Novo Nordisk AS
NVOHealthcare|Drug Manufacturers - General|Denmark
$49.48
+0.60 (+1.23%)
DCF (FCF)
$32.06
Tangible Book
$2.53
Graham Number
$14.22
Earnings Power
$19.73
Financials
Financial Snapshot
Market Cap
$218.94B
Enterprise Value
$-19.05B
Revenue (TTM)
$51.06B
Net Income (TTM)
$18.97B
Cash & Equivalents
—
Net Cash/Share
$-11.57
Free Cash Flow (TTM)
$4.78B
Operating CF (TTM)
$18.45B
Debt/Equity
0.72
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $2.94B | $3.00B | $2.38B | $2.30B | $2.09B | $2.66B | $3.36B | $4.42B | $3.69B | $4.23B | $3.34B | |
| Operating Cash Flow | $6.85B | $6.55B | $6.80B | $6.96B | $8.50B | $8.36B | $11.23B | $15.93B | $16.98B | $18.67B | $18.45B | |
| Free Cash Flow | $5.68B | $5.17B | $4.91B | $5.29B | $4.88B | $7.24B | $9.13B | $10.24B | $9.78B | $4.54B | $4.78B | |
| Capital Expenditure | $-1.17B | $-1.38B | $-1.89B | $-1.67B | $-3.61B | $-1.12B | $-2.10B | $-5.69B | $-7.20B | $-14.13B | $-13.68B | |
| Financing Cash Flow | $-5.51B | $-5.68B | $-5.26B | $-5.28B | $-5.27B | $-3.87B | $-7.38B | $-9.24B | $1.23B | $-4.45B | $-7.78B |
R&D Spending
R&D (TTM)
$8.12B
R&D Intensity
15.9%
R&D Growth YoY
-0.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.85B | $17.76B | $17.05B | $18.15B | $20.76B | $21.39B | $25.20B | $33.98B | $40.77B | $48.45B | $51.06B | |
| R&D Expense | $2.06B | $2.23B | $2.26B | $2.12B | $2.53B | $2.70B | $3.42B | $4.75B | $6.75B | $8.16B | $8.12B | |
| R&D % of Revenue | 13.0% | 12.5% | 13.2% | 11.7% | 12.2% | 12.6% | 13.6% | 14.0% | 16.6% | 16.8% | 15.9% | |
| SG&A | $4.59B | $5.11B | $5.08B | $5.33B | $6.03B | $6.24B | $7.22B | $9.01B | $9.46B | $11.02B | $10.50B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.85B | $17.76B | $17.05B | $18.15B | $20.76B | $21.39B | $25.20B | $33.98B | $40.77B | $48.45B | $51.06B | |
| Cost of Goods Sold | $2.44B | $2.80B | $2.69B | $2.99B | $3.42B | $3.59B | $4.05B | $5.23B | $6.25B | $9.22B | $9.28B | |
| Gross Profit | $13.41B | $14.96B | $14.37B | $15.16B | $17.34B | $17.80B | $21.15B | $28.75B | $34.52B | $39.24B | $41.78B | |
| R&D | $2.06B | $2.23B | $2.26B | $2.12B | $2.53B | $2.70B | $3.42B | $4.75B | $6.75B | $8.16B | $8.12B | |
| SG&A | $4.59B | $5.11B | $5.08B | $5.33B | $6.03B | $6.24B | $7.22B | $9.01B | $9.46B | $11.02B | $10.50B | |
| Operating Income | $6.87B | $7.79B | $7.20B | $7.81B | $8.85B | $8.91B | $10.65B | $15.01B | $18.02B | $20.01B | $23.09B | |
| Interest Expense | $-9.2M | $-14.3M | $-13.0M | $-32.7M | $-63.8M | $-43.9M | $-53.8M | $-79.3M | $-230.3M | $-659.6M | $-376.7M | |
| Pretax Income | $6.78B | $7.74B | $7.26B | $7.22B | $8.69B | $8.98B | $9.83B | $15.31B | $17.86B | $20.47B | $24.21B | |
| Net Income | $5.38B | $6.06B | $5.89B | $5.79B | $6.89B | $7.26B | $7.91B | $12.24B | $14.18B | $16.06B | $18.97B | |
| EPS (Diluted) | 1.06 | 1.22 | 1.22 | 1.22 | 1.47 | 1.58 | 1.74 | 2.72 | 3.18 | 3.61 | 4.26 | |
| EBITDA | $7.24B | $8.26B | $7.87B | $8.10B | $9.69B | $9.94B | $10.94B | $16.77B | $20.77B | $24.57B | $28.24B | |
| Shares Out. (M) | 5069.46 | 4956.19 | 4848.80 | 4757.40 | 4680.00 | 4606.20 | 4544.60 | 4494.80 | 4463.00 | 4447.70 | 4448.70 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.65B | $3.00B | $2.38B | $2.30B | $2.09B | $1.63B | $1.80B | $2.11B | $2.20B | $4.15B | $3.27B | |
| Marketable Securities | $284.9M | $0.00 | $0.00 | $0.00 | $0.00 | $1.03B | $1.56B | $2.32B | $1.50B | $78.1M | $77.2M | |
| Total Current Assets | $8.47B | $9.55B | $9.01B | $9.29B | $10.76B | $13.01B | $15.41B | $20.43B | $22.72B | $27.04B | $27.43B | |
| Total Assets | $13.83B | $16.28B | $16.89B | $18.68B | $23.70B | $29.56B | $34.35B | $46.01B | $65.38B | $85.12B | $86.50B | |
| Total Current Liabilities | $6.73B | $7.48B | $8.26B | $8.77B | $11.49B | $15.12B | $17.22B | $24.82B | $30.55B | $33.81B | $34.83B | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.47B | $2.96B | $2.34B | $11.83B | $17.51B | $18.43B | |
| Total Liabilities | $7.41B | $8.35B | $8.99B | $10.12B | $13.34B | $18.81B | $22.47B | $30.42B | $45.23B | $54.69B | $55.09B | |
| Stockholders' Equity | $6.42B | $7.92B | $7.90B | $8.57B | $10.36B | $10.75B | $11.89B | $15.59B | $20.15B | $30.42B | $31.41B | |
| Retained Earnings | $6.54B | $7.79B | $8.14B | $8.60B | $10.43B | $10.94B | $11.47B | $15.34B | $20.28B | $30.62B | $31.93B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.85B | $6.55B | $6.80B | $6.96B | $8.50B | $8.36B | $11.23B | $15.93B | $16.98B | $18.67B | $18.45B | |
| Capital Expenditure | $-1.17B | $-1.38B | $-1.89B | $-1.67B | $-3.61B | $-1.12B | $-2.10B | $-5.69B | $-7.20B | $-14.13B | $-13.68B | |
| Free Cash Flow | $5.68B | $5.17B | $4.91B | $5.29B | $4.88B | $7.24B | $9.13B | $10.24B | $9.78B | $4.54B | $4.78B | |
| Investing Cash Flow | $-962.8M | $-1.04B | $-1.84B | $-1.71B | $-3.67B | $-4.80B | $-3.55B | $-6.42B | $-18.10B | $-12.41B | $-13.26B | |
| Financing Cash Flow | $-5.51B | $-5.68B | $-5.26B | $-5.28B | $-5.27B | $-3.87B | $-7.38B | $-9.24B | $1.23B | $-4.45B | $-7.78B | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $-2.14B | $-2.68B | $-2.37B | $-2.28B | $-2.76B | $-2.96B | $-3.43B | $-4.38B | $-2.83B | $-217.6M | $-371.2M | |
| Issuance of Debt | $0.00 | $0.00 | $14.3M | $12.0M | $929.1M | $3.37B | $1.60B | $0.00 | $11.15B | $16.29B | $14.38B | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $-122.3M | $-155.3M | $-1.02B | $-1.94B | $-214.6M | $-889.5M | $-12.42B | $-10.58B | |
| Stock Based Comp. | $52.2M | $46.4M | $63.1M | $54.0M | $134.6M | $158.0M | $219.1M | $314.4M | $321.4M | $0.00 | $0.00 | |
| Net Change in Cash | $370.2M | $-207.2M | $-296.0M | $-32.4M | $-520.8M | $-229.0M | $275.4M | $254.4M | $177.3M | $1.69B | $-2.73B |
Dilution Tracker
Shares Outstanding
4449M
5-Year Share Growth
-3.4%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 5069.46 | 4956.19 | 4848.80 | 4757.40 | 4680.00 | 4606.20 | 4544.60 | 4494.80 | 4463.00 | 4447.70 | 4448.70 | |
| YoY Change % | — | -2.2% | -2.2% | -1.9% | -1.6% | -1.6% | -1.3% | -1.1% | -0.7% | -0.3% | 0.0% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $-2.14B | $-2.68B | $-2.37B | $-2.28B | $-2.76B | $-2.96B | $-3.43B | $-4.38B | $-2.83B | $-217.6M | $-371.2M | |
| Stock Based Comp. | $52.2M | $46.4M | $63.1M | $54.0M | $134.6M | $158.0M | $219.1M | $314.4M | $321.4M | $0.00 | $0.00 |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 84.6% | 84.2% | 84.2% | 83.5% | 83.5% | 83.2% | 83.9% | 84.6% | 84.7% | 81.0% | 81.8% | |
| Operating Margin % | 43.3% | 43.8% | 42.3% | 43.0% | 42.6% | 41.7% | 42.3% | 44.2% | 44.2% | 41.3% | 45.2% | |
| Net Margin % | 33.9% | 34.1% | 34.5% | 31.9% | 33.2% | 33.9% | 31.4% | 36.0% | 34.8% | 33.1% | 37.1% | |
| EBITDA Margin % | 45.7% | 46.5% | 46.2% | 44.6% | 46.7% | 46.4% | 43.4% | 49.4% | 50.9% | 50.7% | 55.3% | |
| FCF Margin % | 35.8% | 29.1% | 28.8% | 29.1% | 23.5% | 33.8% | 36.2% | 30.1% | 24.0% | 9.4% | 9.4% | |
| ROE % | 81.0% | 84.6% | 74.4% | 70.3% | 72.8% | 68.8% | 69.8% | 89.1% | 79.4% | 63.5% | 70.5% | |
| ROA % | 39.5% | 40.3% | 35.5% | 32.6% | 32.5% | 27.3% | 24.7% | 30.5% | 25.5% | 21.3% | 23.9% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)11.76
Historical8.64 / 23.72 / 50.51
Industry Med.20.77
P/S4.37
Historical3.21 / 7.81 / 18.46
Industry Med.2.30
P/B7.04
Historical5.18 / 17.13 / 45.36
Industry Med.1.91
EV/EBITDA8.54
Historical6.49 / 16.80 / 36.14
Industry Med.12.99
EV/Revenue4.73
Historical3.60 / 7.65 / 18.48
Industry Med.2.45
P/FCF46.36
Historical13.71 / 28.56 / 89.86
Industry Med.20.81
Intrinsic Value Models
DCF (FCF Based)
$32.06
Tangible Book
$2.53
Graham Number
$14.22
Peter Lynch Value
$88.79
Median P/S Value
$89.41
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 17.03 | 21.73 | 18.70 | 23.61 | 23.69 | 35.44 | 38.38 | 37.49 | 27.58 | 14.12 | 11.76 | |
| PS Ratio | 5.78 | 7.42 | 6.46 | 7.54 | 7.86 | 12.02 | 12.05 | 13.51 | 9.59 | 4.68 | 4.37 | |
| PB Ratio | 14.24 | 16.94 | 14.28 | 16.21 | 15.85 | 24.07 | 25.61 | 29.58 | 18.96 | 7.43 | 7.04 | |
| EV/EBITDA | 12.32 | 15.77 | 13.84 | 16.85 | 16.87 | 26.10 | 27.51 | 27.12 | 19.26 | 9.88 | 8.54 | |
| EV/Revenue | 5.63 | 7.33 | 6.39 | 7.51 | 7.88 | 12.12 | 11.94 | 13.39 | 9.81 | 5.01 | 4.73 |
Analyst Estimates & Quality
Altman Z-Score
4.34
Safe
Piotroski F-Score
4
Moderate
Beneish M-Score
-2.23
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $44,976M | $45,739M | $48,778M |
| Net Income | $14,665M | $14,323M | $15,647M |
| EPS | 3.52 | 3.30 | 3.71 |
| Book Value per Share | 8.05 | 9.14 | 9.84 |
| Operating Cash Flow per Share | 3.67 | 3.87 | 4.32 |
| Operating CF | $16,329.65M | $17,204.90M | $19,218.54M |
Dividends
Dividend/Share (TTM)
$1.82
Dividend Yield
3.64%
Yield 10Y Median
2.03%
Frequency
Semi-annually
Recent Payments
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-03-30 | 2026-04-08 | $1.217376 | Cash Div. |
| 2025-08-18 | 2025-08-26 | $0.58432 | Cash Div. |
| 2025-03-31 | 2025-04-08 | $1.142561 | Cash Div. |
| 2024-08-16 | 2024-08-26 | $0.516902 | Cash Div. |
| 2024-03-22 | 2024-04-02 | $0.929335 | Cash Div. |
| 2023-08-18 | 2023-08-29 | $0.438169 | Cash Div. |
| 2023-03-24 | 2023-04-04 | $0.590291 | Cash Div. |
| 2022-08-12 | 2022-08-23 | $0.288873 | Cash Div. |
| 2022-03-25 | 2022-04-05 | $0.511212 | Cash Div. |
| 2021-08-16 | 2021-08-25 | $0.275145 | Cash Div. |
| 2021-03-26 | 2021-04-07 | $0.461061 | Cash Div. |
| 2020-08-14 | 2020-08-25 | $0.258889 | Cash Div. |
| 2020-03-27 | 2020-04-07 | $0.391303 | Cash Div. |
| 2019-08-16 | 2019-08-27 | $0.222621 | Cash Div. |
| 2019-03-22 | 2019-04-02 | $0.388503 | Cash Div. |
| 2018-08-17 | 2018-08-28 | $0.231164 | Cash Div. |
| 2018-03-23 | 2018-04-03 | $0.402991 | Cash Div. |
| 2017-08-17 | 2017-08-29 | $0.236911 | Cash Div. |
| 2017-03-23 | 2017-04-04 | $0.335184 | Cash Div. |
| 2016-08-11 | 2016-08-23 | $0.22673 | Cash Div. |
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Obesity and Diabetes care | $289.46B |
| Rare disease | $19.61B |
By Geography
| Segment | 2025 |
|---|---|
| US | $173.17B |
| APAC | $20.71B |
| China | $18.66B |
| Denmark | $2.78B |
| Emerging Markets | $30.44B |
| EUCAN | $63.31B |