Novartis AG
NVSHealthcare|Drug Manufacturers - General|Switzerland
$152.84
+0.00 (+0.00%)
DCF (FCF)
$89.99
Earnings Power
$56.11
Financials
Financial Snapshot
Market Cap
$293.37B
Enterprise Value
$-24.18B
Revenue (TTM)
$56.67B
Net Income (TTM)
$13.98B
Cash & Equivalents
$11.53B
Net Cash/Share
$-27.60
Free Cash Flow (TTM)
$15.24B
Operating CF (TTM)
$19.14B
Debt/Equity
0.77
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $7.45B | $9.35B | $15.73B | $11.23B | $11.29B | $28.11B | $18.61B | $13.96B | $13.35B | $11.53B | $11.53B | |
| Operating Cash Flow | $11.47B | $12.62B | $14.27B | $13.63B | $13.65B | $15.07B | $14.24B | $14.46B | $17.62B | $19.14B | $19.14B | |
| Free Cash Flow | $8.60B | $10.33B | $11.62B | $11.37B | $11.06B | $12.52B | $12.00B | $11.71B | $13.80B | $15.24B | $15.24B | |
| Capital Expenditure | $-2.88B | $-2.29B | $-2.65B | $-2.26B | $-2.58B | $-2.56B | $-2.24B | $-2.75B | $-3.81B | $-3.90B | $-3.90B | |
| Financing Cash Flow | $-5.31B | $-7.73B | $-4.24B | $-13.63B | $-2.21B | $-16.26B | $-20.56B | $-14.28B | $-11.74B | $-14.87B | $-14.87B |
R&D Spending
R&D (TTM)
$11.20B
R&D Intensity
19.8%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.44B | $43.40B | $46.10B | $48.68B | $49.90B | $43.97B | $43.46B | $46.66B | $51.72B | $56.67B | $56.67B | |
| R&D Expense | $9.04B | $8.39B | $8.49B | $9.40B | $8.98B | $8.64B | $9.17B | $11.37B | $10.02B | $11.20B | $11.20B | |
| R&D % of Revenue | 18.3% | 19.3% | 18.4% | 19.3% | 18.0% | 19.7% | 21.1% | 24.4% | 19.4% | 19.8% | 19.8% | |
| SG&A | $14.19B | $12.46B | $13.72B | $14.37B | $14.20B | $12.83B | $12.19B | $12.52B | $12.57B | $13.25B | $13.25B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.44B | $43.40B | $46.10B | $48.68B | $49.90B | $43.97B | $43.46B | $46.66B | $51.72B | $56.67B | $56.67B | |
| Cost of Goods Sold | $17.52B | $13.63B | $14.51B | $14.43B | $15.12B | $11.73B | $11.58B | $12.47B | $12.83B | $13.70B | $13.70B | |
| Gross Profit | $31.92B | $29.77B | $31.59B | $34.25B | $34.78B | $32.24B | $31.88B | $34.19B | $38.90B | $42.98B | $42.98B | |
| R&D | $9.04B | $8.39B | $8.49B | $9.40B | $8.98B | $8.64B | $9.17B | $11.37B | $10.02B | $11.20B | $11.20B | |
| SG&A | $14.19B | $12.46B | $13.72B | $14.37B | $14.20B | $12.83B | $12.19B | $12.52B | $12.57B | $13.25B | $13.25B | |
| Operating Income | $8.27B | $8.70B | $8.40B | $9.09B | $10.15B | $10.06B | $7.95B | $9.77B | $14.54B | $17.64B | $17.64B | |
| Interest Expense | $-709.0M | $-750.0M | $-932.0M | $-850.0M | $-869.0M | $-787.0M | $-800.0M | $-855.0M | $-1.01B | $-1.14B | $-1.14B | |
| Pretax Income | $7.82B | $9.10B | $14.10B | $8.94B | $9.88B | $24.53B | $7.18B | $9.12B | $13.64B | $16.35B | $16.35B | |
| Net Income | $6.71B | $7.70B | $12.61B | $11.73B | $8.07B | $24.02B | $6.96B | $14.85B | $11.94B | $13.98B | $13.98B | |
| EPS (Diluted) | 2.80 | 3.25 | 5.38 | 5.06 | 3.52 | 10.63 | 3.17 | 7.10 | 5.87 | 7.15 | 7.15 | |
| EBITDA | $14.57B | $14.59B | $20.24B | $15.62B | $17.21B | $30.91B | $14.68B | $18.25B | $20.71B | $22.82B | $22.82B | |
| Shares Out. (M) | 2400.00 | 2371.00 | 2344.00 | 2319.00 | 2296.00 | 2260.00 | 2197.00 | 2092.00 | 2035.00 | 1955.00 | 1937.00 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.01B | $8.86B | $13.27B | $11.11B | $9.66B | $12.41B | $7.52B | $13.39B | $11.46B | $11.44B | $11.44B | |
| Marketable Securities | $446.0M | $488.0M | $2.46B | $122.0M | $1.64B | $15.71B | $11.10B | $569.0M | $1.89B | $98.0M | $98.0M | |
| Total Current Assets | $24.93B | $28.21B | $35.56B | $29.50B | $29.67B | $45.72B | $36.91B | $30.48B | $29.70B | $30.46B | $30.46B | |
| Total Assets | $130.12B | $133.08B | $145.56B | $118.37B | $127.78B | $131.79B | $117.45B | $99.94B | $102.25B | $110.95B | $110.95B | |
| Total Current Liabilities | $22.21B | $23.40B | $29.61B | $28.26B | $33.06B | $30.21B | $28.66B | $26.39B | $28.69B | $27.28B | $27.28B | |
| Long-Term Debt | $17.90B | $23.22B | $22.47B | $20.35B | $26.26B | $22.90B | $20.24B | $18.44B | $21.37B | $27.93B | $27.93B | |
| Total Liabilities | $55.23B | $58.85B | $66.87B | $62.82B | $71.11B | $63.97B | $58.03B | $53.20B | $58.12B | $64.40B | $64.40B | |
| Stockholders' Equity | $74.83B | $74.17B | $78.61B | $55.47B | $56.60B | $67.66B | $59.34B | $46.67B | $44.05B | $46.13B | $46.13B | |
| Retained Earnings | $81.15B | $77.64B | $82.19B | $59.27B | $57.16B | $70.99B | $63.54B | $49.65B | $0.00 | $0.00 | $0.00 |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $11.47B | $12.62B | $14.27B | $13.63B | $13.65B | $15.07B | $14.24B | $14.46B | $17.62B | $19.14B | $19.14B | |
| Capital Expenditure | $-2.88B | $-2.29B | $-2.65B | $-2.26B | $-2.58B | $-2.56B | $-2.24B | $-2.75B | $-3.81B | $-3.90B | $-3.90B | |
| Free Cash Flow | $8.60B | $10.33B | $11.62B | $11.37B | $11.06B | $12.52B | $12.00B | $11.71B | $13.80B | $15.24B | $15.24B | |
| Investing Cash Flow | $-3.44B | $-3.12B | $-5.59B | $-2.23B | $-13.18B | $4.21B | $1.47B | $5.60B | $-7.51B | $-4.88B | $-4.88B | |
| Financing Cash Flow | $-5.31B | $-7.73B | $-4.24B | $-13.63B | $-2.21B | $-16.26B | $-20.56B | $-14.28B | $-11.74B | $-14.87B | $-14.87B | |
| 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 | $-1.11B | $-5.49B | $-2.04B | $-5.53B | $-2.84B | $-3.06B | $-10.65B | $-8.72B | $-8.33B | $-9.21B | $-9.21B | |
| Issuance of Debt | $3.75B | $4.93B | $4.54B | $93.0M | $9.39B | $16.0M | $268.0M | $546.0M | $7.10B | $6.10B | $6.67B | |
| Payments of Debt | $-1.70B | $-832.0M | $-366.0M | $-5.05B | $-2.31B | $-6.00B | $-2.85B | $-2.48B | $-2.71B | $-3.67B | $-4.24B | |
| Stock Based Comp. | $671.0M | $612.0M | $673.0M | $758.0M | $738.0M | $700.0M | $791.0M | $865.0M | $1.04B | $1.10B | $1.10B | |
| Net Change in Cash | $2.33B | $1.85B | $4.41B | $-2.16B | $-1.45B | $2.75B | $-4.89B | $5.88B | $-1.93B | $-24.0M | $-24.0M |
Dilution Tracker
Shares Outstanding
1937M
5-Year Share Growth
-14.3%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2400.00 | 2371.00 | 2344.00 | 2319.00 | 2296.00 | 2260.00 | 2197.00 | 2092.00 | 2035.00 | 1955.00 | 1937.00 | |
| YoY Change % | — | -1.2% | -1.1% | -1.1% | -1.0% | -1.6% | -2.8% | -4.8% | -2.7% | -3.9% | -0.9% | |
| 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 | $-1.11B | $-5.49B | $-2.04B | $-5.53B | $-2.84B | $-3.06B | $-10.65B | $-8.72B | $-8.33B | $-9.21B | $-9.21B | |
| Stock Based Comp. | $671.0M | $612.0M | $673.0M | $758.0M | $738.0M | $700.0M | $791.0M | $865.0M | $1.04B | $1.10B | $1.10B |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 64.6% | 68.6% | 68.5% | 70.4% | 69.7% | 73.3% | 73.4% | 73.3% | 75.2% | 75.8% | 75.8% | |
| Operating Margin % | 16.7% | 20.0% | 18.2% | 18.7% | 20.3% | 22.9% | 18.3% | 20.9% | 28.1% | 31.1% | 31.1% | |
| Net Margin % | 13.6% | 17.7% | 27.4% | 24.1% | 16.2% | 54.6% | 16.0% | 31.8% | 23.1% | 24.7% | 24.7% | |
| EBITDA Margin % | 29.5% | 33.6% | 43.9% | 32.1% | 34.5% | 70.3% | 33.8% | 39.1% | 40.1% | 40.3% | 40.3% | |
| FCF Margin % | 17.4% | 23.8% | 25.2% | 23.4% | 22.2% | 28.5% | 27.6% | 25.1% | 26.7% | 26.9% | 26.9% | |
| ROE % | 8.8% | 10.3% | 16.5% | 17.5% | 14.4% | 38.7% | 11.0% | 28.0% | 26.3% | 31.0% | 32.5% | |
| ROA % | 5.1% | 5.9% | 9.1% | 8.9% | 6.6% | 18.5% | 5.6% | 13.7% | 11.8% | 13.1% | 13.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)21.38
Historical7.45 / 18.38 / 28.67
Industry Med.21.25
P/S5.17
Historical2.85 / 4.00 / 5.48
Industry Med.2.33
P/B6.39
Historical1.85 / 3.43 / 6.77
Industry Med.2.06
EV/EBITDA14.04
Historical5.92 / 12.25 / 17.07
Industry Med.13.04
EV/Revenue5.65
Historical3.22 / 4.41 / 5.84
Industry Med.2.48
P/FCF19.37
Historical12.91 / 16.30 / 21.85
Industry Med.23.48
Intrinsic Value Models
DCF (FCF Based)
$89.99
Median P/S Value
$118.30
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 21.75 | 21.52 | 13.20 | 17.52 | 25.35 | 7.77 | 26.83 | 13.82 | 16.95 | 19.23 | 21.38 | |
| PS Ratio | 2.96 | 3.82 | 3.61 | 4.22 | 4.11 | 4.25 | 4.30 | 4.40 | 3.91 | 4.74 | 5.14 | |
| PB Ratio | 1.92 | 2.18 | 2.10 | 3.66 | 3.56 | 2.73 | 3.07 | 4.42 | 4.36 | 5.70 | 6.34 | |
| EV/EBITDA | 11.04 | 12.42 | 8.92 | 14.01 | 13.25 | 6.07 | 12.92 | 11.67 | 10.35 | 12.56 | 13.94 | |
| EV/Revenue | 3.25 | 4.18 | 3.92 | 4.49 | 4.57 | 4.27 | 4.36 | 4.57 | 4.15 | 5.06 | 5.61 |
Analyst Estimates & Quality
Altman Z-Score
3.85
Safe
Piotroski F-Score
7
Strong
Beneish M-Score
-2.61
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $57,038M | $60,069M | $63,589M |
| Net Income | $16,754M | $18,107M | $19,999M |
| EPS | 7.26 | 8.02 | 8.89 |
| Book Value per Share | 25.31 | 27.12 | 31.65 |
| Operating Cash Flow per Share | 9.78 | 10.66 | 11.93 |
| Operating CF | $18,948.32M | $20,643.19M | $23,113.45M |
Dividends
Dividend/Share (TTM)
$3.99
Dividend Yield
3.10%
Yield 10Y Median
3.86%
Frequency
Annually
Recent Payments
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-03-11 | 2026-03-16 | $4.740247 | Cash Div. |
| 2025-03-12 | 2025-04-25 | $3.99399 | Cash Div. |
| 2024-03-07 | 2024-04-19 | $3.739545 | Cash Div. |
| 2023-03-09 | 2023-03-20 | $3.498699 | Cash Div. |
| 2022-03-08 | 2022-03-17 | $3.32525 | Cash Div. |
| 2021-03-04 | 2021-03-15 | $3.199072 | Cash Div. |
| 2020-03-03 | 2020-03-12 | $3.087366 | Cash Div. |
| 2019-03-04 | 2019-03-13 | $2.834128 | Cash Div. |
| 2018-03-06 | 2018-04-25 | $2.936451 | Cash Div. |
| 2017-03-01 | 2017-04-20 | $2.717759 | Cash Div. |
| 2016-02-24 | 2016-04-15 | $2.717946 | Cash Div. |
| 2015-03-02 | 2015-04-20 | $2.665947 | Cash Div. |
| 2014-02-27 | 2014-03-11 | $2.759789 | Cash Div. |
| 2013-02-26 | 2013-04-05 | $2.529974 | Cash Div. |
| 2012-02-27 | 2012-04-05 | $2.48215 | Cash Div. |
| 2011-02-24 | 2011-04-08 | $2.36336 | Cash Div. |
| 2010-03-02 | 2010-04-13 | $1.94836 | Cash Div. |
| 2009-02-24 | 2009-04-06 | $1.71438 | Cash Div. |
| 2008-02-26 | 2008-04-11 | $1.5375 | Cash Div. |
| 2007-03-06 | 2007-04-10 | $1.0965 | Cash Div. |
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Innovative medicines business | $56.67B |
By Geography
| Segment | 2025 |
|---|---|
| United States | $23.33B |
| China | $4.19B |
| Germany | $3.94B |
| Other | $21.68B |
| Other revenues | $2.14B |
| Switzerland | $1.39B |