Friday 6 November 2026 Export NVO’s income statement to Excel — free account

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.

Revenue: +4.47%
EPS: −18.7%
Free cash flow: +71.6%
Total debt: +44.4%

Quarter to June 2026, against a year earlier

40.33 1.85 −4.39%

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Market cap: $134.8B
P/E: 9.9×
Fwd P/E: —
Dividend yield: 4.45%
F-score: 5/9
Altman Z: 4.32
Beneish M: −2.51
Dividend safety: 46/100

Overview

Novo Nordisk A/S (NVO) Debt to equity

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Novo Nordisk A/S's debt to equity at the end of the quarter to 30 June 2026 was 0.6×, down 0.0× from fiscal 2025 (0.7×). Over the past ten years it has ranged from 0.0× (fiscal 2016) to 0.7× (fiscal 2024); the current reading is higher than 91% of that period. That is in line with the Drug Manufacturers General industry median of 0.6× and above the Healthcare sector median of 0.0×.

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<iframe src="https://stockrow.com/embed/NVO/debt-to-equity" width="100%" height="360" style="border:0" loading="lazy" title="Novo Nordisk A/S debt to equity, 10 years"></iframe>
<p style="font-size:12px">Source: <a href="https://stockrow.com/NVO/metrics/debt-to-equity">Novo Nordisk A/S (NVO) debt to equity — stockrow.com</a></p>

Period	Debt to equity	Change
FY2025	0.7×	(5.79%)
FY2024	0.7×	182.72%
FY2023	0.3×	(17.94%)
FY2022	0.3×	(18.00%)
FY2021	0.4×	130.34%
FY2020	0.2×	110.15%
FY2019	0.1×	685.86%
FY2018	0.0×	(70.88%)
FY2017	0.0×	566.67%
FY2016	0.0×	(77.63%)

Period	Debt to equity	Change
Jun 2026	0.6×	(12.15%)
Mar 2026	0.7×	6.82%
Dec 2025	0.7×	13.30%
Sep 2025	0.6×	0.86%
42 more quarters	Free account

Against its own ten years

Low 0.0× High 0.7×

Ten-year median 0.2×

Current reading's percentile 91

Company	Debt to equity
SNY Sanofi compare	0.2×
AZN AstraZeneca PLC compare	0.6×
NVO Novo Nordisk A/S	0.6×
PFE Pfizer Inc. compare	0.7×
NVS Novartis AG compare	1.2×
GSK GSK PLC Sponsored ADR compare	1.3×
BMY Bristol Myers Squibb Company compare	1.8×
GILD Gilead Sciences, Inc. compare	2.0×
AMGN Amgen Inc. compare	3.8×
Drug Manufacturers General industry median	0.6×
Healthcare sector median	0.0×
Market median	0.1×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

Novo Nordisk A/S (NVO) Debt to equity

Debt to equity, annual

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Against its own ten years

Debt to equity against peers

What Debt to equity is

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Debt to equity, annual

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Quarterly newest first

Against its own ten years

Debt to equity against peers

What Debt to equity is

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