NOVO-NORDISK A/S-SPONS ADR (NVO) Stock Fundamental Analysis

USA • New York Stock Exchange • NYSE:NVO • US6701002056

49.37 USD
+1.73 (+3.63%)
At close: Feb 9, 2026
49.13 USD
-0.24 (-0.49%)
After Hours: 2/9/2026, 8:20:11 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to NVO. NVO was compared to 191 industry peers in the Pharmaceuticals industry. NVO has an excellent profitability rating, but there are some minor concerns on its financial health. NVO is not valued too expensively and it also shows a decent growth rate. NVO also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

9

1. Profitability

1.1 Basic Checks

  • NVO had positive earnings in the past year.
  • In the past year NVO had a positive cash flow from operations.
  • NVO had positive earnings in each of the past 5 years.
  • Each year in the past 5 years NVO had a positive operating cash flow.
NVO Yearly Net Income VS EBIT VS OCF VS FCFNVO 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

  • Looking at the Return On Assets, with a value of 18.87%, NVO belongs to the top of the industry, outperforming 96.86% of the companies in the same industry.
  • NVO's Return On Equity of 52.79% is amongst the best of the industry. NVO outperforms 98.43% of its industry peers.
  • With an excellent Return On Invested Capital value of 30.79%, NVO belongs to the best of the industry, outperforming 98.43% of the companies in the same industry.
  • NVO had an Average Return On Invested Capital over the past 3 years of 43.61%. This is significantly above the industry average of 12.63%.
  • The last Return On Invested Capital (30.79%) for NVO is well below the 3 year average (43.61%), which needs to be investigated, but indicates that NVO had better years and this may not be a problem.
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%
NVO Yearly ROA, ROE, ROICNVO Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

1.3 Margins

  • NVO has a better Profit Margin (33.14%) than 96.34% of its industry peers.
  • NVO's Profit Margin has been stable in the last couple of years.
  • Looking at the Operating Margin, with a value of 41.30%, NVO belongs to the top of the industry, outperforming 97.38% of the companies in the same industry.
  • In the last couple of years the Operating Margin of NVO has remained more or less at the same level.
  • Looking at the Gross Margin, with a value of 80.98%, NVO belongs to the top of the industry, outperforming 84.82% of the companies in the same industry.
  • NVO's Gross Margin has been stable in the last couple of years.
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%
NVO Yearly Profit, Operating, Gross MarginsNVO 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. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), NVO is creating value.
  • NVO has about the same amout of shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, NVO has more shares outstanding
  • NVO has a worse debt/assets ratio than last year.
NVO Yearly Shares OutstandingNVO Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B
NVO Yearly Total Debt VS Total AssetsNVO 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

  • NVO has an Altman-Z score of 4.12. This indicates that NVO is financially healthy and has little risk of bankruptcy at the moment.
  • NVO's Altman-Z score of 4.12 is fine compared to the rest of the industry. NVO outperforms 69.63% of its industry peers.
  • The Debt to FCF ratio of NVO is 4.52, which is a neutral value as it means it would take NVO, 4.52 years of fcf income to pay off all of its debts.
  • NVO has a better Debt to FCF ratio (4.52) than 84.29% of its industry peers.
  • NVO has a Debt/Equity ratio of 0.61. This is a neutral value indicating NVO is somewhat dependend on debt financing.
  • NVO has a worse Debt to Equity ratio (0.61) than 67.54% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.61
Debt/FCF 4.52
Altman-Z 4.12
ROIC/WACC4.55
WACC6.77%
NVO Yearly LT Debt VS Equity VS FCFNVO 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

  • A Current Ratio of 0.80 indicates that NVO may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.80, NVO is doing worse than 89.01% of the companies in the same industry.
  • NVO has a Quick Ratio of 0.80. This is a bad value and indicates that NVO is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Quick ratio of NVO (0.57) is worse than 87.96% of its industry peers.
Industry RankSector Rank
Current Ratio 0.8
Quick Ratio 0.57
NVO Yearly Current Assets VS Current LiabilitesNVO 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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. Growth

3.1 Past

  • NVO shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 3.01%.
  • The Earnings Per Share has been growing by 20.95% on average over the past years. This is a very strong growth
  • Looking at the last year, NVO shows a small growth in Revenue. The Revenue has grown by 6.43% in the last year.
  • NVO shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 19.48% yearly.
EPS 1Y (TTM)3.01%
EPS 3Y24.02%
EPS 5Y20.95%
EPS Q2Q%-0.29%
Revenue 1Y (TTM)6.43%
Revenue growth 3Y20.43%
Revenue growth 5Y19.48%
Sales Q2Q%-8.98%

3.2 Future

  • The Earnings Per Share is expected to grow by 6.65% on average over the next years.
  • NVO is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.90% yearly.
EPS Next Y-2.28%
EPS Next 2Y1.88%
EPS Next 3Y6.76%
EPS Next 5Y6.65%
Revenue Next Year0.24%
Revenue Next 2Y3.47%
Revenue Next 3Y6.32%
Revenue Next 5Y5.9%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
NVO Yearly Revenue VS EstimatesNVO Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 100B 200B 300B 400B
NVO Yearly EPS VS EstimatesNVO Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 10 20 30

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6

4. Valuation

4.1 Price/Earnings Ratio

  • NVO is valuated correctly with a Price/Earnings ratio of 13.27.
  • Compared to the rest of the industry, the Price/Earnings ratio of NVO indicates a rather cheap valuation: NVO is cheaper than 87.43% of the companies listed in the same industry.
  • NVO's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 28.06.
  • Based on the Price/Forward Earnings ratio of 13.59, the valuation of NVO can be described as correct.
  • NVO's Price/Forward Earnings ratio is rather cheap when compared to the industry. NVO is cheaper than 85.34% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 27.86. NVO is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 13.27
Fwd PE 13.59
NVO Price Earnings VS Forward Price EarningsNVO Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • NVO's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. NVO is cheaper than 89.53% of the companies in the same industry.
  • NVO's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. NVO is cheaper than 78.53% of the companies in the same industry.
Industry RankSector Rank
P/FCF 47.55
EV/EBITDA 9.9
NVO Per share dataNVO EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

  • The excellent profitability rating of NVO may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)0.63
EPS Next 2Y1.88%
EPS Next 3Y6.76%

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

7

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 3.96%, NVO has a reasonable but not impressive dividend return.
  • NVO's Dividend Yield is rather good when compared to the industry average which is at 0.93. NVO pays more dividend than 96.34% of the companies in the same industry.
  • NVO's Dividend Yield is rather good when compared to the S&P500 average which is at 1.80.
Industry RankSector Rank
Dividend Yield 3.96%

5.2 History

  • The dividend of NVO is nicely growing with an annual growth rate of 19.05%!
  • NVO has paid a dividend for at least 10 years, which is a reliable track record.
  • NVO has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
Dividend Growth(5Y)19.05%
Div Incr Years7
Div Non Decr Years7
NVO Yearly Dividends per shareNVO Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

  • NVO pays out 50.53% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • NVO's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP50.53%
EPS Next 2Y1.88%
EPS Next 3Y6.76%
NVO Yearly Income VS Free CF VS DividendNVO 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
NVO Dividend Payout.NVO Dividend Payout, showing the Payout Ratio.NVO Dividend Payout.PayoutRetained Earnings

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NOVO-NORDISK A/S-SPONS ADR

NYSE:NVO (2/9/2026, 8:20:11 PM)

After market: 49.13 -0.24 (-0.49%)

49.37

+1.73 (+3.63%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryPharmaceuticals
Earnings (Last)02-04
Earnings (Next)05-05
Inst Owners33.25%
Inst Owner Change-2%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap219.37B
Revenue(TTM)309.06B
Net Income(TTM)102.43B
Analysts71.88
Price Target63.76 (29.15%)
Short Float %0.67%
Short Ratio1.4
Dividend
Industry RankSector Rank
Dividend Yield 3.96%
Yearly Dividend1.86
Dividend Growth(5Y)19.05%
DP50.53%
Div Incr Years7
Div Non Decr Years7
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-0.64%
Min EPS beat(2)-7.04%
Max EPS beat(2)5.77%
EPS beat(4)2
Avg EPS beat(4)0.38%
Min EPS beat(4)-7.04%
Max EPS beat(4)5.77%
EPS beat(8)5
Avg EPS beat(8)1.56%
EPS beat(12)8
Avg EPS beat(12)1.83%
EPS beat(16)11
Avg EPS beat(16)1.95%
Revenue beat(2)0
Avg Revenue beat(2)-1.88%
Min Revenue beat(2)-3.19%
Max Revenue beat(2)-0.58%
Revenue beat(4)0
Avg Revenue beat(4)-1.33%
Min Revenue beat(4)-3.19%
Max Revenue beat(4)-0.44%
Revenue beat(8)2
Avg Revenue beat(8)-0.05%
Revenue beat(12)5
Avg Revenue beat(12)0.38%
Revenue beat(16)8
Avg Revenue beat(16)0.73%
PT rev (1m)-0.05%
PT rev (3m)-10.79%
EPS NQ rev (1m)-5.58%
EPS NQ rev (3m)-11.28%
EPS NY rev (1m)-0.98%
EPS NY rev (3m)-11.05%
Revenue NQ rev (1m)-21.29%
Revenue NQ rev (3m)49.77%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-6.82%
Valuation
Industry RankSector Rank
PE 13.27
Fwd PE 13.59
P/S 4.46
P/FCF 47.55
P/OCF 11.57
P/B 7.1
P/tB 21.54
EV/EBITDA 9.9
EPS(TTM)3.72
EY7.53%
EPS(NY)3.63
Fwd EY7.36%
FCF(TTM)1.04
FCFY2.1%
OCF(TTM)4.27
OCFY8.64%
SpS11.07
BVpS6.95
TBVpS2.29
PEG (NY)N/A
PEG (5Y)0.63
Graham Number24.12
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 4.12
F-Score5
WACC6.77%
ROIC/WACC4.55
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)3.01%
EPS 3Y24.02%
EPS 5Y20.95%
EPS Q2Q%-0.29%
EPS Next Y-2.28%
EPS Next 2Y1.88%
EPS Next 3Y6.76%
EPS Next 5Y6.65%
Revenue 1Y (TTM)6.43%
Revenue growth 3Y20.43%
Revenue growth 5Y19.48%
Sales Q2Q%-8.98%
Revenue Next Year0.24%
Revenue Next 2Y3.47%
Revenue Next 3Y6.32%
Revenue Next 5Y5.9%
EBIT growth 1Y-4.76%
EBIT growth 3Y19.04%
EBIT growth 5Y18.51%
EBIT Next Year13.84%
EBIT Next 3Y11.7%
EBIT Next 5Y9.7%
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-SPONS ADR / NVO FAQ

Can you provide the ChartMill fundamental rating for NOVO-NORDISK A/S-SPONS ADR?

ChartMill assigns a fundamental rating of 6 / 10 to NVO.


What is the valuation status of NOVO-NORDISK A/S-SPONS ADR (NVO) stock?

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


Can you provide the profitability details for NOVO-NORDISK A/S-SPONS ADR?

NOVO-NORDISK A/S-SPONS ADR (NVO) has a profitability rating of 9 / 10.


Can you provide the PE and PB ratios for NVO stock?

The Price/Earnings (PE) ratio for NOVO-NORDISK A/S-SPONS ADR (NVO) is 13.27 and the Price/Book (PB) ratio is 7.1.


What is the financial health of NOVO-NORDISK A/S-SPONS ADR (NVO) stock?

The financial health rating of NOVO-NORDISK A/S-SPONS ADR (NVO) is 4 / 10.