Novo Nordisk A/S (NVO) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Drug Manufacturers - General
EV/EBITDA
↓
9.36
↑+163% vs avg
5yr avg: 3.56
30Y Low1.4·High4.8
P/FCF
↑
44.69
↑+641% vs avg
5yr avg: 6.03
30Y Low2.3·High37.1
P/B Ratio
↓
6.68
↑+115% vs avg
5yr avg: 3.11
30Y Low0.4·High15.9
ROE
↓
60.7%
↑-28% vs avg
5yr avg: 83.8%
30Y Low12%·High442%
Debt/EBITDA
↑
0.88
↑+72% vs avg
5yr avg: 0.51
30Y Low0.0·High1.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NVO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Novo Nordisk A/S trades at 12.7x earnings, 181% 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 22.3x, the stock trades at a discount of 43%. On a free-cash-flow basis, the stock trades at 44.7x P/FCF, 641% above the 5-year average of 6.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $203.5B | $226.3B | $383.9B | $465.0B | $307.5B | $257.9B | $163.4B | $137.7B | $111.7B | $133.0B | $90.9B |
| Enterprise Value | $219.9B | $330.8B | $471.0B | $477.6B | $320.7B | $273.9B | $163.0B | $136.0B | $96.6B | $115.9B | $72.4B |
| P/E Ratio → | 12.66 | 2.21 | 3.80 | 5.56 | 5.54 | 5.40 | 3.88 | 3.53 | 2.89 | 3.49 | 2.40 |
| P/S Ratio | 4.19 | 0.73 | 1.32 | 2.00 | 1.74 | 1.83 | 1.29 | 1.13 | 1.00 | 1.19 | 0.81 |
| P/B Ratio | 6.68 | 1.17 | 2.68 | 4.36 | 3.68 | 3.65 | 15.70 | 15.91 | 2.16 | 2.67 | 2.01 |
| P/FCF | 44.69 | 7.81 | 5.51 | 6.64 | 4.80 | 5.42 | 5.47 | 3.87 | 3.47 | 4.09 | 2.27 |
| P/OCF | 10.88 | 1.90 | 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
NVO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Novo Nordisk A/S's enterprise value stands at 9.4x EBITDA, 163% above its 5-year average of 3.6x. The Healthcare sector median is 14.4x, placing the stock at a 35% 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 | — | 1.07 | 1.62 | 2.06 | 1.81 | 1.95 | 1.28 | 1.11 | 0.86 | 1.04 | 0.65 |
| EV / EBITDA | 9.36 | 2.21 | 3.19 | 4.26 | 3.90 | 4.23 | 2.72 | 2.34 | 1.89 | 2.22 | 1.40 |
| EV / EBIT | 10.97 | 2.45 | 3.66 | 4.54 | 4.62 | 4.61 | 3.05 | 2.79 | 2.03 | 2.38 | 1.51 |
| EV / FCF | — | 11.41 | 6.76 | 6.82 | 5.00 | 5.75 | 5.46 | 3.83 | 3.00 | 3.56 | 1.81 |
NVO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Novo Nordisk A/S earns an operating margin of 41.3%. Operating margins have compressed from 44.2% to 41.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 60.7% is exceptionally high. ROIC of 36.2% represents excellent returns on invested capital.
Margins
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 | 41.3% | 41.3% | 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% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 60.7% | 60.7% | 80.8% | 88.1% | 72.0% | 117.7% | 442.1% | 128.8% | 76.0% | 80.2% | 82.2% |
| ROA | 20.3% | 20.3% | 25.9% | 30.1% | 25.5% | 43.7% | 197.4% | 60.1% | 36.2% | 38.2% | 40.1% |
| ROIC | 36.2% | 36.2% | 55.0% | 71.3% | 61.2% | 91.0% | 477.2% | 180.1% | 102.2% | 123.5% | 125.4% |
| ROCE | 44.4% | 44.4% | 65.3% | 77.4% | 69.5% | 109.3% | 485.9% | 157.6% | 84.4% | 92.9% | 95.9% |
NVO Leverage & Debt
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 (73% below the sector average of 3.3x). Net debt stands at $104.5B ($131.0B total debt minus $26.5B cash). Interest coverage of 32.0x 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 | 0.88 | 0.88 | 0.70 | 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 | 0.70 | 0.70 | 0.59 | 0.11 | 0.16 | 0.25 | -0.01 | -0.03 | -0.30 | -0.33 | -0.36 |
| Debt / FCF | — | 3.60 | 1.25 | 0.18 | 0.20 | 0.33 | -0.01 | -0.05 | -0.47 | -0.53 | -0.46 |
| Interest Coverage | 32.03 | 32.03 | 78.56 | 194.13 | 183.70 | 205.43 | 137.23 | 221.70 | 561.18 | 541.89 | 736.35 |
NVO Liquidity & Efficiency
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 | — | 0.57 | 0.62 | 0.74 | 0.73 | 0.72 | 5.33 | 6.47 | 1.01 | 1.09 | 1.15 |
| Inventory Turnover | 1.18 | 1.18 | 1.09 | 1.12 | 1.17 | 1.21 | 6.87 | 7.58 | 1.08 | 1.15 | 1.20 |
| Days Sales Outstanding | — | 89.40 | 109.87 | 118.27 | 118.61 | 121.32 | 13.24 | 11.56 | 87.76 | 76.96 | 79.01 |
NVO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Novo Nordisk A/S returns 4.1% to shareholders annually — split between a 4.0% dividend yield and 0.1% buyback yield. A payout ratio of 50.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 7.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 4.0% | 22.9% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 45.3% | 26.3% | 18.0% | 18.1% | 18.5% | 25.8% | 28.3% | 34.6% | 28.7% | 41.7% |
| FCF Yield | 2.2% | 12.8% | 18.1% | 15.1% | 20.9% | 18.5% | 18.3% | 25.8% | 28.8% | 24.4% | 44.1% |
| Buyback Yield | 0.1% | 0.6% | 5.3% | 6.4% | 7.8% | 7.5% | 10.3% | 11.1% | 13.9% | 12.7% | 16.6% |
| Total Shareholder Yield | 4.1% | 23.5% | 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 |
Peer Comparison
Compare NVO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NVOYou | $203B | 12.7 | 9.4 | 44.7 | 81.0% | 41.3% | 60.7% | 36.2% | 0.9 |
 LLY | $921B | 42.5 | 30.6 | 102.7 | 83.8% | 45.6% | 101.2% | 41.8% | 1.4 |
 SNY | $104B | 18.1 | 10.8 | 10.0 | 72.3% | 13.6% | 10.4% | 5.5% | 2.3 |
 AZN | $283B | 27.9 | 15.8 | 24.1 | 81.9% | 23.4% | 22.9% | 14.9% | 1.5 |
 NVS | $277B | 20.2 | 13.5 | 15.7 | 75.0% | 31.2% | 31.0% | 18.8% | 1.7 |
 ROG | $2B | -40.9 | 21.8 | 34.4 | 31.7% | 6.4% | -5.1% | 3.6% | 0.4 |
 MRK | $277B | 15.4 | 10.7 | 22.4 | 72.0% | 36.2% | 36.9% | 22.0% | 1.7 |
 PFE | $151B | 19.5 | 10.7 | 16.6 | 70.3% | 24.7% | 8.9% | 7.5% | 3.3 |
 BMY | $115B | 16.3 | 9.2 | 8.9 | 67.6% | 26.3% | 40.4% | 16.9% | 2.8 |
 ABBV | $358B | 85.5 | 15.0 | 20.1 | 70.2% | 32.8% | 6214.7% | 23.9% | 2.4 |
 JNJ | $536B | 38.4 | 18.6 | 27.0 | 69.1% | 24.9% | 20.1% | 20.7% | 1.2 |
| Healthcare Median | — | 22.3 | 14.4 | 18.5 | 63.9% | -5.2% | -33.7% | -11.2% | 3.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
Full NVO Stock Analysis
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View ValuationCompare NVO vs LLY
Side-by-side business, growth, and profitability comparison vs Eli Lilly and Company.
Start ComparisonNVO — Frequently Asked Questions
Quick answers to the most common questions about buying NVO stock.
What is Novo Nordisk A/S's P/E ratio?
Novo Nordisk A/S's current P/E ratio is 12.7x. The historical average is 3.9x. This places it at the 100th percentile of its historical range.
What is Novo Nordisk A/S's EV/EBITDA?
Novo Nordisk A/S's current EV/EBITDA is 9.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.6x.
What is Novo Nordisk A/S's ROE?
Novo Nordisk A/S's return on equity (ROE) is 60.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 61.8%.
Is NVO stock overvalued?
Based on historical data, Novo Nordisk A/S is trading at a P/E of 12.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Novo Nordisk A/S's dividend yield?
Novo Nordisk A/S's current dividend yield is 3.99% with a payout ratio of 50.5%.
What are Novo Nordisk A/S's profit margins?
Novo Nordisk A/S has 81.0% gross margin and 41.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Novo Nordisk A/S have?
Novo Nordisk A/S's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.