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NVO · NYSE · United States · Pharmaceutical Preparations
In shortNOVO NORDISK A S is profitable, generates cash and carries moderate debt, with revenue growing (+6.4% last year).
Financial health
Strong
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 41.3% | 100/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 33.1% | 100/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 60.7% | 100/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 30.8% | 100/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.80× | 0/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.67× | 74/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 0.73× | 93/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 18.83× | 100/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 2.81 | 44/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 19.1% | 96/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 0.58× | 34/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 10.6% | 72/100 |
| Operating margin volatility | 1.4% | 97/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 20.4% | 100/100 |
|---|---|---|
| EPS growth, 3-year average | 23.5% | 100/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
2 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
DKK millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 140,800 | 176,954 | 232,261 | 290,403 | 309,064 |
| Cost of revenue | 23,658 | 28,448 | 35,765 | 44,522 | 58,788 |
| Gross profit | 117,142 | 148,506 | 196,496 | 245,881 | 250,276 |
| Research & development | 17,772 | 24,047 | 32,443 | 48,062 | 52,039 |
| Operating income | 58,644 | 74,809 | 102,574 | 128,339 | 127,658 |
| Interest expense | 2,451 | 5,986 | 845 | 7,346 | 6,778 |
| Pre-tax income | 59,080 | 69,062 | 104,674 | 127,191 | 130,540 |
| Income tax | 11,323 | 13,537 | 20,991 | 26,203 | 28,106 |
| Net income | 47,757 | 55,525 | 83,683 | 100,988 | 102,434 |
| Diluted EPS | kr10.37 | kr12.22 | kr18.62 | kr22.63 | kr23.03 |
| Diluted shares (millions) | 4,606 | 4,545 | 4,495 | 4,463 | 4,448 |
2 older years available with the 10-year history. Essential plan, from €8.25/month →
2.81 Safe zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Feb 4, 2026