Last 48 quarters of trend data · Healthcare · Drug Manufacturers - General
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Novartis AG's quarterly P/E stands at 23.1x, up 51.1% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 44.7% YoY to 15.2x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 20.71 | 23.14 | 27.57 | 15.36 | 14.69 | 15.31 | 17.25 | 18.32 | 16.74 | 18.46 | 6.14 | 28.35 | 21.51 |
| — | +51.1% | +59.8% | -16.1% | -12.3% | -17.0% | +180.9% | -35.4% | -22.2% | -8.4% | -80.5% | +13.5% | -17.2% | |
| P/S Ratio | 5.18 | 5.41 | 4.99 | 4.19 | 4.00 | 4.05 | 3.60 | 4.43 | 4.23 | 4.10 | 4.43 | 4.14 | 4.26 |
| — | +33.6% | +38.7% | -5.3% | -5.5% | -1.3% | -18.8% | +7.0% | -0.7% | -1.8% | +25.5% | +13.7% | +26.0% | |
| P/B Ratio | 6.25 | 7.52 | 5.71 | 5.38 | 5.64 | 5.74 | 4.42 | 5.37 | 5.20 | 5.00 | 4.46 | 5.23 | 3.85 |
| — | +31.0% | +29.3% | +0.2% | +8.5% | +14.7% | -0.9% | +2.6% | +34.9% | +41.3% | +43.6% | +103.1% | +37.2% | |
| P/FCF | 16.07 | 25.50 | 40.47 | 10.49 | 9.71 | 25.64 | 15.92 | 10.62 | 13.13 | 44.83 | 24.35 | 9.50 | 18.68 |
| — | -0.5% | +154.2% | -1.3% | -26.0% | -42.8% | -34.6% | +11.8% | -29.7% | +141.6% | +82.8% | +3.0% | +34.0% | |
| EV / EBITDA | 13.81 | 15.23 | 14.38 | 11.22 | 10.75 | 10.52 | 10.41 | 11.25 | 11.54 | 11.56 | 13.28 | 10.92 | 12.04 |
| — | +44.7% | +38.1% | -0.3% | -6.8% | -9.0% | -21.6% | +3.1% | -4.2% | +2.8% | +1.0% | -7.5% | -5.0% | |
| EV / EBIT | 18.14 | 19.89 | 20.71 | 14.70 | 13.65 | 13.09 | 15.08 | 17.24 | 14.61 | 16.17 | 21.34 | 29.99 | 18.82 |
| — | +52.0% | +37.3% | -14.8% | -6.6% | -19.1% | -29.3% | -42.5% | -22.3% | -12.8% | -18.4% | +21.8% | -17.3% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Novartis AG's operating margin was 31.3% in Q1 2026, up 4.9 pp QoQ and down 2.9 pp YoY.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.0% | 74.4% | 73.4% | 75.4% | 77.6% | 76.3% | 75.5% | 75.4% | 75.3% | 74.5% | 74.3% | 74.2% | 71.5% |
| — | -2.5% | -2.7% | -0.1% | +3.0% | +2.5% | +1.5% | +1.7% | +5.3% | +2.1% | +7.9% | +1.2% | +0.3% | |
| Operating Margin | 31.2% | 31.3% | 26.4% | 31.3% | 32.8% | 34.2% | 26.0% | 27.5% | 31.2% | 27.8% | 21.9% | 14.6% | 23.9% |
| — | -8.5% | +1.4% | +13.8% | +5.1% | +23.0% | +18.7% | +89.0% | +30.5% | +17.4% | +47.2% | -14.0% | +40.4% | |
| Net Margin | 25.6% | 23.3% | 18.1% | 27.4% | 27.2% | 26.5% | 20.8% | 24.2% | 25.2% | 22.2% | 72.0% | 14.6% | 19.7% |
| — | -11.9% | -13.1% | +13.0% | +8.0% | +19.4% | -71.1% | +66.2% | +27.9% | +6.8% | +542.8% | -0.2% | +52.3% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.0% | 7.4% | 5.3% | 9.1% | 10.0% | 8.7% | 6.4% | 7.5% | 8.0% | 6.2% | 20.0% | 3.9% | 4.5% |
| — | -15.4% | -18.0% | +21.1% | +26.3% | +40.5% | -67.7% | +91.3% | +78.6% | +51.2% | +718.9% | +53.8% | +63.8% | |
| ROA | 12.9% | 2.7% | 2.2% | 3.7% | 4.0% | 3.6% | 2.7% | 3.2% | 3.4% | 2.7% | 7.8% | 1.6% | 2.1% |
| — | -24.4% | -21.1% | +17.0% | +16.9% | +31.5% | -65.0% | +101.5% | +63.1% | +38.4% | +541.8% | +20.8% | +52.0% | |
| ROIC | 18.8% | 4.2% | 3.8% | 5.0% | 5.6% | 5.5% | 4.2% | 4.4% | 5.0% | 4.3% | 3.5% | 2.2% | 3.0% |
| — | -24.0% | -9.9% | +14.7% | +11.8% | +28.1% | +20.2% | +98.3% | +64.6% | +63.9% | +92.0% | +37.2% | +54.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Novartis AG's Debt/EBITDA ratio is 8.6x, up from 7.3x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 6.8% YoY to 0.85x, 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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.80 | 1.21 | 0.80 | 0.72 | 0.78 | 0.81 | 0.71 | 0.74 | 0.69 | 0.69 | 0.56 | 0.66 | 0.55 |
| — | +48.5% | +12.6% | -3.3% | +12.2% | +18.5% | +25.7% | +12.4% | +26.8% | +22.5% | +20.0% | +40.5% | +10.6% | |
| Debt / EBITDA | 1.65 | 8.60 | 7.32 | 5.46 | 5.33 | 5.38 | 6.06 | 5.75 | 5.60 | 5.82 | 6.32 | 5.17 | 6.28 |
| — | +60.0% | +20.8% | -5.1% | -4.8% | -7.7% | -4.1% | +11.3% | -10.8% | -10.5% | -11.8% | -32.2% | -18.6% | |
| Current Ratio | 1.12 | 0.85 | 1.12 | 0.88 | 0.82 | 0.79 | 1.04 | 1.11 | 0.93 | 0.90 | 1.16 | 0.94 | 1.05 |
| — | +6.8% | +7.9% | -20.7% | -12.1% | -12.1% | -10.4% | +17.8% | -11.4% | -14.1% | -10.3% | -28.1% | -23.9% | |
| Quick Ratio | 0.89 | 0.65 | 0.89 | 0.68 | 0.62 | 0.61 | 0.84 | 0.90 | 0.72 | 0.71 | 0.93 | 0.83 | 0.79 |
| — | +6.2% | +6.1% | -24.4% | -14.3% | -13.7% | -10.2% | +8.8% | -8.8% | -10.9% | -10.3% | -22.8% | -30.0% | |
| Interest Coverage | 14.86 | 12.19 | 11.58 | 15.93 | 16.41 | 17.31 | 13.04 | 13.67 | 16.64 | 15.25 | 10.86 | 7.99 | 13.39 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying NVS stock.
Novartis AG's current P/E is 20.7x. The average P/E over the last 4 quarters is 20.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Novartis AG's current operating margin is 31.2%. 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 Novartis AG's business trajectory between earnings reports.