Last 47 quarters of trend data · Healthcare · Drug Manufacturers - General
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Novo Nordisk A/S's quarterly P/E stands at 2.1x, down 38.0% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 21.0% YoY to 2.2x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 12.65 | 2.11 | 3.08 | 2.90 | 2.66 | 3.40 | 4.86 | 7.95 | 5.65 | 5.27 | 4.55 | 4.68 | 4.53 |
| — | -38.0% | -36.6% | -63.6% | -53.0% | -35.5% | +7.0% | +69.7% | +24.7% | -6.3% | +16.1% | -1.5% | +1.5% | |
| P/S Ratio | 4.19 | 0.71 | 0.82 | 1.00 | 0.99 | 1.12 | 1.86 | 2.34 | 2.20 | 1.76 | 1.74 | 1.68 | 1.68 |
| — | -36.1% | -55.8% | -57.4% | -55.0% | -36.3% | +7.2% | +39.6% | +30.5% | +10.5% | +40.1% | +9.2% | +11.5% | |
| P/B Ratio | 6.68 | 1.17 | 1.45 | 1.83 | 2.23 | 2.67 | 4.41 | 39.42 | 5.80 | 4.35 | 30.92 | 27.48 | 30.83 |
| — | -56.4% | -67.0% | -95.4% | -61.6% | -38.5% | -85.7% | +43.4% | -81.2% | +18.6% | +38.2% | +13.4% | +21.0% | |
| P/FCF | 44.67 | — | 2.01 | 3.13 | 7.72 | — | 4.24 | 4.28 | 27.05 | — | 3.36 | 4.23 | 3.59 |
| — | — | -52.6% | -26.8% | -71.5% | — | +25.9% | +1.1% | +653.6% | — | +19.1% | +42.6% | +23.5% | |
| EV / EBITDA | 9.35 | 2.22 | 2.51 | 2.53 | 2.28 | 2.81 | 3.69 | 4.59 | 4.28 | 4.00 | 3.46 | 3.50 | 3.37 |
| — | -21.0% | -31.9% | -44.8% | -46.7% | -29.8% | +6.6% | +31.0% | +26.8% | -8.3% | +36.4% | +10.4% | +9.9% | |
| EV / EBIT | 10.96 | 2.61 | 3.33 | 2.50 | 2.30 | 2.90 | 3.77 | 5.93 | 4.37 | 4.66 | 3.37 | 3.72 | 3.49 |
| — | -10.0% | -11.6% | -57.8% | -47.4% | -37.9% | +11.9% | +59.5% | +25.4% | -51.6% | +30.0% | +17.4% | +5.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Novo Nordisk A/S's operating margin was 40.1% in Q4 2025, up 8.5 pp QoQ and down 2.8 pp YoY. The trailing four-quarter average of 41.2% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 4.6% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.0% | 80.9% | 76.1% | 83.3% | 83.5% | 84.8% | 84.1% | 84.9% | 84.8% | 84.8% | 83.5% | 85.5% | 84.7% |
| — | -4.6% | -9.5% | -1.9% | -1.6% | +0.0% | +0.8% | -0.7% | +0.2% | +2.4% | -0.9% | +0.3% | +1.3% | |
| Operating Margin | 41.3% | 40.1% | 31.6% | 43.5% | 49.7% | 42.9% | 47.4% | 38.1% | 48.7% | 40.6% | 45.8% | 44.0% | 46.9% |
| — | -6.5% | -33.4% | +14.2% | +1.9% | +5.5% | +3.5% | -13.4% | +4.0% | +14.4% | +3.4% | -1.3% | +2.9% | |
| Net Margin | 33.1% | 34.0% | 26.7% | 34.5% | 37.2% | 32.9% | 38.3% | 29.5% | 38.9% | 33.3% | 38.3% | 35.8% | 37.1% |
| — | +3.1% | -30.3% | +17.1% | -4.4% | -1.2% | +0.0% | -17.7% | +4.7% | +18.0% | +21.1% | +10.9% | +9.8% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 60.7% | 14.8% | 11.8% | 17.3% | 20.6% | 21.4% | 39.9% | 34.8% | 24.7% | 36.7% | 169.9% | 156.0% | 41.7% |
| — | -30.9% | -70.4% | -50.4% | -16.7% | -41.7% | -76.5% | -77.7% | -40.6% | +26.3% | +21.3% | +19.6% | +18.3% | |
| ROA | 20.3% | 5.1% | 4.0% | 5.5% | 6.1% | 6.5% | 12.1% | 11.4% | 8.3% | 12.3% | 53.7% | 50.1% | 14.3% |
| — | -22.1% | -66.8% | -52.1% | -26.6% | -46.8% | -77.4% | -77.2% | -41.9% | +23.6% | +17.0% | +13.3% | +12.5% | |
| ROIC | 36.2% | 8.9% | 7.3% | 10.7% | 13.0% | 15.7% | 37.0% | 28.5% | 20.0% | 30.4% | 152.0% | 132.4% | 34.2% |
| — | -43.6% | -80.3% | -62.4% | -35.2% | -48.4% | -75.7% | -78.5% | -41.4% | +26.4% | +3.5% | +8.5% | +17.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Novo Nordisk A/S's Debt/EBITDA ratio is 3.5x, up from 3.2x last quarter — at a moderate level that warrants monitoring. The current ratio has improved 8.1% YoY to 0.80x, strengthening the short-term liquidity position. Debt/Equity has risen for 3 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.67 | 0.67 | 0.60 | 0.59 | 0.86 | 0.72 | 0.47 | 0.51 | 0.27 | 0.25 | 0.29 | 0.28 | 0.32 |
| — | -5.8% | +26.0% | +16.5% | +214.8% | +182.7% | +65.6% | +78.5% | -14.8% | -17.9% | -15.7% | -16.8% | -16.6% | |
| Debt / EBITDA | 0.88 | 3.51 | 3.22 | 2.59 | 2.79 | 2.45 | 1.58 | 0.24 | 0.77 | 0.91 | 0.13 | 0.14 | 0.14 |
| — | +43.2% | +103.3% | +999.8% | +259.6% | +170.1% | +1137.4% | +63.2% | +456.3% | -35.5% | -16.9% | -19.1% | -24.0% | |
| Current Ratio | 0.80 | 0.80 | 0.78 | 0.78 | 0.74 | 0.74 | 0.94 | 0.94 | 0.70 | 0.82 | 0.82 | 0.88 | 0.86 |
| — | +8.1% | -17.1% | -17.0% | +5.1% | -10.1% | +13.7% | +7.6% | -18.6% | -8.0% | -10.2% | -6.5% | -4.6% | |
| Quick Ratio | 0.57 | 0.57 | 0.57 | 0.56 | 0.56 | 0.55 | 0.75 | 0.75 | 0.50 | 0.64 | 0.65 | 0.70 | 0.67 |
| — | +3.2% | -24.0% | -24.9% | +11.4% | -13.2% | +15.6% | +7.4% | -25.3% | -8.3% | -11.6% | -5.6% | -3.4% | |
| Interest Coverage | 32.03 | — | — | 7.82 | 8.15 | 7.98 | 42.88 | 17.22 | 16.39 | — | 13.94 | 87.31 | 23.05 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Novo Nordisk A/S's current P/E is 12.7x. The average P/E over the last 4 quarters is 2.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Novo Nordisk A/S's current operating margin is 41.3%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Novo Nordisk A/S's business trajectory between earnings reports.