Novartis AG (NVS) 10-Year Financial Performance & Capital Metrics

NVS •

HealthcareLarge PharmaGenerics and biosimilars manufacturers

AboutNovartis AG researches, develops, manufactures, and markets healthcare products worldwide. The company operates through two segments, Innovative Medicines and Sandoz. The Innovative Medicines segment offers prescription medicines for patients and healthcare providers. It also provides ophthalmology, neuroscience, immunology, hepatology, dermatology, respiratory, cardiovascular, renal, and metabolism medicine products. The Sandoz segment develops, manufactures, and markets finished dosage form medicines; active ingredients and finished dosage forms of small molecule pharmaceuticals to third parties; and retail generics and anti-infectives. It also provides active pharmaceutical ingredients and intermediates primarily antibiotics; protein- or other biotechnology-based products, including biosimilars; and biotechnology manufacturing services. Novartis AG has a license and collaboration agreement with Alnylam Pharmaceuticals to develop, manufacture, and commercialize inclisiran; and a clinical collaboration with Kura Oncology, Inc. to evaluate the combination of Tipifarnib and Alpelisib in patients with head and neck squamous cell carcinoma. The company was incorporated in 1996 and is headquartered in Basel, Switzerland.Show more

Revenue $54.81B +6.0%
EBITDA $22.43B +8.8%
Net Income $14.06B +17.7%
EPS (Diluted) 7.19 +22.5%
Gross Margin 75.02% -0.2%
EBITDA Margin 40.92% +2.7%
Operating Margin 31.15% +10.8%
Net Margin 25.64% +11.1%
ROE 31% +18.0%
ROIC 18.82% +6.7%
Debt/Equity 0.80 +12.3%
Interest Coverage 14.38 +2.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 28.4%
✓FCF machine: 32.3% free cash flow margin
✓Momentum leader: RS Rating 82 (top 18%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.4%
✓Share count reduced 3.9% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.85%

5Y1.9%

3Y8.04%

TTM8.56%

Profit (Net Income) CAGR

10Y-2.32%

5Y11.73%

3Y26.43%

TTM17.11%

EPS CAGR

10Y-0.14%

5Y15.36%

3Y31.39%

TTM21.6%

ROCE

10Y Avg11.39%

5Y Avg14.25%

3Y Avg17.64%

Latest21.1%

Peer Comparison

Generics and biosimilars manufacturers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NVSNovartis AG	321.75B	168.62	23.45	5.97%	24.9%	30.04%	5.5%	0.80
OGNOrganon & Co.	1.9B	7.29	10.13	-2.92%	3.01%	20.64%
SRXHSRx Health Solutions Inc.	8.71M	0.13	-0.19	28.4%	-9.36%		13.22%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	49.44B	43.4B	46.1B	48.68B	49.9B	43.97B	43.46B	46.66B	51.72B	54.81B
Revenue Growth %	-1.89%	-12.2%	6.21%	5.59%	2.51%	-11.87%	-1.17%	7.36%	10.85%	5.97%
Cost of Goods Sold+	17.52B	13.63B	14.51B	14.43B	15.12B	11.73B	11.58B	12.47B	12.83B	13.69B
COGS % of Revenue	35.44%	31.41%	31.48%	29.63%	30.3%	26.69%	26.65%	26.73%	24.8%	24.98%
Gross Profit+	31.92B	29.77B	31.59B	34.25B	34.78B	32.24B	31.88B	34.19B	38.9B	41.12B
Gross Margin %	64.56%	68.59%	68.52%	70.37%	69.7%	73.31%	73.35%	73.27%	75.2%	75.02%
Gross Profit Growth %	-3.23%	-6.72%	6.11%	8.43%	1.53%	-7.3%	-1.12%	7.24%	13.77%	5.72%
Operating Expenses+	23.65B	21.07B	23.19B	25.17B	24.63B	22.18B	23.93B	24.42B	24.35B	24.05B
OpEx % of Revenue	47.84%	48.54%	50.3%	51.7%	49.35%	50.45%	55.07%	52.33%	47.08%	43.87%
Selling, General & Admin	14.19B	12.46B	13.72B	14.37B	14.2B	12.83B	12.19B	12.52B	12.57B	13.31B
SG&A % of Revenue	28.71%	28.72%	29.76%	29.52%	28.45%	29.17%	28.06%	26.83%	24.3%	24.28%
Research & Development	9.04B	8.39B	8.49B	9.4B	8.98B	8.64B	9.17B	11.37B	10.02B	10.74B
R&D % of Revenue	18.28%	19.33%	18.41%	19.32%	18%	19.65%	21.1%	24.37%	19.38%	19.6%
Other Operating Expenses	417M	215M	980M	1.4B	1.45B	715M	2.57B	531M	1.76B	0
Operating Income+	8.27B	8.7B	8.4B	9.09B	10.15B	10.06B	7.95B	9.77B	14.54B	17.07B
Operating Margin %	16.72%	20.05%	18.23%	18.67%	20.35%	22.87%	18.28%	20.94%	28.12%	31.15%
Operating Income Growth %	-7.9%	5.25%	-3.44%	8.13%	11.73%	-0.95%	-20.98%	22.94%	48.88%	17.4%
EBITDA+	14.31B	13.44B	13.61B	14.91B	16.62B	15.65B	14.65B	18.05B	20.61B	22.43B
EBITDA Margin %	28.95%	30.96%	29.53%	30.63%	33.3%	35.6%	33.71%	38.68%	39.85%	40.92%
EBITDA Growth %	-0.95%	-6.1%	1.31%	9.53%	11.43%	-5.8%	-6.4%	23.17%	14.22%	8.8%
D&A (Non-Cash Add-back)	6.04B	4.74B	5.21B	5.83B	6.46B	5.6B	6.71B	8.28B	6.07B	5.35B
EBIT	8.52B	9.85B	15.03B	9.79B	10.75B	25.32B	7.98B	9.98B	14.65B	17.63B
Net Interest Income+	-686M	-692M	-680.55M	-657.67M	-830M	-834M	-456.89M	-246.88M	-468.74M	-812.14M
Interest Income	43M	110M	292.67M	245.25M	91M	71M	377.74M	629.24M	567.68M	374.91M
Interest Expense	729M	802M	973.22M	902.93M	921M	905M	834.62M	876.12M	1.04B	1.19B
Other Income/Expense	-451M	400M	5.69B	-146M	-274M	14.47B	-769M	-646M	-904M	-638.25M
Pretax Income+	7.82B	9.1B	14.1B	8.94B	9.88B	24.53B	7.18B	9.12B	13.64B	16.44B
Pretax Margin %	15.81%	20.97%	30.58%	18.37%	19.8%	55.78%	16.51%	19.55%	26.37%	29.99%
Income Tax+	1.12B	1.6B	1.29B	1.79B	1.81B	1.63B	1.13B	551M	1.7B	2.4B
Effective Tax Rate %	85.86%	84.63%	89.47%	131.23%	81.72%	97.92%	96.91%	162.78%	87.54%	85.52%
Net Income+	6.71B	7.7B	12.61B	11.73B	8.07B	24.02B	6.96B	14.85B	11.94B	14.06B
Net Margin %	13.58%	17.75%	27.36%	24.1%	16.18%	54.63%	16%	31.83%	23.09%	25.64%
Net Income Growth %	-62.26%	14.76%	63.72%	-6.97%	-31.2%	197.58%	-71.05%	113.52%	-19.59%	17.71%
Net Income (Continuing)	6.7B	7.5B	12.8B	7.15B	8.07B	22.91B	6.05B	8.57B	11.94B	14.04B
Discontinued Operations	0	0	0	0	0	1.11B	906M	6.28B	0	0
Minority Interest	59M	59M	78M	77M	68M	167M	81M	83M	80M	419M
EPS (Diluted)+	2.80	3.25	5.38	3.08	3.52	10.63	3.17	7.10	5.87	7.19
EPS Growth %	-61.59%	16.07%	65.54%	-42.75%	14.29%	201.99%	-70.18%	123.97%	-17.32%	22.49%
EPS (Basic)	2.82	3.28	5.44	3.12	3.54	10.71	3.19	7.15	5.92	7.25
Diluted Shares Outstanding	2.4B	2.37B	2.34B	2.32B	2.3B	2.26B	2.2B	2.09B	2.04B	1.96B
Basic Shares Outstanding	2.38B	2.35B	2.32B	2.29B	2.28B	2.24B	2.18B	2.08B	2.02B	1.94B
Dividend Payout Ratio	96.47%	84.32%	55.24%	56.64%	86.56%	30.67%	107.92%	48.86%	63.85%	55.91%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	24.93B	28.21B	35.56B	29.5B	29.67B	45.72B	36.91B	30.48B	29.7B	30.46B
Cash & Short-Term Investments	7.78B	9.48B	15.96B	11.45B	11.56B	28.11B	18.61B	13.96B	13.35B	11.59B
Cash Only	7.01B	8.86B	13.27B	11.11B	9.66B	12.41B	7.52B	13.39B	11.46B	11.44B
Short-Term Investments	770M	625M	2.69B	334M	1.91B	15.71B	11.1B	569M	1.89B	155M
Accounts Receivable	10.2B	10.07B	9.68B	9.17B	9.07B	9.62B	9.89B	9.38B	8.21B	10.93B
Days Sales Outstanding	75.32	84.68	76.61	68.78	66.37	79.86	83.09	73.34	57.94	72.81
Inventory	6.25B	6.87B	6.96B	5.98B	7.13B	6.67B	7.17B	5.91B	5.72B	6.27B
Days Inventory Outstanding	130.31	183.85	174.98	151.36	172.13	207.34	226.12	173.05	162.85	167.15
Other Current Assets	0	1.03B	3.23B	2.01B	963M	216M	315M	466M	1.43B	514M
Total Non-Current Assets+	105.19B	104.87B	110B	88.91B	102.52B	86.08B	80.54B	69.46B	72.54B	85.11B
Property, Plant & Equipment	15.64B	16.46B	15.7B	13.75B	13.94B	13.11B	12.2B	10.92B	10.87B	12.35B
Fixed Asset Turnover	3.16x	2.64x	2.94x	3.54x	3.58x	3.36x	3.56x	4.27x	4.76x	4.44x
Goodwill	30.98B	31.75B	35.29B	26.52B	30B	29.59B	29.3B	23.34B	24.76B	25.57B
Intangible Assets	31.34B	30B	38.72B	28.79B	36.81B	34.18B	31.64B	26.88B	26.91B	29.41B
Long-Term Investments	16.5B	17.61B	10.7B	11B	12.44B	2.27B	1.61B	1.83B	1.13B	2.3B
Other Non-Current Assets	698M	818M	895M	897M	981M	3.18B	2.06B	2.18B	4.51B	5.42B
Total Assets+	130.12B	133.08B	145.56B	118.41B	132.19B	131.79B	117.45B	99.94B	102.25B	115.57B
Asset Turnover	0.38x	0.33x	0.32x	0.41x	0.38x	0.33x	0.37x	0.47x	0.51x	0.47x
Asset Growth %	-1.09%	2.27%	9.38%	-18.65%	11.63%	-0.3%	-10.88%	-14.91%	2.3%	13.03%
Total Current Liabilities+	22.21B	23.4B	29.61B	28.26B	33.06B	30.21B	28.66B	26.39B	28.69B	27.28B
Accounts Payable	4.87B	5.17B	5.56B	5.42B	5.4B	5.55B	5.15B	4.93B	4.57B	4.46B
Days Payables Outstanding	101.52	138.39	139.76	137.24	130.42	172.72	162.17	144.16	130.1	118.81
Short-Term Debt	5.91B	5.2B	9.62B	7.09B	9.88B	6.23B	5.88B	6.08B	8.09B	5.78B
Deferred Revenue (Current)	287M	305M	236M	114M	56M	123M	123M	98M	127M	0
Other Current Liabilities	9.15B	8.68B	9.63B	10.98B	12.98B	12.44B	11.21B	9.84B	10.38B	12.82B
Current Ratio	1.12x	1.21x	1.20x	1.04x	0.90x	1.51x	1.29x	1.16x	1.04x	1.12x
Quick Ratio	0.84x	0.91x	0.97x	0.83x	0.68x	1.29x	1.04x	0.93x	0.84x	0.89x
Cash Conversion Cycle	104.12	130.14	111.83	82.89	108.08	114.48	147.04	102.23	90.7	121.15
Total Non-Current Liabilities+	33.02B	35.45B	37.26B	34.6B	42.46B	33.77B	29.37B	26.8B	29.43B	41.74B
Long-Term Debt	17.9B	23.22B	22.47B	20.35B	26.26B	22.9B	20.24B	18.44B	21.37B	29.59B
Capital Lease Obligations	82M	0	0	1.7B	1.72B	1.62B	1.54B	1.6B	1.57B	1.66B
Deferred Tax Liabilities	6.66B	5.17B	7.47B	5.91B	7.55B	3.07B	2.69B	2.25B	2.42B	8.02B
Other Non-Current Liabilities	8.03B	6.55B	8.85B	6.63B	6.93B	6.17B	4.91B	4.52B	4.08B	2.48B
Total Liabilities	55.23B	58.85B	66.87B	62.86B	75.52B	63.97B	58.03B	53.2B	58.12B	69.02B
Total Debt+	23.8B	28.43B	32.09B	29.15B	37.85B	31.02B	27.91B	26.35B	31.26B	37.03B
Net Debt	16.8B	19.57B	18.82B	18.04B	28.2B	18.62B	20.39B	12.96B	19.8B	25.6B
Debt / Equity	0.32x	0.38x	0.41x	0.52x	0.67x	0.46x	0.47x	0.56x	0.71x	0.80x
Debt / EBITDA	1.66x	2.12x	2.36x	1.95x	2.28x	1.98x	1.90x	1.46x	1.52x	1.65x
Net Debt / EBITDA	1.17x	1.46x	1.38x	1.21x	1.70x	1.19x	1.39x	0.72x	0.96x	1.14x
Interest Coverage	11.34x	10.85x	8.63x	10.06x	11.02x	11.11x	9.52x	11.15x	14.03x	14.38x
Total Equity+	74.89B	74.23B	78.69B	55.55B	56.67B	67.82B	59.42B	46.75B	44.13B	46.55B
Equity Growth %	-2.89%	-0.89%	6.02%	-29.41%	2.01%	19.69%	-12.38%	-21.33%	-5.61%	5.49%
Book Value per Share	31.20	31.31	33.57	23.95	24.68	30.01	27.05	22.35	21.68	23.81
Total Shareholders' Equity	74.83B	74.17B	78.61B	55.47B	56.6B	67.66B	59.34B	46.67B	44.05B	46.13B
Common Stock	972M	969M	944M	936M	913M	901M	890M	825M	793M	766M
Retained Earnings	81.15B	77.64B	82.19B	59.27B	57.16B	70.99B	63.54B	49.65B	46.56B	44.72B
Treasury Stock	-76M	-100M	-69M	-80M	-53M	-48M	-92M	-41M	-53M	-50M
Accumulated OCI	73.94B	73.3B	77.74B	-4.66B	-1.42B	-4.19B	-5B	-3.77B	-3.25B	694M
Minority Interest	59M	59M	78M	77M	68M	167M	81M	83M	80M	419M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	11.47B	12.62B	14.27B	13.63B	13.65B	15.07B	14.24B	14.46B	17.62B	19.24B
Operating CF Margin %	23.21%	29.08%	30.96%	27.99%	27.36%	34.27%	32.76%	30.99%	34.06%	35.11%
Operating CF Growth %	-3.55%	9.99%	13.08%	-4.53%	0.18%	10.41%	-5.54%	1.56%	21.86%	9.21%
Net Income	6.7B	7.7B	12.61B	7.15B	8.07B	22.91B	6.05B	8.57B	11.94B	14.06B
Depreciation & Amortization	6.04B	6.08B	6.89B	5.83B	6.46B	5.6B	6.71B	8.28B	6.07B	5.35B
Stock-Based Compensation	671M	683M	759M	758M	738M	700M	791M	865M	1.04B	0
Deferred Taxes	1.12B	1.3B	1.22B	1.79B	1.81B	1.63B	1.13B	551M	1.7B	-361.84M
Other Non-Cash Items	-2.98B	-3.38B	-7.71B	-2.1B	-3.14B	-15.68B	359M	-3.44B	-2.43B	3.27B
Working Capital Changes	-77M	244M	499M	199M	-291M	-73M	-796M	-369M	-706M	-3.08B
Change in Receivables	-229M	-204M	-569M	-980M	137M	-352M	-397M	-1.5B	-931M	-1.13B
Change in Inventory	-235M	-247M	-533M	-382M	-543M	-102M	-560M	-546M	-225M	34.17M
Change in Payables	-587M	58M	309M	553M	-324M	-111M	-181M	479M	-105M	-274.4M
Cash from Investing+	-3.44B	-3.12B	-5.59B	-2.23B	-13.18B	4.21B	1.47B	5.6B	-7.51B	-4.9B
Capital Expenditures	-2.88B	-2.75B	-3.35B	-1.38B	-2.58B	-1.07B	-916M	-1.06B	-1.37B	-3.92B
CapEx % of Revenue	5.82%	6.33%	7.28%	2.83%	5.18%	2.42%	2.11%	2.27%	2.64%	7.15%
Acquisitions	-765M	-755M	-1.07B	-3.77B	-9.96B	20.46B	-864M	-3.57B	-3.83B	-3.01B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	111M	551M	895M	-264M	282M	-1.34B	-1.43B	-624M	-2.38B	140.72M
Cash from Financing+	-5.31B	-7.73B	-4.24B	-13.63B	-2.21B	-16.26B	-20.56B	-14.28B	-11.74B	-14.94B
Debt Issued (Net)	2.06B	4.1B	4.18B	-4.96B	7.07B	-5.67B	-2.58B	-1.94B	4.39B	2.72B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-6.47B	-6.5B	-6.97B	-6.64B	-6.99B	-7.37B	-7.51B	-7.25B	-7.62B	-7.86B
Share Repurchases	-1.11B	-5.49B	-2.04B	-5.53B	-2.84B	-3.06B	-10.65B	-8.72B	-8.33B	-9.26B
Other Financing	215M	151M	581M	3.51B	549M	-169M	181M	3.63B	-177M	-577.95M
Net Change in Cash	2.33B	1.85B	4.41B	-2.16B	-1.45B	2.75B	-4.89B	5.88B	-1.93B	-24M
Free Cash Flow+	8.6B	9.88B	10.92B	11.37B	11.06B	12.52B	12B	11.71B	13.8B	17.69B
FCF Margin %	17.39%	22.75%	23.68%	23.35%	22.18%	28.46%	27.6%	25.09%	26.69%	32.27%
FCF Growth %	6.84%	14.88%	10.55%	4.13%	-2.67%	13.1%	-4.14%	-2.43%	17.94%	28.11%
FCF per Share	3.58	4.16	4.66	4.90	4.82	5.54	5.46	5.60	6.78	9.05
FCF Conversion (FCF/Net Income)	1.71x	1.64x	1.13x	1.16x	1.69x	0.63x	2.05x	0.97x	1.48x	1.37x
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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.83%	10.33%	16.49%	17.48%	14.39%	38.59%	10.93%	27.97%	26.28%	31%
Return on Invested Capital (ROIC)	6.67%	7.04%	6.59%	7.97%	9.61%	8.81%	7.17%	10.5%	17.65%	18.82%
Gross Margin	64.56%	68.59%	68.52%	70.37%	69.7%	73.31%	73.35%	73.27%	75.2%	75.02%
Net Margin	13.58%	17.75%	27.36%	24.1%	16.18%	54.63%	16%	31.83%	23.09%	25.64%
Debt / Equity	0.32x	0.38x	0.41x	0.52x	0.67x	0.46x	0.47x	0.56x	0.71x	0.80x
Interest Coverage	11.34x	10.85x	8.63x	10.06x	11.02x	11.11x	9.52x	11.15x	14.03x	14.38x
FCF Conversion	1.71x	1.64x	1.13x	1.16x	1.69x	0.63x	2.05x	0.97x	1.48x	1.37x
Revenue Growth	-1.89%	-12.2%	6.21%	5.59%	2.51%	-11.87%	-1.17%	7.36%	10.85%	5.97%

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Novartis AG (NVS) 10-Year Financial Performance & Capital Metrics

NVS •

HealthcareLarge PharmaGenerics and biosimilars manufacturers

Revenue $54.81B +6.0%
EBITDA $22.43B +8.8%
Net Income $14.06B +17.7%
EPS (Diluted) 7.19 +22.5%
Gross Margin 75.02% -0.2%
EBITDA Margin 40.92% +2.7%
Operating Margin 31.15% +10.8%
Net Margin 25.64% +11.1%
ROE 31% +18.0%
ROIC 18.82% +6.7%
Debt/Equity 0.80 +12.3%
Interest Coverage 14.38 +2.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 28.4%
✓FCF machine: 32.3% free cash flow margin
✓Momentum leader: RS Rating 82 (top 18%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.4%
✓Share count reduced 3.9% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.85%

5Y1.9%

3Y8.04%

TTM8.56%

Profit (Net Income) CAGR

10Y-2.32%

5Y11.73%

3Y26.43%

TTM17.11%

EPS CAGR

10Y-0.14%

5Y15.36%

3Y31.39%

TTM21.6%

ROCE

10Y Avg11.39%

5Y Avg14.25%

3Y Avg17.64%

Latest21.1%

Peer Comparison

Generics and biosimilars manufacturers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NVSNovartis AG	321.75B	168.62	23.45	5.97%	24.9%	30.04%	5.5%	0.80
OGNOrganon & Co.	1.9B	7.29	10.13	-2.92%	3.01%	20.64%
SRXHSRx Health Solutions Inc.	8.71M	0.13	-0.19	28.4%	-9.36%		13.22%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	49.44B	43.4B	46.1B	48.68B	49.9B	43.97B	43.46B	46.66B	51.72B	54.81B
Revenue Growth %	-1.89%	-12.2%	6.21%	5.59%	2.51%	-11.87%	-1.17%	7.36%	10.85%	5.97%
Cost of Goods Sold+	17.52B	13.63B	14.51B	14.43B	15.12B	11.73B	11.58B	12.47B	12.83B	13.69B
COGS % of Revenue	35.44%	31.41%	31.48%	29.63%	30.3%	26.69%	26.65%	26.73%	24.8%	24.98%
Gross Profit+	31.92B	29.77B	31.59B	34.25B	34.78B	32.24B	31.88B	34.19B	38.9B	41.12B
Gross Margin %	64.56%	68.59%	68.52%	70.37%	69.7%	73.31%	73.35%	73.27%	75.2%	75.02%
Gross Profit Growth %	-3.23%	-6.72%	6.11%	8.43%	1.53%	-7.3%	-1.12%	7.24%	13.77%	5.72%
Operating Expenses+	23.65B	21.07B	23.19B	25.17B	24.63B	22.18B	23.93B	24.42B	24.35B	24.05B
OpEx % of Revenue	47.84%	48.54%	50.3%	51.7%	49.35%	50.45%	55.07%	52.33%	47.08%	43.87%
Selling, General & Admin	14.19B	12.46B	13.72B	14.37B	14.2B	12.83B	12.19B	12.52B	12.57B	13.31B
SG&A % of Revenue	28.71%	28.72%	29.76%	29.52%	28.45%	29.17%	28.06%	26.83%	24.3%	24.28%
Research & Development	9.04B	8.39B	8.49B	9.4B	8.98B	8.64B	9.17B	11.37B	10.02B	10.74B
R&D % of Revenue	18.28%	19.33%	18.41%	19.32%	18%	19.65%	21.1%	24.37%	19.38%	19.6%
Other Operating Expenses	417M	215M	980M	1.4B	1.45B	715M	2.57B	531M	1.76B	0
Operating Income+	8.27B	8.7B	8.4B	9.09B	10.15B	10.06B	7.95B	9.77B	14.54B	17.07B
Operating Margin %	16.72%	20.05%	18.23%	18.67%	20.35%	22.87%	18.28%	20.94%	28.12%	31.15%
Operating Income Growth %	-7.9%	5.25%	-3.44%	8.13%	11.73%	-0.95%	-20.98%	22.94%	48.88%	17.4%
EBITDA+	14.31B	13.44B	13.61B	14.91B	16.62B	15.65B	14.65B	18.05B	20.61B	22.43B
EBITDA Margin %	28.95%	30.96%	29.53%	30.63%	33.3%	35.6%	33.71%	38.68%	39.85%	40.92%
EBITDA Growth %	-0.95%	-6.1%	1.31%	9.53%	11.43%	-5.8%	-6.4%	23.17%	14.22%	8.8%
D&A (Non-Cash Add-back)	6.04B	4.74B	5.21B	5.83B	6.46B	5.6B	6.71B	8.28B	6.07B	5.35B
EBIT	8.52B	9.85B	15.03B	9.79B	10.75B	25.32B	7.98B	9.98B	14.65B	17.63B
Net Interest Income+	-686M	-692M	-680.55M	-657.67M	-830M	-834M	-456.89M	-246.88M	-468.74M	-812.14M
Interest Income	43M	110M	292.67M	245.25M	91M	71M	377.74M	629.24M	567.68M	374.91M
Interest Expense	729M	802M	973.22M	902.93M	921M	905M	834.62M	876.12M	1.04B	1.19B
Other Income/Expense	-451M	400M	5.69B	-146M	-274M	14.47B	-769M	-646M	-904M	-638.25M
Pretax Income+	7.82B	9.1B	14.1B	8.94B	9.88B	24.53B	7.18B	9.12B	13.64B	16.44B
Pretax Margin %	15.81%	20.97%	30.58%	18.37%	19.8%	55.78%	16.51%	19.55%	26.37%	29.99%
Income Tax+	1.12B	1.6B	1.29B	1.79B	1.81B	1.63B	1.13B	551M	1.7B	2.4B
Effective Tax Rate %	85.86%	84.63%	89.47%	131.23%	81.72%	97.92%	96.91%	162.78%	87.54%	85.52%
Net Income+	6.71B	7.7B	12.61B	11.73B	8.07B	24.02B	6.96B	14.85B	11.94B	14.06B
Net Margin %	13.58%	17.75%	27.36%	24.1%	16.18%	54.63%	16%	31.83%	23.09%	25.64%
Net Income Growth %	-62.26%	14.76%	63.72%	-6.97%	-31.2%	197.58%	-71.05%	113.52%	-19.59%	17.71%
Net Income (Continuing)	6.7B	7.5B	12.8B	7.15B	8.07B	22.91B	6.05B	8.57B	11.94B	14.04B
Discontinued Operations	0	0	0	0	0	1.11B	906M	6.28B	0	0
Minority Interest	59M	59M	78M	77M	68M	167M	81M	83M	80M	419M
EPS (Diluted)+	2.80	3.25	5.38	3.08	3.52	10.63	3.17	7.10	5.87	7.19
EPS Growth %	-61.59%	16.07%	65.54%	-42.75%	14.29%	201.99%	-70.18%	123.97%	-17.32%	22.49%
EPS (Basic)	2.82	3.28	5.44	3.12	3.54	10.71	3.19	7.15	5.92	7.25
Diluted Shares Outstanding	2.4B	2.37B	2.34B	2.32B	2.3B	2.26B	2.2B	2.09B	2.04B	1.96B
Basic Shares Outstanding	2.38B	2.35B	2.32B	2.29B	2.28B	2.24B	2.18B	2.08B	2.02B	1.94B
Dividend Payout Ratio	96.47%	84.32%	55.24%	56.64%	86.56%	30.67%	107.92%	48.86%	63.85%	55.91%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	24.93B	28.21B	35.56B	29.5B	29.67B	45.72B	36.91B	30.48B	29.7B	30.46B
Cash & Short-Term Investments	7.78B	9.48B	15.96B	11.45B	11.56B	28.11B	18.61B	13.96B	13.35B	11.59B
Cash Only	7.01B	8.86B	13.27B	11.11B	9.66B	12.41B	7.52B	13.39B	11.46B	11.44B
Short-Term Investments	770M	625M	2.69B	334M	1.91B	15.71B	11.1B	569M	1.89B	155M
Accounts Receivable	10.2B	10.07B	9.68B	9.17B	9.07B	9.62B	9.89B	9.38B	8.21B	10.93B
Days Sales Outstanding	75.32	84.68	76.61	68.78	66.37	79.86	83.09	73.34	57.94	72.81
Inventory	6.25B	6.87B	6.96B	5.98B	7.13B	6.67B	7.17B	5.91B	5.72B	6.27B
Days Inventory Outstanding	130.31	183.85	174.98	151.36	172.13	207.34	226.12	173.05	162.85	167.15
Other Current Assets	0	1.03B	3.23B	2.01B	963M	216M	315M	466M	1.43B	514M
Total Non-Current Assets+	105.19B	104.87B	110B	88.91B	102.52B	86.08B	80.54B	69.46B	72.54B	85.11B
Property, Plant & Equipment	15.64B	16.46B	15.7B	13.75B	13.94B	13.11B	12.2B	10.92B	10.87B	12.35B
Fixed Asset Turnover	3.16x	2.64x	2.94x	3.54x	3.58x	3.36x	3.56x	4.27x	4.76x	4.44x
Goodwill	30.98B	31.75B	35.29B	26.52B	30B	29.59B	29.3B	23.34B	24.76B	25.57B
Intangible Assets	31.34B	30B	38.72B	28.79B	36.81B	34.18B	31.64B	26.88B	26.91B	29.41B
Long-Term Investments	16.5B	17.61B	10.7B	11B	12.44B	2.27B	1.61B	1.83B	1.13B	2.3B
Other Non-Current Assets	698M	818M	895M	897M	981M	3.18B	2.06B	2.18B	4.51B	5.42B
Total Assets+	130.12B	133.08B	145.56B	118.41B	132.19B	131.79B	117.45B	99.94B	102.25B	115.57B
Asset Turnover	0.38x	0.33x	0.32x	0.41x	0.38x	0.33x	0.37x	0.47x	0.51x	0.47x
Asset Growth %	-1.09%	2.27%	9.38%	-18.65%	11.63%	-0.3%	-10.88%	-14.91%	2.3%	13.03%
Total Current Liabilities+	22.21B	23.4B	29.61B	28.26B	33.06B	30.21B	28.66B	26.39B	28.69B	27.28B
Accounts Payable	4.87B	5.17B	5.56B	5.42B	5.4B	5.55B	5.15B	4.93B	4.57B	4.46B
Days Payables Outstanding	101.52	138.39	139.76	137.24	130.42	172.72	162.17	144.16	130.1	118.81
Short-Term Debt	5.91B	5.2B	9.62B	7.09B	9.88B	6.23B	5.88B	6.08B	8.09B	5.78B
Deferred Revenue (Current)	287M	305M	236M	114M	56M	123M	123M	98M	127M	0
Other Current Liabilities	9.15B	8.68B	9.63B	10.98B	12.98B	12.44B	11.21B	9.84B	10.38B	12.82B
Current Ratio	1.12x	1.21x	1.20x	1.04x	0.90x	1.51x	1.29x	1.16x	1.04x	1.12x
Quick Ratio	0.84x	0.91x	0.97x	0.83x	0.68x	1.29x	1.04x	0.93x	0.84x	0.89x
Cash Conversion Cycle	104.12	130.14	111.83	82.89	108.08	114.48	147.04	102.23	90.7	121.15
Total Non-Current Liabilities+	33.02B	35.45B	37.26B	34.6B	42.46B	33.77B	29.37B	26.8B	29.43B	41.74B
Long-Term Debt	17.9B	23.22B	22.47B	20.35B	26.26B	22.9B	20.24B	18.44B	21.37B	29.59B
Capital Lease Obligations	82M	0	0	1.7B	1.72B	1.62B	1.54B	1.6B	1.57B	1.66B
Deferred Tax Liabilities	6.66B	5.17B	7.47B	5.91B	7.55B	3.07B	2.69B	2.25B	2.42B	8.02B
Other Non-Current Liabilities	8.03B	6.55B	8.85B	6.63B	6.93B	6.17B	4.91B	4.52B	4.08B	2.48B
Total Liabilities	55.23B	58.85B	66.87B	62.86B	75.52B	63.97B	58.03B	53.2B	58.12B	69.02B
Total Debt+	23.8B	28.43B	32.09B	29.15B	37.85B	31.02B	27.91B	26.35B	31.26B	37.03B
Net Debt	16.8B	19.57B	18.82B	18.04B	28.2B	18.62B	20.39B	12.96B	19.8B	25.6B
Debt / Equity	0.32x	0.38x	0.41x	0.52x	0.67x	0.46x	0.47x	0.56x	0.71x	0.80x
Debt / EBITDA	1.66x	2.12x	2.36x	1.95x	2.28x	1.98x	1.90x	1.46x	1.52x	1.65x
Net Debt / EBITDA	1.17x	1.46x	1.38x	1.21x	1.70x	1.19x	1.39x	0.72x	0.96x	1.14x
Interest Coverage	11.34x	10.85x	8.63x	10.06x	11.02x	11.11x	9.52x	11.15x	14.03x	14.38x
Total Equity+	74.89B	74.23B	78.69B	55.55B	56.67B	67.82B	59.42B	46.75B	44.13B	46.55B
Equity Growth %	-2.89%	-0.89%	6.02%	-29.41%	2.01%	19.69%	-12.38%	-21.33%	-5.61%	5.49%
Book Value per Share	31.20	31.31	33.57	23.95	24.68	30.01	27.05	22.35	21.68	23.81
Total Shareholders' Equity	74.83B	74.17B	78.61B	55.47B	56.6B	67.66B	59.34B	46.67B	44.05B	46.13B
Common Stock	972M	969M	944M	936M	913M	901M	890M	825M	793M	766M
Retained Earnings	81.15B	77.64B	82.19B	59.27B	57.16B	70.99B	63.54B	49.65B	46.56B	44.72B
Treasury Stock	-76M	-100M	-69M	-80M	-53M	-48M	-92M	-41M	-53M	-50M
Accumulated OCI	73.94B	73.3B	77.74B	-4.66B	-1.42B	-4.19B	-5B	-3.77B	-3.25B	694M
Minority Interest	59M	59M	78M	77M	68M	167M	81M	83M	80M	419M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	11.47B	12.62B	14.27B	13.63B	13.65B	15.07B	14.24B	14.46B	17.62B	19.24B
Operating CF Margin %	23.21%	29.08%	30.96%	27.99%	27.36%	34.27%	32.76%	30.99%	34.06%	35.11%
Operating CF Growth %	-3.55%	9.99%	13.08%	-4.53%	0.18%	10.41%	-5.54%	1.56%	21.86%	9.21%
Net Income	6.7B	7.7B	12.61B	7.15B	8.07B	22.91B	6.05B	8.57B	11.94B	14.06B
Depreciation & Amortization	6.04B	6.08B	6.89B	5.83B	6.46B	5.6B	6.71B	8.28B	6.07B	5.35B
Stock-Based Compensation	671M	683M	759M	758M	738M	700M	791M	865M	1.04B	0
Deferred Taxes	1.12B	1.3B	1.22B	1.79B	1.81B	1.63B	1.13B	551M	1.7B	-361.84M
Other Non-Cash Items	-2.98B	-3.38B	-7.71B	-2.1B	-3.14B	-15.68B	359M	-3.44B	-2.43B	3.27B
Working Capital Changes	-77M	244M	499M	199M	-291M	-73M	-796M	-369M	-706M	-3.08B
Change in Receivables	-229M	-204M	-569M	-980M	137M	-352M	-397M	-1.5B	-931M	-1.13B
Change in Inventory	-235M	-247M	-533M	-382M	-543M	-102M	-560M	-546M	-225M	34.17M
Change in Payables	-587M	58M	309M	553M	-324M	-111M	-181M	479M	-105M	-274.4M
Cash from Investing+	-3.44B	-3.12B	-5.59B	-2.23B	-13.18B	4.21B	1.47B	5.6B	-7.51B	-4.9B
Capital Expenditures	-2.88B	-2.75B	-3.35B	-1.38B	-2.58B	-1.07B	-916M	-1.06B	-1.37B	-3.92B
CapEx % of Revenue	5.82%	6.33%	7.28%	2.83%	5.18%	2.42%	2.11%	2.27%	2.64%	7.15%
Acquisitions	-765M	-755M	-1.07B	-3.77B	-9.96B	20.46B	-864M	-3.57B	-3.83B	-3.01B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	111M	551M	895M	-264M	282M	-1.34B	-1.43B	-624M	-2.38B	140.72M
Cash from Financing+	-5.31B	-7.73B	-4.24B	-13.63B	-2.21B	-16.26B	-20.56B	-14.28B	-11.74B	-14.94B
Debt Issued (Net)	2.06B	4.1B	4.18B	-4.96B	7.07B	-5.67B	-2.58B	-1.94B	4.39B	2.72B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-6.47B	-6.5B	-6.97B	-6.64B	-6.99B	-7.37B	-7.51B	-7.25B	-7.62B	-7.86B
Share Repurchases	-1.11B	-5.49B	-2.04B	-5.53B	-2.84B	-3.06B	-10.65B	-8.72B	-8.33B	-9.26B
Other Financing	215M	151M	581M	3.51B	549M	-169M	181M	3.63B	-177M	-577.95M
Net Change in Cash	2.33B	1.85B	4.41B	-2.16B	-1.45B	2.75B	-4.89B	5.88B	-1.93B	-24M
Free Cash Flow+	8.6B	9.88B	10.92B	11.37B	11.06B	12.52B	12B	11.71B	13.8B	17.69B
FCF Margin %	17.39%	22.75%	23.68%	23.35%	22.18%	28.46%	27.6%	25.09%	26.69%	32.27%
FCF Growth %	6.84%	14.88%	10.55%	4.13%	-2.67%	13.1%	-4.14%	-2.43%	17.94%	28.11%
FCF per Share	3.58	4.16	4.66	4.90	4.82	5.54	5.46	5.60	6.78	9.05
FCF Conversion (FCF/Net Income)	1.71x	1.64x	1.13x	1.16x	1.69x	0.63x	2.05x	0.97x	1.48x	1.37x
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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.83%	10.33%	16.49%	17.48%	14.39%	38.59%	10.93%	27.97%	26.28%	31%
Return on Invested Capital (ROIC)	6.67%	7.04%	6.59%	7.97%	9.61%	8.81%	7.17%	10.5%	17.65%	18.82%
Gross Margin	64.56%	68.59%	68.52%	70.37%	69.7%	73.31%	73.35%	73.27%	75.2%	75.02%
Net Margin	13.58%	17.75%	27.36%	24.1%	16.18%	54.63%	16%	31.83%	23.09%	25.64%
Debt / Equity	0.32x	0.38x	0.41x	0.52x	0.67x	0.46x	0.47x	0.56x	0.71x	0.80x
Interest Coverage	11.34x	10.85x	8.63x	10.06x	11.02x	11.11x	9.52x	11.15x	14.03x	14.38x
FCF Conversion	1.71x	1.64x	1.13x	1.16x	1.69x	0.63x	2.05x	0.97x	1.48x	1.37x
Revenue Growth	-1.89%	-12.2%	6.21%	5.59%	2.51%	-11.87%	-1.17%	7.36%	10.85%	5.97%

Novartis AG (NVS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Financial Ratios

Novartis AG (NVS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

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