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Novartis AG

NVS Healthcare Drug Manufacturers General

Novartis AG’s revenue for fiscal 2025 (year ended December 2025) was $56.7 billion, up 9.57% from fiscal 2024.

Revenue
+4.67%
EPS
−69.1%
Free cash flow
−17.8%
Total debt
+53.9%

Quarter to September 2026, against a year earlier

162.04 2.94 −1.78%
Market cap
$296.4B
P/E
30.9×
Fwd P/E
23.2×
Dividend yield
2.93%
F-score
8/9
Altman Z
4.13
Beneish M
−2.49
Dividend safety
66/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 3.48%

Capital & Financial Ratios $m

Size
Market Cap 296,420.00
Revenue ttm 57,364.00
Net income ttm 10,013.00
Free cash flow ttm 14,145.00
Net debt Q 37,374.00
Valuation
P/E 30.86
Forward P/E 23.20
Price / sales 5.36
Forward P/S Powerpack
Price / FCF 21.72
Price / book 8.18 (above 6: high)
Financial health
Current ratio Q 0.88 (below 1: weak)
Debt / equity Q 1.23
Interest coverage Q 3.94
Growth
Revenue growth Q +4.67% (above 0%: growing)
Operating income growth Q −59.05% (below 0%: shrinking)
EPS, this year −1.18% (below 0%: weak)
EPS, next year A +11.18%
Revenue, next year A −93.92% (below 0%: weak)
EPS, past 5 yrs +15.23% (at or above 15%: strong)
EPS, next 5 yrs A +6.41%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.0×, against a ten-year median of 4.4×; over the ten years it ranged from 3.3× in 2022 to 6.2× in 2026.
P/E against its own 10 years 99.67%
10-year low 10-year high
P/S against its own 10 years 98.90%
10-year low 10-year high
P/B against its own 10 years 99.96%
10-year low 10-year high
EV/Sales against its own 10 years 99.23%
10-year low 10-year high
EV/FCF against its own 10 years 99.96%
10-year low 10-year high

Dividends raised 6 years running

Yield
2.93%
Annual rate
4.74
Payout ratio
90.5%
Growth, 2017–25
+6.38%/yr
  1. 2.44 ’17
  2. 2.63 ’18 +8
  3. 2.54 ’19 −3
  4. 3.09 ’20 +22
  5. 3.20 ’21 +4
  6. 3.33 ’22 +4
  7. 3.50 ’23 +5
  8. 3.74 ’24 +7
  9. 3.99 ’25 +7
  10. 0.26 ’26e −93
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 14,428 13,457 11,590 8,975
Receivables 7,533 7,556 9,142 9,963
Inventory 5,913 5,723 6,269 6,104
Other 2,607 2,968 3,459 3,705
30,481 29,704 30,460 28,747
2023 2024 2025 Q'26
Payables 4,926 4,572 4,456 4,243
ST’ Debt 6,175 8,232 5,602 9,650
Other 13,166 14,054 14,988 15,702
26,390 28,692 27,278 32,525

Compound Annual Growth %

10y 5y 3y
Sales 1.18% 2.58% 9.25%
Cash Flow 4.87% 7.00% 10.38%
Earnings (2.37%) 11.62% 26.22%
Book Value (4.92%) (3.86%) (7.82%)

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 2.25 Actual 2.46

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 1.99 2.03 Beat by 0.04
Mar 2026 2.11 1.99 Miss by 0.12
Jun 2026 2.20 2.41 Beat by 0.21
Sep 2026 2.25 2.46 Beat by 0.21
Dec 2026 2.23 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.65 1.71 0.63 — —
’25 1.83 2.06 2.02 1.25 7.15
’24 1.31 1.59 1.57 1.41 5.87
’23 1.08 1.11 0.85 4.14 7.15
’22 1.00 0.77 0.72 0.68 3.17
’21 0.91 1.28 1.22 7.24 10.63
’20 0.95 0.81 0.84 0.92 3.52
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 13,524 14,951 15,029 — —
’25 13,620 14,836 14,358 13,860 56,674
’24 12,120 12,872 13,172 13,558 51,722
’23 11,047 11,745 12,092 11,776 46,660
’22 12,814 13,085 10,783 6,779 43,461
’21 12,694 13,294 13,367 13,522 52,877
’20 12,708 11,622 8,785 16,783 49,898
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3,676 5,882 5,503 — —
’25 3,645 6,664 6,571 2,264 19,144
’24 2,265 4,875 6,286 4,193 17,619
’23 2,957 3,576 5,378 2,547 14,458
’22 1,649 3,755 4,721 4,111 14,236
’21 2,130 4,132 4,925 3,884 15,071
’20 2,528 3,961 3,156 4,005 13,650
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,850 5,174 4,761 — —
’25 2,143 6,125 5,793 1,360 15,421
’24 1,110 4,204 5,511 3,146 13,971
’23 2,716 2,682 6,569 1,930 13,897
’22 889 3,312 4,409 3,715 12,325
’21 1,421 4,100 4,502 3,065 13,088
’20 2,104 3,559 2,630 3,240 11,533
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 49,436 50,135 46,099 48,677 49,898 52,877 43,461 46,660 51,722 56,674 57,364 +1.5% 3,449 3,696 3,919 (59.0%)
Gross margin, % 64.56 65.74 68.52 70.37 69.70 69.99 73.35 73.27 75.20 75.83 74.92 +11.3 pt
EBT 7,817 8,999 14,095 8,940 9,878 26,137 7,177 9,123 13,640 16,352 12,643 +8.5%
EBT margin, % 15.81 17.95 30.58 18.37 19.80 49.43 16.51 19.55 26.37 28.85 22.04 +13.0 pt
Net income 6,698 7,703 12,800 7,147 8,071 24,018 6,049 8,572 11,939 13,967 10,013 +8.5%
Per share, $
Per share, $ Revenue 20.82 21.37 19.88 21.25 21.91 23.57 19.93 22.47 25.63 29.23 30.26 +3.8%
Earnings 2.82 3.28 5.44 5.12 3.55 10.71 3.19 7.15 5.92 7.21 5.25 +11.0%
Cash flow 4.83 5.38 6.15 5.95 5.99 6.72 6.53 6.96 8.73 9.87 9.14 +8.3%
Capex (0.79) (0.86) (0.74) (0.19) (0.93) (0.88) (0.88) (0.27) (1.81) (1.92) (1.68) +10.4%
Free cash flow 4.05 4.52 5.41 5.76 5.07 5.84 5.65 6.69 6.92 7.95 7.46 +7.8%
Book value 31.55 31.64 33.93 24.25 24.89 30.24 27.25 22.51 21.87 24.01 19.81 (3.0%)
Shares, m 2,374 2,346 2,319 2,291 2,277 2,243 2,181 2,077 2,018 1,939 1,912 (2.2%)
Valuation, ×
Valuation, × P/E 24.99 24.98 15.29 17.93 25.73 7.89 27.97 14.05 16.47 19.15 30.86 19.4
P/S 3.38 3.83 4.18 4.31 4.17 3.59 4.48 4.50 3.80 4.72 5.36 4.1
P/B 2.23 2.59 2.45 3.78 3.67 2.80 3.27 4.49 4.45 5.74 8.18 3.5
EV/Sales 3.71 4.21 4.53 4.64 4.66 3.61 4.64 4.71 4.11 5.10 6.01 4.4
EV/FCF 19.09 19.91 16.63 17.11 20.16 14.57 16.37 15.83 15.21 18.76 24.36 17.4
Cash, $m
Cash, $m Operating cash flow 11,475 12,621 14,272 13,625 13,650 15,071 14,236 14,458 17,619 19,144 17,325 +5.9%
Capex (1,871) (2,014) (1,723) (427) (2,117) (1,983) (1,911) (561) (3,648) (3,723) (3,180) +7.9%
Free cash flow 9,604 10,607 12,549 13,198 11,533 13,088 12,325 13,897 13,971 15,421 14,145 +5.4%
Balance, $m
Balance, $m Working capital 2,722 4,805 5,956 1,240 (3,386) 15,510 8,254 4,091 1,012 3,182 (3,778) +1.8%
Net debt 16,025 19,047 16,184 15,938 24,481 868 7,245 10,183 16,141 21,947 37,374 +3.6%
Shareholders’ equity 74,891 74,227 78,692 55,551 56,666 67,822 59,423 46,750 44,126 46,549 37,564 (5.1%)
Returns, %
Returns, % ROA 5.13 5.85 9.05 8.89 6.56 18.51 5.58 13.66 11.81 13.12 8.94 +8.0 pt
ROIC 5.68 5.78 5.54 7.94 7.82 10.64 7.45 10.72 15.08 16.10 12.05 +10.4 pt
ROE 8.83 10.33 16.49 17.48 14.39 38.59 10.93 27.97 26.28 30.84 24.37 +22.0 pt
People
People Employees 123,000 121,597 125,161 103,914 105,794 104,323 101,703 76,057 75,883 75,267 — (5.3%)
Revenue/emp, $m 0.40 0.41 0.37 0.47 0.47 0.51 0.43 0.61 0.68 0.75 — +7.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Novartis AG vs peers in Drug Manufacturers General (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
JNJ Johnson & Johnson $655.6B 41.3× 40.0× +5.86% (above 0%: growing) −95.75% (below 0%: shrinking) −21.44% (below 0%: shrinking) 68.12% 1.72% Compare
ABBV AbbVie Inc. $509.5B 49.7× 38.6× +10.32% (above 0%: growing) +2,270.00% (above 0%: growing) +9.97% (above 0%: growing) 75.38% 36.01% Compare
MRK Merck & Co., Inc. $362.5B 118× 109× +4.68% (above 0%: growing) −130.68% (below 0%: shrinking) +77.03% (above 0%: growing) 72.95% 31.90% Compare
NVS Novartis AG $296.4B 30.9× 23.2× +4.67% (above 0%: growing) −69.08% (below 0%: shrinking) −17.81% (below 0%: shrinking) 75.99% 12.26%
AZN AstraZeneca PLC $289.8B 26.3× 24.5× +6.70% (above 0%: growing) +22.50% (above 0%: growing) +1.99% (above 0%: growing) 81.82% 27.07% Compare
AMGN Amgen Inc. $248.8B 26.6× 29.6× +8.45% (above 0%: growing) +19.44% (above 0%: growing) −0.16% (below 0%: shrinking) 73.10% 35.79% Compare
GILD Gilead Sciences, Inc. $207.8B — (loss-making) — (loss-making) +6.83% (above 0%: growing) −20.33% (below 0%: shrinking) +21.13% (above 0%: growing) 81.07% 41.71% Compare
PFE Pfizer Inc. $170.3B 42.2× 18.9× −0.43% (below 0%: shrinking) −7.98% (below 0%: shrinking) +20.02% (above 0%: growing) 75.71% 22.14% Compare
NVO Novo Nordisk A/S $134.8B 9.9× — +4.47% (above 0%: growing) −18.68% (below 0%: shrinking) +71.57% (above 0%: growing) 78.21% 34.48% Compare
Median of peers $269.3B 41.3× 34.1× +6.28% −13.33% +15.00% 75.55% 33.19%

All 21 Drug Manufacturers General stocks →

Novartis AG (NVS) Latest News

3 Nov

Impact 3 · · The Motley Fool

28 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

27 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 4 · · Proactive Investors
Impact 4 · · InvestorsHub
Impact 4 · · TIKR
Impact 4 · · Investing.com
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Associated Press

26 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · InvestorsHub
Impact 4 · · Investing.com

23 Oct

Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

22 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks

21 Oct

Impact 4 · · Insider Monkey
Impact 4 · · GlobeNewswire

20 Oct

Impact 3 · · GlobeNewswire

NVS metrics, ten years each

stockrow.com/NVS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com