30 years of historical data (1996–2025) · Healthcare · Drug Manufacturers - General
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Novo Nordisk A/S trades at 10.3x earnings, 129% above its 5-year average of 4.5x, sitting at the 100th percentile of its historical range. Compared to the Healthcare sector median P/E of 23.7x, the stock trades at a discount of 57%. On a free-cash-flow basis, the stock trades at 14.1x P/FCF, 168% above the 5-year average of 5.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $126.3B | $226.3B | $383.9B | $465.0B | $307.5B | $257.9B | $163.4B | $137.7B | $111.7B | $133.0B | $90.9B |
| Enterprise Value | $142.8B | $330.8B | $471.0B | $477.6B | $320.7B | $273.9B | $163.0B | $136.0B | $96.6B | $115.9B | $72.4B |
| P/E Ratio → | 10.30 | 2.21 | 3.80 | 5.56 | 5.54 | 5.40 | 3.88 | 3.53 | 2.89 | 3.49 | 2.40 |
| P/S Ratio | 2.69 | 0.76 | 1.32 | 2.00 | 1.74 | 1.83 | 1.29 | 1.13 | 1.00 | 1.19 | 0.81 |
| P/B Ratio | 5.44 | 1.17 | 2.68 | 4.36 | 3.68 | 3.65 | 15.70 | 15.91 | 2.16 | 2.67 | 2.01 |
| P/FCF | 14.11 | 3.99 | 5.51 | 6.64 | 4.80 | 5.42 | 5.47 | 3.87 | 3.47 | 4.09 | 2.27 |
| P/OCF | 6.98 | 1.98 | 3.17 | 4.27 | 3.90 | 4.69 | 3.15 | 2.94 | 2.50 | 3.23 | 1.88 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Novo Nordisk A/S's enterprise value stands at 6.3x EBITDA, 73% above its 5-year average of 3.6x. The Healthcare sector median is 13.8x, placing the stock at a 55% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.11 | 1.62 | 2.06 | 1.81 | 1.95 | 1.28 | 1.11 | 0.86 | 1.04 | 0.65 |
| EV / EBITDA | 6.27 | 2.29 | 3.44 | 4.26 | 3.90 | 4.23 | 2.72 | 2.34 | 1.89 | 2.22 | 1.40 |
| EV / EBIT | 7.35 | 2.51 | 3.66 | 4.54 | 4.62 | 4.61 | 3.05 | 2.79 | 2.03 | 2.38 | 1.51 |
| EV / FCF | — | 5.83 | 6.76 | 6.82 | 5.00 | 5.75 | 5.46 | 3.83 | 3.00 | 3.56 | 1.81 |
Margins and return-on-capital ratios measuring operating efficiency
Novo Nordisk A/S earns an operating margin of 41.4%. Operating margins have compressed from 44.2% to 41.4% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 58.4% is exceptionally high. ROIC of 34.9% represents excellent returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.0% | 81.0% | 84.7% | 84.6% | 83.9% | 83.2% | 83.5% | 83.5% | 84.2% | 84.2% | 84.6% |
| Operating Margin | 41.4% | 41.4% | 44.2% | 44.2% | 42.3% | 41.7% | 42.6% | 43.0% | 42.2% | 43.8% | 43.3% |
| Net Profit Margin | 33.1% | 33.1% | 34.8% | 36.0% | 31.4% | 33.9% | 33.2% | 31.9% | 34.5% | 34.1% | 33.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 58.4% | 58.4% | 80.8% | 88.1% | 72.0% | 117.7% | 442.1% | 128.8% | 76.0% | 80.2% | 82.2% |
| ROA | 19.5% | 19.5% | 25.9% | 30.1% | 25.5% | 43.7% | 197.4% | 60.1% | 36.2% | 38.2% | 40.1% |
| ROIC | 34.9% | 34.9% | 55.0% | 71.3% | 61.2% | 91.0% | 477.2% | 180.1% | 102.2% | 123.5% | 125.4% |
| ROCE | 42.8% | 42.8% | 65.3% | 77.4% | 69.5% | 109.3% | 485.9% | 157.6% | 84.4% | 92.9% | 95.9% |
Solvency and debt-coverage ratios — lower is generally safer
Novo Nordisk A/S carries a Debt/EBITDA ratio of 0.9x, which is very conservative (71% below the sector average of 3.1x). Net debt stands at $104.5B ($131.0B total debt minus $26.5B cash). Interest coverage of 18.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.67 | 0.67 | 0.72 | 0.25 | 0.31 | 0.38 | 0.16 | 0.08 | 0.01 | 0.03 | 0.01 |
| Debt / EBITDA | 0.91 | 0.91 | 0.75 | 0.24 | 0.31 | 0.41 | 0.03 | 0.01 | 0.01 | 0.03 | 0.00 |
| Net Debt / Equity | — | 0.54 | 0.61 | 0.12 | 0.16 | 0.23 | -0.04 | -0.19 | -0.29 | -0.34 | -0.41 |
| Net Debt / EBITDA | 0.72 | 0.72 | 0.64 | 0.11 | 0.16 | 0.25 | -0.01 | -0.03 | -0.30 | -0.33 | -0.36 |
| Debt / FCF | — | 1.84 | 1.25 | 0.18 | 0.20 | 0.33 | -0.01 | -0.05 | -0.47 | -0.53 | -0.46 |
| Interest Coverage | 18.88 | 18.88 | 78.26 | 189.25 | 197.91 | 202.92 | 108.07 | 106.14 | 555.86 | 544.08 | 745.11 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.80x is below 1.0, meaning current liabilities exceed current assets — though the company's $26.5B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.80 | 0.80 | 0.74 | 0.82 | 0.89 | 0.86 | 0.94 | 1.06 | 1.09 | 1.28 | 1.26 |
| Quick Ratio | 0.57 | 0.57 | 0.55 | 0.64 | 0.69 | 0.66 | 0.67 | 0.76 | 0.79 | 0.95 | 0.96 |
| Cash Ratio | 0.13 | 0.13 | 0.12 | 0.18 | 0.19 | 0.18 | 0.18 | 0.26 | 0.29 | 0.40 | 0.44 |
| Asset Turnover | — | 0.55 | 0.62 | 0.74 | 0.73 | 0.72 | 5.33 | 6.47 | 1.01 | 1.09 | 1.15 |
| Inventory Turnover | 1.14 | 1.14 | 1.09 | 1.12 | 1.17 | 1.21 | 6.87 | 7.58 | 1.08 | 1.15 | 1.20 |
| Days Sales Outstanding | — | 92.97 | 109.87 | 118.27 | 118.61 | 121.32 | 13.24 | 11.56 | 87.76 | 76.96 | 79.01 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Novo Nordisk A/S returns 4.9% to shareholders annually — split between a 4.7% dividend yield and 0.2% buyback yield. A payout ratio of 50.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 9.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.7% | 22.0% | 11.5% | 6.8% | 8.2% | 8.3% | 12.3% | 14.1% | 17.1% | 14.2% | 26.2% |
| Payout Ratio | 50.5% | 50.5% | 43.7% | 38.0% | 45.6% | 45.1% | 47.8% | 49.8% | 49.3% | 49.4% | 62.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.7% | 45.3% | 26.3% | 18.0% | 18.1% | 18.5% | 25.8% | 28.3% | 34.6% | 28.7% | 41.7% |
| FCF Yield | 7.1% | 25.1% | 18.1% | 15.1% | 20.9% | 18.5% | 18.3% | 25.8% | 28.8% | 24.4% | 44.1% |
| Buyback Yield | 0.2% | 0.6% | 5.3% | 6.4% | 7.8% | 7.5% | 10.3% | 11.1% | 13.9% | 12.7% | 16.6% |
| Total Shareholder Yield | 4.9% | 22.6% | 16.8% | 13.3% | 16.1% | 15.9% | 22.6% | 25.2% | 31.0% | 26.8% | 42.8% |
| Shares Outstanding | — | $4.4B | $4.5B | $4.5B | $4.5B | $4.6B | $4.7B | $4.8B | $4.8B | $5.0B | $5.1B |
Compare NVO with 5 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| NVOYou | $126B | 10.3 | 6.3 | 14.1 | 81.0% | 41.4% | 58.4% | 34.9% | 0.9 |
| ABBV | $410B | 97.1 | 27.0 | 23.0 | 70.0% | 16.2% | 62.2% | 11.1% | 3.9 |
| AMGN | $209B | 27.3 | 12.6 | 25.8 | 82.5% | 40.5% | 106.1% | 20.7% | 2.7 |
| GILD | $186B | 392.0 | 45.7 | 18.0 | 78.3% | 5.8% | 2.3% | 3.2% | 6.0 |
| BIIB | $28B | 21.7 | 11.4 | 13.7 | 70.5% | 19.1% | 7.4% | 6.5% | 2.5 |
| SCLX | $2B | -0.4 | — | 77.8 | 70.5% | -147.4% | — | — | — |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonNovo Nordisk A/S's current P/E ratio is 10.3x. The historical average is 3.9x. This places it at the 100th percentile of its historical range.
Novo Nordisk A/S's current EV/EBITDA is 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.6x.
Novo Nordisk A/S's return on equity (ROE) is 58.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 61.8%.
Based on historical data, Novo Nordisk A/S is trading at a P/E of 10.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Novo Nordisk A/S's current dividend yield is 4.72% with a payout ratio of 50.5%.
Novo Nordisk A/S has 81.0% gross margin and 41.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Novo Nordisk A/S's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.