Reading the tape
NYSE: NVO
Novo Nordisk A/S
Healthcare · Drug Manufacturers - General
Market Cap
$204.73B
52w High
$81.44
52w Low
$35.12
P/E
10.57
Volume
11.19M
Outstanding Shares
4.44B
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
1Y Price: -28.96%Revenue (TTM): 8.13%FCF (TTM): -58.27%P/FCF: 88th pct
What changed
The stock fell 28.96% over the last year. Revenue grew 8.13% over the trailing twelve months. Operating margin moved from 44.63% to 45.3%. Free cash flow declined 58.27% over the trailing twelve months.
What the market seems to be pricing
The stock has moved lower against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 45.3%. A decisive move in revenue — currently up 8.13% — would be the clearest signal to resolve the ambiguity.
Company profile
Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally.
CEOMaziar Mike Doustdar
SectorHealthcare
IndustryDrug Manufacturers - General
Employees77,406
IPO dateApr 30, 1981
Valuation
Forward P/E—
EV/EBITDA9.85
Enterprise value$1.54T
Stock splits
Sep 20, 2023↑ Forward
Every 1 shares became 2
Jan 9, 2014↑ Forward
Every 1 shares became 5
Dec 17, 2007↑ Forward
Every 1 shares became 2
Apr 11, 2001↑ Forward
Every 2 shares became 5
Apr 18, 1994↑ Forward
Every 1 shares became 4
Profitability & growth
Revenue growth23.99%
Gross margin81.85%▼4.36%vs FY2024
Operating margin45.3%▼6.54%vs FY2024
ROE52.79%▼25.00%vs FY2024
Analyst consensus
RatingBuy
Target price$47.00▲2.02%
23
Buy
13
Hold
3
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Aug 5, 2026
Q3 FY26 · EPS est $0.83 · Revenue est $11.26B
View
Dividends
$1.22/shareAnnualStretchedNVO pays a dividend with a 2.64% dividend yield, growing at 16.63% annually, covered 0.6× by free cash flow.
Dividend Yield
2.64%
Annual Div / Share
$1.22
TTM $11.70
5yr CAGR
+16.63%
Doubles every ~4.5yr
Payout Ratio
42.47%
Stretched
Dividend Growth Rate
3yr CAGR
+20.6%
5yr CAGR
+16.63%
10yr CAGR
+14.42%
Dividend Safety
5/10Stretched
Dividend History
Annual dividends paid per share
YearAnnual DivYoY
2025$1.40+36.8%
2024$1.03-0.3%
2023$1.03+28.5%
2022$0.80+8.7%
2021$0.74+13.2%
2020$0.65+6.0%
2019$0.61-3.3%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$26/yr
$2/mo
In 5 yrs
$47/yr+76%
$4/mo
In 10 yrs
$82/yr+211%
$7/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$26/yr $2/mo | $47/yr+76% $4/mo | $82/yr+211% $7/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 2.64% → 8.21% over 10yr
Analysis
Dividend Strengths
Strong dividend growth rate
The 5-year CAGR of 16.63% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only 0.56× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.