NYSE · Healthcare

Novo Nordisk A/S

NVO · Drug Manufacturers - General

$44.45

▲ 0.57 (1.3%)

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Mr. Market is currently offering Novo Nordisk A/S at $44.45.

The business passes 6 of 7 of Graham's defensive criteria — a strong showing that few companies achieve.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 81.0%

Operating Margin 41.3%

Net Income Margin 33.1%

Fin. Health D

Years to Pay Off Debt 1.3 yrs

Working Capital vs Long-Term Debt -$154.9B

Working Capital -$43.2B

Valuation A

Margin of Safety 74.3%

Price-to-Book 0.77x

Cash Flow C

Free Cash Flow $29.0B

CapEx % of Net Income 88.0%

Owner Earnings $214.5B

6/7

Graham Score

Defensive

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $197.1B

Enterprise Value $299.0B

P/E (TTM) 12.31

Dividend Yield 26.66%

Exchange NYSE

Key Margins

Gross Profit 81.0%

Operating Margin 41.3%

Net Margin 33.1%

Company Info

Sector Healthcare

Industry Drug Manufacturers - General

Employees 68794

Country Denmark

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Novo Nordisk A/S at $44.45.

The business passes 6 of 7 of Graham's defensive criteria — a strong showing that few companies achieve.

At $44.45, the stock trades below its Graham Number of $173.01 — suggesting a margin of safety exists.

The margin of safety of 74.3% exceeds Graham's recommended 33% threshold — a rare opportunity.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock qualifies for Graham's Defensive investor — one seeking safety, stability, and freedom from effort.

About Novo Nordisk A/S

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; and growth hormone pens and injection needles. 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. Novo Nordisk A/S was founded in 1923 and is headquartered in Bagsvaerd, Denmark.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	81.0% ▼	84.7%	84.6%	83.9%
Operating Margin %	41.3% ▼	44.2%	44.2%	42.3%
Net Income %	33.1% ▼	34.8%	36.0%	31.4%
Diluted EPS	23.03 ▲	22.63	18.62	12.22

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$542.9B	$465.6B	$314.5B	$241.3B	N/A
Total Debt	$131.0B ↑	$102.8B	$27.0B	$25.8B	N/A
Working Capital	-$43.2B ▲	-$55.8B	-$30.0B	-$12.7B	N/A
Years to Pay Debt	1.28	1.02	0.32	0.46	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$29.0B ▼	$69.7B	$70.0B	$64.1B	N/A
Owner Earnings	$214.5B	$171.4B	$132.0B	$77.6B	N/A
CapEx % of Net Income	88.0%	50.8%	46.5%	26.6%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	1,308,628	-214,254	339,489	-1,026,648
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	150,651,000	148,978,000	112,940,000	82,040,000
Total Unusual Items	6,078,000	-1,040,000	1,689,000	-5,238,000
Total Unusual Items Excluding Goodwill	6,078,000	-1,040,000	1,689,000	-5,238,000
Net Income From Continuing Operation Net Minority Interest	102,434,000	100,988,000	83,683,000	55,525,000
Reconciled Depreciation	21,982,000	19,107,000	9,413,000	7,362,000
Reconciled Cost Of Revenue	58,788,000	44,522,000	35,765,000	28,448,000
EBITDA	156,729,000	147,938,000	114,629,000	76,802,000
EBIT	134,747,000	128,831,000	105,216,000	69,440,000
Net Interest Income	-3,179,000	-91,000	330,000	-320,000
Interest Expense	4,207,000	1,640,000	542,000	378,000
Interest Income	1,269,000	1,838,000	1,069,000	239,000
Normalized Income	97,664,628	101,813,746	82,333,489	59,736,352
Net Income From Continuing And Discontinued Operation	102,434,000	100,988,000	83,683,000	55,525,000
Total Expenses	181,406,000	162,064,000	129,687,000	102,145,000
Total Operating Income As Reported	127,658,000	128,339,000	102,574,000	74,809,000
Diluted Average Shares	4,447,700	4,463,000	4,494,800	4,544,600
Basic Average Shares	4,443,000	4,453,900	4,482,800	4,530,600
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	102,434,000	100,988,000	83,683,000	55,525,000
Net Income Common Stockholders	102,434,000	100,988,000	83,683,000	55,525,000
Net Income	102,434,000	100,988,000	83,683,000	55,525,000
Net Income Including Noncontrolling Interests	102,434,000	100,988,000	83,683,000	55,525,000
Net Income Continuous Operations	102,434,000	100,988,000	83,683,000	55,525,000
Tax Provision	28,106,000	26,203,000	20,991,000	13,537,000
Pretax Income	130,540,000	127,191,000	104,674,000	69,062,000
Other Income Expense	6,061,000	-1,057,000	1,770,000	-5,427,000
Earnings From Equity Interest	-17,000	-17,000	81,000	-189,000
Gain On Sale Of Security	6,078,000	-1,040,000	1,689,000	-5,238,000
Net Non Operating Interest Income Expense	-3,179,000	-91,000	330,000	-320,000
Total Other Finance Cost	241,000	289,000	197,000	181,000
Interest Expense Non Operating	4,207,000	1,640,000	542,000	378,000
Interest Income Non Operating	1,269,000	1,838,000	1,069,000	239,000
Operating Income	127,658,000	128,339,000	102,574,000	74,809,000
Operating Expense	122,618,000	117,542,000	93,922,000	73,697,000
Other Operating Expenses	300,000	2,103,000	-119,000	-1,034,000
Research And Development	52,039,000	48,062,000	32,443,000	24,047,000
Selling General And Administration	70,279,000	67,377,000	61,598,000	50,684,000
Selling And Marketing Expense	64,310,000	62,101,000	56,743,000	46,217,000
General And Administrative Expense	5,969,000	5,276,000	4,855,000	4,467,000
Other Gand A	5,969,000	5,276,000	4,855,000	4,467,000
Gross Profit	250,276,000	245,881,000	196,496,000	148,506,000
Cost Of Revenue	58,788,000	44,522,000	35,765,000	28,448,000
Total Revenue	309,064,000	290,403,000	232,261,000	176,954,000
Operating Revenue	729,423,000	680,563,000	608,645,000	455,692,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	21,521	23,660	51,712	60,200
Ordinary Shares Number	4,443,479	4,441,340	4,458,288	4,499,800
Share Issued	4,465,000	4,465,000	4,510,000	4,560,000
Net Debt	95,922,000	80,366,000	6,888,000	8,602,000
Total Debt	130,958,000	102,787,000	27,006,000	25,784,000
Tangible Book Value	63,994,000	32,665,000	46,155,000	32,547,000
Invested Capital	316,433,000	239,507,000	127,841,000	104,741,000
Working Capital	-43,208,000	-55,826,000	-30,009,000	-12,746,000
Net Tangible Assets	63,994,000	32,665,000	46,155,000	32,547,000
Capital Lease Obligations	8,572,000	6,766,000	5,726,000	4,529,000
Common Stock Equity	194,047,000	143,486,000	106,561,000	83,486,000
Total Capitalization	305,752,000	227,732,000	122,537,000	104,261,000
Total Equity Gross Minority Interest	194,047,000	143,486,000	106,561,000	83,486,000
Stockholders Equity	194,047,000	143,486,000	106,561,000	83,486,000
Gains Losses Not Affecting Retained Earnings	-1,695,000	-1,406,000	1,276,000	2,449,000
Other Equity Adjustments	-1,695,000	-1,406,000	1,276,000	2,449,000
Treasury Stock	2,000	2,000	5,000	6,000
Retained Earnings	195,298,000	144,448,000	104,839,000	80,587,000
Capital Stock	446,000	446,000	451,000	456,000
Common Stock	446,000	446,000	451,000	456,000
Total Liabilities Net Minority Interest	348,855,000	322,144,000	207,925,000	157,771,000
Total Non Current Liabilities Net Minority Interest	133,194,000	104,530,000	38,270,000	36,831,000
Other Non Current Liabilities		23,000	189,000	100,000	360,000
Employee Benefits	861,000	903,000	742,000	762,000
Non Current Pension And Other Postretirement Benefit Plans	861,000	903,000	742,000	762,000
Tradeand Other Payables Non Current	1,051,000	1,456,000	189,000	100,000
Non Current Deferred Liabilities	6,611,000	5,515,000	10,162,000	7,061,000
Non Current Deferred Taxes Liabilities	6,611,000	5,515,000	10,162,000	7,061,000
Long Term Debt And Capital Lease Obligation	118,941,000	89,674,000	20,528,000	24,318,000
Long Term Capital Lease Obligation	7,236,000	5,428,000	4,552,000	3,543,000
Long Term Debt	111,705,000	84,246,000	15,976,000	20,775,000
Long Term Provisions	5,730,000	6,982,000	6,649,000	4,590,000
Current Liabilities	215,661,000	217,614,000	169,655,000	120,940,000
Other Current Liabilities	41,747,000	42,903,000	29,977,000	26,509,000
Current Debt And Capital Lease Obligation	12,017,000	13,113,000	6,478,000	1,466,000
Current Capital Lease Obligation	1,336,000	1,338,000	1,174,000	986,000
Current Debt	10,681,000	11,775,000	5,304,000	480,000
Other Current Borrowings	9,753,000	5,983,000	4,848,000		12,503,000
Line Of Credit	183,000	449,000	456,000	480,000
Commercial Paper	745,000	5,343,000	0
Current Provisions	374,000	289,000	100,478,000	70,287,000
Payables And Accrued Expenses	161,523,000	161,309,000	32,722,000	22,678,000
Payables	161,523,000	161,309,000	32,722,000	22,678,000
Total Tax Payable	8,416,000	9,716,000	7,116,000	7,091,000
Accounts Payable	153,107,000	151,593,000	25,606,000	15,587,000
Total Assets	542,902,000	465,630,000	314,486,000	241,257,000
Total Non Current Assets	370,449,000	303,842,000	174,840,000	133,063,000
Non Current Deferred Assets	23,647,000	24,648,000	20,380,000	13,904,000
Non Current Deferred Taxes Assets	23,647,000	24,648,000	20,380,000	13,904,000
Non Current Accounts Receivable	5,864,000	4,016,000	1,430,000	206,000
Investments And Advances	2,507,000	2,677,000	1,663,000	1,343,000
Investmentin Financial Assets	2,141,000	2,277,000	1,253,000	1,016,000
Available For Sale Securities	2,141,000	2,277,000	1,253,000	1,016,000
Long Term Equity Investment	366,000	400,000	410,000	327,000
Investmentsin Associatesat Cost	366,000	400,000	410,000	327,000
Goodwill And Other Intangible Assets	130,053,000	110,821,000	60,406,000	50,939,000
Other Intangible Assets	110,208,000	90,804,000	55,942,000	46,324,000
Goodwill	19,845,000	20,017,000	4,464,000	4,615,000
Net PPE	208,378,000	161,680,000	90,961,000	66,671,000
Accumulated Depreciation	-58,936,000	-52,396,000	-47,622,000	-44,755,000
Gross PPE	267,314,000	214,076,000	138,583,000	111,426,000
Construction In Progress	130,622,000	85,497,000	39,663,000	22,361,000
Other Properties	11,113,000	10,166,000	8,979,000	8,114,000
Machinery Furniture Equipment	60,020,000	57,039,000	40,951,000	37,548,000
Properties	65,559,000	61,374,000	48,990,000	43,403,000
Current Assets	172,453,000	161,788,000	139,646,000	108,194,000
Hedging Assets Current	6,682,000	6,326,000	2,344,000	2,727,000
Inventory	49,623,000	40,849,000	31,811,000	24,388,000
Inventories Adjustments Allowances	-5,661,000	-3,728,000	-2,514,000	-1,715,000
Finished Goods	11,990,000	8,873,000	7,224,000	6,038,000
Work In Process	25,858,000	22,335,000	17,601,000	13,673,000
Raw Materials	17,436,000	13,369,000	9,500,000	6,392,000
Receivables	89,186,000	88,305,000	75,261,000	57,505,000
Other Receivables	13,482,000	13,503,000	8,068,000	6,005,000
Taxes Receivable	4,848,000	2,853,000	2,423,000	940,000
Accounts Receivable	70,856,000	71,949,000	64,770,000	50,560,000
Allowance For Doubtful Accounts Receivable	-1,987,000	-2,127,000	-1,794,000	-1,520,000
Gross Accounts Receivable	72,843,000	74,076,000	66,564,000	52,080,000
Cash Cash Equivalents And Short Term Investments	26,962,000	26,308,000	30,230,000	23,574,000
Other Short Term Investments	498,000	10,653,000	15,838,000	10,921,000
Cash And Cash Equivalents	26,464,000	15,655,000	14,392,000	12,653,000
Cash Financial	26,464,000	15,655,000	14,392,000	12,653,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	28,989,000	69,659,000	70,012,000	64,134,000
Repurchase Of Capital Stock	-1,388,000	-20,181,000	-29,924,000	-24,086,000
Repayment Of Debt	-79,188,000	-6,335,000	-1,467,000	-13,623,000
Issuance Of Debt	103,931,000	79,391,000	0	11,215,000
Capital Expenditure	-90,113,000	-51,309,000	-38,896,000	-14,753,000
End Cash Position	26,464,000	15,655,000	14,392,000	12,653,000
Beginning Cash Position	15,655,000	14,392,000	12,653,000	10,719,000
Effect Of Exchange Rate Changes	-727,000	455,000	-119,000	-238,000
Changes In Cash	11,536,000	808,000	1,858,000	2,172,000
Financing Cash Flow	-28,408,000	8,735,000	-63,158,000	-51,797,000
Cash Flow From Continuing Financing Activities	-28,408,000	8,735,000	-63,158,000	-51,797,000
Cash Dividends Paid	-51,763,000	-44,140,000	-31,767,000	-25,303,000
Net Common Stock Issuance	-1,388,000	-20,181,000	-29,924,000	-24,086,000
Common Stock Payments	-1,388,000	-20,181,000	-29,924,000	-24,086,000
Net Issuance Payments Of Debt	24,743,000	73,056,000	-1,467,000	-2,408,000
Net Long Term Debt Issuance	24,743,000	73,056,000	-1,467,000	-2,408,000
Long Term Debt Payments	-79,188,000	-6,335,000	-1,467,000	-13,623,000
Long Term Debt Issuance	103,931,000	79,391,000	0	11,215,000
Investing Cash Flow	-79,158,000	-128,895,000	-43,892,000	-24,918,000
Cash Flow From Continuing Investing Activities	-79,158,000	-128,895,000	-43,892,000	-24,918,000
Dividends Received Cfi			0	0	4,000
Net Investment Purchase And Sale	9,951,000	4,577,000	-4,996,000	-3,090,000
Sale Of Investment	10,674,000	24,391,000	8,293,000	6,645,000
Purchase Of Investment	-723,000	-19,814,000	-13,289,000	-9,735,000
Net Business Purchase And Sale	1,004,000	-82,163,000	0	-7,075,000
Sale Of Business	1,004,000	0	0		0
Purchase Of Business	0	-82,163,000	0	-7,075,000
Net Intangibles Purchase And Sale	-29,973,000	-4,145,000	-13,090,000	-2,607,000
Purchase Of Intangibles	-29,973,000	-4,145,000	-13,090,000	-2,607,000
Net PPE Purchase And Sale	-60,140,000	-47,164,000	-25,806,000	-12,146,000
Purchase Of PPE	-60,140,000	-47,164,000	-25,806,000	-12,146,000
Operating Cash Flow	119,102,000	120,968,000	108,908,000	78,887,000
Cash Flow From Continuing Operating Activities	119,102,000	120,968,000	108,908,000	78,887,000
Taxes Refund Paid	-32,014,000	-29,636,000	-25,897,000	-14,515,000
Interest Received Cfo	1,398,000	1,884,000	1,072,000	276,000
Interest Paid Cfo	-3,419,000	-612,000	-491,000	-272,000
Change In Working Capital	3,737,000	2,589,000	19,713,000	-5,535,000
Change In Other Working Capital		2,510,000	-1,235,000	1,160,000	74,000
Change In Other Current Liabilities		9,122,000	5,099,000	3,746,000	2,595,000
Change In Payables And Accrued Expense		-280,000	7,587,000	5,150,000	3,138,000
Change In Payable		-280,000	7,587,000	5,150,000	3,138,000
Change In Account Payable		3,240,000	10,019,000	6,717,000	3,153,000
Change In Inventory		-9,038,000	-7,423,000	-4,767,000	-1,085,000
Change In Receivables		-14,309,000	-16,273,000	-10,824,000	-13,785,000
Changes In Account Receivables		-7,179,000	-14,210,000	-9,917,000	-12,909,000
Other Non Cash Items	-3,122,000	445,000	424,000	2,367,000
Stock Based Compensation		2,289,000	2,149,000	1,539,000	1,040,000
Provisionand Write Offof Assets		21,030,000	32,230,000	18,465,000
Asset Impairment Charge		10,562,000		809,000
Deferred Tax	28,106,000	26,203,000	20,991,000	13,537,000
Deferred Income Tax	28,106,000	26,203,000	20,991,000	13,537,000
Depreciation Amortization Depletion	21,982,000	19,107,000	9,413,000	7,362,000
Depreciation And Amortization	21,982,000	19,107,000	9,413,000	7,362,000
Amortization Cash Flow		2,512,000		1,599,000
Amortization Of Intangibles		2,512,000		1,599,000
Depreciation	21,982,000	19,107,000	9,413,000	7,362,000
Operating Gains Losses		-11,027,000	32,268,000	138,000	16,265,000
Pension And Employee Benefit Expense		-119,000	32,243,000	615,000	16,581,000
Earnings Losses From Equity Investments		17,000	-81,000	189,000	24,000
Gain Loss On Investment Securities		-5,079,000	106,000	2,572,000	-340,000
Net Foreign Currency Exchange Gain Loss		-5,846,000	2,277,000	-3,238,000
Net Income From Continuing Operations	102,434,000	100,988,000	83,683,000	55,525,000

These metrics estimate what Novo Nordisk A/S is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$173.01

Margin of Safety

74.3%

Market Cap ÷ Company Value

1.58

P/B Ratio

0.77

Warren's Owner Earnings

$214.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

6/7 — Defensive Investor

✅ Adequate Size

$309.1B

vs > $1.5B revenue

❌ Strong Financial Condition

0.80x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

26.66%

vs Uninterrupted dividends

✅ Earnings Growth

+88.5% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

12.3x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

0.77x P/B (P/E×P/B: 9.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-52.51

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$422.23

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	88.0%	50.8%	46.5%	26.6%	N/A
Repurchase of Capital Stock	-$1.4B	-$20.2B	-$29.9B	-$24.1B	N/A
Free Cash Flow	$29.0B ▼	$69.7B ▼	$70.0B ▲	$64.1B •	N/A •
Warren's Owner Earnings	$214.5B	$171.4B	$132.0B	$77.6B	N/A

Peers & Industry

No auto-detected peers for Drug Manufacturers - General. You can manually compare NVO against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.01%

Low — management has little skin in the game

Return on Equity (ROE)

52.8%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

18.9%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.4B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+27.4% YoY

Debt is growing — management is leveraging up

Leadership Team

Karsten Munk Knudsen

Executive VP, CFO & Member of the Management Board

Age 54

Pay: $2,700,194

0.003% of net income

Maziar Mike Doustdar

President, CEO & Member of the Management Board

Age 55

Elin Jager

SVP, Chief of Staff to CEO, Corporate Strategy & Sustainability and Member of Management Board

Age 39

Top Institutional Holders

Institution	% Owned	Shares
LOOMIS SAYLES & CO L P	0.51%	17,135,384
Franklin Resources, Inc.	0.43%	14,702,508
Morgan Stanley	0.38%	12,842,089
Bank of America Corporation	0.35%	11,868,129
Capital International Investors	0.33%	11,211,106
Goldman Sachs Group Inc	0.32%	10,991,430
Folketrygdfondet	0.30%	10,164,137
FMR, LLC	0.30%	10,017,325

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.35

Low volatility — more stable than the market

Short Interest

0.5% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.67x

Conservative balance sheet — low financial risk

Current Ratio