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NOVO NORDISK A/S (NVO)

Fair Value
HealthcareDrug Manufacturers - GeneralDenmark

Fundamental

64

Price

$260.15

Market Cap

$1.15T

Part 1 · What the company is worth

Overview

Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products. It operates through two segments, Obesity and Diabetes Care, and Rare Disease. The Obesity and Diabetes care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas. The Rare Disease segment offers products in the areas of rare blood disorders, rare endocrine disorders, and hormone replacement therapy. The company also provides NovoPen 6 and NovoPen Echo Plus, smart insulin pens; Dose Check, an insulin dose guidance application; growth hormone pens and injection needles; and Wegovy pill an oral glucagon-like peptide-1 (GLP-1) receptor agonist therapy for weight management. The company has a collaboration with Anthropic accelerate the development of new medicines and advance AI-driven software development. It operates in Europe, Canada, the United States, Japan, Korea, Oceania, Southeast Asia, Mainland China, Hong Kong and Taiwan, Latin America, the Middle East, and Africa. It has a strategic collaboration with Orbis Medicines to discover and develop oral macrocycle therapeutics for cardiometabolic diseases. The company was formerly known as Novo Industri A/S and changed its name to Novo Nordisk A/S in April 1989. The company was founded in 1923 and is headquartered in Bagsvaerd, Denmark.

No editorial profile for this company yet

Direct competitors

Who this company fights with for the same customers

Compare

Generated with artificial intelligence on September 19, 2026, shared with all users

P/E: 42.7Score: 78Market cap: $1.18T

Lilly's tirzepatide (Mounjaro, Zepbound) competes head-to-head with Novo Nordisk's semaglutide (Ozempic, Wegovy) for the same diabetes and obesity patients, and the two also compete in insulin and growth hormone.

P/E: 27.3Score: 78Market cap: $233.82B

Amgen is advancing the monthly obesity drug MariTide, positioned to take share of the same weight-management market that generates most of Novo Nordisk's growth.

P/E: 39.5Score: 72Market cap: $170.14B

Pfizer competes with Novo Nordisk in growth hormone (Genotropin, Ngenla) and haemophilia (Hympavzi), and has bought its way into the obesity field where Novo Nordisk earns most of its revenue.

Sanofi S.A.SAN

Sanofi is the third of the three manufacturers that together supply over 90% of the world's insulin by value, selling glargine and other insulins to the same diabetes patients and payers as Novo Nordisk.

Boehringer Ingelheim International GmbHNot tracked

The privately held German group sells the diabetes drug Jardiance and is developing the obesity candidate survodutide, aiming at the same metabolic-disease prescribers Novo Nordisk serves.

Roche Holding AGROG

Roche has built an obesity pipeline of oral and injectable incretin candidates intended for the same weight-management patients Wegovy treats today.

Balance Sheet & Liquidity

Revenue

$329.43B

Trailing 12 months (through 6/30/2026)

Net Income

$116.44B

Trailing 12 months (through 6/30/2026)

Free Cash Flow

$37.67B

Total Equity

$166.82B

Total Liabilities

$140.13B

Current Ratio

0.87

Interest Coverage

-

Debt/EBITDA

0.81

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

General caseFairly Valued

Fair Value

$343.50

Current Price

$260.15

Margin of Safety

+24.3%

Fair Value Range

$223.27 - $463.72

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$303.24
Discounted cash flow (DCF):$218.97
Earnings multiple (P/E):$306.29
Graham growth formula:$1167.50
Earnings power value (EPV):$165.70
Justified P/B:$213.65
Dividend discount (Gordon):$107.57
P/FFO, funds from operations:Not enough data to compute it
Mid-cycle earnings:Not enough data to compute it
Revenue multiple:$280.62
Last Earnings Surprise:-5.65%

Valuation Metrics

P/E Ratio

9.75

ROE

59.8%

P/B Ratio

5.19

P/FCF

23.00

Gross Margin

82.0%

ROIC

36.1%

Profitability Radar

Value Creation (Economic Moat)

ROIC

36.1%

WACC

13.6%

ROIC − WACC

+22.4 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

Fundamental Analysis Criteria

Passed (13)

  • Price CAGR 7.39%
  • ROIC 36.1%
  • Gross margin 82.0%
  • P/FCF 23.00
  • Debt/equity ratio
  • Positive free cash flow
  • Current ratio
  • Debt/EBITDA
  • ROE 59.1%
  • Revenue growth 5Y 19.5%
  • Earnings surprise, average 2.9%
  • PEG ratio 0.49
  • Earnings quality (operating cash flow / net income) 1.29

Failed (5)

  • P/B ratio 5.19
  • CapEx intensity
  • DCF valuation (Overvalued)
  • Net margin trend 33.1% vs 34.8%
  • Piotroski F-Score 2/9

Unavailable (8)

  • EPS data insufficient
  • Dividend payout –
  • Operating margin –
  • Interest coverage
  • Return on tangible assets
  • Low reliance on intangibles
  • Price below Graham Number
  • Share dilution (missing share count)

Piotroski F-Score

2/9

Serious financial concerns

ROA > 0
Operating cash flow > 0
ΔROA > 0
Cash flow > net income
Leverage ↓
Current ratio ↑
No dilution
Gross margin ↑
Asset turnover ↑

Earnings Quality

1.29

High quality: earnings backed by cash

Share Dilution

-

Buying back shares. Shareholder friendly

Institutional Holdings

Governance

Executive Team

NameTitleAge
Mr. Karsten Munk KnudsenExecutive VP, CFO & Member of the Management Board54
Mr. Maziar Mike Doustdar B.A.President, CEO & Member of the Management Board55
Dr. Martin Holst LangeEVP of R&D, Chief Scientific Officer and Member of the Management Board55
Ms. Tania SabroeEVP of People, Organisation and Corporate Affairs & Member of Management Board48
Ms. Thilde Hummel BogebjergExecutive VP of Enterprise IT & Quality and Member of Management Board43
Mr. John F. KuckelmanSVP, Group General Counsel, Global Legal, IP & Security and Member of Management Board53
Mr. Emil Kongshoej LarsenEVP of International Operations & Member of Management Board50
Ms. Elin JagerSVP, Chief of Staff to CEO, Corporate Strategy & Sustainability and Member of Management Board39
Mr. Jamey MillarExecutive VP of US Operations & Member of Management Board57
Ms. Hong ChowExecutive VP of Product & Portfolio Strategy and Member of Management Board54

Audit Risk

2

Board Risk

5

Compensation Risk

1

Shareholder Rights Risk

9

Documents

via SEC EDGAR

Part 2 · The price and its context

This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Market Reaction Profile

How much NVO moves, measured on its daily prices.

VolatilityMedium

More volatile than 40% of the tracked stocks (90-day volatility).

Volatility 30d
32.7%
Volatility 90d
32.3%
Beta vs S&P 500 (1y)
0.56Correlation 0.16
Max drawdown (12m)
-43.1%
ATR (14d, % of price)
2.35%

Earnings reactions

How NVO moved around its past quarterly results.

Next earnings release

Nov 4, 2026 · In 11 days · Time not known

EPS estimate: 4.93Revenue estimate: $73.8B

What usually happens

  • Not enough releases with data yet: we have 0, we need at least 4.

Release dates from SEC 8-K filings.

Updated 10/24/2026

Historical statistics for educational purposes only. They are not forecasts and not investment advice.

Price reaction to the news

Latest news on NVO and what the price did next.

Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.

Latest News

Recent headlines for NVO.

  • 4d agoPOSITIVE
    Azioni Novo Nordisk in rialzo: CagriSema riduce del 25% il peso nelle donne

    Novo Nordisk's stock experienced a notable rise following the announcement that its experimental weight-loss drug, CagriSema, demonstrated significant efficacy in a late-stage clinical trial. The drug helped women with obesity or overweight conditions achieve an average body weight reduction of 25%. This development positions CagriSema as a potential successor to the company's flagship obesity treatment, Wegovy, and could help Novo Nordisk strengthen its market position against competitors like Eli Lilly in the rapidly growing weight-loss drug sector. The positive trial results are a key driver for investor optimism.

  • 26d agoPOSITIVE
    Novo Nordisk: Ozempic presenta rischio inferiore di eventi cardiovascolari rispetto a Mounjaro di Eli Lilly

    Novo Nordisk's Ozempic has demonstrated a lower risk of cardiovascular events compared to Eli Lilly's Mounjaro in a real-world study involving adults with type 2 diabetes. The study, which utilized an increased dosage regimen, suggests a potential competitive advantage for Novo Nordisk's GLP-1 agonist in a key therapeutic area. This finding could bolster Ozempic's market position and potentially influence prescribing patterns, benefiting Novo Nordisk's revenue streams and investor outlook.

  • 9/25/2026POSITIVE
    After capital-markets day flop, Novo strikes licensing deal that sends a Swedish company’s stock soaring

    Novo Nordisk has announced a significant licensing deal valued at over $1 billion, providing a much-needed boost following a recent capital-markets day that left investors uncertain about the company's future strategy. While details of the specific therapeutic areas or targets were not immediately disclosed, the substantial financial commitment signals a strategic move to expand its pipeline and potentially diversify its revenue streams beyond its core obesity and diabetes treatments. This development is likely to be viewed favorably by the market, offering a positive catalyst for Novo Nordisk's stock.

  • 9/23/2026NEUTRAL
    Novo vuole cambiare come Wall Street detiene le sue azioni: perché ora

    Novo Nordisk is considering delisting its American Depositary Receipts (ADRs) in favor of a direct listing on a New York stock exchange. CEO Mike Doustdar believes this move could enhance visibility. However, this proposal surfaces amid investor concerns about increasing competition from Eli Lilly and questions surrounding the long-term growth strategy beyond its blockbuster diabetes drugs, Ozempic and Wegovy. While a US listing might improve market access, regaining investor confidence will likely require more than just a change in listing venue, especially given Novo Nordisk's significant reliance on the US market.

  • 9/22/2026NEUTRAL
    AD di Novo Nordisk valuta M&A e un futuro a pillole dopo la reazione del mercato

    Novo Nordisk's CEO, Mike Doustdar, revealed the pharmaceutical giant is actively exploring mergers and acquisitions to address competitive gaps in the weight-loss drug market. This strategic move aims to bolster investor confidence following a challenging week. Doustdar indicated the company is identifying areas where external acquisition targets could offer superior products to internal development. The comments were made after a Capital Markets Day where Novo presented its turnaround plan, though investor conviction appears to be wavering. The focus on M&A signals a proactive approach to market positioning and pipeline expansion.

  • 9/21/2026NEGATIVE
    Novo Nordisk’s stock tumbles as doubts persist about Ozempic maker’s strategy

    Novo Nordisk's stock experienced a significant decline as investor sentiment soured due to persistent doubts surrounding the company's strategic direction. Despite being renowned for its leading weight-loss and diabetes medications, the pharmaceutical giant failed to alleviate concerns, leading to a sell-off. The market's reaction suggests a lack of confidence in the company's future growth prospects or its ability to maintain its competitive edge in the evolving healthcare landscape. Investors are likely reassessing their positions, awaiting clearer strategic initiatives or stronger performance indicators.