NYSE · NVO
Novo Nordisk A/S
Healthcare · Drug Manufacturers - General
$39.13▲ 0.20% ($0.08)at close
After hours$39.16▲ 0.08%7:58 PM ET
Valuation
Cash-flow DCF
A cash-flow estimate wouldn't be reliable here
This earnings base includes the Q1 2026 DKK26.760B rebate-provision reversal and the Q2 2026 DKK6.328B impairment charge. Valuation is unavailable until recurring revenue, operating profit, tax and cash-flow adjustments are reconciled together.
Interest expense not reported — cost of debt may be understated.
5 more notes
FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.
CapEx normalization was capped: company appears to be in a multi-year investment cycle. Median-based capex floor applied at 60% of TTM capex.
Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.
Cost of debt uses interest expense for the fiscal year ending 2025-12-31: the trailing twelve months of interest expense could not be summed because a quarter was missing or unusable in the data.
Market beta (0.35) is below the minimum default of 0.5 — short lookback windows can understate systematic risk. Beta floored at 0.5 for default assumptions; adjust manually if needed.
Data notes
Interest expense not reported — cost of debt may be understated.
FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.
CapEx normalization was capped: company appears to be in a multi-year investment cycle. Median-based capex floor applied at 60% of TTM capex.
Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.
Cost of debt uses interest expense for the fiscal year ending 2025-12-31: the trailing twelve months of interest expense could not be summed because a quarter was missing or unusable in the data.
Market beta (0.35) is below the minimum default of 0.5 — short lookback windows can understate systematic risk. Beta floored at 0.5 for default assumptions; adjust manually if needed.
- Stage 1 growth, yrs 1–5
- 0.5%
- Stage 2 growth, yrs 6–10
- 3.5%
- Discount rate
- 6.6%
USD · TTM ending Jun 30, 2026 · Price used $39.13 · Price Oct 26, 8:00 PM UTC
What each scenario assumes. Click a column to start from it.
Price vs Fundamentals
Why The Stock Is Moving
What changed
The stock fell 26.02% over the last year. Revenue grew 5.61% over the trailing twelve months. Operating margin moved from 45.78% to 43.13%. Free cash flow declined 20.59% over the trailing twelve months. The price is in USD and the financials are reported in DKK, so a currency move can look like a change in valuation.
What the market seems to be pricing
The market is reacting to weaker business momentum more than just compressing the valuation multiple. Even if the shares already screen cheap on P/FCF, investors are still discounting lower future earnings power.
What would invalidate this read
Operating margin stands at 43.13%. Free cash flow fell 20.59% — a return toward positive territory would undermine the deterioration thesis. If margins and cash flow stabilize while the stock stays depressed, the gap shifts from fundamental damage toward pure multiple compression.
Return analysis
Company profile
Novo Nordisk A/S is a global pharmaceutical firm dedicated to the investigation, creation, manufacturing, and distribution of medicinal products across a vast international footprint.
Market multiples
Stock splits
Every 1 shares became 2
Every 1 shares became 5
Every 1 shares became 2
Every 2 shares became 5
Every 1 shares became 4
Profitability & growth
Analyst consensus
23
Buy
13
Hold
3
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Actuals vs estimates by quarter, or any quarter against the same one a year earlier.
Next report
Nov 4, 2026
Q3 FY26 · EPS est $0.73 · Revenue est $11.1B
Same quarter, year over year
FY26 YTD +5.8%Each cell vs the same quarter a year earlier (the cell below) · Q1–Q2 combined $2.00 vs $1.89 · 1 of 2 quarters up
Q1
Q2
Q3
Q4
FY total
FY26
—
—
FY25
FY24
FY23
—
—
—
Fiscal year totals
- FY25
- $3.91
- +19.7%
- FY24
- $3.27
- —
Q2 FY26
Reported Aug 5, 2026 · Latest
HoverTap a cell to inspect
Actual
$0.96
Estimate
$0.82
Year over year
-1.0%
Vs prior quarter
-7.7%
Institutional Sentiment
Novo Nordisk A/S · NVO
From Form 13F filings (managers with $100M+). Filings land up to 45 days after quarter end — read this as positioning context, not live fund flow.