The company's debt-to-equity ratio has surged to 1.21 in 2026Q1 from 0.56 in 2023Q4, reflecting a shift toward a more aggressive capital structure.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Total Current Assets | 26.61B | 30.46B | 29.7B | 30.48B | 36.91B | 45.72B | 29.67B | 29.5B | 35.56B | 28.21B | 24.93B | 22.84B | 37.56B | 30.54B | 28B | 24.08B | 26.68B | 33.69B | 20.88B | 27.43B | 21.4B | 21.44B | 24.61B | 22.27B | 20.87B | 20.64B | 20.08B | 21.81B | 21.16B |
| Cash & Short-Term Investments | 6.98B | 11.59B | 13.35B | 13.96B | 18.61B | 28.11B | 11.56B | 11.45B | 15.96B | 9.48B | 7.78B | 5.45B | 13.86B | 9.22B | 8.12B | 5.08B | 8.13B | 17.45B | 6.12B | 13.2B | 7.96B | 10.93B | 14.59B | 13.26B | 12.57B | 13.18B | 12.51B | 10.27B | 9.69B |
| Cash Only | 6.88B | 11.44B | 11.46B | 13.39B | 7.52B | 12.41B | 9.66B | 11.11B | 13.27B | 8.86B | 7.01B | 4.67B | 13.02B | 6.69B | 5.55B | 3.71B | 5.32B | 2.89B | 2.04B | 5.36B | 3.81B | 6.32B | 6.08B | 5.65B | 5.81B | 6.73B | 5.37B | 3.95B | 5.06B |
| Short-Term Investments | 100M | 155M | 1.89B | 569M | 11.1B | 15.71B | 1.91B | 334M | 2.69B | 625M | 770M | 773M | 839M | 2.54B | 2.57B | 1.37B | 2.81B | 14.55B | 4.08B | 7.84B | 4.14B | 4.61B | 8.51B | 7.61B | 6.76B | 6.46B | 7.15B | 6.32B | 4.63B |
| Accounts Receivable | 9.6B | 10.93B | 8.21B | 9.38B | 9.89B | 9.62B | 9.07B | 9.17B | 9.68B | 10.07B | 10.2B | 10.55B | 10.26B | 12.62B | 12.53B | 12.37B | 11.72B | 10.01B | 8.57B | 8.5B | 7.97B | 6.56B | 6.19B | 5.48B | 3.71B | 3.23B | 3.22B | 4.43B | 4.23B |
| Days Sales Outstanding | 62.99 | 72.81 | 57.94 | 73.34 | 83.09 | 79.86 | 66.37 | 68.78 | 76.61 | 84.68 | 75.32 | 76.43 | 69.79 | 87.4 | 88.02 | 76.06 | 82.94 | 81.01 | 73.48 | 79.7 | 82.88 | 80.51 | 82.82 | 80.23 | 64.81 | 62.8 | 52.99 | 79.3 | 66.94 |
| Inventory | 6.29B | 6.27B | 5.72B | 5.91B | 7.17B | 6.67B | 7.13B | 5.98B | 6.96B | 6.87B | 6.25B | 6.23B | 6.09B | 7.27B | 6.74B | 5.93B | 6.09B | 5.83B | 5.79B | 5.46B | 4.5B | 3.73B | 3.56B | 3.35B | 2.97B | 2.48B | 2.51B | 4.33B | 4.87B |
| Days Inventory Outstanding | 166.43 | 167.15 | 162.85 | 173.05 | 226.12 | 207.34 | 172.13 | 151.36 | 174.98 | 183.85 | 130.31 | 130.57 | 128.22 | 159.99 | 155.15 | 114.02 | 153.5 | 174.72 | 184.81 | 180.48 | 174.45 | 182.77 | 193.83 | 189.14 | 217.14 | 190.96 | 144.54 | 302.84 | 243.1 |
| Other Current Assets | 3.74B | 514M | 1.43B | 466M | 315M | 216M | 963M | 2.01B | 3.23B | 1.03B | 0 | 0 | 6.8B | 759M | 0 | 0 | 0 | 0 | 0 | 0 | 736M | 0 | 701M | 0 | 1.27B | 1.75B | 1.84B | 2.78B | 2.38B |
| Total Non-Current Assets | 91.92B | 85.11B | 72.54B | 69.46B | 80.54B | 86.08B | 102.52B | 88.91B | 110B | 104.87B | 105.19B | 108.71B | 87.83B | 95.71B | 96.21B | 93.41B | 96.63B | 61.81B | 57.42B | 48.02B | 46.6B | 36.29B | 29.86B | 27.04B | 24.27B | 19.66B | 15.4B | 19.4B | 19.05B |
| Property, Plant & Equipment | 12.24B | 12.35B | 10.87B | 10.92B | 12.2B | 13.11B | 13.94B | 13.75B | 15.7B | 16.46B | 15.64B | 15.98B | 15.98B | 18.2B | 16.94B | 15.63B | 15.84B | 14.07B | 13.1B | 12.63B | 10.95B | 8.68B | 8.5B | 7.6B | 6.34B | 5.47B | 5.51B | 7.34B | 8.24B |
| Fixed Asset Turnover | 4.63x | 4.44x | 4.76x | 4.27x | 3.56x | 3.36x | 3.58x | 3.54x | 2.94x | 2.64x | 3.16x | 3.15x | 3.36x | 2.90x | 3.07x | 3.80x | 3.26x | 3.20x | 3.25x | 3.08x | 3.21x | 3.43x | 3.21x | 3.28x | 3.29x | 3.43x | 4.03x | 2.78x | 2.80x |
| Goodwill | 26.82B | 25.57B | 24.76B | 23.34B | 29.3B | 29.59B | 30B | 26.52B | 35.29B | 31.75B | 30.98B | 31.17B | 29.31B | 31.03B | 31.09B | 29.94B | 29.69B | 12.04B | 11.29B | 11.11B | 10.66B | 7.28B | 1.9B | 1.48B | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 40.21B | 29.41B | 26.91B | 26.88B | 31.64B | 34.18B | 36.81B | 28.79B | 38.72B | 30B | 31.34B | 34.22B | 23.83B | 27.84B | 30.33B | 31.97B | 35.23B | 10.33B | 9.53B | 10.14B | 10.57B | 6.01B | 3.73B | 3.23B | 4.41B | 3.95B | 3.56B | 2.02B | 4.23B |
| Long-Term Investments | 9.05B | 2.3B | 1.13B | 1.83B | 1.61B | 2.27B | 12.44B | 11B | 10.7B | 17.61B | 16.5B | 27.34B | 18.7B | 18.65B | 17.85B | 9.6B | 9.24B | 18.84B | 18.89B | 8.26B | 10.53B | 10.91B | 13.54B | 12.34B | 0 | 0 | 0 | 0 | 4.81B |
| Other Non-Current Assets | 4.98B | 5.42B | 4.51B | 2.18B | 2.06B | 3.18B | 981M | 897M | 895M | 818M | 698M | -8.96B | -7.99B | -7.38B | -7.39B | 418M | 1.39B | 1.92B | 182M | 2.31B | 0 | 0 | 0 | 0 | 11.35B | 8.29B | 6.34B | 10.04B | 1.85B |
| Total Assets | 118.53B | 115.57B | 102.25B | 99.94B | 117.45B | 131.79B | 132.19B | 118.41B | 145.56B | 133.08B | 130.12B | 131.56B | 125.39B | 126.25B | 124.22B | 117.5B | 123.32B | 95.5B | 78.3B | 75.45B | 68.01B | 57.73B | 54.47B | 49.32B | 45.14B | 40.3B | 35.48B | 41.21B | 40.21B |
| Asset Turnover | 0.50x | 0.47x | 0.51x | 0.47x | 0.37x | 0.33x | 0.38x | 0.41x | 0.32x | 0.33x | 0.38x | 0.38x | 0.43x | 0.42x | 0.42x | 0.51x | 0.42x | 0.47x | 0.54x | 0.52x | 0.52x | 0.52x | 0.50x | 0.51x | 0.46x | 0.47x | 0.63x | 0.49x | 0.57x |
| Asset Growth % | 42.34% | 13.03% | 2.3% | -14.91% | -10.88% | -0.3% | 11.63% | -18.65% | 9.38% | 2.27% | -1.09% | 4.92% | -0.69% | 1.64% | 5.72% | -4.72% | 29.12% | 21.97% | 3.77% | 10.95% | 17.8% | 5.99% | 10.45% | 9.24% | 12.01% | 13.59% | -13.9% | 2.48% | - |
| Total Current Liabilities | 31.37B | 27.28B | 28.69B | 26.39B | 28.66B | 30.21B | 33.06B | 28.26B | 29.61B | 23.4B | 22.21B | 23.71B | 26.97B | 26.37B | 24.05B | 23.15B | 24.66B | 19.47B | 16.5B | 16.64B | 16.23B | 15.33B | 11.08B | 9.32B | 8.29B | 8.59B | 7.1B | 10.95B | 10.55B |
| Accounts Payable | 4.32B | 4.46B | 4.57B | 4.93B | 5.15B | 5.55B | 5.4B | 5.42B | 5.56B | 5.17B | 4.87B | 5.67B | 5.42B | 6.15B | 5.59B | 4.99B | 4.79B | 4.01B | 3.4B | 3.02B | 2.49B | 1.96B | 2.02B | 1.67B | 1.27B | 1.09B | 986M | 1.24B | 1.12B |
| Days Payables Outstanding | 117.43 | 118.81 | 130.1 | 144.16 | 162.17 | 172.72 | 130.42 | 137.24 | 139.76 | 138.39 | 101.52 | 118.87 | 114.03 | 135.35 | 128.67 | 95.93 | 120.63 | 120.24 | 108.33 | 99.85 | 96.46 | 96.22 | 110.04 | 94.12 | 92.53 | 84.02 | 56.71 | 86.57 | 55.81 |
| Short-Term Debt | 7.62B | 5.78B | 8.09B | 6.08B | 5.88B | 6.23B | 9.88B | 7.09B | 9.62B | 5.2B | 5.91B | 5.6B | 6.61B | 6.78B | 5.95B | 6.34B | 8.58B | 5.23B | 4.86B | 4.92B | 6.56B | 6.89B | 3.82B | 2.28B | 2.51B | 3.06B | 2.34B | 4.7B | 4.41B |
| Deferred Revenue (Current) | 0 | 0 | 127M | 98M | 123M | 123M | 56M | 114M | 236M | 305M | 287M | 385M | 329M | 70M | 71M | 70M | 79M | 90M | 88M | 91M | 77M | 74M | 13M | 14M | 14M | 158M | 0 | 0 | 0 |
| Other Current Liabilities | 17.36B | 12.82B | 10.38B | 9.84B | 11.21B | 12.44B | 12.98B | 10.98B | 9.63B | 8.68B | 9.15B | 10.12B | 10.32B | 8.27B | 7.89B | 7.14B | 6.52B | 5.54B | 4.38B | 3.83B | 3.42B | 2.59B | 1.95B | 1.72B | 904M | 2.17B | 1.74B | 5.01B | 5.02B |
| Current Ratio | 0.85x | 1.12x | 1.04x | 1.16x | 1.29x | 1.51x | 0.90x | 1.04x | 1.20x | 1.21x | 1.12x | 0.96x | 1.39x | 1.16x | 1.16x | 1.04x | 1.08x | 1.73x | 1.27x | 1.65x | 1.32x | 1.40x | 2.22x | 2.39x | 2.52x | 2.40x | 2.83x | 1.99x | 2.01x |
| Quick Ratio | 0.65x | 0.89x | 0.84x | 0.93x | 1.04x | 1.29x | 0.68x | 0.83x | 0.97x | 0.91x | 0.84x | 0.70x | 1.17x | 0.88x | 0.88x | 0.78x | 0.84x | 1.43x | 0.91x | 1.32x | 1.04x | 1.16x | 1.90x | 2.03x | 2.16x | 2.11x | 2.48x | 1.60x | 1.55x |
| Cash Conversion Cycle | 112 | 121.15 | 90.7 | 102.23 | 147.04 | 114.48 | 108.08 | 82.89 | 111.83 | 130.14 | 104.12 | 88.13 | 83.97 | 112.04 | 114.5 | 94.15 | 115.81 | 135.49 | 149.97 | 160.33 | 160.87 | 167.06 | 166.6 | 175.26 | 189.43 | 169.74 | 140.82 | 295.58 | 254.23 |
| Total Non-Current Liabilities | 48.23B | 41.74B | 29.43B | 26.8B | 29.37B | 33.77B | 42.46B | 34.6B | 37.26B | 35.45B | 33.02B | 30.73B | 27.57B | 25.41B | 30.95B | 28.41B | 28.89B | 18.57B | 11.36B | 9.41B | 10.48B | 9.24B | 9.47B | 9.48B | 8.44B | 6.16B | 5.86B | 6.71B | 7.01B |
| Long-Term Debt | 37.45B | 29.59B | 21.37B | 18.44B | 20.24B | 22.9B | 26.26B | 20.35B | 22.47B | 23.22B | 17.9B | 16.33B | 13.8B | 11.24B | 13.78B | 13.86B | 14.36B | 8.68B | 2.18B | 677M | 656M | 1.32B | 2.74B | 3.19B | 2.74B | 1.5B | 1.39B | 1.54B | 2.06B |
| Capital Lease Obligations | 6.55B | 1.66B | 1.57B | 1.6B | 1.54B | 1.62B | 1.72B | 1.7B | 0 | 0 | 82M | 0 | 0 | 0 | -8.59B | -6.53B | 0 | -4.87B | -4.51B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 17.61B | 8.02B | 2.42B | 2.25B | 2.69B | 3.07B | 7.55B | 5.91B | 7.47B | 5.17B | 6.66B | 6.36B | 6.1B | 6.9B | 7.29B | 6.76B | 7.69B | 4.41B | 4.14B | 4.47B | 5.29B | 3.47B | 3.38B | 3.14B | 2.83B | 2.35B | 2.13B | 2.29B | 2.06B |
| Other Non-Current Liabilities | 4.02B | 2.48B | 4.08B | 4.52B | 4.91B | 6.17B | 6.93B | 6.63B | 8.85B | 6.55B | 8.03B | 7.74B | 7.01B | 7.92B | 1.22B | 1.27B | 1.25B | 623M | 526M | 465M | 638M | 559M | 862M | 766M | 2.88B | 2.31B | 2.34B | 2.88B | 2.88B |
| Total Liabilities | 79.61B | 69.02B | 58.12B | 53.2B | 58.03B | 63.97B | 75.52B | 62.86B | 66.87B | 58.85B | 55.23B | 54.43B | 54.54B | 51.78B | 55B | 51.56B | 53.55B | 38.04B | 27.86B | 26.06B | 26.71B | 24.57B | 20.55B | 18.8B | 16.73B | 14.75B | 12.96B | 17.67B | 17.56B |
| Total Debt | 47B | 37.03B | 31.26B | 26.35B | 27.91B | 31.02B | 37.85B | 29.15B | 32.09B | 28.43B | 23.8B | 21.93B | 20.41B | 18.02B | 19.73B | 20.2B | 22.94B | 13.91B | 7.04B | 5.59B | 7.22B | 8.21B | 6.56B | 5.47B | 5.58B | 4.57B | 3.7B | 6.24B | 6.24B |
| Net Debt | 40.12B | 25.6B | 19.8B | 12.96B | 20.39B | 18.62B | 28.2B | 18.04B | 18.82B | 19.57B | 16.8B | 17.26B | 7.39B | 11.33B | 14.17B | 16.49B | 17.62B | 11.01B | 5B | 233M | 3.4B | 1.89B | 475M | -175M | -228M | -2.16B | -1.67B | 2.29B | 1.18B |
| Debt / Equity | 1.21x | 0.80x | 0.71x | 0.56x | 0.47x | 0.46x | 0.67x | 0.52x | 0.41x | 0.38x | 0.32x | 0.28x | 0.29x | 0.24x | 0.28x | 0.31x | 0.33x | 0.24x | 0.14x | 0.11x | 0.17x | 0.25x | 0.19x | 0.18x | 0.20x | 0.18x | 0.16x | 0.27x | 0.28x |
| Debt / EBITDA | 2.09x | 1.65x | 1.52x | 1.46x | 1.90x | 1.98x | 2.28x | 1.95x | 2.36x | 2.12x | 1.66x | 1.52x | 1.29x | 1.17x | 1.24x | 1.22x | 1.54x | 1.13x | 0.60x | 0.58x | 0.75x | 1.01x | 0.88x | 0.79x | 0.87x | 0.85x | 0.66x | 1.12x | 1.03x |
| Net Debt / EBITDA | 1.78x | 1.14x | 0.96x | 0.72x | 1.39x | 1.19x | 1.70x | 1.21x | 1.38x | 1.46x | 1.17x | 1.19x | 0.47x | 0.74x | 0.89x | 1.00x | 1.18x | 0.90x | 0.43x | 0.02x | 0.36x | 0.23x | 0.06x | -0.03x | -0.04x | -0.40x | -0.30x | 0.41x | 0.19x |
| Interest Coverage | 13.92x | 14.86x | 14.13x | 11.39x | 9.56x | 27.97x | 11.67x | 10.84x | 15.44x | 12.28x | 11.69x | 12.71x | 18.51x | 17.30x | 18.26x | 16.34x | 20.32x | 23.79x | 39.31x | 32.59x | 31.05x | 24.36x | 25.70x | 24.60x | 22.75x | 22.52x | - | - | - |
| Total Equity | 38.93B | 46.55B | 44.13B | 46.75B | 59.42B | 67.82B | 56.67B | 55.55B | 78.69B | 74.23B | 74.89B | 77.12B | 70.84B | 74.47B | 69.22B | 65.94B | 69.77B | 57.46B | 50.44B | 49.4B | 41.29B | 33.16B | 33.92B | 30.52B | 28.41B | 25.56B | 22.52B | 23.55B | 22.66B |
| Equity Growth % | 10.11% | 5.49% | -5.61% | -21.33% | -12.38% | 19.69% | 2.01% | -29.41% | 6.02% | -0.89% | -2.89% | 8.86% | -4.87% | 7.59% | 4.97% | -5.49% | 21.42% | 13.93% | 2.11% | 19.62% | 24.51% | -2.23% | 11.15% | 7.42% | 11.16% | 13.47% | -4.34% | 3.92% | - |
| Book Value per Share | 20.32 | 23.81 | 21.68 | 22.35 | 27.05 | 30.01 | 24.68 | 23.95 | 33.57 | 31.31 | 31.20 | 31.63 | 28.68 | 30.04 | 28.31 | 27.33 | 30.32 | 25.24 | 22.08 | 21.21 | 17.49 | 14.16 | 14.33 | 12.65 | 11.04 | 9.91 | 8.56 | 8.97 | 8.27 |
| Total Shareholders' Equity | 38.51B | 46.13B | 44.05B | 46.67B | 59.34B | 67.66B | 56.6B | 55.47B | 78.61B | 74.17B | 74.83B | 77.05B | 70.77B | 74.34B | 69.09B | 65.84B | 63.2B | 57.39B | 50.29B | 49.22B | 41.11B | 32.99B | 33.78B | 30.43B | 28.34B | 25.5B | 22.48B | 23.41B | 22.52B |
| Common Stock | 736M | 766M | 793M | 825M | 890M | 901M | 913M | 936M | 944M | 969M | 972M | 991M | 1B | 1B | 1B | 1.02B | 957M | 957M | 959M | 990M | 990M | 994M | 1.01B | 1.02B | 1.01B | 871M | 880M | 908M | 1.05B |
| Retained Earnings | 37.25B | 44.72B | 46.56B | 49.65B | 63.54B | 70.99B | 57.16B | 59.27B | 82.19B | 77.64B | 81.15B | 80.38B | 72.43B | 73.06B | 70.22B | 64.95B | 62.36B | 56.56B | 49.83B | 48.41B | 40.26B | 32.14B | 32.9B | 29.53B | 26.98B | 22.95B | 21.68B | 22.58B | 21.52B |
| Treasury Stock | -47M | -50M | -53M | -41M | -92M | -48M | -53M | -80M | -69M | -100M | -76M | -101M | -103M | -89M | -92M | -121M | -125M | -132M | -139M | -175M | -140M | -146M | -159M | -121M | -127M | -102M | -86M | -82M | -83.58M |
| Accumulated OCI | 571M | 694M | -3.25B | -3.77B | -5B | -4.19B | -1.42B | -4.66B | 77.74B | 73.3B | 73.94B | 76.16B | 69.87B | 73.43B | 68.18B | 64.95B | 62.36B | 56.56B | 49.47B | 48.41B | 40.26B | 32.14B | 32.9B | 29.53B | -2.63B | -823M | -5.2B | -7.14B | 0 |
| Minority Interest | 415M | 419M | 80M | 83M | 81M | 167M | 68M | 77M | 78M | 59M | 59M | 76M | 78M | 129M | 126M | 96M | 6.57B | 75M | 149M | 173M | 183M | 174M | 138M | 90M | 66M | 63M | 47M | 139M | 140.99M |
Rising leverage and debt
As reported in recent financial statements, Novartis's total assets grew to $118.5B in 2026Q1 from $103.8B in 2023Q4, yet this expansion has been primarily funded by debt rather than retained earnings, signaling a shift toward a more aggressive and potentially riskier capital structure for the firm.
The divergence between asset growth and equity accumulation suggests that the company is increasingly reliant on external financing to support its strategic objectives. Investors should monitor whether this trajectory reflects necessary investment in high-margin platforms or an inability to generate sufficient internal capital to fund its pipeline.
Based on the latest quarterly data, the company's debt-to-equity ratio has climbed significantly from 0.56 in 2023Q4 to 1.21 in 2026Q1, indicating that the firm is utilizing more leverage to navigate its transition into a pure-play innovative medicine entity amidst a challenging regulatory environment.
This rapid increase in leverage warrants further investigation, as it may limit the company's financial flexibility in the event of clinical trial failures or adverse pricing legislation. The reliance on debt to fund recent acquisitions suggests that management is prioritizing growth over balance sheet conservatism.
According to recent SEC filings, the current ratio has deteriorated from 1.16 in 2023Q4 to 0.85 in 2026Q1, which suggests that the company's ability to cover short-term obligations with liquid assets is becoming increasingly constrained as cash reserves are depleted to fund ongoing operational and acquisition activities.
A current ratio below unity may indicate that the company is relying on consistent cash flow generation to meet its immediate liabilities, leaving little margin for error. This liquidity profile appears vulnerable to any unexpected disruptions in the timing of milestone payments or revenue receipts.
As reported in the balance sheet data, goodwill has risen to $26.8B in 2026Q1, representing a substantial portion of total equity and suggesting that the company's asset base is heavily reliant on the successful commercialization of past acquisitions rather than tangible, productive infrastructure.
The high concentration of intangible assets may expose the company to significant impairment risks if the anticipated synergies from recent acquisitions fail to materialize. This reliance on goodwill warrants caution, as it potentially inflates the book value of the company beyond its underlying tangible asset worth.
Quick answers to the most common questions about buying NVS stock.
As of 2025, Novartis AG (NVS) had total assets of $115.57B including $30.46B in current assets.
Novartis AG (NVS) carries total debt of $37.03B, offset by $11.59B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Novartis AG (NVS) has total shareholders' equity (book value) of $46.13B ($23.81 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Novartis AG (NVS) reported a current ratio of 1.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.