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

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

162.83 0.90 +0.56%

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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

Novartis AG (NVS) Debt to equity

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Novartis AG's debt to equity at the end of the quarter to 30 September 2026 was 1.2×, up 0.5× from fiscal 2025 (0.7×). Over the past ten years it has ranged from 0.3× (fiscal 2015) to 0.7× (fiscal 2025) — the current reading is the highest in ten years. That is above 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/NVS/debt-to-equity" width="100%" height="360" style="border:0" loading="lazy" title="Novartis AG debt to equity, 10 years"></iframe>
<p style="font-size:12px">Source: <a href="https://stockrow.com/NVS/metrics/debt-to-equity">Novartis AG (NVS) debt to equity — stockrow.com</a></p>

Period	Debt to equity	Change
FY2025	0.7×	7.41%
FY2024	0.7×	27.43%
FY2023	0.5×	19.50%
FY2022	0.4×	2.32%
FY2021	0.4×	(32.32%)
FY2020	0.6×	29.03%
FY2019	0.5×	20.69%
FY2018	0.4×	6.27%
FY2017	0.4×	20.96%
FY2016	0.3×	11.74%

Period	Debt to equity	Change
Sep 2026	1.2×	9.94%
Jun 2026	1.1×	(3.06%)
Mar 2026	1.2×	60.68%
Dec 2025	0.7×	7.06%
43 more quarters	Free account

Against its own ten years

Low 0.3× High 0.7×

Ten-year median 0.4×

Current reading's percentile 100

Company	Debt to equity
ABBV AbbVie Inc. compare	−17.8×
JNJ Johnson & Johnson compare	0.4×
AZN AstraZeneca PLC compare	0.6×
NVO Novo Nordisk A/S compare	0.6×
PFE Pfizer Inc. compare	0.7×
MRK Merck & Co., Inc. compare	1.2×
NVS Novartis AG	1.2×
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 →

Novartis AG (NVS) 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

Annual newest first

Quarterly newest first

Against its own ten years

Debt to equity against peers

What Debt to equity is

More on NVS

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