Novo Nordisk A/S (NVO) stock analysis
Company overview and business model
Source fact: Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products. It operates through two segments, Obesity and Diabetes Care, and Rare Disease. The Obesity and Diabetes care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas. The Rare Disease segment offers products in the areas of rare blood disorders, rare endocrine disorders, and hormone replacement therapy. The company also provides NovoPen 6 and NovoPen Echo Plus, smart insulin pens; Dose Check, an insulin dose guidance application; growth hormone pens and injection needles; and Wegovy pill an oral glucagon-like peptide-1 (GLP-1) receptor agonist therapy for weight management. It operates in Europe, Canada, the United States, Japan, Korea, Oceania, Southeast Asia, Mainland China, Hong Kong and Taiwan, Latin America, the Middle East, and Africa. Novo Nordisk A/S was founded in 1923 and is headquartered in Bagsvaerd, Denmark.
Classification: NYSE · Healthcare · Drug Manufacturers - General
Revenue and growth
Source fact: Revenue was DKK 309.06 billion for the period ending 2025-12-31.
Caverian calculation: Revenue changed +6.4% (FY2025 vs FY2024).
Profitability
Source fact: Net income was DKK 102.43 billion in the latest reported period.
Source metric: Reported net margin was 33.1%.
Balance sheet and liquidity
Source fact: Cash and equivalents were DKK 26.46 billion.
Source fact: Total debt was DKK 130.96 billion.
Source metric: Current ratio was 0.80x.
Cash-flow analysis
Source fact: Operating cash flow was DKK 119.10 billion.
Source fact: Free cash flow was DKK 28.99 billion.
Valuation
Source metrics: Trailing P/E 11.34x; Forward P/E 2.10x.
Caverian model output: Value score was 47/100.
Competitive position
Classification: Peer context: Drug Manufacturers - General within Healthcare.
Caverian model output: Quality score was 73/100.
Caverian model output: Growth score was 62/100.
Material risks
Caverian model interpretation: Watch out: short-term cash may not cover short-term bills.
Caverian calculation: Altman Z-score was 2.15 (grey zone).
Caverian calculation: Piotroski F-score was 5/9.
Data sources and freshness
Freshness: This report uses a stored upstream snapshot; statement periods are shown alongside the figures.
Methodology and limitations
Facts reproduce stored upstream fields. Calculations derive only from the displayed stored statements. Model outputs are Caverian interpretations, not investment advice or a buy/sell recommendation.
How Caverian approaches valuation · Sources and product principles