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