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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

162.23 0.30 +0.19%

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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) Price to free cash flow

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As of 5 November 2026, Novartis AG (NVS) trades at a price to free cash flow of 21.7×. Over the past ten years it has ranged from 11.9× (March 2020) to 22.4× (July 2015); the current reading is higher than 99% of that period. That is in line with the Drug Manufacturers General industry median of 21.3× and in line with the Healthcare sector median of 21.1×.

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<iframe src="https://stockrow.com/embed/NVS/price-to-free-cash-flow" width="100%" height="360" style="border:0" loading="lazy" title="Novartis AG price to free cash flow, 10 years"></iframe>
<p style="font-size:12px">Source: <a href="https://stockrow.com/NVS/metrics/price-to-free-cash-flow">Novartis AG (NVS) price to free cash flow — stockrow.com</a></p>

Period	Price to free cash flow	Change
FY2025	17.3×	23.33%
FY2024	14.1×	(6.89%)
FY2023	15.1×	(4.38%)
FY2022	15.8×	8.86%
FY2021	14.5×	(19.59%)
FY2020	18.0×	13.41%
FY2019	15.9×	3.67%
FY2018	15.3×	(15.34%)
FY2017	18.1×	4.03%
FY2016	17.4×	(13.03%)

Period	Price to free cash flow	Change
Sep 2026	19.1×	(2.85%)
Jun 2026	19.7×	8.80%
Mar 2026	18.1×	4.30%
Dec 2025	17.3×	20.77%
43 more quarters	Free account

Against its own ten years

Low 11.9× High 22.4×

Ten-year median 16.3×

Current reading's percentile 99

Company	Price to free cash flow
GILD Gilead Sciences, Inc. compare	15.1×
PFE Pfizer Inc. compare	15.5×
NVS Novartis AG	21.7×
MRK Merck & Co., Inc. compare	22.6×
NVO Novo Nordisk A/S compare	23.5×
ABBV AbbVie Inc. compare	27.1×
AMGN Amgen Inc. compare	27.3×
JNJ Johnson & Johnson compare	31.3×
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 →

Novartis AG (NVS) Price to free cash flow

Price to free cash flow, daily

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Against its own ten years

Price to free cash flow against peers

What Price to free cash flow is

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Price to free cash flow, daily

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Against its own ten years

Price to free cash flow against peers

What Price to free cash flow is

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