Novo Nordisk A/S (NVO) 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

+95.4%

$79.61

vs $40.75 price

Levered DCF

$66.02

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.76

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	14.03×	27.33×	36.93×	38.35×	35.22×	23.57×	23.49×	18.8×
P/B	7.42×	19.23×	29×	25.5×	23.77×	15.68×	15.9×	14.01×
P/S	4.66×	9.5×	13.31×	12.03×	11.94×	7.82×	7.51×	6.49×
EV / EBITDA	9.85×	19.24×	27.07×	27.9×	25.96×	16.71×	16.62×	13.77×
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	30.34×	78.26×	189.25×	197.91×	202.92×	138.78×	238.56×	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%	2.3%	3.0%	2.8%	3.0%	3.9%	4.4%
Earnings yield	7.1%	3.7%	2.7%	2.6%	2.8%	4.2%	4.3%	5.3%
Enterprise value	$1.5T	$2.8T	$3.1T	$2.1T	$1.7T	$990.4B	$904.8B	$710.9B
Net debt / EBITDA	0.67×	0.59×	0.11×	0.17×	0.24×	-0.04×	-0.2×	-0.29×
Cash conversion cycle (days)	275	208	182	232	287	316	292	286