NVCRNovoCure Ltd

Surgical & Medical Instruments & Apparatus

Revenue: $655M; 8.3% YoY
Operating margin: -23.5%; 17% YoY
EBITDA: −$139M; 13% YoY
Market cap: $1.5B
Employees: 15,000; $44K revenue each
Net debt / EBITDA: —; −$97M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
16% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$44K · 4th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
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

Filed	Filer	Form	Stake	Intent
Dec 21, 2020	Perlhagen Gert L.	SC 13D/A	4.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 25
Net: −$3M

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