Novo Nordisk A/S (NVO) 10-Year Financial Performance & Capital Metrics

NVO • • Industrial / General

HealthcareLarge PharmaMetabolic & Endocrine SpecialistsDiabetes & Obesity Market Leaders

AboutNovo 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. It operates in two segments, Diabetes and Obesity Care, and Rare Disease. The Diabetes and Obesity 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 insulin pens, growth hormone pens, and injection needles. In addition, it offers smart solutions for diabetes treatment, such as smart insulin pens and Dose Check, an insulin dose guidance application. The company has a collaboration agreement with UNICEF to tackle childhood obesity; and with Valo Health, Inc. to discover and develop novel drug programmes for cardiometabolic space. Novo Nordisk A/S was founded in 1923 and is headquartered in Bagsvaerd, Denmark.Show more

Revenue $290.4B +25.0%
EBITDA $136.88B +22.2%
Net Income $100.99B +20.7%
EPS (Diluted) 22.63 +21.5%
Gross Margin 84.67%
EBITDA Margin 47.14% -2.2%
Operating Margin 44.19%
Net Margin 34.78% -3.5%
ROE 80.78% -8.3%
ROIC 55.04% -22.8%
Debt/Equity 0.72 +182.7%
Interest Coverage 78.26 -58.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 80.3%
✓Strong 5Y profit CAGR of 21.0%
✓FCF machine: 24.0% free cash flow margin
✓Strong 5Y sales CAGR of 18.9%
✓Healthy 5Y average net margin of 33.9%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.58%

5Y18.94%

3Y27.29%

TTM16.64%

Profit (Net Income) CAGR

10Y14.32%

5Y20.99%

3Y28.35%

TTM9.56%

EPS CAGR

10Y16.21%

5Y22.54%

3Y29.71%

TTM10%

ROCE

10Y Avg134.31%

5Y Avg161.48%

3Y Avg70.72%

Latest65.3%

Peer Comparison

Diabetes & Obesity Market Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LLYEli Lilly and Company	964.11B	1077.19	91.99	32%	30.99%	77.2%	0.04%	2.36
NVONovo Nordisk A/S	200.9B	59.64	2.64	25.03%	32.88%	61.08%	34.67%	0.72

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	107.93B	111.78B	111.7B	111.83B	122.02B	126.95B	140.8B	176.95B	232.26B	290.4B
Revenue Growth %	0.22%	0.04%	-0%	0%	0.09%	0.04%	0.11%	0.26%	0.31%	0.25%
Cost of Goods Sold+	16.19B	17.18B	17.63B	17.62B	20.09B	20.93B	23.66B	28.45B	35.77B	44.52B
COGS % of Revenue	0.15%	0.15%	0.16%	0.16%	0.16%	0.16%	0.17%	0.16%	0.15%	0.15%
Gross Profit+	91.74B	94.6B	94.06B	94.21B	101.93B	106.01B	117.14B	148.51B	196.5B	245.88B
Gross Margin %	0.85%	0.85%	0.84%	0.84%	0.84%	0.84%	0.83%	0.84%	0.85%	0.85%
Gross Profit Growth %	0.24%	0.03%	-0.01%	0%	0.08%	0.04%	0.1%	0.27%	0.32%	0.25%
Operating Expenses+	42.3B	46.16B	45.1B	46.97B	49.45B	51.89B	58.5B	73.7B	93.92B	117.54B
OpEx % of Revenue	0.39%	0.41%	0.4%	0.42%	0.41%	0.41%	0.42%	0.42%	0.4%	0.4%
Selling, General & Admin	32.17B	32.34B	32.12B	33.31B	35.83B	36.89B	41.06B	50.68B	61.6B	67.38B
SG&A % of Revenue	0.3%	0.29%	0.29%	0.3%	0.29%	0.29%	0.29%	0.29%	0.27%	0.23%
Research & Development	13.61B	14.56B	14.01B	14.8B	14.22B	15.46B	17.77B	24.05B	32.44B	48.06B
R&D % of Revenue	0.13%	0.13%	0.13%	0.13%	0.12%	0.12%	0.13%	0.14%	0.14%	0.17%
Other Operating Expenses	-3.48B	-737M	-1.04B	-1.15B	-600M	-460M	-332M	-1.03B	-119M	2.1B
Operating Income+	49.44B	48.43B	48.97B	47.25B	52.48B	54.13B	58.64B	74.81B	102.57B	128.34B
Operating Margin %	0.46%	0.43%	0.44%	0.42%	0.43%	0.43%	0.42%	0.42%	0.44%	0.44%
Operating Income Growth %	0.43%	-0.02%	0.01%	-0.04%	0.11%	0.03%	0.08%	0.28%	0.37%	0.25%
EBITDA+	52.4B	51.63B	52.15B	51.17B	58.14B	59.88B	64.67B	82.17B	111.99B	136.88B
EBITDA Margin %	0.49%	0.46%	0.47%	0.46%	0.48%	0.47%	0.46%	0.46%	0.48%	0.47%
EBITDA Growth %	0.38%	-0.01%	0.01%	-0.02%	0.14%	0.03%	0.08%	0.27%	0.36%	0.22%
D&A (Non-Cash Add-back)	2.96B	3.19B	3.18B	3.92B	5.66B	5.75B	6.03B	7.36B	9.41B	8.54B
EBIT	43.55B	47.86B	48.77B	47.7B	48.77B	53.52B	59.37B	69.44B	105.22B	128.83B
Net Interest Income+	-92M	-98M	-89M	-106M	-430.32M	-188.28M	-58M	-139M	527M	198M
Interest Income	56M	52M	69M	51M	64.15M	312.56M	231M	239M	1.07B	1.84B
Interest Expense	67M	65M	90M	85M	494.47M	500.84M	289M	378M	542M	1.64B
Other Income/Expense	-5.96B	-634M	-287M	367M	-3.93B	-996M	436M	-5.75B	2.1B	-1.15B
Pretax Income+	43.48B	47.8B	48.68B	47.62B	48.55B	53.13B	59.08B	69.06B	104.67B	127.19B
Pretax Margin %	0.4%	0.43%	0.44%	0.43%	0.4%	0.42%	0.42%	0.39%	0.45%	0.44%
Income Tax+	8.62B	9.87B	10.55B	8.99B	9.6B	10.99B	11.32B	13.54B	20.99B	26.2B
Effective Tax Rate %	0.8%	0.79%	0.78%	0.81%	0.8%	0.79%	0.81%	0.8%	0.8%	0.79%
Net Income+	34.86B	37.92B	38.13B	38.63B	38.95B	42.14B	47.76B	55.52B	83.68B	100.99B
Net Margin %	0.32%	0.34%	0.34%	0.35%	0.32%	0.33%	0.34%	0.31%	0.36%	0.35%
Net Income Growth %	0.32%	0.09%	0.01%	0.01%	0.01%	0.08%	0.13%	0.16%	0.51%	0.21%
Net Income (Continuing)	34.86B	37.92B	38.13B	38.63B	38.95B	42.14B	47.76B	55.52B	83.68B	100.99B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	6.76	7.48	7.70	7.97	8.19	9.01	10.37	12.22	18.62	22.63
EPS Growth %	0.34%	0.11%	0.03%	0.04%	0.03%	0.1%	0.15%	0.18%	0.52%	0.22%
EPS (Basic)	6.78	7.50	7.71	7.98	8.21	9.03	10.40	12.26	18.67	22.67
Diluted Shares Outstanding	5.16B	5.07B	4.96B	4.85B	4.76B	4.68B	4.61B	4.54B	4.49B	4.46B
Basic Shares Outstanding	5.16B	5.07B	4.96B	4.84B	4.75B	4.67B	4.59B	4.53B	4.48B	4.45B
Dividend Payout Ratio	0.37%	0.63%	0.49%	0.49%	0.5%	0.48%	0.45%	0.46%	0.38%	0.44%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	55.14B	59.77B	60.08B	59.07B	9.38B	10.82B	85.59B	108.19B	139.65B	160.9B
Cash & Short-Term Investments	20.46B	20.7B	18.85B	15.64B	2.32B	2.1B	17.48B	23.57B	30.23B	26.31B
Cash Only	16.92B	18.69B	18.85B	15.64B	2.32B	2.1B	10.72B	12.65B	14.39B	15.65B
Short-Term Investments	3.54B	2.01B	0	0	0	0	6.76B	10.92B	15.84B	10.65B
Accounts Receivable	17.74B	24.2B	23.55B	26.89B	3.86B	4.61B	46.8B	57.51B	75.26B	87.41B
Days Sales Outstanding	60	79.01	76.96	87.76	11.56	13.24	121.32	118.61	118.27	109.87
Inventory	12.76B	14.34B	15.37B	16.34B	2.65B	3.05B	19.62B	24.39B	31.81B	40.85B
Days Inventory Outstanding	287.66	304.63	318.24	338.46	48.15	53.13	302.72	312.91	324.65	334.89
Other Current Assets	6.43B	529M	5.69B	4.31B	544.09M	1.07B	1.69B	9.67B	2.34B	6.33B
Total Non-Current Assets+	36.66B	37.77B	42.27B	51.7B	9.49B	13B	108.91B	133.06B	174.84B	304.9B
Property, Plant & Equipment	25.55B	30.18B	35.25B	41.89B	7.59B	8.26B	55.36B	66.67B	90.96B	162.49B
Fixed Asset Turnover	4.22x	3.70x	3.17x	2.67x	16.07x	15.36x	2.54x	2.65x	2.55x	1.79x
Goodwill	0	0	0	0	0	0	4.35B	5.09B	4.46B	20.06B
Intangible Assets	2.16B	2.71B	3.33B	5.14B	876.52M	3.4B	38.83B	46.32B	55.94B	91.03B
Long-Term Investments	2.15B	2.2B	1.76B	1.77B	271.59M	270.9M	1.44B	1.34B	1.66B	2.68B
Other Non-Current Assets	0	0	0	0	126.33M	110.79M	267M	206M	1.43B	4.02B
Total Assets+	91.8B	97.54B	102.36B	110.77B	18.87B	23.82B	194.51B	241.26B	314.49B	465.8B
Asset Turnover	1.18x	1.15x	1.09x	1.01x	6.47x	5.33x	0.72x	0.73x	0.74x	0.62x
Asset Growth %	0.19%	0.06%	0.05%	0.08%	-0.83%	0.26%	7.17%	0.24%	0.3%	0.48%
Total Current Liabilities+	40.87B	47.44B	47.06B	54.16B	8.86B	11.55B	99.52B	120.94B	169.66B	217.53B
Accounts Payable	4.93B	6.01B	5.61B	6.76B	955.08M	939.76M	8.87B	15.59B	25.61B	28.85B
Days Payables Outstanding	111.09	127.69	116.13	139.97	17.35	16.39	136.85	199.99	261.32	236.49
Short-Term Debt	1.07B	229M	1.69B	515M	221.42M	1.23B	12.86B	480M	5.3B	11.78B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	26.55B	32.15B	29.89B	40.31B	7.05B	8.74B	73.3B	103.89B	38.14B	165.85B
Current Ratio	1.35x	1.26x	1.28x	1.09x	1.06x	0.94x	0.86x	0.89x	0.82x	0.74x
Quick Ratio	1.04x	0.96x	0.95x	0.79x	0.76x	0.67x	0.66x	0.69x	0.64x	0.55x
Cash Conversion Cycle	236.57	255.96	279.06	286.25	42.35	49.99	287.19	231.54	181.6	208.27
Total Non-Current Liabilities+	3.96B	4.83B	5.48B	4.77B	1.36B	1.86B	24.25B	36.83B	38.27B	104.78B
Long-Term Debt	0	0	0	0	0	0	9.65B	20.77B	15.98B	84.25B
Capital Lease Obligations	0	0	0	0	452.01M	476.21M	3.31B	3.54B	4.55B	5.43B
Deferred Tax Liabilities	6M	13M	846M	118M	12.02M	411.28M	5.27B	7.06B	10.16B	5.43B
Other Non-Current Liabilities	3.95B	4.82B	4.64B	4.65B	893.35M	973.95M	6.01B	5.45B	7.58B	9.68B
Total Liabilities	44.83B	52.27B	52.54B	58.93B	10.22B	13.41B	123.76B	157.77B	207.93B	322.31B
Total Debt+	1.07B	229M	1.69B	515M	673.43M	1.7B	26.64B	25.78B	27.01B	102.79B
Net Debt	-15.85B	-18.46B	-17.16B	-15.12B	-1.65B	-394.67M	15.93B	13.13B	12.61B	87.13B
Debt / Equity	0.02x	0.01x	0.03x	0.01x	0.08x	0.16x	0.38x	0.31x	0.25x	0.72x
Debt / EBITDA	0.02x	0.00x	0.03x	0.01x	0.01x	0.03x	0.41x	0.31x	0.24x	0.75x
Net Debt / EBITDA	-0.30x	-0.36x	-0.33x	-0.30x	-0.03x	-0.01x	0.25x	0.16x	0.11x	0.64x
Interest Coverage	737.97x	745.11x	544.08x	555.86x	106.14x	108.07x	202.92x	197.91x	189.25x	78.26x
Total Equity+	46.97B	45.27B	49.81B	51.84B	8.65B	10.41B	70.75B	83.49B	106.56B	143.49B
Equity Growth %	0.17%	-0.04%	0.1%	0.04%	-0.83%	0.2%	5.8%	0.18%	0.28%	0.35%
Book Value per Share	9.11	8.93	10.05	10.69	1.82	2.22	15.36	18.37	23.71	32.15
Total Shareholders' Equity	46.97B	45.27B	49.81B	51.84B	8.65B	10.41B	70.75B	83.49B	106.56B	143.49B
Common Stock	520M	510M	500M	490M	72.1M	77.26M	462M	456M	451M	446M
Retained Earnings	46.82B	46.11B	48.98B	53.41B	8.69B	10.48B	72B	80.59B	104.84B	144.45B
Treasury Stock	-10M	-9M	-11M	-11M	-1.5M	-1.32M	-6M	-6M	-5M	-2M
Accumulated OCI	-357M	-1.34B	349M	-2.05B	-104.25M	-149.75M	-1.71B	2.45B	1.28B	-1.41B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	38.29B	48.31B	41.17B	44.62B	46.78B	51.95B	55B	78.89B	108.91B	120.97B
Operating CF Margin %	0.35%	0.43%	0.37%	0.4%	0.38%	0.41%	0.39%	0.45%	0.47%	0.42%
Operating CF Growth %	0.21%	0.26%	-0.15%	0.08%	0.05%	0.11%	0.06%	0.43%	0.38%	0.11%
Net Income	34.86B	37.92B	38.13B	38.63B	38.95B	42.14B	47.76B	55.52B	83.68B	100.99B
Depreciation & Amortization	2.96B	3.19B	3.18B	3.92B	5.66B	5.75B	6.03B	7.36B	9.41B	8.54B
Stock-Based Compensation	442M	368M	292M	414M	363M	823M	1.04B	1.54B	2.15B	2.29B
Deferred Taxes	8.62B	9.87B	10.55B	8.99B	9.6B	10.99B	11.32B	13.54B	20.99B	26.2B
Other Non-Cash Items	-6.44B	663M	-7.35B	-3.97B	-4.41B	-3.4B	-2.49B	6.46B	4.92B	-5.06B
Working Capital Changes	-2.16B	-3.71B	-3.63B	-3.37B	-3.39B	-4.35B	-8.66B	-5.54B	-12.24B	-11.99B
Change in Receivables	-2.44B	-4.75B	69M	-2.62B	-2.13B	-2.82B	-12.91B	-10.82B	-14.21B	-14.31B
Change in Inventory	-1.4B	-1.58B	-1.03B	-963M	-1.3B	-895M	-1.08B	-4.77B	-7.42B	-9.04B
Change in Payables	-23M	1.08B	-401M	1.15B	-398M	-641M	3.15B	6.72B	10.02B	3.24B
Cash from Investing+	-6.1B	-6.79B	-6.57B	-12.08B	-11.51B	-22.44B	-31.61B	-24.92B	-43.89B	-128.9B
Capital Expenditures	-6.41B	-8.27B	-8.65B	-12.41B	-11.23B	-22.08B	-7.38B	-12.15B	-25.81B	-47.16B
CapEx % of Revenue	0.06%	0.07%	0.08%	0.11%	0.09%	0.17%	0.05%	0.07%	0.11%	0.16%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	15M	-1.17B	-987M	32M	24M	-16.23B	4M	-2.61B	-13.09B	-4.14B
Cash from Financing+	-30.1B	-38.89B	-35.69B	-34.52B	-35.48B	-32.24B	-25.49B	-51.8B	-63.16B	8.73B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-12.9B	-23.83B	-18.84B	-19.05B	-19.41B	-20.12B	-21.52B	-25.3B	-31.77B	-44.14B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	31.88B	40.05B	32.52B	32.21B	35.55B	29.87B	47.62B	64.13B	70.01B	69.66B
FCF Margin %	0.3%	0.36%	0.29%	0.29%	0.29%	0.24%	0.34%	0.36%	0.3%	0.24%
FCF Growth %	0.17%	0.26%	-0.19%	-0.01%	0.1%	-0.16%	0.59%	0.35%	0.09%	-0.01%
FCF per Share	6.18	7.90	6.56	6.64	7.47	6.38	10.34	14.11	15.58	15.61
FCF Conversion (FCF/Net Income)	1.10x	1.27x	1.08x	1.16x	1.20x	1.23x	1.15x	1.42x	1.30x	1.20x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	79.9%	82.23%	80.2%	76%	128.78%	442.14%	117.69%	72%	88.07%	80.78%
Return on Invested Capital (ROIC)	128.45%	125.41%	123.52%	102.16%	180.08%	477.16%	90.98%	61.22%	71.3%	55.04%
Gross Margin	85%	84.63%	84.21%	84.25%	83.54%	83.51%	83.2%	83.92%	84.6%	84.67%
Net Margin	32.3%	33.93%	34.14%	34.54%	31.92%	33.19%	33.92%	31.38%	36.03%	34.78%
Debt / Equity	0.02x	0.01x	0.03x	0.01x	0.08x	0.16x	0.38x	0.31x	0.25x	0.72x
Interest Coverage	737.97x	745.11x	544.08x	555.86x	106.14x	108.07x	202.92x	197.91x	189.25x	78.26x
FCF Conversion	1.10x	1.27x	1.08x	1.16x	1.20x	1.23x	1.15x	1.42x	1.30x	1.20x
Revenue Growth	21.53%	3.57%	-0.08%	0.12%	9.11%	4.04%	10.91%	25.68%	31.25%	25.03%

Revenue by Geography

	2021	2022	2023
North America	67.26B	91.11B	136.63B
North America Growth	-	35.45%	49.97%
EMEA	37.71B	44.24B	50.87B
EMEA Growth	-	17.32%	14.99%
World	19.81B	25.4B	28.08B
World Growth	-	28.22%	10.53%

Frequently Asked Questions

Valuation & Price

Novo Nordisk A/S (NVO) has a price-to-earnings (P/E) ratio of 2.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Novo Nordisk A/S (NVO) reported $315.60B in revenue for fiscal year 2024. This represents a 376% increase from $66.35B in 2011.

Novo Nordisk A/S (NVO) grew revenue by 25.0% over the past year. This is strong growth.

Yes, Novo Nordisk A/S (NVO) is profitable, generating $103.77B in net income for fiscal year 2024 (34.8% net margin).

Dividend & Returns

Yes, Novo Nordisk A/S (NVO) pays a dividend with a yield of 16.58%. This makes it attractive for income-focused investors.

Novo Nordisk A/S (NVO) has a return on equity (ROE) of 80.8%. This is excellent, indicating efficient use of shareholder capital.

Novo Nordisk A/S (NVO) generated $62.74B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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