Novo Nordisk A/S

NONOF

Drug Manufacturers - General · Healthcare

Price

$46.81

+0.48 (+1.04%)

Market Cap

$207.86B

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Good

Dividends

Mixed

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Share count falling — buybacks

−3.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 4.61B (2021) → 4.45B (2025)

Winston Score History

The full picture

Novo Nordisk is a Danish pharmaceutical company that makes medicines for people with diabetes and obesity. Its most well-known products are Ozempic and Wegovy, which are injectable drugs based on a molecule called GLP-1. The company also makes insulin and treatments for rare blood disorders like hemophilia.

Novo Nordisk earns money by selling its drugs to patients, hospitals, and healthcare systems around the world. It operates globally, with especially strong sales in the United States, which accounts for the majority of its revenue. The company's deep expertise in GLP-1 drugs and its large manufacturing capacity give it a significant edge over competitors — but its main risk is heavy dependence on a small number of blockbuster drugs, and growing competition from companies like Eli Lilly in the obesity and diabetes market could pressure its pricing and market share over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-20.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 45.1B/ year

↓ Declining (-6% vs prior year)

14.6% of revenue

In line with sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

28.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

kr 47.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Novo Nordisk A/S is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

78.2%

Premium pricing power — 78.2% gross margin

Profit after running costs

Operating Margin

34.5%

Excellent — 34.5% operating margin

Return on the money invested

ROCE

39.3%

Exceptional — 39.3% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+5.6%

Slow sales growth (+5.6% YoY)

Profit growth

EPS YoY

+5.0%

Modest earnings growth (+5.0% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

114%

Turns 114% of profit into real cash

Spare cash per sale

FCF Margin

23.1%

Converts sales into free cash efficiently (23.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.63

Moderate — manageable debt (0.63)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

11.5x

Attractive valuation — P/E 11.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-1.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.65%

Moderate income — 3.65% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-2.9%

Dividend cut (-2.9% YoY) — warning sign

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