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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

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 24.48%

Capital & Financial Ratios $m

Market Cap 127,750.00

Revenue 51,459.47

Net Income 17,882.69

Free Cash Flow 7,610.53

Net Debt 14,205.51

Current Ratio 0.87

Debt/Equity 0.63

P/E ratio 9.45

Fwd P/E —

P/S ratio 3.33

P/B ratio 4.98

Past 5Y EPS Growth 20.39%

This Y EPS Growth (7.84%)

Next Y EPS Growth (0.62%)

Next Y revenue growth —

Next 5Y EPS Growth (0.11%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 0.89%

10-year low 10-year high

P/S against its own 10 years 0.74%

10-year low 10-year high

P/B against its own 10 years 0.41%

10-year low 10-year high

EV/Sales against its own 10 years 0.59%

10-year low 10-year high

EV/FCF against its own 10 years 30.21%

10-year low 10-year high

Dividends

Payout Ratio 0.44

Annual Dividend Rate 1.80

Annual Dividend Yield 4.65%

	total	individual payouts
2026	1.80	1.22 0.58
2025	1.73	1.14 0.58
2024	1.45	0.93 0.52
2023	1.03	0.59 0.44
2022	0.80	0.51 0.29
2021	0.74	0.46 0.28
2020	0.65	0.39 0.26
2019	0.61	0.39 0.22
2018	0.63	0.40 0.23
2017	0.57	0.34 0.24
2016	0.48	0.48 0.23

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	4,730	4,732	5,094	7,598
Receivables	10,928	12,675	13,503	16,884
Inventory	4,619	5,923	7,513	7,990
Other	—	—	—	—
	20,277	23,330	26,109	32,473

	2023	2024	2025	Q'26
Payables	3,718	4,183	2,991	2,270
ST’ Debt	941	1,901	1,819	2,853
Other	18,942	24,049	26,566	28,895
	24,634	31,542	32,651	37,201

Compound Annual Growth %

	10y	5y	3y
Sales	11.29%	19.20%	23.15%
Cash Flow	12.21%	17.77%	17.31%
Earnings	11.57%	19.16%	25.41%
Book Value	15.44%	24.81%	35.45%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	15,162	12,213	—	—	—
’25	11,018	11,690	11,741	12,343	46,792
’24	9,515	9,821	10,511	12,261	42,108
’23	7,690	7,933	8,575	9,526	33,724
’22	6,338	5,901	6,165	6,652	25,057
’21	5,480	5,356	5,650	5,916	22,401
’20	5,003	4,432	4,856	5,157	19,448

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	3,772	8,565	—	—	—
’25	3,470	6,474	7,515	574	18,032
’24	2,084	7,269	6,664	1,523	17,540
’23	4,296	4,235	5,975	1,307	15,813
’22	3,557	3,242	2,913	1,458	11,170
’21	1,824	4,094	3,283	(451)	8,751
’20	1,479	3,583	3,067	(170)	7,959

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,886	6,585	—	—	—
’25	1,412	3,838	4,962	(5,822)	4,389
’24	772	5,370	4,753	(795)	10,101
’23	3,604	3,197	4,425	(1,061)	10,166
’22	3,288	2,888	2,375	530	9,081
’21	1,581	3,788	3,027	(822)	7,576
’20	1,224	3,381	2,083	(2,112)	4,577

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.71	0.74	—	—	—
’25	0.92	0.91	0.70	0.94	3.49
’24	0.83	0.65	0.90	0.91	3.28
’23	0.64	0.63	0.73	0.71	2.70
’22	0.37	0.42	0.43	0.42	1.73
’21	0.44	0.43	0.42	0.37	1.65
’20	0.38	0.34	0.35	0.32	1.38

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	15.45	16.42	20.62	23.05	24.62	33.30	45.76	65.05	81.50	43.08	Analyst estimates 2026–2028 Powerpack
	High	29.08	27.06	29.19	29.32	36.96	58.68	67.93	105.69	148.15	93.80
People
People	Employees	41,971	42,076	43,202	43,258	45,323	45,000	55,185	63,370	77,349	69,505
	Revenue/emp, $m	0.40	0.40	0.40	0.42	0.43	0.50	0.45	0.53	0.54	0.67
Income, $m
Income, $m	Revenue	16,611	16,967	17,099	18,291	19,448	22,401	25,057	33,724	42,108	46,792
	Gross margin, %	84.63	84.21	84.25	83.54	83.51	83.20	83.92	84.60	84.67	80.98
	EBT	7,103	7,394	7,280	7,278	8,140	9,400	9,779	15,199	18,443	19,764
	EBT margin, %	42.76	43.58	42.58	39.79	41.85	41.96	39.03	45.07	43.80	42.24
	Net income	5,636	5,792	5,906	5,839	6,456	7,598	7,862	12,151	14,643	15,509
	Depreciation	474	483	600	849	881	959	1,042	1,367	2,771	3,328
Per share, $
Per share, $	Revenue	3.28	3.43	3.53	3.85	4.17	4.88	5.53	7.52	9.45	10.53
	Earnings	1.07	1.17	1.27	1.23	1.39	1.66	1.74	2.71	3.29	3.49
	Cash flow	1.42	1.26	1.41	1.48	1.71	1.90	2.47	3.53	3.94	4.06
	Capex	(0.24)	(0.27)	(0.39)	(0.35)	(0.72)	(0.26)	(0.46)	(1.26)	(1.67)	(3.07)
	Free cash flow	1.18	1.00	1.02	1.12	0.98	1.65	2.00	2.27	2.27	0.99
	Book value	1.33	1.53	1.64	1.82	2.08	2.45	2.61	3.45	4.67	6.61
	Shares, m	5,060	4,946	4,839	4,749	4,668	4,594	4,531	4,483	4,454	4,443
Valuation, ×
Valuation, ×	P/E	16.11	23.24	18.21	23.53	25.40	33.84	39.47	37.75	26.15	14.66
	P/S	5.47	7.89	6.52	7.51	8.38	11.48	12.38	13.57	9.10	4.83
	P/B	13.51	17.70	14.07	15.92	16.81	22.86	26.24	29.58	18.41	7.69
	EV/Sales	5.28	7.72	6.38	7.42	8.36	11.54	12.38	13.55	9.34	5.15
	EV/FCF	14.74	26.51	22.16	25.47	35.54	34.12	34.16	44.95	38.94	54.86
Cash, $m
Cash, $m	Operating cash flow	7,179	6,253	6,822	7,013	7,959	8,751	11,170	15,813	17,540	18,032
	Capex	(1,227)	(1,312)	(1,896)	(1,683)	(3,382)	(1,175)	(2,089)	(5,648)	(7,440)	(13,643)
	Free cash flow	5,952	4,941	4,926	5,330	4,577	7,576	9,081	10,166	10,101	4,389
Balance, $m
Balance, $m	Working capital	1,832	1,978	750	521	(684)	(2,215)	(1,805)	(4,357)	(8,211)	(6,542)
	Total debt	34	257	79	672	1,587	4,239	3,651	3,921	14,904	19,827
	Net debt	(3,120)	(2,956)	(2,343)	(1,676)	(368)	1,188	(73)	(808)	10,172	14,733
	Shareholders’ equity	6,727	7,567	7,926	8,633	9,701	11,256	11,822	15,473	20,805	29,379
Returns, %
Returns, %	ROA	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
	ROE	82.18	81.04	76.24	70.52	70.42	72.51	68.14	89.04	80.73	61.81

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
NVS Novartis AG	$262.0B	21.6×	20.6×	+0.78% (above 0%: growing)	−17.39% (below 0%: shrinking)	−15.53% (below 0%: shrinking)	75.19%	31.77%	Compare
AZN AstraZeneca PLC	$246.3B	23.6×	23.4×	+6.41% (above 0%: growing)	+1.90% (above 0%: growing)	−107.45% (below 0%: shrinking)	83.60%	20.57%	Compare
AMGN Amgen Inc.	$220.3B	25.6×	22.7×	+9.53% (above 0%: growing)	+65.41% (above 0%: growing)	+82.57% (above 0%: growing)	72.04%	34.95%	Compare
GILD Gilead Sciences, Inc.	$182.4B	— (loss-making)	— (loss-making)	+10.18% (above 0%: growing)	n/m	+376.81% (above 0%: growing)	79.76%	(133.21%)	Compare
PFE Pfizer Inc.	$158.6B	37.2×	12.2×	+2.60% (above 0%: growing)	n/m	+125.17% (above 0%: growing)	72.78%	20.38%	Compare
NVO Novo Nordisk A/S	$127.8B	9.4×	—	+4.47% (above 0%: growing)	−18.68% (below 0%: shrinking)	+71.57% (above 0%: growing)	78.21%	34.48%
BMY Bristol Myers Squibb Company	$121.7B	13.0×	11.2×	+5.74% (above 0%: growing)	+153.13% (above 0%: growing)	−13.16% (below 0%: shrinking)	71.28%	31.50%	Compare
SNY Sanofi	$95.9B	21.0×	—	+17.35% (above 0%: growing)	−90.76% (below 0%: shrinking)	−45.06% (below 0%: shrinking)	75.47%	17.48%	Compare
GSK GSK PLC Sponsored ADR	$93.2B	14.5×	12.4×	+5.81% (above 0%: growing)	−69.47% (below 0%: shrinking)	+54.83% (above 0%: growing)	73.05%	5.72%	Compare
Median of peers	$170.5B	21.6×	16.5×	+6.11%	−7.74%	+20.84%	74.12%	20.48%

All 21 Drug Manufacturers General stocks →

Novo Nordisk A/S (NVO) key facts

Strength: Novo Nordisk A/S’s revenue for fiscal 2025 (year ended December 2025) was $46.8 billion, up 11.1% from fiscal 2024.
Strength: Net income was $15.5 billion, or $3.49 per share (basic), a net margin of 33.1%.
Novo Nordisk A/S (NVO) is a Drug Manufacturers General company in the Healthcare sector, traded in the US as an ADR.
As of October 9, 2026, NVO traded at $38.64, a market capitalization of $127.8 billion.
At that price the stock trades at 9.4× trailing-twelve-month earnings and 3.3× sales; its P/E is higher than 1% of its own readings over the past ten years.
Novo Nordisk A/S pays an annual dividend of $1.80 per share, a yield of 4.65%, with a payout ratio of 43.9%.
Return on equity was 61.8% and debt-to-equity 0.63.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 4.32 (safe zone) for fiscal 2025.