Novo Nordisk A/S
About the company
Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products. It operates through two segments, Obesity and Diabetes Care, and Rare Disease. The Obesity and Diabetes care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas. The Rare Disease segment offers products in the areas of rare blood disorders, rare endocrine disorders, and hormone replacement therapy. The company also provides NovoPen 6 and NovoPen Echo Plus, smart insulin pens; Dose Check, an insulin dose guidance application; growth hormone pens and injection needles; and Wegovy pill an oral glucagon-like peptide-1 (GLP-1) receptor agonist therapy for weight management. The company has a collaboration with Anthropic accelerate the development of new medicines and advance AI-driven software development. It operates in Europe, Canada, the United States, Japan, Korea, Oceania, Southeast Asia, Mainland China, Hong Kong and Taiwan, Latin America, the Middle East, and Africa. It has a strategic collaboration with Orbis Medicines to discover and develop oral macrocycle therapeutics for cardiometabolic diseases. The company was formerly known as Novo Industri A/S and changed its name to Novo Nordisk A/S in April 1989. The company was founded in 1923 and is headquartered in Bagsvaerd, Denmark.
Price below modeled range
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
The range depends on model assumptions and data; it is not a prediction or investment advice.
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Market price below modeled range
Showing the EV/Sales (Rule of 40) you selected on the company card, using 7.48% growth, 2.9% terminal growth and 10.5% discount. The range varies these assumptions slightly; it is illustrative, not investment advice. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 7.48%, discount rate 10.50%, terminal growth 2.90% (sector defaults). See a worked example.
Blended growth assumption: 7.5% (sector default 6.8%, own revenue history 20.4%, analyst revenue consensus 1.4%).
5-year outlook: relative outlook of about 7.5% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 1.4% a year; the growth assumption used is 7.5%.
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Show the recommended model instead
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — DKK 155.08 (-42.4%)
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EPS-based Gordon proxy
— DKK 347.09 (+28.8%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— DKK 155.08 (-42.4%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— DKK 125.19 (-53.5%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— DKK 463.47 (+72.0%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— DKK 153.98 (-42.9%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— DKK 896.63 (+232.8%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear DKK 668.30 | 59.7% |
| Base DKK 896.63 | 69.9% |
| Bull DKK 1124.95 | 76.0% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
1 month price change: +6.12% · DKK 269.45 · Market data through 06 Nov 2026 ; dashed line is today’s model base value (DKK 896.63). The fair value is today’s estimate, not what the model said in the past.
Saved price history is current through 06 Nov 2026; last refreshed 06 Nov 2026 18:14 (2 hours, 14 minutes ago).
07 Oct 2026Range DKK 249.90 – 285.2006 Nov 2026
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
More detail: quality, peers, price history, dividends and financials
Quality score: 100 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +17.2% a year | 20 / 20 |
| Balance sheet | net debt 0.4x EBITDA | 20 / 20 |
| Margins | EBITDA margin 53% | 20 / 20 |
Peers in Health Care
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| NOVO-B.CO (this company) | DKK 269.45 | -73.7% | 10.5 | 5.5 | 4.4% | 100 |
| CNC Centene Corporation | USD 74.17 | 41.6% | 25.1 | 1.7 | – | 72 |
| ZEAL.CO Zealand Pharma A/S | DKK 232.90 | 36.5% | 6.0 | 0.9 | – | 72 |
| CI Cigna | USD 301.48 | 28.8% | 12.4 | 1.9 | 2.0% | 70 |
| CVS CVS Health | USD 81.33 | 12.4% | 9.5 | 1.3 | 3.3% | 70 |
| BAVA.CO Bavarian Nordic A/S | DKK 241.00 | 12.0% | 11.9 | 1.4 | – | 92 |
| AMP.MI Amplifon S.p.A. | EUR 11.17 | 8.7% | 41.1 | – | 2.6% | 72 |
| ZBH Zimmer Biomet | USD 106.85 | 0.5% | 26.6 | 1.6 | 0.9% | 90 |
| GSK.L GSK plc | GBP 18.90 | -5.4% | 17.7 | 4.1 | 3.5% | 92 |
| Peer median | 15.0 | 1.6 | ||||
Dividends
Paid in the last 12 months: DKK 11.70 per share · yield 4.34% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 11.700 |
| 2025 | 11.650 |
| 2024 | 9.900 |
| 2023 | 7.075 |
| 2022 | 5.575 |
| 2021 | 4.675 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 14:12
| Revenue | DKK 333,650,000,000 |
|---|---|
| EBITDA | DKK 176,646,000,000 |
| EBIT | DKK 142,872,000,000 |
| Net income | DKK 113,177,000,000 |
| Free cash flow | DKK 46,256,000,000 |
| Capital expenditures | DKK 82,356,000,000 |
| Debt | DKK 117,742,000,000 |
| Cash | DKK 44,151,000,000 |
| Working capital | DKK -38,682,000,000 |
| Shares outstanding | 4,414,845,124 |
| Reported dividends per share | DKK 11.7549 |