NVCR (NVCR) financial statements
NVCR reported revenue of $655M in fiscal 2025, up 25.8% a year over 9 years.
Net income was -$136M and the operating margin -23.5%, against -139.1% in 2016.
Free cash flow was -$76M.
The diluted share count rose 30% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NVCR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $83M | $177M | $248M | $351M | $494M | $535M | $538M | $509M | $605M | $655M |
| Cost of revenue | $40M | $56M | $80M | $89M | $107M | $115M | $115M | $128M | $137M | $167M |
| Gross profit | $37M | $121M | $168M | $263M | $388M | $420M | $423M | $381M | $468M | $488M |
| Research and development | $41M | $38M | $51M | $79M | $132M | $201M | $206M | $223M | $210M | $225M |
| Selling, general and admin | $110M | $123M | $151M | $185M | $225M | $263M | $306M | $391M | $429M | $418M |
| Operating income | -$115M | -$39M | -$34M | -$914,000 | $30M | -$44M | -$90M | -$233M | -$170M | -$154M |
| Interest expense | $6M | $9M | $12M | $8M | $12M | $8M | $8M | $5M | $12M | $22M |
| Pre-tax income | -$121M | -$48M | -$46M | -$9M | $18M | -$52M | -$82M | -$192M | -$131M | -$136M |
| Income tax | $10M | $13M | $18M | -$2M | -$2M | $6M | $11M | $15M | $37M | -$23,000 |
| Net income | -$132M | -$62M | -$64M | -$7M | $20M | -$58M | -$93M | -$207M | -$169M | -$136M |
| EPS (diluted) | -$1.54 | -$0.70 | -$0.69 | -$0.07 | $0.18 | -$0.56 | -$0.88 | -$1.95 | -$1.56 | -$1.22 |
| Diluted shares | 86M | 89M | 92M | 97M | 109M | 103M | 105M | 106M | 108M | 111M |
| Gross margin | 44.2% | 68.6% | 67.7% | 74.8% | 78.5% | 78.5% | 78.6% | 74.8% | 77.3% | 74.5% |
| Operating margin | -139.1% | -22.2% | -13.6% | -0.3% | 6.1% | -8.3% | -16.6% | -45.7% | -28.2% | -23.5% |
| Net margin | -159.1% | -34.8% | -25.6% | -2.1% | 4.0% | -10.9% | -17.2% | -40.6% | -27.9% | -20.8% |
Balance sheet
Fiscal years, from NVCR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $100M | $79M | $141M | $177M | $235M | $209M | $115M | $241M | $164M | $94M |
| Receivables | $6M | $30M | $37M | $59M | $97M | $94M | $86M | $61M | $74M | $89M |
| Inventory | $26M | $22M | $23M | $24M | $27M | $24M | $29M | $38M | $35M | $41M |
| Total current assets | $262M | $245M | $321M | $440M | $999M | $1.1B | $1.1B | $1.0B | $1.1B | $647M |
| Property, plant and equipment | $10M | $9M | $8M | $9M | $11M | $23M | $33M | $51M | $78M | $78M |
| Total assets | $282M | $265M | $340M | $479M | $1.1B | $1.1B | $1.2B | $1.1B | $1.2B | $804M |
| Total current liabilities | $37M | $50M | $65M | $86M | $114M | $143M | $159M | $179M | $756M | $223M |
| Long-term debt | $96M | $97M | $149M | $149M | $430M | $562M | $566M | $569M | $97M | $195M |
| Total liabilities | $140M | $152M | $228M | $262M | $575M | $729M | $750M | $784M | $881M | $464M |
| Shareholders' equity | $142M | $114M | $112M | $218M | $477M | $410M | $441M | $362M | $360M | $340M |
| Net debt | -$4M | $19M | $9M | -$28M | $195M | $353M | $450M | $328M | -$66M | $101M |
Cash flow
Fiscal years, from NVCR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$108M | -$33M | -$2M | $27M | $99M | $83M | $31M | -$73M | -$26M | -$49M |
| Capital spending | $6M | $7M | $7M | $10M | $15M | $24M | $21M | $27M | $43M | $27M |
| Free cash flow | -$113M | -$40M | -$9M | $16M | $84M | $59M | $9M | -$100M | -$69M | -$76M |
| Stock-based compensation | $22M | $27M | $40M | $52M | $76M | $95M | $107M | $116M | $160M | $105M |
| Dividends paid | $0 | $0 | — | — | — | — | — | — | — | — |
| Net borrowing | $73M | -$57,000 | $49M | -$31,000 | $408M | -$26,000 | -$28,000 | -$10,000 | $84M | -$461M |
| Free cash flow margin | -136.6% | -22.9% | -3.5% | 4.6% | 17.0% | 11.0% | 1.8% | -19.7% | -11.4% | -11.5% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NVCR.
Open NVCR in InvestinglyQuestions
What was NVCR's revenue in 2025?
$655M in fiscal 2025, from its 10-K filing.
How much free cash flow does NVCR generate?
-$76M in fiscal 2025 (operating cash flow minus capital spending).
From NVCR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.