NOVO NORDISK A/S-B (NOV.DE) Fundamental Analysis & Valuation

FRA:NOV • DK0062498333

33.305 EUR
+0.09 (+0.29%)
Last: Mar 6, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This NOV.DE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

6

NOV gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 49 industry peers in the Pharmaceuticals industry. While NOV has a great profitability rating, there are some minor concerns on its financial health. NOV has a correct valuation and a medium growth rate. NOV also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

9

1. NOV.DE Profitability Analysis

1.1 Basic Checks

  • NOV had positive earnings in the past year.
  • NOV had a positive operating cash flow in the past year.
  • NOV had positive earnings in each of the past 5 years.
  • NOV had a positive operating cash flow in each of the past 5 years.
NOV.DE Yearly Net Income VS EBIT VS OCF VS FCFNOV.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B 100B

1.2 Ratios

  • NOV's Return On Assets of 18.87% is amongst the best of the industry. NOV outperforms 97.96% of its industry peers.
  • NOV has a Return On Equity of 52.79%. This is amongst the best in the industry. NOV outperforms 91.84% of its industry peers.
  • NOV has a Return On Invested Capital of 30.79%. This is amongst the best in the industry. NOV outperforms 97.96% of its industry peers.
  • NOV had an Average Return On Invested Capital over the past 3 years of 43.61%. This is significantly above the industry average of 13.98%.
  • The 3 year average ROIC (43.61%) for NOV is well above the current ROIC(30.79%). The reason for the recent decline needs to be investigated.
Industry RankSector Rank
ROA 18.87%
ROE 52.79%
ROIC 30.79%
ROA(3y)22.39%
ROA(5y)22.95%
ROE(3y)67.23%
ROE(5y)67.14%
ROIC(3y)43.61%
ROIC(5y)44.74%
NOV.DE Yearly ROA, ROE, ROICNOV.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

1.3 Margins

  • With an excellent Profit Margin value of 33.14%, NOV belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
  • NOV's Profit Margin has been stable in the last couple of years.
  • The Operating Margin of NOV (41.30%) is better than 93.88% of its industry peers.
  • NOV's Operating Margin has been stable in the last couple of years.
  • With an excellent Gross Margin value of 80.98%, NOV belongs to the best of the industry, outperforming 83.67% of the companies in the same industry.
  • In the last couple of years the Gross Margin of NOV has remained more or less at the same level.
Industry RankSector Rank
OM 41.3%
PM (TTM) 33.14%
GM 80.98%
OM growth 3Y-1.15%
OM growth 5Y-0.81%
PM growth 3Y1.84%
PM growth 5Y-0.03%
GM growth 3Y-1.18%
GM growth 5Y-0.61%
NOV.DE Yearly Profit, Operating, Gross MarginsNOV.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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4

2. NOV.DE Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so NOV is creating value.
  • Compared to 1 year ago, NOV has about the same amount of shares outstanding.
  • NOV has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, NOV has a worse debt to assets ratio.
NOV.DE Yearly Shares OutstandingNOV.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B
NOV.DE Yearly Total Debt VS Total AssetsNOV.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100B 200B 300B 400B 500B

2.2 Solvency

  • NOV has an Altman-Z score of 3.65. This indicates that NOV is financially healthy and has little risk of bankruptcy at the moment.
  • NOV has a Altman-Z score (3.65) which is comparable to the rest of the industry.
  • NOV has a debt to FCF ratio of 4.52. This is a neutral value as NOV would need 4.52 years to pay back of all of its debts.
  • NOV's Debt to FCF ratio of 4.52 is fine compared to the rest of the industry. NOV outperforms 65.31% of its industry peers.
  • A Debt/Equity ratio of 0.61 indicates that NOV is somewhat dependend on debt financing.
  • NOV has a Debt to Equity ratio (0.61) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.61
Debt/FCF 4.52
Altman-Z 3.65
ROIC/WACC5.05
WACC6.1%
NOV.DE Yearly LT Debt VS Equity VS FCFNOV.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50B 100B 150B

2.3 Liquidity

  • NOV has a Current Ratio of 0.80. This is a bad value and indicates that NOV is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Current ratio value of 0.80, NOV is not doing good in the industry: 85.71% of the companies in the same industry are doing better.
  • NOV has a Quick Ratio of 0.80. This is a bad value and indicates that NOV is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 0.57, NOV is doing worse than 81.63% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.8
Quick Ratio 0.57
NOV.DE Yearly Current Assets VS Current LiabilitesNOV.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50B 100B 150B 200B

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4

3. NOV.DE Growth Analysis

3.1 Past

  • The Earnings Per Share has been growing slightly by 1.77% over the past year.
  • Measured over the past years, NOV shows a very strong growth in Earnings Per Share. The EPS has been growing by 20.66% on average per year.
  • Looking at the last year, NOV shows a small growth in Revenue. The Revenue has grown by 6.43% in the last year.
  • The Revenue has been growing by 19.48% on average over the past years. This is quite good.
EPS 1Y (TTM)1.77%
EPS 3Y23.52%
EPS 5Y20.66%
EPS Q2Q%-4.73%
Revenue 1Y (TTM)6.43%
Revenue growth 3Y20.43%
Revenue growth 5Y19.48%
Sales Q2Q%-7.63%

3.2 Future

  • NOV is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 3.45% yearly.
  • NOV is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.58% yearly.
EPS Next Y-1.09%
EPS Next 2Y2.5%
EPS Next 3Y7.19%
EPS Next 5Y3.45%
Revenue Next Year-3.91%
Revenue Next 2Y0.15%
Revenue Next 3Y2.35%
Revenue Next 5Y3.58%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
NOV.DE Yearly Revenue VS EstimatesNOV.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 100B 200B 300B
NOV.DE Yearly EPS VS EstimatesNOV.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 5 10 15 20 25

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6

4. NOV.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 10.81 indicates a reasonable valuation of NOV.
  • Compared to the rest of the industry, the Price/Earnings ratio of NOV indicates a somewhat cheap valuation: NOV is cheaper than 79.59% of the companies listed in the same industry.
  • When comparing the Price/Earnings ratio of NOV to the average of the S&P500 Index (26.29), we can say NOV is valued rather cheaply.
  • The Price/Forward Earnings ratio is 10.92, which indicates a very decent valuation of NOV.
  • NOV's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. NOV is cheaper than 77.55% of the companies in the same industry.
  • NOV is valuated cheaply when we compare the Price/Forward Earnings ratio to 24.57, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 10.81
Fwd PE 10.92
NOV.DE Price Earnings VS Forward Price EarningsNOV.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • 79.59% of the companies in the same industry are more expensive than NOV, based on the Enterprise Value to EBITDA ratio.
  • NOV's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 38.17
EV/EBITDA 8.07
NOV.DE Per share dataNOV.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8

4.3 Compensation for Growth

  • NOV has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)0.52
EPS Next 2Y2.5%
EPS Next 3Y7.19%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. NOV.DE Dividend Analysis

5.1 Amount

  • NOV has a Yearly Dividend Yield of 4.90%, which is a nice return.
  • NOV's Dividend Yield is rather good when compared to the industry average which is at 1.84. NOV pays more dividend than 89.80% of the companies in the same industry.
  • NOV's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 4.9%

5.2 History

  • On average, the dividend of NOV grows each year by 19.05%, which is quite nice.
Dividend Growth(5Y)19.05%
Div Incr Years0
Div Non Decr Years0
NOV.DE Yearly Dividends per shareNOV.DE Yearly Dividends per shareYearly Dividends per share 2024 2025 2026 2 4 6 8 10

5.3 Sustainability

  • NOV pays out 50.53% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • The dividend of NOV is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP50.53%
EPS Next 2Y2.5%
EPS Next 3Y7.19%
NOV.DE Yearly Income VS Free CF VS DividendNOV.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B 100B
NOV.DE Dividend Payout.NOV.DE Dividend Payout, showing the Payout Ratio.NOV.DE Dividend Payout.PayoutRetained Earnings

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NOV.DE Fundamentals: All Metrics, Ratios and Statistics

NOVO NORDISK A/S-B

FRA:NOV (3/6/2026, 7:00:00 PM)

33.305

+0.09 (+0.29%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryPharmaceuticals
Earnings (Last)02-03
Earnings (Next)05-06
Inst Owners33.25%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap148.10B
Revenue(TTM)309.06B
Net Income(TTM)102.43B
Analysts71.76
Price Target49.38 (48.27%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.9%
Yearly Dividend1.56
Dividend Growth(5Y)19.05%
DP50.53%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2.82%
Min EPS beat(2)-7.04%
Max EPS beat(2)1.39%
EPS beat(4)2
Avg EPS beat(4)-0.71%
Min EPS beat(4)-7.04%
Max EPS beat(4)3.94%
EPS beat(8)5
Avg EPS beat(8)1.01%
EPS beat(12)8
Avg EPS beat(12)1.47%
EPS beat(16)11
Avg EPS beat(16)1.68%
Revenue beat(2)1
Avg Revenue beat(2)-1.06%
Min Revenue beat(2)-3.19%
Max Revenue beat(2)1.07%
Revenue beat(4)1
Avg Revenue beat(4)-0.92%
Min Revenue beat(4)-3.19%
Max Revenue beat(4)1.07%
Revenue beat(8)3
Avg Revenue beat(8)0.15%
Revenue beat(12)6
Avg Revenue beat(12)0.52%
Revenue beat(16)9
Avg Revenue beat(16)0.84%
PT rev (1m)-7.51%
PT rev (3m)-14.99%
EPS NQ rev (1m)-1.88%
EPS NQ rev (3m)-13.85%
EPS NY rev (1m)0%
EPS NY rev (3m)-11.16%
Revenue NQ rev (1m)-37.45%
Revenue NQ rev (3m)-51.78%
Revenue NY rev (1m)-4.16%
Revenue NY rev (3m)-10.69%
Valuation
Industry RankSector Rank
PE 10.81
Fwd PE 10.92
P/S 3.58
P/FCF 38.17
P/OCF 9.29
P/B 5.7
P/tB 17.29
EV/EBITDA 8.07
EPS(TTM)3.08
EY9.25%
EPS(NY)3.05
Fwd EY9.15%
FCF(TTM)0.87
FCFY2.62%
OCF(TTM)3.58
OCFY10.76%
SpS9.3
BVpS5.84
TBVpS1.93
PEG (NY)N/A
PEG (5Y)0.52
Graham Number20.12
Profitability
Industry RankSector Rank
ROA 18.87%
ROE 52.79%
ROCE 39.01%
ROIC 30.79%
ROICexc 33.56%
ROICexgc 59.2%
OM 41.3%
PM (TTM) 33.14%
GM 80.98%
FCFM 9.38%
ROA(3y)22.39%
ROA(5y)22.95%
ROE(3y)67.23%
ROE(5y)67.14%
ROIC(3y)43.61%
ROIC(5y)44.74%
ROICexc(3y)50.94%
ROICexc(5y)53.03%
ROICexgc(3y)100.46%
ROICexgc(5y)105.49%
ROCE(3y)55.75%
ROCE(5y)58.53%
ROICexgc growth 3Y-22.89%
ROICexgc growth 5Y-7.78%
ROICexc growth 3Y-18.13%
ROICexc growth 5Y-11.63%
OM growth 3Y-1.15%
OM growth 5Y-0.81%
PM growth 3Y1.84%
PM growth 5Y-0.03%
GM growth 3Y-1.18%
GM growth 5Y-0.61%
F-Score5
Asset Turnover0.57
Health
Industry RankSector Rank
Debt/Equity 0.61
Debt/FCF 4.52
Debt/EBITDA 0.79
Cap/Depr 409.94%
Cap/Sales 29.16%
Interest Coverage 37.34
Cash Conversion 79.59%
Profit Quality 28.3%
Current Ratio 0.8
Quick Ratio 0.57
Altman-Z 3.65
F-Score5
WACC6.1%
ROIC/WACC5.05
Cap/Depr(3y)363.9%
Cap/Depr(5y)282.93%
Cap/Sales(3y)21.19%
Cap/Sales(5y)15.43%
Profit Quality(3y)60.31%
Profit Quality(5y)79.23%
High Growth Momentum
Growth
EPS 1Y (TTM)1.77%
EPS 3Y23.52%
EPS 5Y20.66%
EPS Q2Q%-4.73%
EPS Next Y-1.09%
EPS Next 2Y2.5%
EPS Next 3Y7.19%
EPS Next 5Y3.45%
Revenue 1Y (TTM)6.43%
Revenue growth 3Y20.43%
Revenue growth 5Y19.48%
Sales Q2Q%-7.63%
Revenue Next Year-3.91%
Revenue Next 2Y0.15%
Revenue Next 3Y2.35%
Revenue Next 5Y3.58%
EBIT growth 1Y-4.76%
EBIT growth 3Y19.04%
EBIT growth 5Y18.51%
EBIT Next Year9.02%
EBIT Next 3Y6.74%
EBIT Next 5Y6.83%
FCF growth 1Y-58.38%
FCF growth 3Y-23.26%
FCF growth 5Y-0.6%
OCF growth 1Y-1.54%
OCF growth 3Y14.72%
OCF growth 5Y18.05%

NOVO NORDISK A/S-B / NOV.DE FAQ

What is the fundamental rating for NOV stock?

ChartMill assigns a fundamental rating of 6 / 10 to NOV.DE.


Can you provide the valuation status for NOVO NORDISK A/S-B?

ChartMill assigns a valuation rating of 6 / 10 to NOVO NORDISK A/S-B (NOV.DE). This can be considered as Fairly Valued.


What is the profitability of NOV stock?

NOVO NORDISK A/S-B (NOV.DE) has a profitability rating of 9 / 10.


Can you provide the expected EPS growth for NOV stock?

The Earnings per Share (EPS) of NOVO NORDISK A/S-B (NOV.DE) is expected to decline by -1.09% in the next year.


Is the dividend of NOVO NORDISK A/S-B sustainable?

The dividend rating of NOVO NORDISK A/S-B (NOV.DE) is 7 / 10 and the dividend payout ratio is 50.53%.