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NovoCure Limited Balance Sheet 2025-2011 | NVCR
Brief overview of NovoCure Limited's balance sheet strength
The comparison uses five available annual reports from the 2021–2025 interval.
Across five reporting periods, assets decreased -29.4%, from $1.1 billion to $804.3 million, producing a negative trend.
The growth rates were balanced: assets changed -29.4%, while liabilities changed -36.4%.
Shareholders' equity accounts for 42.3% of assets, previously 36%. Dependence on liabilities is moderate.
Net debt is $113.2 million, or 0.33x of equity. This is a conservative debt position.
Cash equals 11.6% of the balance sheet, compared with 18.3% five periods ago. This is the readily available cushion.
Retained earnings remain negative at -$1.3 billion. This may reflect past losses or substantial shareholder distributions, so earnings and buybacks provide important context.
What the balance sheet shows
NovoCure Limited's balance sheet sends more positive than negative signals, but liabilities should not begin outpacing the capital base.
Annual Balance Sheet NovoCure Limited
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
113 M | -58.6 M | 336 M | 456 M | 353 M | 184 M | 121 M | 114 M | 124 M | 116 M | 53.7 M | -57.3 M | -176 M | - | - |
Long Term Debt |
195 M | 97.3 M | 569 M | 566 M | 562 M | 430 M | 149 M | 149 M | 98 M | 96.2 M | 23.1 M | 321 K | 346 K | - | - |
Long Term Debt Current |
11.7 M | 7.91 M | 8.22 M | 5.8 M | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
241 M | 124 M | 605 M | 592 M | 586 M | 462 M | 175 M | 163 M | 102 M | 103 M | 27.9 M | 2.33 M | 1.53 M | - | - |
Total Current Liabilities |
223 M | 756 M | 179 M | 159 M | 143 M | 114 M | 86.3 M | 64.6 M | 50.2 M | 36.9 M | 28.6 M | - | - | - | - |
Total Liabilities |
464 M | 881 M | 784 M | 750 M | 729 M | 575 M | 262 M | 228 M | 152 M | 140 M | 56.5 M | 20 M | 17.1 M | - | - |
Deferred Revenue |
15.9 M | 14.2 M | 16.2 M | 18 M | - | - | 11.8 M | 8.84 M | 4.96 M | 2.27 M | - | - | - | - | - |
Retained Earnings |
-1.29 B | -1.15 B | -986 M | -778 M | -686 M | -631 M | -651 M | -644 M | -582 M | -520 M | -388 M | -276 M | -196 M | - | - |
Total Assets |
804 M | 1.24 B | 1.15 B | 1.19 B | 1.14 B | 1.05 B | 479 M | 340 M | 265 M | 282 M | 307 M | 118 M | 189 M | - | - |
Cash and Cash Equivalents |
93.5 M | 164 M | 241 M | 115 M | 209 M | 246 M | 177 M | 141 M | 78.6 M | 99.8 M | 119 M | 57.6 M | 176 M | - | - |
Book Value |
340 M | 360 M | 362 M | 441 M | 410 M | 477 M | 218 M | 112 M | 114 M | 142 M | 251 M | 97.9 M | 172 M | - | - |
Total Shareholders Equity |
340 M | 360 M | 362 M | 441 M | 410 M | 477 M | 218 M | 112 M | 114 M | 142 M | 251 M | 97.9 M | 172 M | - | - |
All numbers in USD currency
Quarterly Balance Sheet NovoCure Limited
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
37.5 M | 39.5 M | 42.7 M | 42.9 M | 40.3 M | 20 M | 21.1 M | 21.7 M | 570 M | 27.4 M | 568 M | 567 M | 566 M | 566 M | 565 M | - | 563 M | 562 M | 561 M | 561 M | 560 M | 430 M | 430 M | 430 M | 430 M | 149 M | 149 M | 149 M | 149 M | 149 M | 149 M | 149 M | 149 M | 97.3 M | 97.3 M | 97.3 M | 97.3 M | 96.2 M | 96.2 M | 96.2 M | 96.2 M | 23.1 M | 23.1 M | 23.1 M | 23.1 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
236 M | 240 M | 244 M | 147 M | 144 M | 124 M | 126 M | 681 M | 602 M | 605 M | 595 M | 593 M | 593 M | 592 M | 588 M | - | 587 M | 586 M | 583 M | 584 M | 585 M | 462 M | 462 M | 462 M | 462 M | 175 M | 175 M | 175 M | 175 M | 163 M | 163 M | 163 M | 163 M | 102 M | 102 M | 102 M | 102 M | 103 M | 103 M | 103 M | 103 M | 27.9 M | 27.9 M | 27.9 M | 27.9 M | 2.33 M | 2.33 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
457 M | 457 M | 1.02 B | 896 M | 887 M | 881 M | 861 M | 850 M | 762 M | 784 M | 753 M | 743 M | 742 M | 750 M | 729 M | - | 714 M | 729 M | 707 M | 700 M | 695 M | 575 M | 575 M | 575 M | 575 M | 262 M | 262 M | 262 M | 262 M | 228 M | 228 M | 228 M | 228 M | 152 M | 152 M | 152 M | 152 M | 140 M | 140 M | 140 M | 140 M | 56.5 M | 56.5 M | 56.5 M | 56.5 M | 20 M | 20 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
16.9 M | 15.9 M | 15.7 M | 15.4 M | 14.8 M | 14.2 M | 14.9 M | 15.6 M | 15.9 M | 16.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-1.38 B | -1.36 B | -1.27 B | -1.23 B | -1.19 B | -1.15 B | -1.09 B | -1.06 B | -1.02 B | -986 M | -938 M | -889 M | -832 M | -778 M | -741 M | - | -691 M | -686 M | -659 M | -646 M | -632 M | -631 M | -631 M | -631 M | -631 M | -651 M | -651 M | -651 M | -651 M | -644 M | -644 M | -644 M | -644 M | -582 M | -582 M | -582 M | -582 M | -520 M | -520 M | -520 M | -520 M | -388 M | -388 M | -388 M | -388 M | -276 M | -276 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
795 M | 788 M | 1.36 B | 1.25 B | 1.25 B | 1.24 B | 1.22 B | 1.21 B | 1.12 B | 1.15 B | 1.15 B | 1.16 B | 1.17 B | 1.19 B | 1.17 B | - | 1.15 B | 1.14 B | 1.12 B | 1.1 B | 1.07 B | 1.05 B | 1.05 B | 1.05 B | 1.05 B | 479 M | 479 M | 479 M | 479 M | 340 M | 340 M | 340 M | 340 M | 265 M | 265 M | 265 M | 265 M | 282 M | 282 M | 282 M | 282 M | 307 M | 307 M | 307 M | 307 M | 118 M | 118 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
93.7 M | 87.5 M | 342 M | 150 M | 127 M | 164 M | 185 M | 165 M | 454 M | 241 M | 155 M | 157 M | 186 M | 115 M | 244 M | 368 M | 192 M | 209 M | 691 M | 361 M | 315 M | 235 M | 235 M | 235 M | 235 M | 177 M | 177 M | 177 M | 177 M | 141 M | 141 M | 141 M | 141 M | 78.6 M | 78.6 M | 78.6 M | 78.6 M | 99.8 M | 99.8 M | 99.8 M | 99.8 M | 119 M | 119 M | 119 M | 119 M | 57.6 M | 57.6 M | - | - | 176 M | - | - | - | 34.9 M | - | - | - | - | - | - | - |
Book Value |
338 M | 331 M | 341 M | 349 M | 362 M | 360 M | 361 M | 362 M | 359 M | 362 M | 394 M | 416 M | 432 M | 441 M | 445 M | - | 436 M | 410 M | 413 M | 397 M | 372 M | 477 M | 477 M | 477 M | 477 M | 218 M | 218 M | 218 M | 218 M | 112 M | 112 M | 112 M | 112 M | 114 M | 114 M | 114 M | 114 M | 142 M | 142 M | 142 M | 142 M | 251 M | 251 M | 251 M | 251 M | 97.9 M | 97.9 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
338 M | 331 M | 341 M | 349 M | 362 M | 360 M | 361 M | 362 M | 359 M | 362 M | 394 M | 416 M | 432 M | 441 M | 445 M | 442 M | 436 M | 410 M | 413 M | 397 M | 372 M | 477 M | 477 M | 477 M | 477 M | 218 M | 218 M | 218 M | 218 M | 112 M | 112 M | 112 M | 112 M | 114 M | 114 M | 114 M | 114 M | 142 M | 142 M | 142 M | 142 M | 251 M | 251 M | 251 M | 251 M | 97.9 M | 97.9 M | - | - | 172 M | - | - | - | 49.4 M | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of NovoCure Limited, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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