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Novo Nordisk A/S

NVO Healthcare Drug Manufacturers General

Novo Nordisk A/S’s revenue for fiscal 2025 (year ended December 2025) was $46.8 billion, up 11.1% from fiscal 2024. In the quarter to June 2026, revenue grew 4.47%, EPS fell 18.7%, free cash flow grew 71.6% and total debt rose 44.4%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for five.

39.93 0.79 +2.02%
Market cap
$131.0B
P/E
9.8×
Fwd P/E
—
Dividend yield
4.50%
F-score
5/9
Altman Z
4.32
Beneish M
−2.51
Dividend safety
46/100
Overview Business Profile Financial Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 24.48%

Capital & Financial Ratios $m

Market Cap 130,960.00
Revenue 51,459.47
Net Income 17,882.69
Free Cash Flow 7,610.53
Net Debt 14,205.51
Current Ratio 0.87 (below 1: weak)
Debt/Equity 0.63
P/E ratio 9.76
Fwd P/E —
P/S ratio 3.44
P/B ratio 5.14
Past 5Y EPS Growth 20.39% (at or above 15%: strong)
This Y EPS Growth (8.31%) (below 0%: weak)
Next Y EPS Growth (0.82%) (below 0%: weak)
Next Y revenue growth —
Next 5Y EPS Growth (0.61%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.7×, against a ten-year median of 7.8×; over the ten years it ranged from 3.5× in 2026 to 18.0× in 2024.
P/E against its own 10 years 1.91%
10-year low 10-year high
P/S against its own 10 years 1.65%
10-year low 10-year high
P/B against its own 10 years 1.21%
10-year low 10-year high
EV/Sales against its own 10 years 1.47%
10-year low 10-year high
EV/FCF against its own 10 years 36.28%
10-year low 10-year high

Dividends

Payout Ratio 0.44
Annual Dividend Rate 1.80
Annual Dividend Yield 4.50%
total individual payouts
2026 1.80
1.22
0.58
2025 1.73
1.14
0.58
2024 1.45
0.93
0.52
2023 1.03
0.59
0.44
2022 0.80
0.51
0.29
2021 0.74
0.46
0.28
2020 0.65
0.39
0.26
2019 0.61
0.39
0.22
2018 0.63
0.40
0.23
2017 0.57
0.34
0.24
2016 0.48
0.48
0.23
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4,730 4,732 5,094 7,598
Receivables 10,928 12,675 13,503 16,884
Inventory 4,619 5,923 7,513 7,990
Other — — — —
20,277 23,330 26,109 32,473
2023 2024 2025 Q'26
Payables 3,718 4,183 2,991 2,270
ST’ Debt 941 1,901 1,819 2,853
Other 18,942 24,049 26,566 28,895
24,634 31,542 32,651 37,201

Compound Annual Growth %

10y 5y 3y
Sales 11.29% 19.20% 23.15%
Cash Flow 12.21% 17.77% 17.31%
Earnings 11.57% 19.16% 25.41%
Book Value 15.44% 24.81% 35.45%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.82 Actual 0.96

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.77 1.02 Beat by 0.25
Dec 2025 0.90 1.00 Beat by 0.10
Mar 2026 0.87 1.04 Beat by 0.17
Jun 2026 0.82 0.96 Beat by 0.14
Sep 2026 0.81 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.71 0.74 — — —
’25 0.92 0.91 0.70 0.94 3.49
’24 0.83 0.65 0.90 0.91 3.28
’23 0.64 0.63 0.73 0.71 2.70
’22 0.37 0.42 0.43 0.42 1.73
’21 0.44 0.43 0.42 0.37 1.65
’20 0.38 0.34 0.35 0.32 1.38
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 15,162 12,213 — — —
’25 11,018 11,690 11,741 12,343 46,792
’24 9,515 9,821 10,511 12,261 42,108
’23 7,690 7,933 8,575 9,526 33,724
’22 6,338 5,901 6,165 6,652 25,057
’21 5,480 5,356 5,650 5,916 22,401
’20 5,003 4,432 4,856 5,157 19,448
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3,772 8,565 — — —
’25 3,470 6,474 7,515 574 18,032
’24 2,084 7,269 6,664 1,523 17,540
’23 4,296 4,235 5,975 1,307 15,813
’22 3,557 3,242 2,913 1,458 11,170
’21 1,824 4,094 3,283 (451) 8,751
’20 1,479 3,583 3,067 (170) 7,959
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,886 6,585 — — —
’25 1,412 3,838 4,962 (5,822) 4,389
’24 772 5,370 4,753 (795) 10,101
’23 3,604 3,197 4,425 (1,061) 10,166
’22 3,288 2,888 2,375 530 9,081
’21 1,581 3,788 3,027 (822) 7,576
’20 1,224 3,381 2,083 (2,112) 4,577
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 15.45 16.42 20.61 23.05 24.62 33.30 45.76 65.05 81.50 43.08 +12.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 29.08 27.06 29.19 29.32 36.96 58.68 67.93 105.69 148.15 93.80 +13.9% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 41,971 42,076 43,202 43,258 45,323 45,000 55,185 63,370 77,349 69,505 +5.8% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.40 0.40 0.40 0.42 0.43 0.50 0.45 0.53 0.54 0.67 +6.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 16,611 16,967 17,099 18,291 19,448 22,401 25,057 33,724 42,108 46,792 +12.2% — — — —
Gross margin, % 84.63 84.21 84.25 83.54 83.51 83.20 83.92 84.60 84.67 80.98 (3.7) pt
EBT 7,103 7,394 7,280 7,278 8,140 9,400 9,779 15,199 18,443 19,764 +12.0%
EBT margin, % 42.76 43.58 42.58 39.79 41.85 41.96 39.03 45.07 43.80 42.24 (0.5) pt
Net income 5,636 5,792 5,906 5,839 6,456 7,598 7,862 12,151 14,643 15,509 +11.9%
Depreciation 474 483 600 849 881 959 1,042 1,367 2,771 3,328 +24.2%
Per share, $
Per share, $ Revenue 3.28 3.43 3.53 3.85 4.17 4.88 5.53 7.52 9.45 10.53 +13.8%
Earnings 1.07 1.17 1.27 1.23 1.39 1.66 1.74 2.71 3.29 3.49 +14.0%
Cash flow 1.42 1.26 1.41 1.48 1.71 1.90 2.47 3.53 3.94 4.06 +12.4%
Capex (0.24) (0.27) (0.39) (0.35) (0.72) (0.26) (0.46) (1.26) (1.67) (3.07) +32.6%
Free cash flow 1.18 1.00 1.02 1.12 0.98 1.65 2.00 2.27 2.27 0.99 (1.9%)
Book value 1.33 1.53 1.64 1.82 2.08 2.45 2.61 3.45 4.67 6.61 +19.5%
Shares, m 5,060 4,946 4,839 4,749 4,668 4,594 4,531 4,483 4,454 4,443 (1.4%)
Valuation, ×
Valuation, × P/E 16.11 23.24 18.21 23.53 25.40 33.84 39.47 37.75 26.15 14.66 25.8
P/S 5.47 7.89 6.52 7.51 8.38 11.48 12.38 13.57 9.10 4.83 8.7
P/B 13.51 17.70 14.07 15.92 16.81 22.86 26.24 29.58 18.41 7.69 18.3
EV/Sales 5.28 7.72 6.38 7.42 8.36 11.54 12.38 13.55 9.34 5.15 8.7
EV/FCF 14.74 26.51 22.16 25.47 35.54 34.12 34.16 44.95 38.94 54.86 33.1
Cash, $m
Cash, $m Operating cash flow 7,179 6,253 6,822 7,013 7,959 8,751 11,170 15,813 17,540 18,032 +10.8%
Capex (1,227) (1,312) (1,896) (1,683) (3,382) (1,175) (2,089) (5,648) (7,440) (13,643) +30.7%
Free cash flow 5,952 4,941 4,926 5,330 4,577 7,576 9,081 10,166 10,101 4,389 (3.3%)
Balance, $m
Balance, $m Working capital 1,832 1,978 750 521 (684) (2,215) (1,805) (4,357) (8,211) (6,542) n/m
Total debt 34 257 79 672 1,587 4,239 3,651 3,921 14,904 19,827 +102.9%
Net debt (3,120) (2,956) (2,343) (1,676) (368) 1,188 (73) (808) 10,172 14,733 n/m
Shareholders’ equity 6,727 7,567 7,926 8,633 9,701 11,256 11,822 15,473 20,805 29,379 +17.8%
Returns, %
Returns, % ROA 40.03 38.56 36.36 32.65 31.47 28.59 24.15 30.44 25.87 20.71 (19.3) pt
ROIC 124.72 100.83 80.88 70.67 55.53 46.86 56.35 63.48 37.55 27.38 (97.3) pt
ROE 82.18 81.04 76.24 70.52 70.42 72.51 68.14 89.04 80.73 61.81 (20.4) pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Novo Nordisk A/S vs peers in Drug Manufacturers General (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NVS Novartis AG $294.9B 24.1× 21.8× +0.78% (above 0%: growing) −17.39% (below 0%: shrinking) −15.53% (below 0%: shrinking) 75.19% 31.77% Compare
AZN AstraZeneca PLC $270.5B 27.6× 22.4× +6.41% (above 0%: growing) +1.90% (above 0%: growing) −107.45% (below 0%: shrinking) 83.60% 20.57% Compare
AMGN Amgen Inc. $249.1B 28.7× 27.9× +9.53% (above 0%: growing) +65.41% (above 0%: growing) +82.57% (above 0%: growing) 72.04% 34.95% Compare
GILD Gilead Sciences, Inc. $205.4B — (loss-making) — (loss-making) +10.18% (above 0%: growing) n/m +376.81% (above 0%: growing) 79.76% (133.21%) Compare
PFE Pfizer Inc. $170.7B 40.1× 18.6× +2.60% (above 0%: growing) n/m +125.17% (above 0%: growing) 72.78% 20.38% Compare
NVO Novo Nordisk A/S $131.0B 9.8× — +4.47% (above 0%: growing) −18.68% (below 0%: shrinking) +71.57% (above 0%: growing) 78.21% 34.48%
BMY Bristol Myers Squibb Company $125.4B 13.8× 11.6× +5.74% (above 0%: growing) +153.13% (above 0%: growing) −13.16% (below 0%: shrinking) 71.28% 31.50% Compare
SNY Sanofi $102.8B 23.3× — +17.35% (above 0%: growing) −90.76% (below 0%: shrinking) −45.06% (below 0%: shrinking) 75.47% 17.48% Compare
GSK GSK PLC Sponsored ADR $97.6B 15.4× 14.3× +5.81% (above 0%: growing) −69.47% (below 0%: shrinking) +54.83% (above 0%: growing) 73.05% 5.72% Compare
Median of peers $188.0B 24.1× 20.2× +6.11% −7.74% +20.84% 74.12% 20.48%

All 21 Drug Manufacturers General stocks →

Novo Nordisk A/S (NVO) Latest News

29 Oct

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28 Oct

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27 Oct

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26 Oct

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25 Oct

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24 Oct

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22 Oct

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21 Oct

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20 Oct

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stockrow.com/NVO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com