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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.

38.64 0.46 +1.20%

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Market cap: $127.8B
P/E: 9.4×
Fwd P/E: —
Dividend yield: 4.65%
F-score: 5/9
Altman Z: 4.32
Beneish M: −2.51
Dividend safety: 46/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
P/E ratio Full definition →	16.11	23.24	18.21	23.53	25.40	33.84	39.47	37.75	26.15	14.66
Piotroski F-Score Full definition →	7	6	6	4	5	4	6	8	5	5
P/S ratio Full definition →	5.47	7.89	6.52	7.51	8.38	11.48	12.38	13.57	9.10	4.83
Altman Z-Score Full definition →	10.61	13.47	10.57	11.11	10.51	9.99	10.40	11.38	6.74	4.32
Altman Z″-Score (non-manufacturers) Full definition →	6.62	6.61	5.65	5.38	4.56	3.36	3.38	3.19	2.53	2.81
P/FCF ratio Full definition →	15.27	27.11	22.63	25.78	35.62	33.96	34.16	45.03	37.93	51.51
Beneish M-Score Full definition →	(3.03)	(2.63)	(2.51)	(2.67)	(2.29)	(2.12)	(2.86)	(2.55)	(2.49)	(2.51)
P/Operating CF Full definition →	56.61	190.83	109.53	169.31	(956.79)	(570.41)	212.83	350.14	251.59	393.97
Dividend Safety Score Full definition →	—	—	—	—	—	—	—	—	—	46
P/B ratio Full definition →	13.51	17.70	14.07	15.92	16.81	22.86	26.24	29.58	18.41	7.69
Price to Tangible BV Full definition →	14.37	18.97	15.62	17.71	24.94	58.64	68.32	68.30	81.56	23.33
EV/Sales Full definition →	5.28	7.72	6.38	7.42	8.36	11.54	12.38	13.55	9.34	5.15
EV/EBITDA Full definition →	11.44	16.54	13.95	15.58	17.73	25.12	26.66	28.10	18.40	10.63
EV/Operating CF Full definition →	12.22	20.95	16.00	19.36	20.44	29.53	27.77	28.90	22.42	13.35
EV/FCF Full definition →	14.74	26.51	22.16	25.47	35.54	34.12	34.16	44.95	38.94	54.86
Quick Ratio Full definition →	0.96	0.95	0.79	0.76	0.64	0.66	0.69	0.64	0.55	0.57
Current Ratio Full definition →	1.26	1.28	1.09	1.06	0.94	0.86	0.89	0.82	0.74	0.80
Net Debt/EBITDA Full definition →	(0.41)	(0.37)	(0.30)	(0.19)	(0.04)	0.12	(0.01)	(0.05)	0.48	0.65
Debt/Assets Full definition →	0.23%	1.66%	0.46%	3.57%	7.15%	13.70%	10.69%	8.59%	22.07%	24.12%
Debt/Equity Full definition →	0.01	0.03	0.01	0.08	0.16	0.38	0.31	0.25	0.72	0.67
Asset Turnover Full definition →	1.18	1.13	1.05	1.02	0.95	0.84	0.77	0.85	0.74	0.63
Operating CF/Net income Full definition →	1.27	1.08	1.16	1.20	1.23	1.15	1.42	1.30	1.20	1.16
Capex/Depreciation Full definition →	(2.59)	(2.71)	(3.16)	(1.98)	(3.84)	(1.23)	(2.00)	(4.13)	(2.69)	(4.10)
Interest Coverage Full definition →	66.71	31.94	26.92	13.14	20.63	23.93	12.50	121.39	17.47	18.83
ROE Full definition →	82.18%	81.04%	76.24%	70.52%	70.42%	72.51%	68.14%	89.04%	80.73%	61.81%
ROA Full definition →	40.03%	38.56%	36.36%	32.65%	31.47%	28.59%	24.15%	30.44%	25.87%	20.71%
ROIC Full definition →	124.72%	100.83%	80.88%	70.67%	55.53%	46.86%	56.35%	63.48%	37.55%	27.38%
Return on Tangible Assets Full definition →	89.22%	78.99%	82.55%	72.10%	91.99%	115.24%	102.97%	137.29%	95.40%	62.02%
Average Days of Receivables Full definition →	79.01	76.96	87.76	87.20	92.54	121.32	118.61	118.27	109.87	105.33
Research and Development Expense of Revenue Full definition →	13.03%	12.55%	13.24%	11.65%	12.18%	12.62%	13.59%	13.97%	16.55%	16.84%
Selling, General and Administrative Expense of Revenue Full definition →	28.93%	28.76%	29.79%	29.36%	29.06%	29.16%	28.64%	26.52%	23.20%	22.74%
Intangible Assets out of Total Assets Full definition →	0.03	0.03	0.05	0.05	0.14	0.22	0.21	0.19	0.24	0.24
Share Based Compensation of Revenue Full definition →	0.33%	0.00%	0.37%	0.30%	0.00%	0.00%	0.00%	0.93%	0.79%	0.46%
Graham Net Nets Full definition →	0.01	0.01	0.00	(0.01)	(0.01)	(0.02)	(0.02)	(0.02)	(0.06)	(0.12)
Graham Number Full definition →	5.78	6.33	6.83	7.09	8.02	9.55	10.09	14.49	18.60	22.72
Earnings Yield Full definition →	6.21%	4.30%	5.49%	4.25%	3.94%	2.96%	2.53%	2.65%	3.82%	6.82%
Free Cash Flow Yield Full definition →	6.55%	3.69%	4.42%	3.88%	2.81%	2.94%	2.93%	2.22%	2.64%	1.94%
Revenue per Share Full definition →	3.28	3.43	3.53	3.85	4.17	4.88	5.53	7.52	9.45	10.53
Operating CF per Share Full definition →	1.42	1.26	1.41	1.48	1.71	1.90	2.47	3.53	3.94	4.06
Capex per Share Full definition →	(0.24)	(0.27)	(0.39)	(0.35)	(0.72)	(0.26)	(0.46)	(1.26)	(1.67)	(3.07)
Free Cash Flow per Share Full definition →	1.18	1.00	1.02	1.12	0.98	1.65	2.00	2.27	2.27	0.99
Cash per Share Full definition →	0.62	0.65	0.50	0.49	0.42	0.66	0.82	1.06	1.06	1.15
Shareholders Equity per Share Full definition →	1.33	1.53	1.64	1.82	2.08	2.45	2.61	3.45	4.67	6.61
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	1.33	1.53	1.64	1.82	2.08	2.45	2.61	3.45	4.67	6.61
Free Cash Flow Full definition →	5,952.02	4,941.16	4,926.29	5,329.69	4,577.16	7,575.55	9,081.37	10,165.74	10,100.56	4,388.93
Working Capital Full definition →	1,832.24	1,978.35	749.67	520.60	(683.88)	(2,214.84)	(1,804.83)	(4,357.31)	(8,211.50)	(6,541.70)
Capital Expenditures Full definition →	(1,227.44)	(1,312.26)	(1,895.50)	(1,682.93)	(3,381.74)	(1,174.95)	(2,089.03)	(5,647.70)	(7,439.80)	(13,643.11)
Net Current Asset Value Full definition →	1,113.91	1,145.33	20.95	(833.90)	(2,418.72)	(6,072.38)	(7,020.10)	(9,914.11)	(23,404.74)	(26,707.27)
EV/EBIT Full definition →	12.19	17.61	15.11	17.26	19.62	27.70	29.28	30.68	21.13	12.46
Capex to Sales Full definition →	0.07	0.08	0.11	0.09	0.17	0.05	0.08	0.17	0.18	0.29
Price to Operating Income Full definition →	12.63	18.01	15.43	17.47	19.66	27.57	29.29	30.73	20.59	11.70
Other line items
Depreciation/Fixed assets Full definition →	0.11	0.09	0.09	0.11	0.11	0.11	0.11	0.10	0.12	0.11
Cash ROIC Full definition →	60.03%	44.77%	47.24%	45.74%	34.56%	40.85%	47.31%	42.14%	24.98%	8.08%
Accounts Receivable Turnover Full definition →	4.88	4.73	4.45	4.31	4.18	3.62	3.21	3.54	3.57	3.58
Accounts Payable Turnover Full definition →	3.14	3.07	2.86	3.03	3.51	3.29	2.23	1.75	1.63	2.48
Inventory Turnover Full definition →	1.27	1.20	1.11	1.17	1.17	1.26	1.23	1.29	1.22	1.32
Average Days of Payables Full definition →	127.69	116.13	139.98	115.53	99.69	136.85	199.99	261.32	236.49	122.67
Days of Inventory on Hand Full definition →	304.63	318.24	338.46	320.54	323.22	302.72	312.91	324.65	334.89	308.10
Average Receivables Full definition →	3,405.84	3,586.54	3,844.36	4,240.61	4,650.24	6,188.16	7,794.21	9,535.30	11,801.47	13,088.90
Average Payables Full definition →	813.19	872.70	942.58	993.03	914.45	1,143.53	1,809.17	2,962.56	3,950.33	3,587.02
Average Inventory Full definition →	2,014.73	2,233.12	2,416.47	2,571.08	2,742.05	2,980.71	3,287.52	4,036.15	5,271.03	6,718.01
Average Assets Full definition →	14,076.99	15,021.01	16,242.15	17,882.91	20,515.65	26,574.14	32,554.11	39,912.68	56,601.82	74,867.82
Average Common Equity Full definition →	6,857.98	7,146.94	7,746.54	8,279.69	9,167.29	10,478.54	11,538.66	13,647.14	18,139.07	25,092.09

Show all line items

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