NYSE : NVO
Novo Nordisk A/S — Financial statements
Healthcare · Drug Manufacturers - General · Denmark
Last price 39.14 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 171.97B
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Financial statements
Novo Nordisk A/S (NVO) reported revenue of 329.43B DKK (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in DKK.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 329.43B | 309.06B | 290.40B | 232.26B | 176.95B | 140.80B |
| Cost of Revenue | 59.34B | 54.38B | 43.56B | 35.32B | 28.42B | 23.66B |
| Gross Profit | 270.09B | 254.69B | 246.84B | 196.94B | 148.53B | 117.14B |
| Selling, General & Admin | 62.43B | 67.86B | 67.37B | 61.59B | 50.68B | 41.06B |
| Research & Development | 45.90B | 46.16B | 40.07B | 31.07B | 23.26B | 17.20B |
| Other Operating Expenses | 376.00M | 45.00M | 502.00M | -425.00M | -1.03B | -332.00M |
| Operating Expenses | 108.71B | 114.07B | 107.94B | 92.24B | 72.91B | 57.92B |
| Operating Income | 161.38B | 140.62B | 138.90B | 104.70B | 75.62B | 59.22B |
| Interest Expense | -103.00M | -4.21B | -1.64B | -542.00M | -378.00M | -289.00M |
| Interest & Investment Income | 935.00M | 1.27B | 1.84B | 1.07B | 239.00M | 231.00M |
| Earnings From Equity Investments | -17.00M | -17.00M | -17.00M | 81.00M | -189.00M | -24.00M |
| Currency Exchange Gain (Loss) | 6.01B | 6.01B | -1.02B | 1.65B | -4.65B | 344.00M |
| Other Non Operating Income (Expenses) | -241.00M | -241.00M | -289.00M | -197.00M | -181.00M | -122.00M |
| EBT Excluding Unusual Items | 167.97B | 143.43B | 137.77B | 106.76B | 70.46B | 59.36B |
| Merger & Restructuring Charges | -9.37B | -9.37B | ||||
| Gain (Loss) on Sale of Investments | 71.00M | 71.00M | -17.00M | 37.00M | -587.00M | 296.00M |
| Asset Writedown | -9.92B | -3.59B | -10.56B | -2.12B | -809.00M | -573.00M |
| Pretax Income | 148.75B | 130.54B | 127.19B | 104.67B | 69.06B | 59.08B |
| Income Tax Expense | 32.31B | 28.11B | 26.20B | 20.99B | 13.54B | 11.32B |
| Net Income | 116.44B | 102.43B | 100.99B | 83.68B | 55.52B | 47.76B |
| Net Income to Common | 116.44B | 102.43B | 100.99B | 83.68B | 55.52B | 47.76B |
| Shares Outstanding (Basic) | 4.44B | 4.44B | 4.45B | 4.48B | 4.53B | 4.59B |
| Shares Outstanding (Diluted) | 4.45B | 4.45B | 4.46B | 4.49B | 4.54B | 4.61B |
| EPS (Basic) | 26.22 | 23.06 | 22.67 | 18.67 | 12.26 | 10.40 |
| EPS (Diluted) | 26.20 | 23.03 | 22.63 | 18.62 | 12.22 | 10.37 |
| Free Cash Flow | 75.84B | 58.96B | 73.80B | 83.10B | 66.74B | 48.66B |
| Free Cash Flow Per Share | 17.06 | 13.26 | 16.54 | 18.49 | 14.69 | 10.56 |
| Dividend Per Share | 11.70 | 11.70 | 11.40 | 9.40 | 6.20 | 5.20 |
| Gross Margin | 81.99% | 82.41% | 85.00% | 84.79% | 83.94% | 83.20% |
| Operating Margin | 48.99% | 45.50% | 47.83% | 45.08% | 42.73% | 42.06% |
| Profit Margin | 35.35% | 33.14% | 34.77% | 36.03% | 31.38% | 33.92% |
| Free Cash Flow Margin | 23.02% | 19.08% | 25.41% | 35.78% | 37.72% | 34.56% |
| EBITDA | 173.68B | 153.29B | 145.69B | 110.74B | 81.12B | 63.77B |
| EBITDA Margin | 52.72% | 49.60% | 50.17% | 47.68% | 45.84% | 45.29% |
| D&A For EBITDA | 12.29B | 12.68B | 6.79B | 6.04B | 5.50B | 4.55B |
| EBIT | 161.38B | 140.62B | 138.90B | 104.70B | 75.62B | 59.22B |
| EBIT Margin | 48.99% | 45.50% | 47.83% | 45.08% | 42.73% | 42.06% |
| Effective Tax Rate | 21.72% | 21.53% | 20.60% | 20.05% | 19.60% | 19.17% |
Balance sheet
Fiscal year January - December; amounts in DKK.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 44.48B | 26.46B | 15.65B | 14.39B | 12.65B | 10.72B |
| Short-Term Investments | 500.00M | 498.00M | 10.65B | 15.84B | 10.92B | 6.76B |
| Cash & Short-Term Investments | 44.98B | 26.96B | 26.31B | 30.23B | 23.57B | 17.48B |
| Accounts Receivable | 88.95B | 70.86B | 71.95B | 64.77B | 50.56B | 40.64B |
| Other Receivables | 19.56B | 18.33B | 16.36B | 10.49B | 6.95B | 6.16B |
| Receivables | 108.51B | 89.19B | 88.31B | 75.26B | 57.51B | 46.80B |
| Inventory | 51.35B | 49.62B | 40.85B | 31.81B | 24.39B | 19.62B |
| Other Current Assets | 3.85B | 6.68B | 6.33B | 2.34B | 2.73B | 1.69B |
| Total Current Assets | 208.70B | 172.45B | 161.79B | 139.65B | 108.19B | 85.59B |
| Property, Plant & Equipment | 231.76B | 208.38B | 161.68B | 90.96B | 66.67B | 55.36B |
| Long-Term Investments | 2.33B | 2.51B | 2.68B | 1.66B | 1.34B | 1.44B |
| Goodwill | 19.89B | 19.84B | 20.02B | 4.46B | 4.62B | 4.35B |
| Other Intangible Assets | 102.17B | 110.21B | 90.80B | 55.94B | 46.32B | 38.83B |
| Long-Term Deferred Tax Assets | 23.67B | 23.65B | 24.65B | 20.38B | 13.90B | 8.67B |
| Other Long-Term Assets | 6.43B | 5.86B | 4.02B | 1.43B | 206.00M | 267.00M |
| Total Assets | 594.94B | 542.90B | 465.63B | 314.49B | 241.26B | 194.51B |
| Accounts Payable | 14.59B | 19.76B | 17.14B | 25.61B | 15.59B | 8.87B |
| Accrued Expenses | 917.00M | 960.00M | 600.00M | 875.00M | ||
| Short-Term Debt | 928.00M | 5.79B | 456.00M | 480.00M | 12.86B | |
| Current Portion of Long-Term Debt | 18.33B | 9.75B | 5.98B | 4.85B | ||
| Current Portion of Leases | 1.34B | 1.34B | 1.17B | 986.00M | 822.00M | |
| Current Income Taxes Payable | 20.46B | 8.42B | 9.72B | 7.12B | 7.09B | 3.66B |
| Other Current Liabilities | 185.70B | 174.55B | 176.69B | 129.85B | 95.92B | 73.30B |
| Total Current Liabilities | 239.08B | 215.66B | 217.61B | 169.66B | 120.94B | 99.52B |
| Long-Term Debt | 113.17B | 111.70B | 84.25B | 15.98B | 20.77B | 9.65B |
| Long-Term Leases | 8.62B | 7.24B | 5.43B | 4.55B | 3.54B | 3.31B |
| Pension & Post-Retirement Benefits | 787.00M | 861.00M | 903.00M | 742.00M | 762.00M | 1.28B |
| Long-Term Deferred Tax Liabilities | 4.27B | 6.61B | 5.51B | 10.16B | 7.06B | 5.27B |
| Other Long-Term Liabilities | 7.73B | 6.78B | 8.44B | 6.84B | 4.69B | 4.73B |
| Total Liabilities | 373.66B | 348.86B | 322.14B | 207.93B | 157.77B | 123.76B |
| Common Stock | 446.00M | 446.00M | 446.00M | 451.00M | 456.00M | 462.00M |
| Retained Earnings | 224.16B | 195.30B | 144.45B | 104.84B | 80.59B | 72.00B |
| Treasury Stock | -4.00M | -2.00M | -2.00M | -5.00M | -6.00M | -6.00M |
| Comprehensive Income & Other | -3.33B | -1.70B | -1.41B | 1.28B | 2.45B | -1.71B |
| Shareholders' Equity | 221.28B | 194.05B | 143.49B | 106.56B | 83.49B | 70.75B |
| Total Liabilities & Equity | 594.94B | 542.90B | 465.63B | 314.49B | 241.26B | 194.51B |
| Total Debt | 140.13B | 130.96B | 102.79B | 27.01B | 25.78B | 26.64B |
| Net Cash (Debt) | -95.14B | -104.00B | -76.48B | 3.22B | -2.21B | -9.16B |
| Net Cash Per Share | -21.40 | -23.38 | -17.14 | 0.72 | -0.49 | -1.99 |
| Filing Date Shares Outstanding | 4.43B | 4.44B | 4.44B | 4.46B | 4.50B | 4.56B |
| Total Common Shares Outstanding | 4.43B | 4.44B | 4.44B | 4.46B | 4.50B | 4.56B |
| Working Capital | -30.39B | -43.21B | -55.83B | -30.01B | -12.75B | -13.92B |
| Book Value Per Share | 49.97 | 43.66 | 32.31 | 23.90 | 18.55 | 15.52 |
| Tangible Book Value | 99.22B | 63.99B | 32.66B | 46.16B | 32.55B | 27.57B |
| Tangible Book Value Per Share | 22.41 | 14.40 | 7.36 | 10.35 | 7.23 | 6.05 |
| Land | 65.56B | 61.37B | 48.99B | 43.40B | 41.08B | |
| Machinery | 71.13B | 67.20B | 49.93B | 45.66B | 43.72B | |
| Construction In Progress | 130.62B | 85.50B | 39.66B | 22.36B | 11.09B |
Cash flow statement
Fiscal year January - December; amounts in DKK.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 116.44B | 102.43B | 100.99B | 83.68B | 55.52B | 47.76B |
| Depreciation & Amortization | 13.96B | 14.35B | 8.29B | 7.29B | 6.55B | 5.45B |
| Other Amortization | 318.00M | 318.00M | 255.00M | |||
| Asset Writedown & Restructuring Costs | 12.88B | 7.32B | 10.56B | 2.12B | 809.00M | 573.00M |
| Loss (Gain) From Sale of Investments | 4.16B | 4.16B | -5.08B | -556.00M | 2.57B | |
| Loss (Gain) on Equity Investments | 17.00M | 17.00M | 17.00M | -81.00M | 189.00M | |
| Stock-Based Compensation | 1.44B | 1.44B | 2.29B | 2.15B | 1.54B | |
| Other Operating Activities | -8.63B | -14.66B | 1.06B | -5.41B | 17.23B | 10.28B |
| Change in Accounts Receivable | 1.09B | 1.09B | -7.18B | -14.21B | -9.92B | -12.91B |
| Change in Inventory | -8.77B | -8.77B | -9.04B | -7.42B | -4.77B | -1.08B |
| Change in Accounts Payable | 2.62B | 2.62B | 5.01B | 7.53B | 6.72B | 3.15B |
| Change in Other Net Operating Assets | -3.64B | 8.80B | 13.79B | 33.82B | 2.43B | 1.78B |
| Operating Cash Flow | 131.88B | 119.10B | 120.97B | 108.91B | 78.89B | 55.00B |
| Capital Expenditures | -56.04B | -60.14B | -47.16B | -25.81B | -12.15B | -6.33B |
| Cash Acquisitions | 1.00B | 1.00B | -82.16B | -7.08B | -18.28B | |
| Sale (Purchase) of Intangibles | -28.05B | -29.97B | -4.14B | -13.09B | -2.61B | -1.05B |
| Investment in Securities | 33.00M | 9.95B | 4.58B | -5.00B | -3.09B | -5.94B |
| Other Investing Activities | -482.00M | 4.00M | ||||
| Investing Cash Flow | -83.54B | -79.16B | -128.90B | -43.89B | -24.92B | -31.61B |
| Long-Term Debt Issued | 103.93B | 79.39B | 11.21B | 22.16B | ||
| Long-Term Debt Repaid | -79.19B | -6.33B | -1.47B | -13.62B | -6.69B | |
| Net Debt Issued (Repaid) | 36.44B | 24.74B | 73.06B | -1.47B | -2.41B | 15.47B |
| Repurchase of Common Stock | -5.90B | -1.39B | -20.18B | -29.92B | -24.09B | -19.45B |
| Common Dividends Paid | -51.98B | -51.76B | -44.14B | -31.77B | -25.30B | -21.52B |
| Financing Cash Flow | -22.24B | -28.41B | 8.73B | -63.16B | -51.80B | -25.49B |
| Foreign Exchange Rate Adjustments | -55.00M | -727.00M | 455.00M | -119.00M | -238.00M | 591.00M |
| Net Cash Flow | 26.05B | 10.81B | 1.26B | 1.74B | 1.93B | -1.51B |
| Free Cash Flow | 75.84B | 58.96B | 73.80B | 83.10B | 66.74B | 48.66B |
| Free Cash Flow Margin | 23.02% | 19.08% | 25.41% | 35.78% | 37.72% | 34.56% |
| Free Cash Flow Per Share | 17.06 | 13.26 | 16.54 | 18.49 | 14.69 | 10.56 |
| Levered Free Cash Flow | 37.67B | 376.88M | 60.57B | 54.55B | 57.50B | 43.90B |
| Unlevered Free Cash Flow | 37.74B | 3.01B | 61.60B | 54.89B | 57.73B | 44.08B |
| Cash Interest Paid | 4.23B | 3.42B | 612.00M | 491.00M | 272.00M | 261.00M |
| Cash Income Tax Paid | 30.92B | 32.01B | 29.64B | 25.90B | 14.52B | 14.44B |
| Change in Working Capital | -8.70B | 3.74B | 2.59B | 19.71B | -5.54B | -9.06B |
Ratios
Fiscal year January - December; amounts in DKK.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 175.43B | 227.21B | 384.85B | 461.55B | 304.43B | 256.20B |
| Enterprise Value | 189.64B | 238.00B | 382.37B | 458.43B | 302.77B | 252.89B |
| Last Close Price | 40.00 | 49.21 | 81.56 | 97.33 | 63.09 | 51.67 |
| PE Ratio | 10.16 | 14.11 | 27.45 | 37.19 | 38.16 | 35.07 |
| PS Ratio | 3.48 | 4.68 | 9.55 | 13.40 | 11.97 | 11.90 |
| PB Ratio | 5.19 | 7.45 | 19.32 | 29.21 | 25.38 | 23.68 |
| P/TBV Ratio | 11.57 | 22.58 | 84.87 | 67.43 | 65.10 | 60.74 |
| P/FCF Ratio | 15.46 | 24.51 | 37.56 | 37.45 | 31.75 | 34.42 |
| P/OCF Ratio | 8.89 | 12.13 | 22.92 | 28.58 | 26.86 | 30.45 |
| EV/Sales Ratio | 3.77 | 4.90 | 9.48 | 13.31 | 11.91 | 11.74 |
| EV/EBITDA Ratio | 7.15 | 9.88 | 18.91 | 27.92 | 25.98 | 25.93 |
| EV/EBIT Ratio | 7.69 | 10.77 | 19.83 | 29.53 | 27.87 | 27.92 |
| EV/FCF Ratio | 16.71 | 25.68 | 37.32 | 37.20 | 31.57 | 33.97 |
| Debt / Equity Ratio | 0.63 | 0.68 | 0.72 | 0.25 | 0.31 | 0.38 |
| Debt / EBITDA Ratio | 0.80 | 0.85 | 0.70 | 0.24 | 0.31 | 0.41 |
| Debt / FCF Ratio | 1.85 | 2.22 | 1.39 | 0.33 | 0.39 | 0.55 |
| Net Debt / Equity Ratio | 0.43 | 0.54 | 0.53 | -0.03 | 0.03 | 0.13 |
| Net Debt / EBITDA Ratio | 0.55 | 0.68 | 0.53 | -0.03 | 0.03 | 0.14 |
| Net Debt / FCF Ratio | 1.25 | 1.76 | 1.04 | -0.04 | 0.03 | 0.19 |
| Asset Turnover | 0.61 | 0.61 | 0.74 | 0.84 | 0.81 | 0.83 |
| Inventory Turnover | 1.22 | 1.20 | 1.20 | 1.26 | 1.29 | 1.24 |
| Quick Ratio | 0.64 | 0.54 | 0.53 | 0.62 | 0.67 | 0.65 |
| Current Ratio | 0.87 | 0.80 | 0.74 | 0.82 | 0.90 | 0.86 |
| Return on Equity (ROE) | 59.81% | 60.70% | 80.77% | 88.07% | 72.00% | 71.24% |
| Return on Assets (ROA) | 18.73% | 17.43% | 22.26% | 23.55% | 21.69% | 21.81% |
| Return on Invested Capital (ROIC) | 39.22% | 42.60% | 68.23% | 88.56% | 73.42% | 67.98% |
| Return on Capital Employed (ROCE) | 45.40% | 43.00% | 56.00% | 72.30% | 62.80% | 62.30% |
| Earnings Yield | 9.84% | 7.09% | 3.64% | 2.69% | 2.62% | 2.85% |
| FCF Yield | 6.47% | 4.08% | 2.66% | 2.67% | 3.15% | 2.90% |
| Dividend Yield | 3.20% | 3.60% | 1.83% | 1.35% | 1.32% | 1.42% |
| Payout Ratio | 32.54% | 50.53% | 43.71% | 37.96% | 45.57% | 45.05% |
| Buyback Yield / Dilution | 0.14% | 0.34% | 0.71% | 1.10% | 1.34% | 1.58% |
| Total Shareholder Return | 3.34% | 3.94% | 2.53% | 2.44% | 2.65% | 2.99% |