Latest Ratios: P/E Ratio 14.0x · EV/EBITDA 10.3x · ROE 60.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $218.9B | $226.3B | $383.9B | $465.0B | $307.5B | $257.9B | $163.4B | $137.7B | $111.7B | $133.0B | $90.9B |
| Enterprise Value | $234.9B | $330.8B | $471.0B | $477.6B | $320.7B | $273.9B | $163.0B | $136.0B | $96.6B | $115.9B | $72.4B |
| P/E Ratio → | 14.00 | 2.21 | 3.80 | 5.56 | 5.54 | 5.40 | 3.88 | 3.53 | 2.89 | 3.49 | 2.40 |
| P/S Ratio | 4.64 | 0.73 | 1.32 | 2.00 | 1.74 | 1.83 | 1.29 | 1.13 | 1.00 | 1.19 | 0.81 |
| P/B Ratio | 7.39 | 1.17 | 2.68 | 4.36 | 3.68 | 3.65 | 15.70 | 15.91 | 2.16 | 2.67 | 2.01 |
| P/FCF | 49.43 | 7.81 | 5.51 | 6.64 | 4.80 | 5.42 | 5.47 | 3.87 | 3.47 | 4.09 | 2.27 |
| P/OCF | 12.03 | 1.90 | 3.17 | 4.27 | 3.90 | 4.69 | 3.15 | 2.94 | 2.50 | 3.23 | 1.88 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.07 | 1.62 | 2.06 | 1.81 | 1.95 | 1.28 | 1.11 | 0.86 | 1.04 | 0.65 |
| EV / EBITDA | 10.27 | 2.21 | 3.19 | 4.26 | 3.90 | 4.23 | 2.72 | 2.34 | 1.89 | 2.22 | 1.40 |
| EV / EBIT | 12.04 | 2.45 | 3.66 | 4.54 | 4.62 | 4.61 | 3.05 | 2.79 | 2.03 | 2.38 | 1.51 |
| EV / FCF | — | 11.41 | 6.76 | 6.82 | 5.00 | 5.75 | 5.46 | 3.83 | 3.00 | 3.56 | 1.81 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.0% | 81.0% | 84.7% | 84.6% | 83.9% | 83.2% | 83.5% | 83.5% | 84.2% | 84.2% | 84.6% |
| Operating Margin | 41.3% | 41.3% | 44.2% | 44.2% | 42.3% | 41.7% | 42.6% | 43.0% | 42.2% | 43.8% | 43.3% |
| Net Profit Margin | 33.1% | 33.1% | 34.8% | 36.0% | 31.4% | 33.9% | 33.2% | 31.9% | 34.5% | 34.1% | 33.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 60.7% | 60.7% | 80.8% | 88.1% | 72.0% | 117.7% | 442.1% | 128.8% | 76.0% | 80.2% | 82.2% |
| ROA | 20.3% | 20.3% | 25.9% | 30.1% | 25.5% | 43.7% | 197.4% | 60.1% | 36.2% | 38.2% | 40.1% |
| ROIC | 36.2% | 36.2% | 55.0% | 71.3% | 61.2% | 91.0% | 477.2% | 180.1% | 102.2% | 123.5% | 125.4% |
| ROCE | 44.4% | 44.4% | 65.3% | 77.4% | 69.5% | 109.3% | 485.9% | 157.6% | 84.4% | 92.9% | 95.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.67 | 0.67 | 0.72 | 0.25 | 0.31 | 0.38 | 0.16 | 0.08 | 0.01 | 0.03 | 0.01 |
| Debt / EBITDA | 0.88 | 0.88 | 0.70 | 0.24 | 0.31 | 0.41 | 0.03 | 0.01 | 0.01 | 0.03 | 0.00 |
| Net Debt / Equity | — | 0.54 | 0.61 | 0.12 | 0.16 | 0.23 | -0.04 | -0.19 | -0.29 | -0.34 | -0.41 |
| Net Debt / EBITDA | 0.70 | 0.70 | 0.59 | 0.11 | 0.16 | 0.25 | -0.01 | -0.03 | -0.30 | -0.33 | -0.36 |
| Debt / FCF | — | 3.60 | 1.25 | 0.18 | 0.20 | 0.33 | -0.01 | -0.05 | -0.47 | -0.53 | -0.46 |
| Interest Coverage | 32.03 | 32.03 | 78.56 | 194.13 | 183.70 | 205.43 | 137.23 | 221.70 | 561.18 | 541.89 | 736.35 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.80 | 0.80 | 0.74 | 0.82 | 0.89 | 0.86 | 0.94 | 1.06 | 1.09 | 1.28 | 1.26 |
| Quick Ratio | 0.57 | 0.57 | 0.55 | 0.64 | 0.69 | 0.66 | 0.67 | 0.76 | 0.79 | 0.95 | 0.96 |
| Cash Ratio | 0.13 | 0.13 | 0.12 | 0.18 | 0.19 | 0.18 | 0.18 | 0.26 | 0.29 | 0.40 | 0.44 |
| Asset Turnover | — | 0.57 | 0.62 | 0.74 | 0.73 | 0.72 | 5.33 | 6.47 | 1.01 | 1.09 | 1.15 |
| Inventory Turnover | 1.18 | 1.18 | 1.09 | 1.12 | 1.17 | 1.21 | 6.87 | 7.58 | 1.08 | 1.15 | 1.20 |
| Days Sales Outstanding | — | 89.40 | 109.87 | 118.27 | 118.61 | 121.32 | 13.24 | 11.56 | 87.76 | 76.96 | 79.01 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.6% | 22.9% | 11.5% | 6.8% | 8.2% | 8.3% | 12.3% | 14.1% | 17.1% | 14.2% | 26.2% |
| Payout Ratio | 50.5% | 50.5% | 43.7% | 38.0% | 45.6% | 45.1% | 47.8% | 49.8% | 49.3% | 49.4% | 62.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 45.3% | 26.3% | 18.0% | 18.1% | 18.5% | 25.8% | 28.3% | 34.6% | 28.7% | 41.7% |
| FCF Yield | 2.0% | 12.8% | 18.1% | 15.1% | 20.9% | 18.5% | 18.3% | 25.8% | 28.8% | 24.4% | 44.1% |
| Buyback Yield | 0.1% | 0.6% | 5.3% | 6.4% | 7.8% | 7.5% | 10.3% | 11.1% | 13.9% | 12.7% | 16.6% |
| Total Shareholder Yield | 3.7% | 23.5% | 16.8% | 13.3% | 16.1% | 15.9% | 22.6% | 25.2% | 31.0% | 26.8% | 42.8% |
| Shares Outstanding | — | $4.4B | $4.5B | $4.5B | $4.5B | $4.6B | $4.7B | $4.8B | $4.8B | $5.0B | $5.1B |
Manufacturing capacity and regulatory
Based on current market data, NVO trades at a P/E of 13.69, which, while appearing modest, reflects a significant metabolic premium compared to diversified pharmaceutical peers, suggesting investors are pricing in aggressive long-term growth expectations for the semaglutide franchise rather than current earnings alone.
The forward P/E of 2.20 implies that the market anticipates a massive earnings expansion, likely driven by the successful scaling of obesity care capacity. Investors should monitor whether this valuation remains sustainable if the current growth trajectory faces headwinds from U.S. pricing legislation or increased competition.
As reported in financial statements, NVO's ROIC has fluctuated significantly, reaching 14.3% in 2026Q1, which indicates that the company is successfully deploying capital into high-return biologic manufacturing assets despite the inherent volatility associated with such a rapid, large-scale infrastructure build-out.
The variance in ROIC, ranging from 7.3% to 37.0% over the last ten quarters, highlights the sensitivity of returns to the timing of major capital expenditures. This suggests that while the underlying business model is highly profitable, the return on invested capital is currently being suppressed by the heavy upfront investment required to secure global supply chain dominance.
According to recent quarterly filings, the company's cash conversion cycle has shifted to -93 days in 2026Q1, a figure that appears heavily influenced by substantial inventory build-ups and extended payment terms, signaling potential friction in the supply chain as the firm attempts to meet surging global demand.
The high days inventory outstanding (DIO) of 334 days suggests that NVO is prioritizing supply security over lean inventory management, which is a rational trade-off given the current market environment. However, investors should monitor whether this inventory accumulation leads to obsolescence risks or if it successfully mitigates the supply bottlenecks that have historically constrained revenue growth.
Based on reported figures, NVO maintains a debt-to-equity ratio of 0.72, a level that appears well-managed and provides the company with sufficient financial flexibility to continue its aggressive capital expenditure program without compromising its long-term solvency or credit standing in the current interest rate environment.
The interest coverage ratio of 18.77 in 2026Q1 demonstrates that the company's debt service remains highly comfortable, even as total debt levels have increased to support the acquisition of manufacturing assets. This suggests that the balance sheet is being used as a strategic tool to accelerate growth rather than as a source of financial distress.
The P/E ratio is frequently misapplied to NVO, as it obscures the massive, non-recurring capital expenditures currently depressing net income, which may lead analysts to underestimate the company's true underlying earning power and cash-generating potential during this intensive phase of manufacturing capacity expansion.
Investors should instead focus on EV/EBITDA or adjusted free cash flow metrics, which better account for the heavy depreciation and amortization associated with the company's proprietary fill-finish infrastructure. Relying solely on P/E may result in a distorted view of the company's valuation, as it fails to capture the long-term value creation inherent in the current investment cycle.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NVO stock.
Novo Nordisk A/S's current P/E ratio is 14.0x. The historical average is 3.9x. This places it at the 100th percentile of its historical range.
Novo Nordisk A/S's current EV/EBITDA is 10.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.6x.
Novo Nordisk A/S's return on equity (ROE) is 60.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 61.8%.
Based on historical data, Novo Nordisk A/S is trading at a P/E of 14.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Novo Nordisk A/S's current dividend yield is 3.61% with a payout ratio of 50.5%.
Novo Nordisk A/S has 81.0% gross margin and 41.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Novo Nordisk A/S's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.