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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. In the quarter to June 2026, revenue was flat, EPS fell 17.4%, free cash flow fell 15.5% and total debt rose 52.9%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three, operating cash flow growth for three.

150.62 0.24 +0.16%
Market cap
$275.3B
P/E
22.6×
Fwd P/E
20.6×
Dividend yield
3.15%
F-score
8/9
Altman Z
4.13
Beneish M
−2.49
Dividend safety
66/100
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 3.94%

Capital & Financial Ratios $m

Market Cap 275,280.00
Revenue 56,693.00
Net Income 12,747.00
Free Cash Flow 15,177.00
Net Debt 39,387.00
Current Ratio 0.86 (below 1: weak)
Debt/Equity 1.12
P/E ratio 22.62
Fwd P/E 20.60
P/S ratio 5.06
P/B ratio 6.84 (above 6: high)
Past 5Y EPS Growth 15.23% (at or above 15%: strong)
This Y EPS Growth (1.62%) (below 0%: weak)
Next Y EPS Growth 11.37%
Next Y revenue growth (93.89%) (below 0%: weak)
Next 5Y EPS Growth 6.49%

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.8×, against a ten-year median of 4.5×; over the ten years it ranged from −1.5× in 2018 to 6.2× in 2026.
P/E against its own 10 years 55.69%
10-year low 10-year high
P/S against its own 10 years 91.90%
10-year low 10-year high
P/B against its own 10 years 95.48%
10-year low 10-year high
EV/Sales against its own 10 years 96.14%
10-year low 10-year high
EV/FCF against its own 10 years 96.64%
10-year low 10-year high

Dividends

Payout Ratio 0.72
Annual Dividend Rate 4.74
Annual Dividend Yield 3.15%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.26
4.74
2025 0.26
3.99
2024 3.74
3.74
2023 3.50
3.50
2022 3.33
3.33
2021 3.20
3.20
2020 3.09
3.09
2019 2.54
2.54
2018 2.63
2.63
2017 2.44
2.44
2016 2.44
2.44
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 14,428 13,457 11,590 7,690
Receivables 7,533 7,556 9,142 9,854
Inventory 5,913 5,723 6,269 6,220
Other 2,607 2,968 3,459 3,587
30,481 29,704 30,460 27,351
2023 2024 2025 Q'26
Payables 4,926 4,572 4,456 4,258
ST’ Debt 6,175 8,232 5,602 9,588
Other 13,166 14,054 14,988 15,316
26,390 28,692 27,278 31,748

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 13,524 14,951 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.65 1.71 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 59.97 62.30 64.78 74.96 69.18 79.34 74.09 79.98 92.35 96.91

Analyst estimates 2026–2028

Powerpack
High 77.29 77.87 84.40 95.66 99.84 98.52 94.26 105.61 120.92 140.18
People
People Employees 123,000 121,597 125,161 103,914 105,794 104,323 101,703 76,057 75,883 75,267
Revenue/emp, $m 0.40 0.41 0.37 0.47 0.47 0.51 0.43 0.61 0.68 0.75
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
Gross margin, % 64.56 65.74 68.52 70.37 69.70 69.99 73.35 73.27 75.20 75.83
EBT 7,817 8,999 14,095 8,940 9,878 26,137 7,177 9,123 13,640 16,352
EBT margin, % 15.81 17.95 30.58 18.37 19.80 49.43 16.51 19.55 26.37 28.85
Net income 6,698 7,703 12,800 7,147 8,071 24,018 6,049 8,572 11,939 13,967
Depreciation 6,043 6,076 5,217 5,788 6,129 5,455 6,965 8,383 6,114 5,275
Per share, $
Per share, $ Revenue 20.79 21.37 19.88 21.25 21.91 23.57 19.93 22.47 25.63 29.23
Earnings 2.82 3.28 5.44 5.12 3.55 10.71 3.19 7.15 5.92 7.21
Cash flow 4.83 5.38 6.15 5.95 5.99 6.72 6.53 6.96 8.73 9.87
Capex (0.85) (0.88) (0.74) (0.19) (0.93) (0.88) (0.88) (0.27) (1.81) (1.92)
Free cash flow 3.98 4.50 5.41 5.76 5.07 5.84 5.65 6.69 6.92 7.95
Book value 31.49 31.64 33.93 24.25 24.89 30.24 27.25 22.51 21.87 24.01
Shares, m 2,378 2,346 2,319 2,291 2,277 2,243 2,181 2,077 2,018 1,939
Valuation, ×
Valuation, × P/E 40.05 103.59 14.16 18.53 26.60 8.16 28.91 14.05 16.47 19.15
P/S 0.00 0.00 3.87 4.46 4.31 3.71 4.63 4.50 3.80 4.72
P/B 0.00 0.00 2.27 3.91 3.79 2.89 3.38 4.49 4.45 5.74
EV/Sales (1.25) (1.40) 4.22 4.78 4.80 3.73 4.79 4.71 4.11 5.10
EV/FCF (6.51) (6.62) 15.50 17.64 20.77 15.06 16.91 15.83 15.21 18.76
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
Capex (2,020) (2,055) (1,723) (427) (2,117) (1,983) (1,911) (561) (3,648) (3,723)
Free cash flow 9,455 10,566 12,549 13,198 11,533 13,088 12,325 13,897 13,971 15,421
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
Total debt 23,802 28,532 32,148 27,384 36,044 29,197 26,175 24,611 29,598 33,537
Net debt 16,025 19,047 16,184 15,938 24,481 868 7,245 10,183 16,141 21,947
Shareholders’ equity 74,891 74,227 78,692 55,551 56,666 67,822 59,423 46,750 44,126 46,549
Returns, %
Returns, % ROA 5.13 5.85 9.05 8.89 6.56 18.51 5.58 13.66 11.81 13.12
ROIC 5.68 5.78 5.54 7.94 7.82 10.64 7.45 10.72 15.08 16.10
ROE 8.83 10.33 16.49 17.48 14.39 38.59 10.93 27.97 26.28 30.84
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $610.4B 29.6× 24.9× +5.86% (above 0%: growing) −0.87% (below 0%: shrinking) +154.78% (above 0%: growing) 68.12% 0.01% Compare
ABBV AbbVie Inc. $500.8B 80.6× 27.8× +10.16% (above 0%: growing) +290.38% (above 0%: growing) −36.24% (below 0%: shrinking) 74.74% 37.86% Compare
MRK Merck & Co., Inc. $358.2B 117× 53.9× +5.07% (above 0%: growing) n/m +77.03% (above 0%: growing) 73.54% (2.61%) Compare
NVS Novartis AG $275.3B 22.6× 20.6× +0.78% (above 0%: growing) −17.39% (below 0%: shrinking) −15.53% (below 0%: shrinking) 75.19% 31.77%
AZN AstraZeneca PLC $258.5B 24.5× 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. $234.7B 26.7× 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. $195.1B — (loss-making) — (loss-making) +10.18% (above 0%: growing) n/m +376.81% (above 0%: growing) 79.76% (133.21%) Compare
PFE Pfizer Inc. $167.8B 38.9× 12.2× +2.60% (above 0%: growing) n/m +125.17% (above 0%: growing) 72.78% 20.38% Compare
NVO Novo Nordisk A/S $131.2B 9.5× — +4.47% (above 0%: growing) −18.68% (below 0%: shrinking) +71.57% (above 0%: growing) 78.21% 34.48% Compare
Median of peers $246.6B 29.6× 24.2× +6.14% +1.90% +79.80% 74.14% 20.48%

All 21 Drug Manufacturers General stocks →

Novartis AG (NVS) key facts

  • Strength: Novartis AG’s revenue for fiscal 2025 (year ended December 2025) was $56.7 billion, up 9.57% from fiscal 2024.
  • Novartis AG (NVS) is a Drug Manufacturers General company in the Healthcare sector, traded in the US as an ADR.
  • As of October 16, 2026, NVS traded at $150.62, a market capitalization of $275.3 billion.
  • Novartis AG pays an annual dividend of $4.74 per share, a yield of 3.15%, with a payout ratio of 71.5%.
  • Return on equity was 30.8% and debt-to-equity 1.12.
  • Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 4.13 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Novartis AG (NVS) Latest News

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stockrow.com/NVS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com