Sunday 11 October 2026
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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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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
16.11 | 23.24 | 18.21 | 23.53 | 25.40 | 33.84 | 39.47 | 37.75 | 26.15 | 14.66 |
Piotroski F-Score |
7 | 6 | 6 | 4 | 5 | 4 | 6 | 8 | 5 | 5 |
P/S ratio |
5.47 | 7.89 | 6.52 | 7.51 | 8.38 | 11.48 | 12.38 | 13.57 | 9.10 | 4.83 |
Altman Z-Score |
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) |
6.62 | 6.61 | 5.65 | 5.38 | 4.56 | 3.36 | 3.38 | 3.19 | 2.53 | 2.81 |
P/FCF ratio |
15.27 | 27.11 | 22.63 | 25.78 | 35.62 | 33.96 | 34.16 | 45.03 | 37.93 | 51.51 |
Beneish M-Score |
(3.03) | (2.63) | (2.51) | (2.67) | (2.29) | (2.12) | (2.86) | (2.55) | (2.49) | (2.51) |
P/Operating CF |
56.61 | 190.83 | 109.53 | 169.31 | (956.79) | (570.41) | 212.83 | 350.14 | 251.59 | 393.97 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 46 |
P/B ratio |
13.51 | 17.70 | 14.07 | 15.92 | 16.81 | 22.86 | 26.24 | 29.58 | 18.41 | 7.69 |
Price to Tangible BV |
14.37 | 18.97 | 15.62 | 17.71 | 24.94 | 58.64 | 68.32 | 68.30 | 81.56 | 23.33 |
EV/Sales |
5.28 | 7.72 | 6.38 | 7.42 | 8.36 | 11.54 | 12.38 | 13.55 | 9.34 | 5.15 |
EV/EBITDA |
11.44 | 16.54 | 13.95 | 15.58 | 17.73 | 25.12 | 26.66 | 28.10 | 18.40 | 10.63 |
EV/Operating CF |
12.22 | 20.95 | 16.00 | 19.36 | 20.44 | 29.53 | 27.77 | 28.90 | 22.42 | 13.35 |
EV/FCF |
14.74 | 26.51 | 22.16 | 25.47 | 35.54 | 34.12 | 34.16 | 44.95 | 38.94 | 54.86 |
Quick Ratio |
0.96 | 0.95 | 0.79 | 0.76 | 0.64 | 0.66 | 0.69 | 0.64 | 0.55 | 0.57 |
Current Ratio |
1.26 | 1.28 | 1.09 | 1.06 | 0.94 | 0.86 | 0.89 | 0.82 | 0.74 | 0.80 |
Net Debt/EBITDA |
(0.41) | (0.37) | (0.30) | (0.19) | (0.04) | 0.12 | (0.01) | (0.05) | 0.48 | 0.65 |
Debt/Assets |
0.23% | 1.66% | 0.46% | 3.57% | 7.15% | 13.70% | 10.69% | 8.59% | 22.07% | 24.12% |
Debt/Equity |
0.01 | 0.03 | 0.01 | 0.08 | 0.16 | 0.38 | 0.31 | 0.25 | 0.72 | 0.67 |
Asset Turnover |
1.18 | 1.13 | 1.05 | 1.02 | 0.95 | 0.84 | 0.77 | 0.85 | 0.74 | 0.63 |
Operating CF/Net income |
1.27 | 1.08 | 1.16 | 1.20 | 1.23 | 1.15 | 1.42 | 1.30 | 1.20 | 1.16 |
Capex/Depreciation |
(2.59) | (2.71) | (3.16) | (1.98) | (3.84) | (1.23) | (2.00) | (4.13) | (2.69) | (4.10) |
Interest Coverage |
66.71 | 31.94 | 26.92 | 13.14 | 20.63 | 23.93 | 12.50 | 121.39 | 17.47 | 18.83 |
| 82.18% | 81.04% | 76.24% | 70.52% | 70.42% | 72.51% | 68.14% | 89.04% | 80.73% | 61.81% | |
| 40.03% | 38.56% | 36.36% | 32.65% | 31.47% | 28.59% | 24.15% | 30.44% | 25.87% | 20.71% | |
ROIC |
124.72% | 100.83% | 80.88% | 70.67% | 55.53% | 46.86% | 56.35% | 63.48% | 37.55% | 27.38% |
Return on Tangible Assets |
89.22% | 78.99% | 82.55% | 72.10% | 91.99% | 115.24% | 102.97% | 137.29% | 95.40% | 62.02% |
Average Days of Receivables |
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 |
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 |
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 |
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 |
0.33% | 0.00% | 0.37% | 0.30% | 0.00% | 0.00% | 0.00% | 0.93% | 0.79% | 0.46% |
Graham Net Nets |
0.01 | 0.01 | 0.00 | (0.01) | (0.01) | (0.02) | (0.02) | (0.02) | (0.06) | (0.12) |
Graham Number |
5.78 | 6.33 | 6.83 | 7.09 | 8.02 | 9.55 | 10.09 | 14.49 | 18.60 | 22.72 |
Earnings Yield |
6.21% | 4.30% | 5.49% | 4.25% | 3.94% | 2.96% | 2.53% | 2.65% | 3.82% | 6.82% |
Free Cash Flow Yield |
6.55% | 3.69% | 4.42% | 3.88% | 2.81% | 2.94% | 2.93% | 2.22% | 2.64% | 1.94% |
Revenue per Share |
3.28 | 3.43 | 3.53 | 3.85 | 4.17 | 4.88 | 5.53 | 7.52 | 9.45 | 10.53 |
Operating CF per Share |
1.42 | 1.26 | 1.41 | 1.48 | 1.71 | 1.90 | 2.47 | 3.53 | 3.94 | 4.06 |
Capex per Share |
(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 |
1.18 | 1.00 | 1.02 | 1.12 | 0.98 | 1.65 | 2.00 | 2.27 | 2.27 | 0.99 |
Cash per Share |
0.62 | 0.65 | 0.50 | 0.49 | 0.42 | 0.66 | 0.82 | 1.06 | 1.06 | 1.15 |
Shareholders Equity per Share |
1.33 | 1.53 | 1.64 | 1.82 | 2.08 | 2.45 | 2.61 | 3.45 | 4.67 | 6.61 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
1.33 | 1.53 | 1.64 | 1.82 | 2.08 | 2.45 | 2.61 | 3.45 | 4.67 | 6.61 |
Free Cash Flow |
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 |
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 |
(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 |
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 |
12.19 | 17.61 | 15.11 | 17.26 | 19.62 | 27.70 | 29.28 | 30.68 | 21.13 | 12.46 |
Capex to Sales |
0.07 | 0.08 | 0.11 | 0.09 | 0.17 | 0.05 | 0.08 | 0.17 | 0.18 | 0.29 |
Price to Operating Income |
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 |
0.11 | 0.09 | 0.09 | 0.11 | 0.11 | 0.11 | 0.11 | 0.10 | 0.12 | 0.11 |
Cash ROIC |
60.03% | 44.77% | 47.24% | 45.74% | 34.56% | 40.85% | 47.31% | 42.14% | 24.98% | 8.08% |
Accounts Receivable Turnover |
4.88 | 4.73 | 4.45 | 4.31 | 4.18 | 3.62 | 3.21 | 3.54 | 3.57 | 3.58 |
Accounts Payable Turnover |
3.14 | 3.07 | 2.86 | 3.03 | 3.51 | 3.29 | 2.23 | 1.75 | 1.63 | 2.48 |
Inventory Turnover |
1.27 | 1.20 | 1.11 | 1.17 | 1.17 | 1.26 | 1.23 | 1.29 | 1.22 | 1.32 |
Average Days of Payables |
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 |
304.63 | 318.24 | 338.46 | 320.54 | 323.22 | 302.72 | 312.91 | 324.65 | 334.89 | 308.10 |
Average Receivables |
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 |
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 |
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 |
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 |
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 |
Columns are period end dates