| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 78 | 9.4x | 17.4x | Top tier | |
Growth | 33 | 5.6% | 7.1% | Bottom tier | |
Quality | 89 | 34.0% | 4.5% | Top tier | |
Safety | 80 | 0.6x | 2.6x | Top tier | |
Capital Return | 79 | 4.74% | 0.18% | Top tier | |
Momentum | 33 | -19.1% | 1.3% | Bottom tier | |
Sentiment | 47 | 8 | 3 | Around median |
The floor: what the company is worth if growth stopped today
0% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 5.28% as of 2026-10-02. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Novo Nordisk A/S, listed under the ticker NVO on NYSE, develops medicines for obesity, diabetes, rare diseases, and complications associated with obesity and diabetes, generating revenue by selling these treatments through insurance and self-pay channels. Its commercial portfolio centers on Wegovy for weight management and Ozempic for diabetes, with an expansion of oral and injectable options. On the 2026-08-05 call, the company said it serves more than 46 million people with obesity and diabetes, including approximately 5 million users of obesity treatments, and that the number of oral Wegovy users worldwide had reached approximately 1.5 million people.
In quarter 2 of fiscal year 2026, for the period ended 2026-06-30, revenue reached 78.5 billion Danish kroner, representing year-over-year growth of 2.1% compared with revenue of 76.9 billion Danish kroner in quarter 2 of fiscal year 2025. Net income was 21.0 billion Danish kroner and diluted earnings per share were 4.74 Danish kroner, compared with net income of 26.5 billion Danish kroner and diluted earnings per share of 5.96 Danish kroner in the corresponding quarter. Gross margin declined to 78.2% from 83.3%, and operating margin to 34.5% from 43.5%, making the preservation of profitability a challenge alongside expanding the patient base.
In quarter 2 of fiscal year 2026, for the period ended 2026-06-30, performance varied across therapeutic areas and geographies: obesity care sales increased 16% and diabetes GLP-1 sales increased 2% at constant exchange rates, while U.S. operations grew 4% and international operations grew 10% on the same basis. Wegovy sales volumes expanded, but lower realized prices limited the translation of this expansion into revenue. Operating cash flow reached 55.2 billion Danish kroner in the same quarter, while revenue was 329.4 billion Danish kroner, net income was 116.4 billion Danish kroner, and free cash flow was 48.9 billion Danish kroner over the last 12 months through 2026-06-30.
Q2 FY2026
When: 2026-11-04
Year-over-year revenue growth at the 2.1% threshold in the earnings report
Gross margin at the 78.2% threshold in the earnings report
The median target of 15 analysts is 47 dollars, with a range of 40 to 47 dollars, an estimate that incorporates expected growth, while the industry-multiple valuation is 46 dollars, with a range of 26 to 71 dollars, based on a median sales multiple of 4.1 across 18 companies to benchmark the company against its peers. The no-growth valuation is 40 dollars, representing the value of maintaining current after-tax operating profit indefinitely, while the discounted cash flow model produces a valuation of 20 dollars, with a range of 16 to 27 dollars, to measure the cash the company generates. Both models use a discount rate of 8.9%. Analyst targets and the industry-multiple valuation are close to one another, with the no-growth valuation below them, while the cash flow model stands apart at a substantially lower level, reflecting the difference between pricing growth and sales expectations and pricing cash flows. Analyst targets tend to be optimistic by nature, while the cash flow model tends to be conservative, so the divergence between the valuations reflects differences in assumptions and what each method measures.
Figures in the text are as of 2026-10-03; the live price is shown at the top of the page.
Novo Nordisk said on 2026-08-05 that approximately 80% of oral Wegovy users had not previously received GLP-1 treatments, and that its worldwide user count had reached approximately 1.5 million people. In the United States, its total prescriptions exceeded 5 million following its launch in January 2026, and weekly prescriptions reached 267,000 as of 2026-07-17. Management described direct switching from injectable Wegovy to the oral version as limited, but acknowledged that it did not know how many tablet users would have started injections had the tablets not been available. The data therefore support expansion of the patient base, while the extent of indirect substitution remains unresolved.
Year-over-year revenue growth reached 2.1% in quarter 2 of fiscal year 2026, for the period ended 2026-06-30, despite expansion in GLP-1 product sales volumes. The company explained on 2026-08-05 that lower realized prices and changes in the sales channel mix limit the impact of increased prescriptions, as the self-pay channel now accounts for approximately 35% of U.S. injectable Wegovy. Gross margin declined to 78.2% from 83.3% in quarter 2 of fiscal year 2025, and operating margin to 34.5% from 43.5%. Pressures also include reduced Medicaid coverage of obesity medicines and increasing competition, making growth in patient numbers alone insufficient to guarantee profitability growth.
Automated analysis for informational purposes only — not investment advice.
Last 12 months to 2026-06-30
Operating margin at the 34.5% threshold in the earnings report
In the 2026-08-05 presentation, the company announced that REDEFINE 9 demonstrated the superiority of the two lower doses of CagriSema to placebo in weight reduction during a 68-week trial. In REIMAGINE 4, CagriSema achieved a weight reduction of 15.2% and a reduction in glycated hemoglobin of 1.9 percentage points at 68 weeks. It achieved non-inferiority to tirzepatide in weight reduction, but did not achieve it in reducing glycated hemoglobin, leaving a challenge in establishing its competitive position for diabetes treatment. The company expects a U.S. decision on its use for obesity during quarter 4 of 2026, with a potential launch in 2027, so this pathway has not yet translated into a confirmed commercial contribution.
Over the last 12 months through 2026-06-30, operating cash flow reached 133.0 billion Danish kroner compared with net income of 116.4 billion Danish kroner, representing a cash conversion ratio of 114%. Free cash flow reached 48.9 billion Danish kroner, demonstrating cash generation after capital expenditure. However, total debt reached 140.1 billion Danish kroner in quarter 2 of fiscal year 2026, for the period ended 2026-06-30, compared with cash and investments of 44.5 billion Danish kroner. Cash flows therefore support financing capacity, while the 41.2% increase in debt from quarter 2 of fiscal year 2025 remains a factor requiring monitoring of the sustainability of that capacity.
Management said on 2026-08-05 that generic medicines had begun entering markets where semaglutide had lost exclusivity, particularly Canada and Brazil, and that the greatest impact was expected in the second half of fiscal year 2026. It explained that new entrants had gained market share through lower prices and promotional spending, despite continued growth in Novo Nordisk's sales volumes as of the call date. In quarter 2 of fiscal year 2026, for the period ended 2026-06-30, international GLP-1 sales increased 13% and international obesity sales increased 37% at constant exchange rates. Management indicated that the impact of the loss of exclusivity would extend into fiscal year 2027, making revenue growth and market share retention more important than market growth alone.
