Novo Nordisk A S
NVO NYSE Pharmaceutical Preparations Financials FY2016–FY2025
Last close · Oct 23, 2026
$39.05
1.0%
Revenue
Total sales reported in the income statement.
$46.7B
10.9%
vs prior year
Operating margin
Operating income as a share of revenue.
41.3%
2.9 pts
Net income
Profit after all expenses, interest and tax.
$15.5B
5.7%
Free cash flow
Cash from operations minus capital spending.
$8.9B
16.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
32.2%
13.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$173.7B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
11.2x
On $3.48 EPS (TTM)
What Novo Nordisk A S does
No business description yet.
- Legal name
- NOVO NORDISK A S
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Feb 4, 2026
- Accession · CIK
- 0000353278-26-000012
0000353278
Revenue and margins
Novo Nordisk A S had $46.7B of revenue in fiscal 2025, up 10.9% on the year before.
FY16
Revenue $16.6B
FY17
Revenue $16.9B
FY18
Revenue $17.7B
FY19
Revenue $18.3B
FY20
Revenue $19.4B
FY21
Revenue $22.4B
FY22
Revenue $25.0B
FY23
Revenue $33.7B
FY24
Revenue $42.1B
FY25
Revenue $46.7B
FY16
Gross 84.6%
Operating 43.3%
Net 33.9%
FCF 36.9%
FY17
Gross 84.2%
Operating 43.8%
Net 34.1%
FCF 30.0%
FY18
Gross 84.2%
Operating 42.2%
Net 34.5%
FCF 31.3%
FY19
Gross 83.5%
Operating 43.0%
Net 31.9%
FCF 31.0%
FY20
Gross 83.5%
Operating 42.6%
Net 33.2%
FCF 36.3%
FY21
Gross 83.2%
Operating 41.7%
Net 33.9%
FCF 34.6%
FY22
Gross 83.9%
Operating 42.3%
Net 31.4%
FCF 37.7%
FY23
Gross 84.6%
Operating 44.2%
Net 36.0%
FCF 35.8%
FY24
Gross 84.7%
Operating 44.2%
Net 34.8%
FCF 25.4%
FY25
Gross 81.0%
Operating 41.3%
Net 33.1%
FCF 19.1%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 5.1% a year. Loss periods are shown in red.
FY16
Net income $5.6B
FY17
Net income $5.8B
FY18
Net income $6.1B
FY19
Net income $5.8B
FY20
Net income $6.4B
FY21
Net income $7.6B
FY22
Net income $7.8B
FY23
Net income $12.1B
FY24
Net income $14.6B
FY25
Net income $15.5B
FY16
Diluted EPS $2.22
FY17
Diluted EPS $2.33
FY18
Diluted EPS $2.52
FY19
Diluted EPS $2.46
FY20
Diluted EPS $2.75
FY21
Diluted EPS $1.65
FY22
Diluted EPS $1.73
FY23
Diluted EPS $2.70
FY24
Diluted EPS $3.28
FY25
Diluted EPS $3.48
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 148.9%
Return on equity 87.8%
Return on assets 40.7%
FY17
Return on capital 105.0%
Return on equity 80.0%
Return on assets 38.1%
FY18
Return on capital 97.2%
Return on equity 76.6%
Return on assets 36.5%
FY19
Return on capital 90.0%
Return on equity 70.3%
Return on assets 32.6%
FY20
Return on capital 64.8%
Return on equity 67.5%
Return on assets 30.1%
FY21
Return on capital 57.1%
Return on equity 71.6%
Return on assets 28.4%
FY22
Return on capital 61.3%
Return on equity 69.0%
Return on assets 24.4%
FY23
Return on capital 67.4%
Return on equity 87.5%
Return on assets 29.9%
FY24
Return on capital 46.0%
Return on equity 81.9%
Return on assets 26.3%
FY25
Return on capital 32.2%
Return on equity 61.3%
Return on assets 20.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $8.9B in fiscal 2025, 19.1% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $6.1B
FY17
Free cash flow $5.1B
FY18
Free cash flow $5.5B
FY19
Free cash flow $5.7B
FY20
Free cash flow $7.1B
FY21
Free cash flow $7.7B
FY22
Free cash flow $9.4B
FY23
Free cash flow $12.1B
FY24
Free cash flow $10.7B
FY25
Free cash flow $8.9B
FY16
Cash from operations $7.2B
Capital spending $1.0B
FY17
Cash from operations $6.2B
Capital spending $1.2B
FY18
Cash from operations $7.1B
Capital spending $1.5B
FY19
Cash from operations $7.0B
Capital spending $1.3B
FY20
Cash from operations $7.9B
Capital spending $891M
FY21
Cash from operations $8.7B
Capital spending $1.0B
FY22
Cash from operations $11.1B
Capital spending $1.7B
FY23
Cash from operations $15.8B
Capital spending $3.7B
FY24
Cash from operations $17.5B
Capital spending $6.8B
FY25
Cash from operations $18.0B
Capital spending $9.1B
Cash from operations
Capital spending
Dividends, buybacks and share count
Novo Nordisk A S returned $8.0B to shareholders in fiscal 2025, 90% of free cash flow. The diluted share count fell 0.3%.
FY16
Dividends $3.5B
Buybacks $2.2B
FY17
Dividends $2.9B
Buybacks $2.6B
FY18
Dividends $3.0B
Buybacks $2.5B
FY19
Dividends $2.9B
Buybacks $2.3B
FY20
Dividends $3.1B
Buybacks $2.6B
FY21
Dividends $3.4B
Buybacks $3.1B
FY22
Dividends $3.6B
Buybacks $3.4B
FY23
Dividends $4.6B
Buybacks $4.3B
FY24
Dividends $6.4B
Buybacks $2.9B
FY25
Dividends $7.8B
Buybacks $210M
Dividends
Buybacks
FY16
Diluted shares 2.53B
FY17
Diluted shares 2.48B
FY18
Diluted shares 2.42B
FY19
Diluted shares 2.38B
FY20
Diluted shares 2.34B
FY21
Diluted shares 4.61B
FY22
Diluted shares 4.54B
FY23
Diluted shares 4.49B
FY24
Diluted shares 4.46B
FY25
Diluted shares 4.45B
Balance sheet
Cash, debt and the ratios that show how comfortably Novo Nordisk A S can carry it.
FY16
Cash $2.6B
Debt $32.5M
FY17
Cash $2.8B
Debt $273M
FY18
Cash $2.4B
Debt $690M
FY19
Cash $2.3B
Debt $674M
FY20
Cash $2.0B
Debt $1.7B
FY21
Cash $1.6B
Debt $4.1B
FY22
Cash $1.8B
Debt $3.7B
FY23
Cash $2.1B
Debt $4.0B
FY24
Cash $2.2B
Debt $14.3B
FY25
Cash $4.2B
Debt $20.6B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.6B | $1.8B | $2.1B | $2.2B | $4.2B |
| Debt incl. finance leases | $4.1B | $3.7B | $4.0B | $14.3B | $20.6B |
| Net debt / EBITDA | 0.2x | 0.2x | 0.1x | 0.6x | 0.8x |
| Debt / equity | 0.4x | 0.3x | 0.3x | 0.7x | 0.7x |
| Interest coverage | 202.9x | 197.9x | 189.3x | 78.3x | 30.3x |
| Current ratio | 0.9x | 0.9x | 0.8x | 0.7x | 0.8x |
| Quick ratio | 0.7x | 0.7x | 0.6x | 0.6x | 0.6x |
| Total assets | $29.6B | $34.6B | $46.6B | $64.9B | $85.4B |
| Total liabilities | $18.8B | $22.6B | $30.8B | $44.9B | $54.9B |
| Shareholders' equity | $10.8B | $12.0B | $15.8B | $20.0B | $30.5B |
| Net debt (− = net cash) | $2.4B | $1.9B | $1.9B | $12.1B | $16.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| F-score | — / 3 | 5 / 9 | 7 / 9 | 5 / 9 | 4 / 9 | 3 / 9 | 7 / 9 | 8 / 9 | 5 / 9 | 5 / 9 |
| Accruals ratio | −11.2% | −3.0% | −5.7% | −6.5% | −7.0% | −4.3% | −10.3% | −9.0% | −5.2% | −3.4% |
| Altman Z'' | 6.78 | 6.41 | 5.75 | 5.37 | 4.37 | 3.45 | 3.35 | 3.14 | 2.62 | 2.75 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $16.6B | $16.9B | $17.7B | $18.3B | $19.4B | $22.4B | $25.0B | $33.7B | $42.1B | $46.7B |
| Gross profit | $14.1B | $14.3B | $14.9B | $15.3B | $16.2B | $18.6B | $21.0B | $28.5B | $35.7B | $37.8B |
| Research and development | $2.2B | $2.1B | $2.3B | $2.1B | $2.4B | $2.8B | $3.4B | $4.7B | $7.0B | $7.9B |
| Operating income | $7.2B | $7.4B | $7.5B | $7.9B | $8.3B | $9.3B | $10.6B | $14.9B | $18.6B | $19.3B |
| Interest expense | $9.7M | $13.6M | $13.5M | $33.0M | $59.6M | $46.0M | $53.4M | $78.7M | $238M | $636M |
| Pretax income | $7.1B | $7.4B | $7.5B | $7.3B | $8.1B | $9.4B | $9.8B | $15.2B | $18.4B | $19.7B |
| Income tax | $1.5B | $1.6B | $1.4B | $1.4B | $1.7B | $1.8B | $1.9B | $3.0B | $3.8B | $4.2B |
| Net income | $5.6B | $5.8B | $6.1B | $5.8B | $6.4B | $7.6B | $7.8B | $12.1B | $14.6B | $15.5B |
| Diluted EPS | $2.22 | $2.33 | $2.52 | $2.46 | $2.75 | $1.65 | $1.73 | $2.70 | $3.28 | $3.48 |
| Diluted shares | 2.53B | 2.48B | 2.42B | 2.38B | 2.34B | 4.61B | 4.54B | 4.49B | 4.46B | 4.45B |
| Cash flow | ||||||||||
| Cash from operations | $7.2B | $6.2B | $7.1B | $7.0B | $7.9B | $8.7B | $11.1B | $15.8B | $17.5B | $18.0B |
| Capital expenditure | $1.0B | $1.2B | $1.5B | $1.3B | $891M | $1.0B | $1.7B | $3.7B | $6.8B | $9.1B |
| Free cash flow | $6.1B | $5.1B | $5.5B | $5.7B | $7.1B | $7.7B | $9.4B | $12.1B | $10.7B | $8.9B |
| Depreciation and amortization | $474M | $482M | $621M | $849M | $880M | $958M | $926M | $1.1B | $1.2B | $2.2B |
| Stock-based compensation | $54.7M | $44.3M | $65.5M | $54.4M | $126M | $165M | $217M | $312M | $332M | $217M |
| Acquisitions | — | — | — | $0.0M | $0.0M | $2.9B | $1,000M | $0.0M | $11.9B | $0.0M |
| Share buybacks | $2.2B | $2.6B | $2.5B | $2.3B | $2.6B | $3.1B | $3.4B | $4.3B | $2.9B | $210M |
| Dividends paid | $3.5B | $2.9B | $3.0B | $2.9B | $3.1B | $3.4B | $3.6B | $4.6B | $6.4B | $7.8B |
| Dividends and buybacks | $5.8B | $5.4B | $5.5B | $5.2B | $5.7B | $6.5B | $7.0B | $9.0B | $9.3B | $8.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.6B | $2.8B | $2.4B | $2.3B | $2.0B | $1.6B | $1.8B | $2.1B | $2.2B | $4.2B |
| Total debt | $32.5M | $273M | $690M | $674M | $1.7B | $4.1B | $3.7B | $4.0B | $14.3B | $20.6B |
| Current assets | $8.5B | $9.7B | $9.1B | $9.4B | $10.9B | $13.0B | $15.5B | $20.7B | $22.5B | $27.1B |
| Current liabilities | $6.7B | $7.6B | $8.3B | $8.9B | $11.6B | $15.2B | $17.3B | $25.2B | $30.3B | $33.9B |
| Inventory | $2.0B | $2.5B | $2.5B | $2.7B | $3.1B | $3.0B | $3.5B | $4.7B | $5.7B | $7.8B |
| Property and equipment, net | $4.3B | $5.7B | $6.4B | $7.6B | $8.3B | $8.4B | $9.6B | $13.5B | — | — |
| Goodwill | — | — | — | — | — | — | — | — | $2.8B | $3.1B |
| Intangible assets | $385M | $536M | $789M | $877M | $3.4B | $6.6B | $7.3B | $9.0B | $12.6B | $17.3B |
| Total assets | $13.8B | $16.5B | $17.0B | $18.9B | $23.9B | $29.6B | $34.6B | $46.6B | $64.9B | $85.4B |
| Total liabilities | $7.4B | $8.5B | $9.0B | $10.2B | $13.5B | $18.8B | $22.6B | $30.8B | $44.9B | $54.9B |
| Shareholders' equity | $6.4B | $8.0B | $7.9B | $8.7B | $10.4B | $10.8B | $12.0B | $15.8B | $20.0B | $30.5B |
| Margins | ||||||||||
| Gross margin | 84.6% | 84.2% | 84.2% | 83.5% | 83.5% | 83.2% | 83.9% | 84.6% | 84.7% | 81.0% |
| Operating margin | 43.3% | 43.8% | 42.2% | 43.0% | 42.6% | 41.7% | 42.3% | 44.2% | 44.2% | 41.3% |
| EBITDA margin | 46.2% | 46.7% | 45.8% | 47.7% | 47.2% | 45.9% | 46.0% | 47.3% | 47.1% | 46.1% |
| Net margin | 33.9% | 34.1% | 34.5% | 31.9% | 33.2% | 33.9% | 31.4% | 36.0% | 34.8% | 33.1% |
| FCF margin | 36.9% | 30.0% | 31.3% | 31.0% | 36.3% | 34.6% | 37.7% | 35.8% | 25.4% | 19.1% |
| Returns | ||||||||||
| Return on capital | 148.9% | 105.0% | 97.2% | 90.0% | 64.8% | 57.1% | 61.3% | 67.4% | 46.0% | 32.2% |
| Return on capital employed | 101.3% | 83.3% | 86.2% | 78.5% | 67.2% | 64.5% | 61.2% | 69.3% | 53.9% | 37.5% |
| Return on equity | 87.8% | 80.0% | 76.6% | 70.3% | 67.5% | 71.6% | 69.0% | 87.5% | 81.9% | 61.3% |
| Return on assets | 40.7% | 38.1% | 36.5% | 32.6% | 30.1% | 28.4% | 24.4% | 29.9% | 26.3% | 20.6% |
| Return on tangible equity | 93.4% | 77.2% | 85.4% | 75.0% | 91.6% | 180.8% | 168.0% | 177.5% | 321.9% | 153.7% |
| Growth | ||||||||||
| Revenue growth | — | 2.0% | 4.6% | 3.3% | 6.1% | 15.4% | 11.7% | 34.8% | 24.9% | 10.9% |
| Net income growth | — | 2.6% | 5.8% | −4.5% | 10.3% | 17.9% | 3.3% | 54.8% | 20.6% | 5.7% |
| EPS growth | — | 5.0% | 8.1% | −2.6% | 12.1% | −40.1% | 4.7% | 56.5% | 21.5% | 6.0% |
| FCF growth | — | −17.0% | 8.9% | 2.5% | 24.3% | 9.7% | 21.8% | 27.9% | −11.2% | −16.8% |
| Share count change | — | −2.2% | −2.2% | −1.9% | −1.6% | 96.8% | −1.3% | −1.1% | −0.7% | −0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.3x | −0.3x | −0.2x | −0.2x | −0.0x | 0.2x | 0.2x | 0.1x | 0.6x | 0.8x |
| Debt / equity | 0.0x | 0.0x | 0.1x | 0.1x | 0.2x | 0.4x | 0.3x | 0.3x | 0.7x | 0.7x |
| Interest coverage | 745.1x | 544.1x | 555.9x | 238.6x | 138.8x | 202.9x | 197.9x | 189.3x | 78.3x | 30.3x |
| Current ratio | 1.3x | 1.3x | 1.1x | 1.1x | 0.9x | 0.9x | 0.9x | 0.8x | 0.7x | 0.8x |
| Quick ratio | 1.0x | 1.0x | 0.8x | 0.8x | 0.7x | 0.7x | 0.7x | 0.6x | 0.6x | 0.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.3% | 6.8% | 8.6% | 7.3% | 4.6% | 4.5% | 6.9% | 11.1% | 16.2% | 19.5% |
| Stock comp / revenue | 0.3% | 0.3% | 0.4% | 0.3% | 0.6% | 0.7% | 0.9% | 0.9% | 0.8% | 0.5% |
| Payouts / FCF | 94.3% | 106.4% | 99.0% | 91.8% | 80.2% | 84.2% | 74.0% | 74.2% | 87.2% | 90.1% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 7.0 | 5.0 | 4.0 | 3.0 | 7.0 | 8.0 | 5.0 | 5.0 |
| Altman Z'' | 6.8 | 6.4 | 5.7 | 5.4 | 4.4 | 3.5 | 3.4 | 3.1 | 2.6 | 2.8 |
| Accruals ratio | −11.2% | −3.0% | −5.7% | −6.5% | −7.0% | −4.3% | −10.3% | −9.0% | −5.2% | −3.4% |
Source: SEC EDGAR XBRL filings (CIK 0000353278). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in DKK under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.