U.S. dollars$804.3M assets = $463.9M liabilities + $340.5M equity
Both columns are drawn to the same scale: what NVCR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NVCR financial health
Current ratio2.90
Comfortable · current assets cover current liabilities 2.90×
Debt / equity0.85
Moderate leverage · $0.85 of debt for each $1 of equity
Equity / assets42.3%
Equity-funded · of assets funded by shareholders
Cash / debt157.8%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
NVCR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $282.1M2016 | $804.3M2025 | +12.3%/yr | |
| Total liabilities | $139.7M2016 | $463.9M2025 | +14.3%/yr | |
| Shareholders’ equity | $142.3M2016 | $340.5M2025 | +10.2%/yr | |
| Cash & short-term investments | $219.6M2016 | $457.5M2025 | +8.5%/yr | |
| Total debt | $192.7M2016 | $290.0M2025 | +4.6%/yr | |
| Net cash (debt) | $27.0M2016 | $167.5M2025 | +$140.5M | |
| Working capital | $225.0M2016 | $423.5M2025 | +$198.5M | |
| Book value per share | $1.662016 | $3.052025 | +7.0%/yr | |
| Current ratio | 7.102016 | 2.902025 | −4.20 | |
| Debt / equity | 1.352016 | 0.852025 | −0.50 | |
| Shares outstanding | 85.6M2016 | 111.5M2025 | +3.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NVCR assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
NVCR liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
NVCR debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NVCR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $457.5M | $959.9M | $910.6M | $969.4M | $937.7M | $854.1M | $326.1M | $245.9M | $183.3M | $219.6M |
| Cash & equivalents | $103.4M | $163.8M | $240.8M | $115.3M | $208.8M | $246.2M | $177.3M | $140.6M | $78.6M | $99.8M |
| Short-term investments | $354.1M | $796.1M | $669.8M | $854.1M | $728.9M | $607.9M | $148.8M | $105.3M | $104.7M | $119.9M |
| Receivables | $115.3M | $102.1M | $77.1M | $112.2M | $110.6M | $100.5M | $88.1M | $36.5M | $37.7M | $16.4M |
| Inventory | $41.1M | $35.1M | $38.2M | $29.4M | $24.4M | $27.4M | $23.7M | $22.6M | $22.0M | $25.5M |
| Other current assets | $32.8M | $9.5M | $8.5M | $508,000 | $807,000 | $17.5M | $2.1M | $16.4M | $2.1M | $267,000 |
| Total current assets | $646.7M | $1.11B | $1.03B | $1.11B | $1.07B | $999.4M | $439.9M | $321.4M | $245.1M | $261.9M |
| Property, plant & equipment (net) | $147.0M | $119.6M | $97.7M | $69.0M | $53.9M | $41.6M | $34.6M | $15.4M | $18.1M | $18.6M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $113,000 | $111,000 | $88,000 |
| Other non-current assets | $10.6M | $14.6M | $14.0M | $11.2M | $12.1M | $10.9M | $4.9M | $2.9M | $2.0M | $1.5M |
| Total assets | $804.3M | $1.24B | $1.15B | $1.19B | $1.14B | $1.05B | $479.4M | $339.8M | $265.3M | $282.1M |
| Liabilities | ||||||||||
| Accounts payable | $122.2M | $105.1M | $94.4M | $85.2M | $72.6M | $53.6M | $36.9M | $26.7M | $17.2M | $18.4M |
| Short-term debt | $11.7M | $566.1M | $84.7M | $73.6M | $70.0M | $6.5M | $37.6M | — | $97.5M | $96.4M |
| Deferred revenue | $15.9M | $14.2M | $16.2M | $18.0M | $17.8M | $17.8M | $11.8M | $8.8M | $5.0M | $2.3M |
| Total current liabilities | $223.2M | $756.4M | $179.1M | $158.8M | $142.6M | $113.6M | $86.3M | $64.6M | $50.2M | $36.9M |
| Long-term debt | $195.0M | $97.3M | $568.8M | $565.5M | $562.2M | $429.9M | $149.5M | $149.3M | $97.3M | $96.2M |
| Lease obligations | $53.3M | $27.9M | $27.4M | $18.8M | $13.0M | $14.3M | $14.1M | — | — | — |
| Other long-term liabilities | $45.6M | $26.9M | $35.7M | $26.2M | $24.2M | $31.9M | $25.9M | $13.7M | $4.2M | $6.6M |
| Total liabilities | $463.9M | $880.6M | $783.6M | $750.5M | $729.0M | $575.5M | $261.7M | $227.5M | $151.7M | $139.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | — | — | — | — | — | — | — | — | $0 | $0 |
| Retained earnings (deficit) | −$1.29B | −$1.15B | −$985.5M | −$778.5M | −$685.9M | −$631.1M | −$650.9M | −$643.7M | −$582.3M | −$519.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$3.4M | −$5.5M | −$5.5M | −$2.4M | −$3.2M | −$3.8M | −$2.8M | −$1.4M | −$1.3M | −$1.9M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $340.5M | $360.2M | $362.5M | $441.2M | $410.5M | $476.5M | $217.8M | $112.3M | $113.6M | $142.3M |
| Key figures | ||||||||||
| Total debt | $290.0M | $683.4M | $596.2M | $639.1M | $632.2M | $450.7M | $187.1M | $149.3M | $194.8M | $192.7M |
| Net cash (debt) | $167.5M | $276.5M | $314.4M | $330.3M | $305.5M | $403.4M | $139.0M | $96.6M | −$11.5M | $27.0M |
| Working capital | $423.5M | $350.2M | $855.3M | $952.8M | $930.9M | $885.8M | $353.6M | $256.8M | $194.9M | $225.0M |
| Tangible book value | $340.5M | $360.2M | $362.5M | $441.2M | $410.5M | $476.5M | $217.8M | $112.3M | $113.6M | $142.3M |
| Book value per share | $3.05 | $3.34 | $3.41 | $4.22 | $3.97 | $4.38 | $2.24 | $1.22 | $1.28 | $1.66 |
| Shares outstanding | 111.5M | 107.8M | 106.4M | 104.7M | 103.4M | 108.9M | 97.2M | 91.8M | 88.5M | 85.6M |
| Current ratio | 2.90 | 1.46 | 5.78 | 7.00 | 7.53 | 8.80 | 5.10 | 4.98 | 4.88 | 7.10 |
| Quick ratio | 2.57 | 1.40 | 5.51 | 6.81 | 7.35 | 8.40 | 4.80 | 4.37 | 4.40 | 6.40 |
| Debt / equity | 0.85 | 1.90 | 1.64 | 1.45 | 1.54 | 0.95 | 0.86 | 1.33 | 1.72 | 1.35 |
| Equity / assets | 42.3% | 29.0% | 31.6% | 37.0% | 36.0% | 45.3% | 45.4% | 33.0% | 42.8% | 50.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $440.6M | $441.8M | $457.5M | $1.04B | $911.5M | $931.3M | $959.9M | $963.7M | $954.8M | $870.1M | $910.6M | $921.2M |
| Cash & equivalents | $93.7M | $97.3M | $103.4M | $344.6M | $149.6M | $127.3M | $163.8M | $185.4M | $168.4M | $453.8M | $240.8M | $154.9M |
| Short-term investments | $346.9M | $344.5M | $354.1M | $691.4M | $761.9M | $801.9M | $796.1M | $774.5M | $786.4M | $416.4M | $669.8M | $766.4M |
| Receivables | $145.8M | $93.3M | $115.3M | $85.2M | $129.1M | $118.5M | $102.1M | $67.1M | $64.7M | $86.6M | $77.1M | $88.3M |
| Inventory | $42.2M | $43.5M | $41.1M | $39.1M | $40.2M | $39.5M | $35.1M | $39.1M | $40.4M | $42.4M | $38.2M | $36.8M |
| Other current assets | $9.9M | $53.1M | $32.8M | $39.5M | $2.5M | $0 | $9.5M | $25.4M | $32.9M | $3.6M | $8.5M | $1.7M |
| Total current assets | $638.5M | $631.7M | $646.7M | $1.20B | $1.08B | $1.09B | $1.11B | $1.10B | $1.09B | $1.00B | $1.03B | $1.05B |
| Property, plant & equipment (net) | $145.7M | $145.1M | $147.0M | $148.9M | $147.0M | $145.0M | $119.6M | $114.5M | $107.3M | $103.8M | $97.7M | $85.9M |
| Goodwill & intangible assets | $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 |
| Other non-current assets | $10.9M | $11.2M | $10.6M | $12.4M | $15.6M | $14.5M | $14.6M | $12.2M | $12.1M | $14.9M | $14.0M | $12.4M |
| Total assets | $795.2M | $787.9M | $804.3M | $1.36B | $1.25B | $1.25B | $1.24B | $1.22B | $1.21B | $1.12B | $1.15B | $1.15B |
| Liabilities | ||||||||||||
| Accounts payable | $130.7M | $127.2M | $122.2M | $118.9M | $103.7M | $95.1M | $105.1M | $91.3M | $90.2M | $84.3M | $94.4M | $79.7M |
| Short-term debt | — | — | $11.7M | $560.6M | $559.8M | $559.0M | $566.1M | $557.3M | $79.0M | $75.9M | $8.2M | $77.5M |
| Deferred revenue | — | — | — | — | — | — | $14.2M | −$562.3M | −$79.0M | −$75.9M | $16.2M | −$79.7M |
| Total current liabilities | $220.7M | $217.6M | $223.2M | $776.0M | $749.6M | $743.3M | $756.4M | $735.0M | $169.2M | $160.2M | $179.1M | $157.2M |
| Long-term debt | $195.9M | $195.5M | $195.0M | $194.6M | $97.6M | $97.5M | $97.3M | $97.1M | $653.5M | $569.7M | $568.8M | $568.0M |
| Lease obligations | $37.5M | $39.5M | $53.3M | $42.7M | $42.9M | $40.3M | $27.9M | $21.1M | $21.7M | $25.6M | $27.4M | $22.1M |
| Other long-term liabilities | $40.5M | $44.2M | $45.6M | $49.2M | $49.2M | $46.1M | $26.9M | $29.1M | $27.8M | $32.2M | $35.7M | $27.5M |
| Total liabilities | $457.1M | $457.2M | $463.9M | $1.02B | $896.4M | $886.9M | $880.6M | $861.2M | $850.4M | $762.1M | $783.6M | $752.6M |
| Shareholders' equity | ||||||||||||
| Retained earnings (deficit) | −$1.38B | −$1.36B | −$1.29B | −$1.27B | −$1.23B | −$1.19B | −$1.15B | −$1.09B | −$1.06B | −$1.02B | −$985.5M | −$938.4M |
| Accumulated other comprehensive income | −$3.4M | −$4.9M | −$3.4M | −$5.8M | −$5.1M | −$4.2M | −$5.5M | −$5.4M | −$3.5M | −$4.1M | −$5.5M | −$2.0M |
| Total shareholders' equity | $338.1M | $330.7M | $340.5M | $341.3M | $349.4M | $362.0M | $360.2M | $360.8M | $361.8M | $359.4M | $362.5M | $393.7M |
| Key figures | ||||||||||||
| Total debt | $233.4M | $234.9M | $290.0M | $797.9M | $700.3M | $696.7M | $683.4M | $675.6M | $675.2M | $595.3M | $596.2M | $590.0M |
| Net cash (debt) | $207.1M | $206.9M | $167.5M | $238.1M | $211.3M | $234.6M | $276.5M | $288.0M | $279.6M | $274.9M | $314.4M | $331.2M |
| Working capital | $417.8M | $414.1M | $423.5M | $423.8M | $333.7M | $346.0M | $350.2M | $360.3M | $923.7M | $842.5M | $855.3M | $890.8M |
| Tangible book value | $338.1M | $330.7M | $340.5M | $341.3M | $349.4M | $362.0M | $360.2M | $360.8M | $361.8M | $359.4M | $362.5M | $393.7M |
| Book value per share | $2.91 | $2.90 | $3.05 | $3.05 | $3.13 | $3.28 | $3.34 | $3.33 | $3.36 | $3.35 | $3.39 | $3.69 |
| Shares outstanding | 116.0M | 114.1M | 111.5M | 111.9M | 111.6M | 110.3M | 107.8M | 108.2M | 107.7M | 107.3M | 107.0M | 106.8M |
| Current ratio | 2.89 | 2.90 | 2.90 | 1.55 | 1.45 | 1.47 | 1.46 | 1.49 | 6.46 | 6.26 | 5.78 | 6.67 |
| Quick ratio | 2.66 | 2.46 | 2.57 | 1.44 | 1.39 | 1.41 | 1.40 | 1.40 | 6.03 | 5.97 | 5.51 | 6.42 |
| Debt / equity | 0.69 | 0.71 | 0.85 | 2.34 | 2.00 | 1.92 | 1.90 | 1.87 | 1.87 | 1.66 | 1.64 | 1.50 |
| Equity / assets | 42.5% | 42.0% | 42.3% | 25.1% | 28.0% | 29.0% | 29.0% | 29.5% | 29.8% | 32.0% | 31.6% | 34.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
NVCR financial position
At the end of fiscal 2025 (December 31, 2025), NovoCure had total assets of $804.3 million (down 35.2% from a year earlier), total liabilities of $463.9 million and shareholders' equity of $340.5 million. It held $457.5 million in cash and short-term investments against $290.0 million of debt, a net cash position of $167.5 million. Its current ratio was 2.90. In the latest quarter (ended June 30, 2026) total assets were $795.2 million and equity $338.1 million.
Related: NVCR income statement, NVCR cash flow statement, NVCR key metrics. See the NVCR stock overview for the latest quote and news.
NVCR balance sheet FAQ
What are NovoCure's total assets?
NovoCure reported total assets of $804.3 million at the end of fiscal 2025 (December 31, 2025), compared with $1.2 billion a year earlier.
How much debt does NovoCure have?
NovoCure had $290.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.85.
How much cash does NovoCure have?
NovoCure held $457.5 million in cash and short-term investments at the end of fiscal 2025; with $290.0 million of debt that is net cash of $167.5 million.
What is NovoCure's book value?
NovoCure's shareholders' equity (book value) was $340.5 million at the end of fiscal 2025, or $3.05 per share.
What is NovoCure's current ratio?
NovoCure had current assets of $646.7 million and current liabilities of $223.2 million, a current ratio of 2.90 (it can cover its short-term obligations).