PerpEquities

Novartis AG (NVS) financials

NYSE · Healthcare · Drug Manufacturers - General · 75,267 employees · CEO Vasant Narasimhan

Price
$160.79 -0.19%
Market cap
$304B
Enterprise value
$346B
Last report
Q3 '26 filed 2026-10-27
Next report
2027-02-03
Revenue (TTM)$56.3B-0.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)25.5%-5.7 pp vs a year agoOperating income $14.3B
Net income (TTM)$10B-30.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$14.8B-13.0% vs a year agoCapex $2.48B
Diluted EPS (TTM)$5.24-28.3% vs a year agoSum of the last 4 quarters
Net cash-$39.3B-76.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap
$304B
EV $346B
Revenue
$56.3B
Trailing 12 months
Revenue growth
+4%
FY2026 consensus
Profit margin
17.8%
Net income / revenue, TTM
P/E
31.2×
Forward 18.1× (FY2026)
P/S
5.6×
Price / sales, TTM
EV / EBITDA
15.4×
TTM
Free cash flow
$14.8B
Trailing 12 months
Net income
$10B
Trailing 12 months
Revenue estimate
$57.2B
FY2026 consensus
Earnings
2027-02-03
Dividend
$4.74
Per share, last 12 months

Key takeaways

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

  • Revenue growth accelerating: 4.7% year on yearQ3 '26 revenue $15B, against an average of 1.0% over the four quarters before.
  • Operating margin 25.5% (TTM), -5.7 pp on a year agoOperating income grew -18.4% while revenue grew -0.1%.
  • 13.4% of pre-tax profit is eaten by non-operating lossesPre-tax income $12.6B vs operating income $14.3B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
  • Capex 4.4% of revenue (a year ago 7.1%)$2.48B invested in the last 4 quarters (-38.2% on a year earlier). Free cash flow $14.8B = 147.9% of net income.
  • Returned $15.3B to shareholders = 103.1% of free cash flowBuybacks $6.25B (a year earlier $10.5B), dividends $9.05B, stock-based pay $570M (TTM). More than the free cash flow: paid from cash or debt.
  • Diluted share count down 1.8% in a year1.91B diluted shares in Q3 '26, 1.94B a year earlier.
  • Net debt $39.3BCash + short-term investments $8.98B, debt incl. leases $48.3B; a year ago net debt $22.3B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

Q3 '26Year agoChange
Revenue$15B$14.4B+4.7%
Gross margin76.0%75.4%+0.6 pp
Operating income$1.84B$4.5B-59.1%
Operating margin12.3%31.3%-19.1 pp
Net income$1.2B$3.93B-69.4%
Diluted EPS$0.63$2.02-68.8%
Operating cash flow$5.5B$6.57B-16.3%
Capex$742M$831M-10.7%
Free cash flow$4.76B$5.74B-17.1%
R&D$5.15B$2.94B+74.9%
Stock-based compensation$267M$268M-0.4%

Revenue

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

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly
SegmentQ2 '23y/yShareTTMTTM y/y12 quarters
Top 20 products$8.79B+6.4%78.2%––
Rest of portfolio$2.45B+11.6%21.8%––
Total anti-infectives net sales–––––
Anti Infectives sold under Sandoz name–––––

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
$17.3B
Capex
-$2.48B
Buybacks
-$6.25B
Dividends
-$9.05B
Acquisitions
-$16.6B
Net debt issued
$16.3B
Stock-based compensation
$570M
Free cash flow
$14.8B
Returned to shareholders / FCF
103.1%

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)31.2×16.8×7.7× – 26.9×
EV / EBITDA15.4×11.2×6.6× – 14.1×
EV / Sales6.3×4.7×4.2× – 5.3×
Price / FCF20.0×15.5×14.2× – 17.9×
Price / Book8.2×4.1×2.7× – 5.8×
FCF yield5.0%6.5%5.6% – 7.0%
Return on invested capital14.0%11.7%7.1% – 15.5%
Return on equity24.2%27.3%11.7% – 35.5%

Analysts

Consensus target $149.50 (-7.0%)
range $136.00 – $163.00 · rating Hold

Strong buy0
Buy6
Hold17
Sell2
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)
FY2026$57.2B+4.4%$8.86+23.3%18.1×6
FY2027$61B+6.6%$9.86+11.2%16.3×8
FY2028$64.8B+6.2%$10.79+9.5%14.9×6
FY2029$68.4B+5.5%$12.06+11.8%13.3×5
FY2030$71B+3.8%$12.89+6.8%12.5×5

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