NovoCure (NVCR) opened 2026 with Q1 results that follow a year where quarterly revenue ranged from about US$155 million to US$174 million and basic EPS stayed in loss-making territory between US$0.22 and US$0.36 per share. Over that stretch, revenue moved from US$161.3 million in Q4 2024 to US$174.4 million in Q4 2025, while quarterly net losses shifted between roughly US$24.5 million and US$65.9 million. This kept margins under pressure but gave investors a clear read on how top line growth is pressing against a still heavy cost base.

See our full analysis for NovoCure.

With the latest numbers set, the next step is to see how this mix of growing sales and ongoing losses lines up with the most common narratives around NovoCure's growth potential, risk profile, and path toward healthier margins.

Revenue Growth Running At 20.6% While Losses Persist

• On a trailing 12 month basis, NovoCure generated US$655.4 million of revenue with about 20.6% annual growth, yet still recorded a net loss of US$136.2 million and basic EPS of US$1.22 in losses.
• Supporters of the bullish narrative point to this 20.6% revenue growth and forecast earnings growth of about 73.9% per year as evidence that current losses could eventually be absorbed by a larger business, yet:
  • The past five years have seen losses widen at roughly 30.8% per year, which sits awkwardly next to the idea of a swift path toward healthier margins.
  • Even with Q4 2025 revenue of US$174.4 million and a smaller quarterly loss of US$24.5 million, the trailing result still shows US$136.2 million of losses, so the bullish view depends heavily on future margin shifts rather than current profitability.

On this set of numbers, bulls argue the revenue trend is doing the heavy lifting for the long term story, while the earnings line is still catching up, so it can help to see how that argument is laid out in one place. 🐂 NovoCure Bull Case

Unprofitable Today, Yet Bears Confront 73.9% Earnings Growth Forecast

• Over the last 12 months the company remained loss making with US$136.2 million of net losses and basic EPS of US$1.22 in losses, while the analysis dataset still points to forecast earnings growth of about 73.9% per year from this low base.
• Critics in the bearish narrative highlight long standing unprofitability and rising costs, which fits with five year losses having increased about 30.8% per year, yet:
  • Quarterly results through 2025 show revenue between roughly US$155 million and US$174 million and net losses between about US$24.5 million and US$65.9 million, so bears are reacting to a pattern of ongoing losses rather than a single weak period.
  • Forecasts for positive earnings and that 73.9% annual growth rate sit in clear tension with this history, so the cautious view depends on the idea that clinical, regulatory, or cost headwinds keep that shift from materializing as expected.

Skeptics lean on the long loss record and cost profile, so it is useful to see exactly how that case is framed against the current forecasts. 🐻 NovoCure Bear Case

P/S Discount And DCF Gap Put Valuation In Focus

• NovoCure trades on a P/S of 2.7x compared with a peer average of 4.3x and a US Medical Equipment industry average of 2.8x, and the supplied DCF fair value of US$156.69 per share sits far above the current US$15.21 share price.
• Consensus style commentary notes that valuation screens look attractive, with the P/S discount and the DCF fair value gap suggesting a large modeled upside, yet:
  • The company is still loss making on a trailing basis with US$136.2 million of net losses, so traditional valuation tools like P/E are not yet usable in the usual way.
  • Recent share price volatility and insider selling over the last three months are also flagged, which means some investors are weighing these risks against the apparent valuation discount rather than treating the DCF fair value as a simple target.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for NovoCure on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

The mix of bullish growth arguments and long running losses can feel conflicting, so do not wait to weigh the trade off yourself and weigh up the 3 key rewards and 2 important warning signs

Explore Alternatives

NovoCure is still loss making with US$136.2 million of net losses, a long record of widening losses, and earnings forecasts that may not play out as expected.

If that kind of uncertainty worries you, compare this picture with companies that screen stronger on stability and risk using the 74 resilient stocks with low risk scores.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.