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

NVO •

HealthcareLarge PharmaSpecialty and biologics-focused pharma

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 $297.2B +2.3%
EBITDA $144.18B +5.3%
Net Income $98.5B -2.5%
EPS (Diluted) 23.03 +1.8%
Gross Margin 80.98% -4.4%
EBITDA Margin 48.51% +2.9%
Operating Margin 41.4% -6.3%
Net Margin 33.14% -4.7%
ROE 58.36% -27.7%
ROIC 34.88% -36.6%
Debt/Equity 0.67 -5.8%
Interest Coverage 18.88 -75.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 75.7%
✓Strong 5Y profit CAGR of 18.5%
✓FCF machine: 19.1% free cash flow margin
✓Strong 5Y sales CAGR of 18.5%
✓Healthy dividend yield of 4.7%
✓Healthy 5Y average net margin of 33.8%

✗Weaknesses

✗Weak momentum: RS Rating 13 (bottom 13%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.66%

5Y18.55%

3Y18.87%

TTM2.34%

Profit (Net Income) CAGR

10Y10.95%

5Y18.51%

3Y21.06%

TTM-2.46%

EPS CAGR

10Y13.04%

5Y20.65%

3Y23.52%

TTM1.81%

ROCE

10Y Avg128.1%

5Y Avg72.85%

3Y Avg61.81%

Latest42.76%

Peer Comparison

Specialty and biologics-focused pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GILDGilead Sciences, Inc.	185.59B	148.95	391.97	6.04%	28.9%	37.62%	5.55%	1.39
ABBVAbbVie Inc.	410.09B	232.03	97.08	3.71%	4%	62.18%	4.35%	20.17
AMGNAmgen Inc.	209.22B	388.16	27.28	9.95%	20.99%	89.06%	3.87%	6.31
BIIBBiogen Inc.	28.15B	191.82	21.72	1.39%	13.18%	7.08%	7.28%	0.38
NVONovo Nordisk A/S	126.28B	37.45	10.30	2.34%	33.14%	50.76%	7.09%	0.67
SCLXScilex Holding Company	1.5B	8.21	-0.42	21.07%	-9.31%		1.29%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	111.78B	111.7B	111.83B	122.02B	126.95B	140.8B	176.95B	232.26B	290.4B	297.2B
Revenue Growth %	3.57%	-0.08%	0.12%	9.11%	4.04%	10.91%	25.68%	31.25%	25.03%	2.34%
Cost of Goods Sold+	17.18B	17.63B	17.62B	20.09B	20.93B	23.66B	28.45B	35.77B	44.52B	56.53B
COGS % of Revenue	15.37%	15.79%	15.75%	16.46%	16.49%	16.8%	16.08%	15.4%	15.33%	19.02%
Gross Profit+	94.6B	94.06B	94.21B	101.93B	106.01B	117.14B	148.51B	196.5B	245.88B	240.66B
Gross Margin %	84.63%	84.21%	84.25%	83.54%	83.51%	83.2%	83.92%	84.6%	84.67%	80.98%
Gross Profit Growth %	3.12%	-0.56%	0.16%	8.19%	4%	10.5%	26.77%	32.32%	25.13%	-2.12%
Operating Expenses+	46.16B	45.1B	46.97B	49.45B	51.89B	58.5B	73.7B	93.92B	117.54B	117.62B
OpEx % of Revenue	41.3%	40.37%	42%	40.53%	40.87%	41.55%	41.65%	40.44%	40.48%	39.58%
Selling, General & Admin	32.34B	32.12B	33.31B	35.83B	36.89B	41.06B	50.68B	61.6B	67.38B	67.87B
SG&A % of Revenue	28.93%	28.76%	29.79%	29.36%	29.06%	29.16%	28.64%	26.52%	23.2%	22.84%
Research & Development	14.56B	14.01B	14.8B	14.22B	15.46B	17.77B	24.05B	32.44B	48.06B	50.04B
R&D % of Revenue	13.03%	12.55%	13.24%	11.65%	12.18%	12.62%	13.59%	13.97%	16.55%	16.84%
Other Operating Expenses	-737M	-1.04B	-1.15B	-600M	-460M	-332M	-1.03B	-119M	2.1B	-289.88M
Operating Income+	48.43B	48.97B	47.25B	52.48B	54.13B	58.64B	74.81B	102.57B	128.34B	123.04B
Operating Margin %	43.33%	43.84%	42.25%	43.01%	42.64%	41.65%	42.28%	44.16%	44.19%	41.4%
Operating Income Growth %	-2.05%	1.1%	-3.51%	11.08%	3.13%	8.35%	27.56%	37.11%	25.12%	-4.13%
EBITDA+	51.63B	52.15B	51.17B	58.14B	59.88B	64.67B	82.17B	111.99B	136.88B	144.18B
EBITDA Margin %	46.18%	46.69%	45.76%	47.65%	47.17%	45.93%	46.44%	48.22%	47.14%	48.51%
EBITDA Growth %	-1.48%	1.01%	-1.87%	13.62%	2.98%	8%	27.06%	36.29%	22.23%	5.33%
D&A (Non-Cash Add-back)	3.19B	3.18B	3.92B	5.66B	5.75B	6.03B	7.36B	9.41B	8.54B	21.14B
EBIT	47.86B	48.77B	47.7B	48.77B	53.52B	59.37B	69.44B	105.22B	128.83B	132.04B
Net Interest Income+	-98M	-89M	-106M	-430.32M	-188.28M	-58M	-139M	527M	198M	2.77B
Interest Income	52M	69M	51M	64.15M	312.56M	231M	239M	1.07B	1.84B	9.29B
Interest Expense	65M	90M	85M	494.47M	500.84M	289M	378M	542M	1.64B	6.52B
Other Income/Expense	-634M	-287M	367M	-3.93B	-996M	436M	-5.75B	2.1B	-1.15B	2.48B
Pretax Income+	47.8B	48.68B	47.62B	48.55B	53.13B	59.08B	69.06B	104.67B	127.19B	125.53B
Pretax Margin %	42.76%	43.58%	42.58%	39.79%	41.85%	41.96%	39.03%	45.07%	43.8%	42.24%
Income Tax+	9.87B	10.55B	8.99B	9.6B	10.99B	11.32B	13.54B	20.99B	26.2B	27.03B
Effective Tax Rate %	79.34%	78.33%	81.13%	80.22%	79.31%	80.83%	80.4%	79.95%	79.4%	78.47%
Net Income+	37.92B	38.13B	38.63B	38.95B	42.14B	47.76B	55.52B	83.68B	100.99B	98.5B
Net Margin %	33.93%	34.14%	34.54%	31.92%	33.19%	33.92%	31.38%	36.03%	34.78%	33.14%
Net Income Growth %	8.79%	0.54%	1.31%	0.84%	8.18%	13.33%	16.27%	50.71%	20.68%	-2.46%
Net Income (Continuing)	37.92B	38.13B	38.63B	38.95B	42.14B	47.76B	55.52B	83.68B	100.99B	98.5B
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)+	7.48	7.70	7.97	8.19	9.01	10.37	12.22	18.62	22.63	23.03
EPS Growth %	10.65%	2.94%	3.51%	2.76%	10.01%	15.09%	17.84%	52.37%	21.54%	1.77%
EPS (Basic)	7.50	7.71	7.98	8.21	9.03	10.40	12.26	18.67	22.67	23.06
Diluted Shares Outstanding	5.07B	4.96B	4.85B	4.76B	4.68B	4.61B	4.54B	4.49B	4.46B	4.45B
Basic Shares Outstanding	5.07B	4.96B	4.84B	4.75B	4.67B	4.59B	4.53B	4.48B	4.45B	4.45B
Dividend Payout Ratio	62.83%	49.42%	49.31%	49.83%	47.75%	45.06%	45.57%	37.96%	43.71%	50.53%

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+	59.77B	60.08B	59.07B	9.38B	10.82B	85.59B	108.19B	139.65B	160.9B	172.45B
Cash & Short-Term Investments	20.7B	18.85B	15.64B	2.32B	2.1B	17.48B	23.57B	30.23B	26.31B	26.96B
Cash Only	18.69B	18.85B	15.64B	2.32B	2.1B	10.72B	12.65B	14.39B	15.65B	26.46B
Short-Term Investments	2.01B	0	0	0	0	6.76B	10.92B	15.84B	10.65B	498M
Accounts Receivable	24.2B	23.55B	26.89B	3.86B	4.61B	46.8B	57.51B	75.26B	87.41B	75.7B
Days Sales Outstanding	79.01	76.96	87.76	11.56	13.24	121.32	118.61	118.27	109.87	92.97
Inventory	14.34B	15.37B	16.34B	2.65B	3.05B	19.62B	24.39B	31.81B	40.85B	49.62B
Days Inventory Outstanding	304.63	318.24	338.46	48.15	53.13	302.72	312.91	324.65	334.89	320.4
Other Current Assets	529M	5.69B	4.31B	544.09M	1.07B	1.69B	9.67B	2.34B	6.33B	20.17B
Total Non-Current Assets+	37.77B	42.27B	51.7B	9.49B	13B	108.91B	133.06B	174.84B	304.9B	370.45B
Property, Plant & Equipment	30.18B	35.25B	41.89B	7.59B	8.26B	55.36B	66.67B	90.96B	162.49B	208.38B
Fixed Asset Turnover	3.70x	3.17x	2.67x	16.07x	15.36x	2.54x	2.65x	2.55x	1.79x	1.43x
Goodwill	0	0	0	0	0	4.35B	5.09B	4.46B	20.06B	19.84B
Intangible Assets	2.71B	3.33B	5.14B	876.52M	3.4B	38.83B	46.32B	55.94B	91.03B	110.21B
Long-Term Investments	2.2B	1.76B	1.77B	271.59M	270.9M	1.44B	1.34B	1.66B	2.68B	2.51B
Other Non-Current Assets	0	0	0	126.33M	110.79M	267M	206M	1.43B	4.02B	29.51B
Total Assets+	97.54B	102.36B	110.77B	18.87B	23.82B	194.51B	241.26B	314.49B	465.8B	542.9B
Asset Turnover	1.15x	1.09x	1.01x	6.47x	5.33x	0.72x	0.73x	0.74x	0.62x	0.55x
Asset Growth %	6.25%	4.94%	8.22%	-82.97%	26.25%	716.5%	24.03%	30.35%	48.11%	16.55%
Total Current Liabilities+	47.44B	47.06B	54.16B	8.86B	11.55B	99.52B	120.94B	169.66B	217.53B	215.66B
Accounts Payable	6.01B	5.61B	6.76B	955.08M	939.76M	8.87B	15.59B	25.61B	28.85B	19.76B
Days Payables Outstanding	127.69	116.13	139.97	17.35	16.39	136.85	199.99	261.32	236.49	127.57
Short-Term Debt	229M	1.69B	515M	221.42M	1.23B	12.86B	480M	5.3B	11.78B	12.02B
Deferred Revenue (Current)	38.62B	39.44B	44.87B	0	0	0	0	0	0	0
Other Current Liabilities	32.15B	29.89B	40.31B	7.05B	8.74B	73.3B	103.89B	38.14B	165.85B	183.89B
Current Ratio	1.26x	1.28x	1.09x	1.06x	0.94x	0.86x	0.89x	0.82x	0.74x	0.80x
Quick Ratio	0.96x	0.95x	0.79x	0.76x	0.67x	0.66x	0.69x	0.64x	0.55x	0.57x
Cash Conversion Cycle	255.96	279.06	286.25	42.35	49.99	287.19	231.54	181.6	208.27	285.8
Total Non-Current Liabilities+	4.83B	5.48B	4.77B	1.36B	1.86B	24.25B	36.83B	38.27B	104.78B	133.19B
Long-Term Debt	0	0	0	0	0	9.65B	20.77B	15.98B	84.25B	110.37B
Capital Lease Obligations	0	0	0	452.01M	476.21M	3.31B	3.54B	4.55B	5.43B	8.57B
Deferred Tax Liabilities	13M	846M	118M	12.02M	411.28M	5.27B	7.06B	10.16B	5.43B	6.61B
Other Non-Current Liabilities	4.82B	4.64B	4.65B	893.35M	973.95M	6.01B	5.45B	7.58B	9.68B	7.64B
Total Liabilities	52.27B	52.54B	58.93B	10.22B	13.41B	123.76B	157.77B	207.93B	322.31B	348.86B
Total Debt+	229M	1.69B	515M	673.43M	1.7B	26.64B	25.78B	27.01B	102.79B	130.96B
Net Debt	-18.46B	-17.16B	-15.12B	-1.65B	-394.67M	15.93B	13.13B	12.61B	87.13B	104.49B
Debt / Equity	0.01x	0.03x	0.01x	0.08x	0.16x	0.38x	0.31x	0.25x	0.72x	0.67x
Debt / EBITDA	0.00x	0.03x	0.01x	0.01x	0.03x	0.41x	0.31x	0.24x	0.75x	0.91x
Net Debt / EBITDA	-0.36x	-0.33x	-0.30x	-0.03x	-0.01x	0.25x	0.16x	0.11x	0.64x	0.72x
Interest Coverage	745.11x	544.08x	555.86x	106.14x	108.07x	202.92x	197.91x	189.25x	78.26x	18.88x
Total Equity+	45.27B	49.81B	51.84B	8.65B	10.41B	70.75B	83.49B	106.56B	143.49B	194.05B
Equity Growth %	-3.62%	10.04%	4.06%	-83.31%	20.32%	579.64%	18.01%	27.64%	34.65%	35.24%
Book Value per Share	8.93	10.05	10.69	1.82	2.22	15.36	18.37	23.71	32.15	43.63
Total Shareholders' Equity	45.27B	49.81B	51.84B	8.65B	10.41B	70.75B	83.49B	106.56B	143.49B	194.05B
Common Stock	510M	500M	490M	72.1M	77.26M	462M	456M	451M	446M	446M
Retained Earnings	46.11B	48.98B	53.41B	8.69B	10.48B	72B	80.59B	104.84B	144.45B	195.3B
Treasury Stock	-9M	-11M	-11M	-1.5M	-1.32M	-6M	-6M	-5M	-2M	-2M
Accumulated OCI	-1.34B	349M	-2.05B	-104.25M	-149.75M	-1.71B	2.45B	1.28B	-1.41B	-1.7B
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	48.31B	41.17B	44.62B	46.78B	51.95B	55B	78.89B	108.91B	120.97B	114.53B
Operating CF Margin %	43.22%	36.86%	39.9%	38.34%	40.92%	39.06%	44.58%	46.89%	41.66%	38.54%
Operating CF Growth %	26.19%	-14.79%	8.38%	4.85%	11.05%	5.87%	43.43%	38.06%	11.07%	-5.32%
Net Income	37.92B	38.13B	38.63B	38.95B	42.14B	47.76B	55.52B	83.68B	100.99B	102.43B
Depreciation & Amortization	3.19B	3.18B	3.92B	5.66B	5.75B	6.03B	7.36B	9.41B	8.54B	14.67B
Stock-Based Compensation	368M	292M	414M	363M	823M	1.04B	1.54B	2.15B	2.29B	0
Deferred Taxes	9.87B	10.55B	8.99B	9.6B	10.99B	11.32B	13.54B	20.99B	26.2B	0
Other Non-Cash Items	663M	-7.35B	-3.97B	-4.41B	-3.4B	-2.49B	6.46B	4.92B	-5.06B	-6.17B
Working Capital Changes	-3.71B	-3.63B	-3.37B	-3.39B	-4.35B	-8.66B	-5.54B	-12.24B	-11.99B	3.59B
Change in Receivables	-4.75B	69M	-2.62B	-2.13B	-2.82B	-12.91B	-10.82B	-14.21B	-14.31B	0
Change in Inventory	-1.58B	-1.03B	-963M	-1.3B	-895M	-1.08B	-4.77B	-7.42B	-9.04B	0
Change in Payables	1.08B	-401M	1.15B	-398M	-641M	3.15B	6.72B	10.02B	3.24B	0
Cash from Investing+	-6.79B	-6.57B	-12.08B	-11.51B	-22.44B	-31.61B	-24.92B	-43.89B	-128.9B	-76.12B
Capital Expenditures	-8.27B	-8.65B	-12.41B	-11.23B	-22.08B	-7.38B	-12.15B	-25.81B	-47.16B	-60.14B
CapEx % of Revenue	7.4%	7.74%	11.1%	9.2%	17.39%	5.24%	6.86%	11.11%	16.24%	20.24%
Acquisitions	1.2B	1.02B	368M	-100M	-392M	-18.28B	-7.08B	0	-82.16B	1B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.17B	-987M	32M	24M	-16.23B	4M	-2.61B	-13.09B	-4.14B	-16.98B
Cash from Financing+	-38.89B	-35.69B	-34.52B	-35.48B	-32.24B	-25.49B	-51.8B	-63.16B	8.73B	-27.32B
Debt Issued (Net)	0	0	94M	-741M	4.73B	15.47B	-2.41B	-1.47B	73.06B	23.79B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-23.83B	-18.84B	-19.05B	-19.41B	-20.12B	-21.52B	-25.3B	-31.77B	-44.14B	-49.78B
Share Repurchases	-15.06B	-16.84B	-15.57B	-15.33B	-16.86B	-19.45B	-24.09B	-29.92B	-20.18B	-1.33B
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	2.61B	-1.3B	-1.53B	-218M	-3.19B	-1.51B	1.93B	1.74B	1.26B	12.64B
Free Cash Flow+	40.05B	32.52B	32.21B	35.55B	29.87B	47.62B	64.13B	70.01B	69.66B	56.7B
FCF Margin %	35.83%	29.11%	28.8%	29.14%	23.53%	33.82%	36.24%	30.14%	23.99%	19.08%
FCF Growth %	25.61%	-18.8%	-0.97%	10.39%	-15.98%	59.41%	34.69%	9.17%	-0.5%	-18.61%
FCF per Share	7.90	6.56	6.64	7.47	6.38	10.34	14.11	15.58	15.61	12.75
FCF Conversion (FCF/Net Income)	1.27x	1.08x	1.16x	1.20x	1.23x	1.15x	1.42x	1.30x	1.20x	1.16x
Interest Paid	0	0	0	0	0	0	0	0	0	3.42B
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)	82.23%	80.2%	76%	128.78%	442.14%	117.69%	72%	88.07%	80.78%	58.36%
Return on Invested Capital (ROIC)	125.41%	123.52%	102.16%	180.08%	477.16%	90.98%	61.22%	71.3%	55.04%	34.88%
Gross Margin	84.63%	84.21%	84.25%	83.54%	83.51%	83.2%	83.92%	84.6%	84.67%	80.98%
Net Margin	33.93%	34.14%	34.54%	31.92%	33.19%	33.92%	31.38%	36.03%	34.78%	33.14%
Debt / Equity	0.01x	0.03x	0.01x	0.08x	0.16x	0.38x	0.31x	0.25x	0.72x	0.67x
Interest Coverage	745.11x	544.08x	555.86x	106.14x	108.07x	202.92x	197.91x	189.25x	78.26x	18.88x
FCF Conversion	1.27x	1.08x	1.16x	1.20x	1.23x	1.15x	1.42x	1.30x	1.20x	1.16x
Revenue Growth	3.57%	-0.08%	0.12%	9.11%	4.04%	10.91%	25.68%	31.25%	25.03%	2.34%

US Stock Screener

...

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

NVO •

HealthcareLarge PharmaSpecialty and biologics-focused pharma

Revenue $297.2B +2.3%
EBITDA $144.18B +5.3%
Net Income $98.5B -2.5%
EPS (Diluted) 23.03 +1.8%
Gross Margin 80.98% -4.4%
EBITDA Margin 48.51% +2.9%
Operating Margin 41.4% -6.3%
Net Margin 33.14% -4.7%
ROE 58.36% -27.7%
ROIC 34.88% -36.6%
Debt/Equity 0.67 -5.8%
Interest Coverage 18.88 -75.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 75.7%
✓Strong 5Y profit CAGR of 18.5%
✓FCF machine: 19.1% free cash flow margin
✓Strong 5Y sales CAGR of 18.5%
✓Healthy dividend yield of 4.7%
✓Healthy 5Y average net margin of 33.8%

✗Weaknesses

✗Weak momentum: RS Rating 13 (bottom 13%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.66%

5Y18.55%

3Y18.87%

TTM2.34%

Profit (Net Income) CAGR

10Y10.95%

5Y18.51%

3Y21.06%

TTM-2.46%

EPS CAGR

10Y13.04%

5Y20.65%

3Y23.52%

TTM1.81%

ROCE

10Y Avg128.1%

5Y Avg72.85%

3Y Avg61.81%

Latest42.76%

Peer Comparison

Specialty and biologics-focused pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GILDGilead Sciences, Inc.	185.59B	148.95	391.97	6.04%	28.9%	37.62%	5.55%	1.39
ABBVAbbVie Inc.	410.09B	232.03	97.08	3.71%	4%	62.18%	4.35%	20.17
AMGNAmgen Inc.	209.22B	388.16	27.28	9.95%	20.99%	89.06%	3.87%	6.31
BIIBBiogen Inc.	28.15B	191.82	21.72	1.39%	13.18%	7.08%	7.28%	0.38
NVONovo Nordisk A/S	126.28B	37.45	10.30	2.34%	33.14%	50.76%	7.09%	0.67
SCLXScilex Holding Company	1.5B	8.21	-0.42	21.07%	-9.31%		1.29%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	111.78B	111.7B	111.83B	122.02B	126.95B	140.8B	176.95B	232.26B	290.4B	297.2B
Revenue Growth %	3.57%	-0.08%	0.12%	9.11%	4.04%	10.91%	25.68%	31.25%	25.03%	2.34%
Cost of Goods Sold+	17.18B	17.63B	17.62B	20.09B	20.93B	23.66B	28.45B	35.77B	44.52B	56.53B
COGS % of Revenue	15.37%	15.79%	15.75%	16.46%	16.49%	16.8%	16.08%	15.4%	15.33%	19.02%
Gross Profit+	94.6B	94.06B	94.21B	101.93B	106.01B	117.14B	148.51B	196.5B	245.88B	240.66B
Gross Margin %	84.63%	84.21%	84.25%	83.54%	83.51%	83.2%	83.92%	84.6%	84.67%	80.98%
Gross Profit Growth %	3.12%	-0.56%	0.16%	8.19%	4%	10.5%	26.77%	32.32%	25.13%	-2.12%
Operating Expenses+	46.16B	45.1B	46.97B	49.45B	51.89B	58.5B	73.7B	93.92B	117.54B	117.62B
OpEx % of Revenue	41.3%	40.37%	42%	40.53%	40.87%	41.55%	41.65%	40.44%	40.48%	39.58%
Selling, General & Admin	32.34B	32.12B	33.31B	35.83B	36.89B	41.06B	50.68B	61.6B	67.38B	67.87B
SG&A % of Revenue	28.93%	28.76%	29.79%	29.36%	29.06%	29.16%	28.64%	26.52%	23.2%	22.84%
Research & Development	14.56B	14.01B	14.8B	14.22B	15.46B	17.77B	24.05B	32.44B	48.06B	50.04B
R&D % of Revenue	13.03%	12.55%	13.24%	11.65%	12.18%	12.62%	13.59%	13.97%	16.55%	16.84%
Other Operating Expenses	-737M	-1.04B	-1.15B	-600M	-460M	-332M	-1.03B	-119M	2.1B	-289.88M
Operating Income+	48.43B	48.97B	47.25B	52.48B	54.13B	58.64B	74.81B	102.57B	128.34B	123.04B
Operating Margin %	43.33%	43.84%	42.25%	43.01%	42.64%	41.65%	42.28%	44.16%	44.19%	41.4%
Operating Income Growth %	-2.05%	1.1%	-3.51%	11.08%	3.13%	8.35%	27.56%	37.11%	25.12%	-4.13%
EBITDA+	51.63B	52.15B	51.17B	58.14B	59.88B	64.67B	82.17B	111.99B	136.88B	144.18B
EBITDA Margin %	46.18%	46.69%	45.76%	47.65%	47.17%	45.93%	46.44%	48.22%	47.14%	48.51%
EBITDA Growth %	-1.48%	1.01%	-1.87%	13.62%	2.98%	8%	27.06%	36.29%	22.23%	5.33%
D&A (Non-Cash Add-back)	3.19B	3.18B	3.92B	5.66B	5.75B	6.03B	7.36B	9.41B	8.54B	21.14B
EBIT	47.86B	48.77B	47.7B	48.77B	53.52B	59.37B	69.44B	105.22B	128.83B	132.04B
Net Interest Income+	-98M	-89M	-106M	-430.32M	-188.28M	-58M	-139M	527M	198M	2.77B
Interest Income	52M	69M	51M	64.15M	312.56M	231M	239M	1.07B	1.84B	9.29B
Interest Expense	65M	90M	85M	494.47M	500.84M	289M	378M	542M	1.64B	6.52B
Other Income/Expense	-634M	-287M	367M	-3.93B	-996M	436M	-5.75B	2.1B	-1.15B	2.48B
Pretax Income+	47.8B	48.68B	47.62B	48.55B	53.13B	59.08B	69.06B	104.67B	127.19B	125.53B
Pretax Margin %	42.76%	43.58%	42.58%	39.79%	41.85%	41.96%	39.03%	45.07%	43.8%	42.24%
Income Tax+	9.87B	10.55B	8.99B	9.6B	10.99B	11.32B	13.54B	20.99B	26.2B	27.03B
Effective Tax Rate %	79.34%	78.33%	81.13%	80.22%	79.31%	80.83%	80.4%	79.95%	79.4%	78.47%
Net Income+	37.92B	38.13B	38.63B	38.95B	42.14B	47.76B	55.52B	83.68B	100.99B	98.5B
Net Margin %	33.93%	34.14%	34.54%	31.92%	33.19%	33.92%	31.38%	36.03%	34.78%	33.14%
Net Income Growth %	8.79%	0.54%	1.31%	0.84%	8.18%	13.33%	16.27%	50.71%	20.68%	-2.46%
Net Income (Continuing)	37.92B	38.13B	38.63B	38.95B	42.14B	47.76B	55.52B	83.68B	100.99B	98.5B
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)+	7.48	7.70	7.97	8.19	9.01	10.37	12.22	18.62	22.63	23.03
EPS Growth %	10.65%	2.94%	3.51%	2.76%	10.01%	15.09%	17.84%	52.37%	21.54%	1.77%
EPS (Basic)	7.50	7.71	7.98	8.21	9.03	10.40	12.26	18.67	22.67	23.06
Diluted Shares Outstanding	5.07B	4.96B	4.85B	4.76B	4.68B	4.61B	4.54B	4.49B	4.46B	4.45B
Basic Shares Outstanding	5.07B	4.96B	4.84B	4.75B	4.67B	4.59B	4.53B	4.48B	4.45B	4.45B
Dividend Payout Ratio	62.83%	49.42%	49.31%	49.83%	47.75%	45.06%	45.57%	37.96%	43.71%	50.53%

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+	59.77B	60.08B	59.07B	9.38B	10.82B	85.59B	108.19B	139.65B	160.9B	172.45B
Cash & Short-Term Investments	20.7B	18.85B	15.64B	2.32B	2.1B	17.48B	23.57B	30.23B	26.31B	26.96B
Cash Only	18.69B	18.85B	15.64B	2.32B	2.1B	10.72B	12.65B	14.39B	15.65B	26.46B
Short-Term Investments	2.01B	0	0	0	0	6.76B	10.92B	15.84B	10.65B	498M
Accounts Receivable	24.2B	23.55B	26.89B	3.86B	4.61B	46.8B	57.51B	75.26B	87.41B	75.7B
Days Sales Outstanding	79.01	76.96	87.76	11.56	13.24	121.32	118.61	118.27	109.87	92.97
Inventory	14.34B	15.37B	16.34B	2.65B	3.05B	19.62B	24.39B	31.81B	40.85B	49.62B
Days Inventory Outstanding	304.63	318.24	338.46	48.15	53.13	302.72	312.91	324.65	334.89	320.4
Other Current Assets	529M	5.69B	4.31B	544.09M	1.07B	1.69B	9.67B	2.34B	6.33B	20.17B
Total Non-Current Assets+	37.77B	42.27B	51.7B	9.49B	13B	108.91B	133.06B	174.84B	304.9B	370.45B
Property, Plant & Equipment	30.18B	35.25B	41.89B	7.59B	8.26B	55.36B	66.67B	90.96B	162.49B	208.38B
Fixed Asset Turnover	3.70x	3.17x	2.67x	16.07x	15.36x	2.54x	2.65x	2.55x	1.79x	1.43x
Goodwill	0	0	0	0	0	4.35B	5.09B	4.46B	20.06B	19.84B
Intangible Assets	2.71B	3.33B	5.14B	876.52M	3.4B	38.83B	46.32B	55.94B	91.03B	110.21B
Long-Term Investments	2.2B	1.76B	1.77B	271.59M	270.9M	1.44B	1.34B	1.66B	2.68B	2.51B
Other Non-Current Assets	0	0	0	126.33M	110.79M	267M	206M	1.43B	4.02B	29.51B
Total Assets+	97.54B	102.36B	110.77B	18.87B	23.82B	194.51B	241.26B	314.49B	465.8B	542.9B
Asset Turnover	1.15x	1.09x	1.01x	6.47x	5.33x	0.72x	0.73x	0.74x	0.62x	0.55x
Asset Growth %	6.25%	4.94%	8.22%	-82.97%	26.25%	716.5%	24.03%	30.35%	48.11%	16.55%
Total Current Liabilities+	47.44B	47.06B	54.16B	8.86B	11.55B	99.52B	120.94B	169.66B	217.53B	215.66B
Accounts Payable	6.01B	5.61B	6.76B	955.08M	939.76M	8.87B	15.59B	25.61B	28.85B	19.76B
Days Payables Outstanding	127.69	116.13	139.97	17.35	16.39	136.85	199.99	261.32	236.49	127.57
Short-Term Debt	229M	1.69B	515M	221.42M	1.23B	12.86B	480M	5.3B	11.78B	12.02B
Deferred Revenue (Current)	38.62B	39.44B	44.87B	0	0	0	0	0	0	0
Other Current Liabilities	32.15B	29.89B	40.31B	7.05B	8.74B	73.3B	103.89B	38.14B	165.85B	183.89B
Current Ratio	1.26x	1.28x	1.09x	1.06x	0.94x	0.86x	0.89x	0.82x	0.74x	0.80x
Quick Ratio	0.96x	0.95x	0.79x	0.76x	0.67x	0.66x	0.69x	0.64x	0.55x	0.57x
Cash Conversion Cycle	255.96	279.06	286.25	42.35	49.99	287.19	231.54	181.6	208.27	285.8
Total Non-Current Liabilities+	4.83B	5.48B	4.77B	1.36B	1.86B	24.25B	36.83B	38.27B	104.78B	133.19B
Long-Term Debt	0	0	0	0	0	9.65B	20.77B	15.98B	84.25B	110.37B
Capital Lease Obligations	0	0	0	452.01M	476.21M	3.31B	3.54B	4.55B	5.43B	8.57B
Deferred Tax Liabilities	13M	846M	118M	12.02M	411.28M	5.27B	7.06B	10.16B	5.43B	6.61B
Other Non-Current Liabilities	4.82B	4.64B	4.65B	893.35M	973.95M	6.01B	5.45B	7.58B	9.68B	7.64B
Total Liabilities	52.27B	52.54B	58.93B	10.22B	13.41B	123.76B	157.77B	207.93B	322.31B	348.86B
Total Debt+	229M	1.69B	515M	673.43M	1.7B	26.64B	25.78B	27.01B	102.79B	130.96B
Net Debt	-18.46B	-17.16B	-15.12B	-1.65B	-394.67M	15.93B	13.13B	12.61B	87.13B	104.49B
Debt / Equity	0.01x	0.03x	0.01x	0.08x	0.16x	0.38x	0.31x	0.25x	0.72x	0.67x
Debt / EBITDA	0.00x	0.03x	0.01x	0.01x	0.03x	0.41x	0.31x	0.24x	0.75x	0.91x
Net Debt / EBITDA	-0.36x	-0.33x	-0.30x	-0.03x	-0.01x	0.25x	0.16x	0.11x	0.64x	0.72x
Interest Coverage	745.11x	544.08x	555.86x	106.14x	108.07x	202.92x	197.91x	189.25x	78.26x	18.88x
Total Equity+	45.27B	49.81B	51.84B	8.65B	10.41B	70.75B	83.49B	106.56B	143.49B	194.05B
Equity Growth %	-3.62%	10.04%	4.06%	-83.31%	20.32%	579.64%	18.01%	27.64%	34.65%	35.24%
Book Value per Share	8.93	10.05	10.69	1.82	2.22	15.36	18.37	23.71	32.15	43.63
Total Shareholders' Equity	45.27B	49.81B	51.84B	8.65B	10.41B	70.75B	83.49B	106.56B	143.49B	194.05B
Common Stock	510M	500M	490M	72.1M	77.26M	462M	456M	451M	446M	446M
Retained Earnings	46.11B	48.98B	53.41B	8.69B	10.48B	72B	80.59B	104.84B	144.45B	195.3B
Treasury Stock	-9M	-11M	-11M	-1.5M	-1.32M	-6M	-6M	-5M	-2M	-2M
Accumulated OCI	-1.34B	349M	-2.05B	-104.25M	-149.75M	-1.71B	2.45B	1.28B	-1.41B	-1.7B
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	48.31B	41.17B	44.62B	46.78B	51.95B	55B	78.89B	108.91B	120.97B	114.53B
Operating CF Margin %	43.22%	36.86%	39.9%	38.34%	40.92%	39.06%	44.58%	46.89%	41.66%	38.54%
Operating CF Growth %	26.19%	-14.79%	8.38%	4.85%	11.05%	5.87%	43.43%	38.06%	11.07%	-5.32%
Net Income	37.92B	38.13B	38.63B	38.95B	42.14B	47.76B	55.52B	83.68B	100.99B	102.43B
Depreciation & Amortization	3.19B	3.18B	3.92B	5.66B	5.75B	6.03B	7.36B	9.41B	8.54B	14.67B
Stock-Based Compensation	368M	292M	414M	363M	823M	1.04B	1.54B	2.15B	2.29B	0
Deferred Taxes	9.87B	10.55B	8.99B	9.6B	10.99B	11.32B	13.54B	20.99B	26.2B	0
Other Non-Cash Items	663M	-7.35B	-3.97B	-4.41B	-3.4B	-2.49B	6.46B	4.92B	-5.06B	-6.17B
Working Capital Changes	-3.71B	-3.63B	-3.37B	-3.39B	-4.35B	-8.66B	-5.54B	-12.24B	-11.99B	3.59B
Change in Receivables	-4.75B	69M	-2.62B	-2.13B	-2.82B	-12.91B	-10.82B	-14.21B	-14.31B	0
Change in Inventory	-1.58B	-1.03B	-963M	-1.3B	-895M	-1.08B	-4.77B	-7.42B	-9.04B	0
Change in Payables	1.08B	-401M	1.15B	-398M	-641M	3.15B	6.72B	10.02B	3.24B	0
Cash from Investing+	-6.79B	-6.57B	-12.08B	-11.51B	-22.44B	-31.61B	-24.92B	-43.89B	-128.9B	-76.12B
Capital Expenditures	-8.27B	-8.65B	-12.41B	-11.23B	-22.08B	-7.38B	-12.15B	-25.81B	-47.16B	-60.14B
CapEx % of Revenue	7.4%	7.74%	11.1%	9.2%	17.39%	5.24%	6.86%	11.11%	16.24%	20.24%
Acquisitions	1.2B	1.02B	368M	-100M	-392M	-18.28B	-7.08B	0	-82.16B	1B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.17B	-987M	32M	24M	-16.23B	4M	-2.61B	-13.09B	-4.14B	-16.98B
Cash from Financing+	-38.89B	-35.69B	-34.52B	-35.48B	-32.24B	-25.49B	-51.8B	-63.16B	8.73B	-27.32B
Debt Issued (Net)	0	0	94M	-741M	4.73B	15.47B	-2.41B	-1.47B	73.06B	23.79B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-23.83B	-18.84B	-19.05B	-19.41B	-20.12B	-21.52B	-25.3B	-31.77B	-44.14B	-49.78B
Share Repurchases	-15.06B	-16.84B	-15.57B	-15.33B	-16.86B	-19.45B	-24.09B	-29.92B	-20.18B	-1.33B
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	2.61B	-1.3B	-1.53B	-218M	-3.19B	-1.51B	1.93B	1.74B	1.26B	12.64B
Free Cash Flow+	40.05B	32.52B	32.21B	35.55B	29.87B	47.62B	64.13B	70.01B	69.66B	56.7B
FCF Margin %	35.83%	29.11%	28.8%	29.14%	23.53%	33.82%	36.24%	30.14%	23.99%	19.08%
FCF Growth %	25.61%	-18.8%	-0.97%	10.39%	-15.98%	59.41%	34.69%	9.17%	-0.5%	-18.61%
FCF per Share	7.90	6.56	6.64	7.47	6.38	10.34	14.11	15.58	15.61	12.75
FCF Conversion (FCF/Net Income)	1.27x	1.08x	1.16x	1.20x	1.23x	1.15x	1.42x	1.30x	1.20x	1.16x
Interest Paid	0	0	0	0	0	0	0	0	0	3.42B
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)	82.23%	80.2%	76%	128.78%	442.14%	117.69%	72%	88.07%	80.78%	58.36%
Return on Invested Capital (ROIC)	125.41%	123.52%	102.16%	180.08%	477.16%	90.98%	61.22%	71.3%	55.04%	34.88%
Gross Margin	84.63%	84.21%	84.25%	83.54%	83.51%	83.2%	83.92%	84.6%	84.67%	80.98%
Net Margin	33.93%	34.14%	34.54%	31.92%	33.19%	33.92%	31.38%	36.03%	34.78%	33.14%
Debt / Equity	0.01x	0.03x	0.01x	0.08x	0.16x	0.38x	0.31x	0.25x	0.72x	0.67x
Interest Coverage	745.11x	544.08x	555.86x	106.14x	108.07x	202.92x	197.91x	189.25x	78.26x	18.88x
FCF Conversion	1.27x	1.08x	1.16x	1.20x	1.23x	1.15x	1.42x	1.30x	1.20x	1.16x
Revenue Growth	3.57%	-0.08%	0.12%	9.11%	4.04%	10.91%	25.68%	31.25%	25.03%	2.34%

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

Key Insights

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✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Novo Nordisk A/S (NVO) 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

Compare NVO vs Peers

vs ABBV

vs AMGN

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios