PerpEquities

Novo Nordisk A/S (NVO) financials

NYSE · Healthcare · Drug Manufacturers - General · 68,794 employees · CEO Maziar Mike Doustdar

Price
$40.00 +2.20%
Market cap
$176B
Enterprise value
DKK 1.27T
Last report
Q2 '26 filed 2026-08-04
Next report
2026-11-04
Revenue (TTM)DKK 329B+5.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)43.1%-2.6 pp vs a year agoOperating income DKK 142B
Net income (TTM)DKK 116B+4.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)DKK 48.9B-20.6% vs a year agoCapex DKK 84.1B
Diluted EPS (TTM)DKK 26.19+5.0% vs a year agoSum of the last 4 quarters
Net cash-DKK 95.1B-18.4% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap
$176B
EV DKK 1.27T
Revenue
DKK 329B
Trailing 12 months
Revenue growth
-2%
FY2026 consensus
Profit margin
35.3%
Net income / revenue, TTM
P/E
10.1×
P/S
3.6×
Price / sales, TTM
EV / EBITDA
7.1×
TTM
Free cash flow
DKK 48.9B
Trailing 12 months
Net income
DKK 116B
Trailing 12 months
Revenue estimate
DKK 304B
FY2026 consensus
Earnings
2026-11-04
Dividend
$1.16
Per share, last 12 months

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

  • Revenue growth slowing: 2.1% year on yearQ2 '26 revenue DKK 78.5B, against an average of 8.6% over the four quarters before.
  • Operating margin 43.1% (TTM), -2.6 pp on a year agoOperating income grew -0.5% while revenue grew 5.6%.
  • Capex 25.5% of revenue (a year ago 19.2%)DKK 84.1B invested in the last 4 quarters (+40.3% on a year earlier). Free cash flow DKK 48.9B = 42.0% of net income.
  • Returned DKK 57.9B to shareholders = 118.3% of free cash flowBuybacks DKK 5.9B (a year earlier DKK 11.3B), dividends DKK 52B, stock-based pay DKK 0 (TTM). More than the free cash flow: paid from cash or debt.
  • Diluted share count down 0.2% in a year4.44B diluted shares in Q2 '26, 4.45B a year earlier.
  • Net debt DKK 95.1BCash + short-term investments DKK 45B, debt incl. leases DKK 140B; a year ago net debt DKK 80.3B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

Q2 '26Year agoChange
RevenueDKK 78.5BDKK 76.9B+2.1%
Gross margin78.2%83.3%-5.1 pp
Operating incomeDKK 27.1BDKK 33.4B-19.1%
Operating margin34.5%43.5%-9.0 pp
Net incomeDKK 21BDKK 26.5B-20.8%
Diluted EPSDKK 4.74DKK 5.96-20.5%
Operating cash flowDKK 55.2BDKK 40.8B+35.3%
CapexDKK 12.8BDKK 16.3B-21.3%
Free cash flowDKK 42.4BDKK 24.5B+73.0%
R&DDKK 17.8BDKK 11.7B+52.2%
Stock-based compensationDKK 0DKK 0–

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement
Operating cash flow
DKK 133B
Capex
-DKK 84.1B
Buybacks
-DKK 5.9B
Dividends
-DKK 52B
Acquisitions
DKK 1.05B
Net debt issued
DKK 36.4B
Stock-based compensation
DKK 0
Free cash flow
DKK 48.9B
Returned to shareholders / FCF
118.3%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years
Now5y averageWhere today sits in the 5-year range
P/E (TTM)10.1×30.4×14.0× – 38.3×
EV / EBITDA7.1×22.0×9.8× – 27.9×
EV / Sales3.9×10.5×5.0× – 13.4×
Price / FCF24.0×40.4×33.2× – 49.6×
Price / Book5.3×21.0×7.4× – 29.0×
FCF yield4.2%2.5%2.0% – 3.0%
Return on invested capital29.7%43.1%29.5% – 54.2%
Return on equity59.1%67.1%52.8% – 78.5%

Analysts

Consensus target $42.33 (+5.8%)
range $40.00 – $47.00 · rating Buy

Strong buy1
Buy22
Hold13
Sell3
Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal yearRevenueGrowthEPSGrowthP/E at today's priceAnalysts (EPS)
FY2026DKK 304B-1.5%DKK 22.25-3.4%–7
FY2027DKK 310B+1.7%DKK 22.10-0.7%–7
FY2028DKK 329B+6.2%DKK 23.88+8.0%–4
FY2029DKK 355B+8.0%DKK 26.77+12.1%–2
FY2030DKK 372B+4.8%DKK 29.00+8.3%–4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpenBalance sheetCash, investments, assets, debt, liabilities and equityOpenCash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01 · Amounts in DKK as reported; price and market cap in USD.