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ZYBERNO

Stock Report

Updated Aug 31, 2026

NovoCure Limited (NVCR)

Healthcare • NASDAQ

$17.82

NovoCure Limited is a global oncology company headquartered in St. Helier, Jersey, that developed Tumor Treating Fields (TTFields) technology. The company's Optune device delivers low-intensity alternating electric fields to disrupt tumor cell division in glioblastoma (approved by FDA), and the company is advancing TTFields in non-small cell lung cancer, mesothelioma, pancreatic cancer, and ovarian cancer.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

21.0/100

POOR BUSINESS

NovoCure Limited (NVCR) scores 21/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full NVCR quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full NVCR valuation analysis · → View full NVCR Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-44.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.17x)

Operating Margin (Operational Efficiency):CRITICAL (-22.1%)

Return on Capital (Capital Efficiency):CRITICAL (-40.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

NovoCure Limited (NVCR) stock report — Zyberno Score 21/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, NVCR generated -$19.13M in Owner Earnings. Capital was deployed as follows: $22.62M invested in capital expenditures. Reinvestment rate: -10.4%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:17.82

Market Cap:$2.07B

Valuation Multiples (3)

P/B Ratio:6.11x

P/S Ratio:2.96x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$2.02B

Price Action & Momentum (3)

12-1 Momentum:

+50.4% (25th pctile)

📈 Click to view full NVCR Momentum analysis →

Momentum Percentile:25 / 100

% of 52-Week High:83.1%

B. Profitability Assessment

Return Metrics (5)

ROE:

-44.0%

📊 Click to view full NVCR ROE analysis →

ROA:-15.9%

Roic:

-40.4%

📊 Click to view full NVCR ROIC analysis →

Reinvestment Rate:-10.4%

Fundamental Growth Rate (g):4.2%

Margin Analysis (3)

Operating Margin Ttm:-22.1%

Net Margin Ttm:-21.2%

Ebitda Margin:-19.7%

TTM Performance (3)

Gross Margin Ttm:76.1%

Operating Margin Ttm:-22.1%

Net Margin Ttm:-21.2%

Yield Metrics (2)

Earnings Yield:-$7.30

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+1.37

📊 Click to view full NVCR Earnings Surprise analysis →

EPS Surprise vs Expected:69.1%

Latest Earnings Filed:2026-07-23

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):11.3%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):-17.4%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.89x

Quick Ratio:2.70x

Cash Ratio:0.42x

Leverage Analysis (3)

Debt To Equity Ttm:0.17x

Debt-to-Equity Ratio:0.17x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-6.92x

Times Interest Earned:-6.92

Capital Structure (4)

Working Capital:417,811,000.00

Cash And Cash Equivalents:93,701,000.00

Long Term Debt:$37.53M

Net Debt:-$51.54M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $699.19M

Linear Growth: 11.3%

📊 Click to view full NVCR Revenue analysis & methodology →

Cost Of Revenue Ttm:$166.92M

Profitability Breakdown (2)

Gross profit TTM: $532.27M

Linear Growth: 11.4%

📊 Click to view full NVCR Gross Profit analysis & methodology →

-$154.40M

Bottom Line Performance (3)

-$148.57M

Income Before Tax:-$152.69M

Ebitda Ttm:-138,084,000.00

Operating Expenses (5)

Operating Expenses:686,668,000.00

R And D Expense:224,718,000.00

Sga Expense:214,703,000.00

Income Tax Expense:-$4.12M

Interest Expense:22,217,000.00

Expense Ratios (3)

R And D To Revenue Percentage:122.4%

Sga To Revenue Percentage:117.0%

Ebitda Margin:-19.7%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$795.19M

Current Assets:$638.52M

Ppe Net:75,369,000.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:457,099,000.00

Current Liabilities:220,710,000.00

Long Term Debt:$37.53M

Short Term Debt:$4.64M

Equity & Capital (3)

Equity:$338.09M

Retained Earnings:-$1.38B

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:99,131,000.00

Inventory:42,224,000.00

Accounts Payable:0.00

Special Items (2)

Contract Liabilities:16,866,000.00

Stock Based Compensation:17,012,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$2.82M

Linear Growth: -17.4%

-$25.43M

Investment Activities (2)

Investing Cash Flow:-$6.38M

Capital Expenditures Ttm:22,619,000.00

Financing Activities (3)

Financing Cash Flow:$4.55M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:2,093,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:16,312,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.30

-$1.30

Earnings Per Share Ttm:-$1.28

Revenue & Cash Per Share (2)

Sales Per Share Ttm:6.03

Operating Cash Flow Per Share:-$0.42

Book Value & Capital (2)

Book Value Per Share:$2.91

Cash Per Share:0.81

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.75x

Working Capital Turnover Ttm:1.67x

Receivables Management (2)

Receivables Turnover Ttm:7.05x

Days Sales Outstanding Ttm:51.75

Inventory Management (2)

Inventory Turnover Ttm:3.95x

Days Inventory Outstanding Ttm:92.33

Payables & Cash Cycle (2)

Days Payable Outstanding:-999.00

Cash Conversion Cycle:1,143.08

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$19.13M

Damodaran Growth Analysis (2)

Reinvestment Rate:-10.4%

Fundamental Growth Rate (g):4.2%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):11.3%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):-17.4%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):11.4%

Book Value Growth Rate (Linear):-7.2%

C. Company Profile & Context

Corporate Information (6)

Symbol:NVCR

Company Name:NovoCure Limited

Sector:Healthcare

Industry:Medical Devices

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:116.01M

Shares Outstanding Basic:116.01M

Shares Outstanding Diluted:116.01M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 07:21:19 UTC

Data Timestamp:2026-08-31T07:21:19.803277