# Novo Nordisk A/S (NVO) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Healthcare / Biotechnology. Price $46.60, market value $205.9 billion.

## Valuation
- **P/E (trailing): 11.4×** (5-yr avg 4.2×, 3-yr avg 3.6×). Novo Nordisk A/S trades at 11.4× trailing earnings, well above its own five-year average of 4.2×: investors are paying up relative to the company's past. The Healthcare median in the September 2026 study was 28.5×. Forward P/E is 13.6×, higher than trailing, so analysts expect earnings to fall.
- **PEG: 7.72**. A PEG of 7.72 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 4.0×**. Each dollar of revenue is priced at 4.0×.
- **Price / book: 6.0×**. The shares trade at 6.0× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 8.6×**. Enterprise value is 8.6× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 3.6%** (5-yr avg 22.3%). Free cash flow equals 3.6% of the market value, below its five-year average of 22.3%, so the shares are pricier on cash than usual.
- **Earnings yield: 8.7%**. The inverse of the P/E: 8.7% of the price is earned each year.

## Profitability
- **Gross margin: 80.6%**. Novo Nordisk A/S keeps 80.6% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 43.1%**. 43.1% of revenue is left after running the business, an exceptional level.
- **Net margin: 33.1%**. 33.1% of each dollar of sales reaches the bottom line.
- **Return on equity: 52.8%**. A 52.8% return on equity is extremely high; check whether buybacks or debt have shrunk the equity base, which flatters the ratio.
- **Return on invested capital: 37.3%**. Return on all capital, debt included, is 37.3%: comfortably above what that capital costs.
- **Return on assets: 21.4%**. Each dollar of assets produces 21.4% of profit.

## Growth
- **Revenue growth (1 yr): 6.4%** (3-yr 20.4%/yr, 5-yr 19.5%/yr). Revenue grew 6.4% over the last year, against 19.5% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 1.8%** (3-yr 23.5%/yr, 5-yr 20.7%/yr). Earnings per share rose 1.8%, roughly in step with revenue.
- **Free-cash-flow growth (3 yr): -4.0%/yr**. Free cash flow has compounded at -4.0% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 0.67**. Debt is 0.67 times equity, moderate leverage.
- **Net debt / EBITDA: 0.6×**. It would take 0.6 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 2.20**. A Z-score of 2.20 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.86%** ($1.80 per share, trailing). Novo Nordisk A/S yields 3.86%, an income-level yield.
- **Payout ratio: 51%**. 51% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 8**. 8 straight years of increases.
- **Dividend growth (5 yr): 20.9%/yr** (1-yr 16.6%). The dividend has compounded at 20.9% a year over five years, doubling roughly every 3 years at that pace.

## Analyst view
- **Analyst consensus: hold** (12 analysts). 12 analysts cover Novo Nordisk A/S; the consensus is hold, with an average price target of $47.16 (+1% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -13.9%** (YTD -5.1%, 3-mo 8.5%). The shares are down 13.9% over twelve months including dividends.
- **From 52-week high: -27.4%** (32.7% above the low). Trading 27% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 49**. An RSI of 49 is neutral.
- **Beta (1 yr): 1.10** (volatility 46%). Beta of 1.10 against the S&P 500: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=NVO · Page: https://foliofundamentals.com/stocks/nvo

Not investment advice.