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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%
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
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Novo Nordisk A/S (NVO) Price to free cash flow

Alert me on Price to free cash flow

As of 5 November 2026, Novo Nordisk A/S (NVO) trades at a price to free cash flow of 23.5×. Over the past ten years it has ranged from 13.2× (March 2017) to 89.3× (June 2024); the current reading is higher than 24% of that period. That is above the Drug Manufacturers General industry median of 21.3× and above the Healthcare sector median of 21.1×.

Price to free cash flow, daily

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Annual newest first

Period Price to free cash flow Change
FY2025 51.5× 35.79%
FY2024 37.9× (15.76%)
FY2023 45.0× 31.80%
FY2022 34.2× 0.61%
FY2021 34.0× (4.67%)
FY2020 35.6× 38.15%
FY2019 25.8× 13.93%
FY2018 22.6× (16.51%)
FY2017 27.1× 77.55%
FY2016 15.3× (51.48%)

Quarterly newest first

Period Price to free cash flow Change
Jun 2026 27.9× (16.75%)
Mar 2026 33.6× (34.84%)
Dec 2025 51.5× 96.61%
Sep 2025 26.2× (21.35%)
42 more quarters

Against its own ten years

Low 13.2× High 89.3×
Ten-year median 27.9×
Current reading's percentile 24

Price to free cash flow against peers

Company Price to free cash flow
SNY Sanofi compare 6.7×
GSK GSK PLC Sponsored ADR compare 11.4×
BMY Bristol Myers Squibb Company compare 13.9×
GILD Gilead Sciences, Inc. compare 15.1×
PFE Pfizer Inc. compare 15.5×
NVS Novartis AG compare 21.7×
NVO Novo Nordisk A/S 23.5×
AMGN Amgen Inc. compare 27.3×
AZN AstraZeneca PLC compare 45.8×
Drug Manufacturers General industry median 21.3×
Healthcare sector median 21.1×
Market median 14.1×

What Price to free cash flow is

Price to Free Cash Flow Ratio shows how much investors pay for each dollar of cash a company generates after its capital spending.

Stock Price ÷ ((Operating Cash Flow (TTM) + Property, Plant, Equipment Change (Net) (TTM) + Intangible Assets Change (Net) (TTM)) ÷ (Shares (Basic, Weighted) (latest quarter)))

The full definition of Price to free cash flow →

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