Novo Nordisk A/S (NOVO-B.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-15.8%

DKK 226.75

vs DKK 269.40 price

Levered DCF

DKK 245.48

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.77

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.1×	27.53×	37.39×	38.25×	35.34×	23.62×	23.55×	19.07×
P/B	7.45×	19.38×	29.37×	25.45×	23.87×	15.72×	15.94×	14.2×
P/S	4.68×	9.57×	13.47×	12.01×	11.99×	7.84×	7.52×	6.58×
EV / EBITDA	10.37×	20.87×	27.41×	27.84×	26.06×	16.76×	16.66×	13.97×
Gross margin	81.0%	84.7%	84.6%	83.9%	83.2%	83.5%	83.5%	84.2%
Operating margin	41.3%	44.2%	44.2%	42.3%	41.7%	42.6%	43.0%	42.2%
Net margin	33.1%	34.8%	36.0%	31.4%	33.9%	33.2%	31.9%	34.5%
Current ratio	0.8×	0.74×	0.82×	0.89×	0.86×	0.94×	1.06×	1.09×
Debt / equity	0.67×	0.72×	0.25×	0.31×	0.38×	0.16×	0.08×	0.01×
Interest coverage	18.83×	66.53×	138.8×	133.83×	142.69×	100.23×	104.76×	555.86×
Dividend yield	3.6%	1.6%	1.0%	1.2%	1.3%	2.0%	2.1%	2.6%
Payout ratio	50.5%	43.7%	38.0%	45.6%	45.1%	47.8%	49.8%	49.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	52.8%	70.4%	78.5%	66.5%	67.5%	66.5%	67.6%	74.5%
Return on invested capital	29.5%	39.0%	54.2%	49.4%	43.6%	52.3%	61.8%	67.1%
Return on assets	18.9%	21.7%	26.6%	23.0%	24.6%	29.1%	31.0%	34.9%
Free cash flow yield	2.0%	2.5%	2.2%	3.0%	2.8%	3.0%	3.9%	4.4%
Earnings yield	7.1%	3.6%	2.7%	2.6%	2.8%	4.2%	4.2%	5.2%
Enterprise value	DKK 1.5T	DKK 2.9T	DKK 3.1T	DKK 2.1T	DKK 1.7T	DKK 993.3B	DKK 907B	DKK 721.2B
Net debt / EBITDA	0.7×	0.63×	0.11×	0.17×	0.24×	-0.04×	-0.2×	-0.29×
Cash conversion cycle (days)	275	208	182	232	287	316	292	286