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NovoCure cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$15.7M in Q3 2026 · −$24.6M over twelve months

Operating cash flow$22.7M
Capital spending−$6.9M
Free cash flow+$15.7M
Cash conversion cycle-151 days

Analysis

In Q3 2026, NovoCure generated $22.7M of operating cash flow and spent $6.9M on capital projects, leaving free cash flow of $15.7M. That is $827K more than in Q3 2025 ($14.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$722K; the largest uses were net borrowing (+) / repaid (−) ($561M), capital spending ($23.9M), operating cash flow ($722K); besides operations, cash came from other investing ($338M), shares issued ($10.2M); the cash balance fell by $238M.

Operating cash flow was $22.7M against net income of −$10.4M. The largest differences: payables +$25.2M, stock-based pay +$17.5M, depreciation & amortization +$4.4M.

Its cash conversion cycle was -151 days (receivables 49 + inventory 86 − payables 286): suppliers fund its working capital.

Free cash flow

NovoCure: free cash flow by quarterNovoCure: free cash flow by quarter−$12.4MQ4 2024−$46.3MQ1 2025−$21.4MQ2 2025$14.9MQ3 2025−$22.9MQ4 2025−$18.7MQ1 2026$1.2MQ2 2026$15.7MQ3 2026
Operating cash flow less capital spending.
NovoCure: operating cash flow against capital spendingNovoCure: operating cash flow against capital spendingOperating cash flowCapital spending−$3.5M$8.9MQ4 2024−$35.7M$10.6MQ1 2025−$15.9M$5.5MQ2 2025$20.6M$5.7MQ3 2025−$18.0M$4.9MQ4 2025−$13.5M$5.2MQ1 2026$8.1M$6.9MQ2 2026$22.7M$6.9MQ3 2026
Latest (Q3 2026): Operating cash flow $22.7M, Capital spending $6.9M.

Capital allocation, year by year

NovoCure: where the cash came from (up) and went (down), by fiscal yearNovoCure: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow $82.8MFY2021: Net borrowing −$26KFY2021: Shares issued $25.7MFY2021: Capital spending −$24.2M$108MFY2021FY2022: Operating cash flow $30.8MFY2022: Net borrowing −$28KFY2022: Shares issued $15.5MFY2022: Capital spending −$21.4M$46.3MFY2022FY2023: Operating cash flow −$73.3MFY2023: Net borrowing −$10KFY2023: Shares issued $15.8MFY2023: Capital spending −$27.1M$15.8MFY2023FY2024: Operating cash flow −$26.4MFY2024: Net borrowing $84.0MFY2024: Shares issued $6.3MFY2024: Capital spending −$42.9M$90.3MFY2024FY2025: Operating cash flow −$49.0MFY2025: Net borrowing −$461MFY2025: Shares issued $9.8MFY2025: Capital spending −$26.6M$9.8MFY2025
Over these 5 years operating cash flow totalled −$35.2M; the largest uses were net borrowing ($461M) and operating cash flow ($149M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$96.7M
Debt$220M
Net debt$123M
Due within a year$25.0M
Cash runway3.9 years

NovoCure is burning cash: its operations consume cash, a free cash flow of −$24.6M a year at the current rate against $96.7M of cash and investments: a runway of about 3.9 years; $25.0M of debt also comes due within a year, which the cash covers before any new financing.

Where the cash came from and went

NovoCure: sources (+) and uses (−) of cash, Q3 2026NovoCure: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$22.7MOther investing−$16.3MCapital spending−$6.9MShares issued$3.6MCash drawn (+) / kept (−)−$3.2MExchange rates$149K
NovoCure: sources (+) and uses (−) of cash, TTM to Q3 2026NovoCure: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$561MOther investing$338MCash drawn (+) / kept (−)$238MCapital spending−$23.9MShares issued$10.2MOperating cash flow−$722KOther financing−$702KExchange rates−$65K

From profit to cash

NovoCure: net income to operating cash flow, Q3 2026NovoCure: net income to operating cash flow, Q3 2026Net income−$10.4MDepreciation & amortization$4.4MStock-based pay$17.5MImpairments$2.8MInventory$1.9MPayables$25.2MOther liabilities−$3.5MOperating cash flow$22.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264986286-151
Q2 20264895286-143
Q1 20264798288-143
Q4 20254688263-130
Q3 20254882229-99
Q2 20255087218-81
Q1 20254687234-101
Q4 202440102270-128

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$22.7M−$6.9M—$3.6M−$3.2M$15.7M
Q2 2026$8.1M−$6.9M—$4.5M−$6.3M$1.2M
Q1 2026−$13.5M−$5.2M—$390K$6.1M−$18.7M
Q4 2025−$18.0M−$4.9M−$561M$1.6M$241M−$22.9M
Q3 2025$20.6M−$5.7M$100M$538K−$193M$14.9M
Q2 2025−$15.9M−$5.5M—$2.4M−$22.7M−$21.4M
Q1 2025−$35.7M−$10.6M—$5.2M$36.7M−$46.3M
Q4 2024−$3.5M−$8.9M—$2.7M$23.1M−$12.4M

NovoCure: income statement and cash flow

NovoCure, Q3 2026: revenue $193M (+16% year over year), operating margin -3.2%. The chart follows the revenue to costs, profit and cash.

NovoCure: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.