NYSE : NVS
Novartis AG — Financial statements
Healthcare · Drug Manufacturers - General · Switzerland
Last price 160.79 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 306.70B
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Financial statements
Novartis AG (NVS) reported revenue of 57.36B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 55.38B | 54.53B | 50.32B | 45.44B | 42.21B | 42.78B |
| Other Revenue | 1.99B | 2.14B | 1.41B | 1.22B | 1.25B | 1.19B |
| Revenue | 57.36B | 56.67B | 51.72B | 46.66B | 43.46B | 43.97B |
| Cost of Revenue | 14.22B | 13.62B | 12.81B | 12.47B | 11.58B | 11.39B |
| Gross Profit | 43.14B | 43.05B | 38.91B | 34.19B | 31.88B | 32.58B |
| Selling, General & Admin | 12.88B | 13.24B | 12.56B | 12.52B | 12.19B | 12.76B |
| Research & Development | 11.15B | 10.69B | 9.51B | 11.37B | 9.17B | 8.26B |
| Other Operating Expenses | -379.00M | 124.00M | 512.00M | 66.00M | 1.30B | 605.00M |
| Operating Expenses | 23.65B | 24.05B | 22.59B | 23.95B | 22.67B | 21.62B |
| Operating Income | 19.49B | 19.00B | 16.32B | 10.23B | 9.21B | 10.96B |
| Interest Expense | -1.58B | -1.14B | -1.01B | -855.00M | -800.00M | -787.00M |
| Interest & Investment Income | 373.00M | 373.00M | 568.00M | 627.00M | 377.00M | 70.00M |
| Earnings From Equity Investments | -10.00M | -12.00M | -38.00M | -13.00M | -11.00M | 15.34B |
| Currency Exchange Gain (Loss) | -300.00M | -300.00M | -258.00M | -214.00M | -184.00M | -69.00M |
| Other Non Operating Income (Expenses) | -51.00M | -104.00M | 61.00M | 3.00M | -14.00M | -29.00M |
| EBT Excluding Unusual Items | 17.93B | 17.82B | 15.65B | 9.78B | 8.58B | 25.48B |
| Merger & Restructuring Charges | -484.00M | -478.00M | -364.00M | -465.00M | -1.27B | -827.00M |
| Gain (Loss) on Sale of Investments | 64.00M | 48.00M | -45.00M | 38.00M | ||
| Gain (Loss) on Sale of Assets | 125.00M | 50.00M | 45.00M | 724.00M | ||
| Asset Writedown | -3.05B | -552.00M | -1.43B | -619.00M | ||
| Legal Settlements | -161.00M | -161.00M | -89.00M | -170.00M | ||
| Other Unusual Items | -1.78B | -373.00M | -126.00M | -194.00M | -137.00M | -101.00M |
| Pretax Income | 12.64B | 16.35B | 13.64B | 9.12B | 7.18B | 24.53B |
| Income Tax Expense | 2.63B | 2.38B | 1.70B | 551.00M | 1.13B | 1.62B |
| Earnings From Continuing Operations | 10.01B | 13.97B | 11.94B | 8.57B | 6.05B | 22.91B |
| Earnings From Discontinued Operations | 6.28B | 906.00M | 1.11B | |||
| Net Income to Company | 10.01B | 13.97B | 11.94B | 14.85B | 6.96B | 24.02B |
| Minority Interest in Earnings | 18.00M | 17.00M | 2.00M | -4.00M | 3.00M | |
| Net Income | 10.03B | 13.98B | 11.94B | 14.85B | 6.96B | 24.02B |
| Net Income to Common | 10.03B | 13.98B | 11.94B | 14.85B | 6.96B | 24.02B |
| Shares Outstanding (Basic) | 1.91B | 1.94B | 2.02B | 2.08B | 2.18B | 2.24B |
| Shares Outstanding (Diluted) | 1.92B | 1.96B | 2.04B | 2.09B | 2.20B | 2.26B |
| EPS (Basic) | 5.26 | 7.21 | 5.92 | 7.15 | 3.19 | 10.71 |
| EPS (Diluted) | 5.23 | 7.15 | 5.87 | 7.10 | 3.17 | 10.63 |
| Free Cash Flow | 15.66B | 17.60B | 16.25B | 13.40B | 13.32B | 14.01B |
| Free Cash Flow Per Share | 8.16 | 9.00 | 7.99 | 6.40 | 6.06 | 6.20 |
| Dividend Per Share | 4.67 | 4.67 | 3.86 | 3.92 | 3.46 | 3.40 |
| Gross Margin | 75.21% | 75.97% | 75.22% | 73.27% | 73.35% | 74.10% |
| Operating Margin | 33.98% | 33.53% | 31.55% | 21.93% | 21.20% | 24.93% |
| Profit Margin | 17.49% | 24.67% | 23.09% | 31.83% | 16.00% | 54.62% |
| Free Cash Flow Margin | 27.29% | 31.05% | 31.42% | 28.71% | 30.65% | 31.85% |
| EBITDA | 24.07B | 23.47B | 20.66B | 18.16B | 13.94B | 15.63B |
| EBITDA Margin | 41.95% | 41.42% | 39.95% | 38.92% | 32.07% | 35.55% |
| D&A For EBITDA | 4.57B | 4.47B | 4.34B | 7.92B | 4.73B | 4.67B |
| EBIT | 19.49B | 19.00B | 16.32B | 10.23B | 9.21B | 10.96B |
| EBIT Margin | 33.98% | 33.53% | 31.55% | 21.93% | 21.20% | 24.93% |
| Effective Tax Rate | 20.80% | 14.59% | 12.47% | 6.04% | 15.72% | 6.62% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 8.87B | 11.44B | 11.46B | 13.39B | 7.52B | 12.41B |
| Short-Term Investments | 2.00M | 98.00M | 1.89B | 680.00M | 11.21B | 15.82B |
| Cash & Short-Term Investments | 8.87B | 11.53B | 13.35B | 14.07B | 18.73B | 28.22B |
| Accounts Receivable | 9.78B | 8.94B | 7.42B | 7.11B | 8.07B | 8.01B |
| Other Receivables | 183.00M | 1.90B | 1.71B | 2.14B | 1.74B | 1.56B |
| Receivables | 9.96B | 10.83B | 9.13B | 9.25B | 9.80B | 9.56B |
| Inventory | 6.10B | 6.27B | 5.72B | 5.91B | 7.17B | 6.67B |
| Prepaid Expenses | 1.15B | 985.00M | 764.00M | 911.00M | 1.10B | |
| Other Current Assets | 3.81B | 672.00M | 514.00M | 484.00M | 297.00M | 163.00M |
| Total Current Assets | 28.75B | 30.46B | 29.70B | 30.48B | 36.91B | 45.72B |
| Property, Plant & Equipment | 12.27B | 12.35B | 10.87B | 10.92B | 12.20B | 13.11B |
| Long-Term Investments | 497.00M | 1.09B | 1.13B | 1.83B | 1.61B | 2.27B |
| Goodwill | 27.18B | 25.57B | 24.76B | 23.34B | 29.30B | 29.59B |
| Other Intangible Assets | 39.83B | 29.41B | 26.91B | 26.88B | 31.64B | 28.68B |
| Long-Term Accounts Receivable | 52.00M | 54.00M | 104.00M | 59.00M | 70.00M | |
| Long-Term Deferred Tax Assets | 5.35B | 5.44B | 4.36B | 4.31B | 3.74B | 3.74B |
| Long-Term Deferred Charges | 5.50B | |||||
| Other Long-Term Assets | 3.29B | 6.44B | 4.36B | 1.97B | 1.91B | 3.04B |
| Total Assets | 117.15B | 110.95B | 102.25B | 99.94B | 117.45B | 131.79B |
| Accounts Payable | 4.24B | 4.46B | 4.57B | 4.93B | 5.15B | 5.55B |
| Accrued Expenses | 5.36B | 4.99B | 5.17B | 5.39B | 5.15B | |
| Short-Term Debt | 4.73B | 4.73B | 3.89B | 3.63B | 3.61B | |
| Current Portion of Long-Term Debt | 9.65B | 875.00M | 3.50B | 2.28B | 2.30B | 2.69B |
| Current Portion of Leases | 278.00M | 263.00M | 235.00M | 230.00M | 251.00M | 275.00M |
| Current Income Taxes Payable | 2.65B | 1.97B | 1.60B | 1.89B | 2.53B | 2.42B |
| Current Unearned Revenue | 98.00M | 123.00M | 123.00M | |||
| Other Current Liabilities | 15.70B | 9.63B | 9.07B | 7.89B | 9.29B | 10.40B |
| Total Current Liabilities | 32.52B | 27.28B | 28.69B | 26.39B | 28.66B | 30.21B |
| Long-Term Debt | 36.70B | 27.93B | 21.37B | 18.44B | 20.24B | 22.90B |
| Long-Term Leases | 1.68B | 1.66B | 1.57B | 1.60B | 1.54B | 1.62B |
| Pension & Post-Retirement Benefits | 2.56B | 2.47B | 2.73B | 2.64B | 3.79B | |
| Long-Term Deferred Tax Liabilities | 4.40B | 3.40B | 2.42B | 2.25B | 2.69B | 3.07B |
| Other Long-Term Liabilities | 4.28B | 1.57B | 1.60B | 1.79B | 2.27B | 2.38B |
| Total Liabilities | 79.58B | 64.40B | 58.12B | 53.20B | 58.03B | 63.97B |
| Common Stock | 736.00M | 766.00M | 793.00M | 825.00M | 890.00M | 901.00M |
| Retained Earnings | 39.24B | 44.72B | 46.56B | 49.65B | 63.54B | 70.99B |
| Treasury Stock | -54.00M | -50.00M | -53.00M | -41.00M | -92.00M | -48.00M |
| Comprehensive Income & Other | -2.69B | 694.00M | -3.25B | -3.77B | -5.00B | -4.19B |
| Total Common Equity | 37.23B | 46.13B | 44.05B | 46.67B | 59.34B | 67.66B |
| Minority Interest | 336.00M | 419.00M | 80.00M | 83.00M | 81.00M | 167.00M |
| Shareholders' Equity | 37.56B | 46.55B | 44.13B | 46.75B | 59.42B | 67.82B |
| Total Liabilities & Equity | 117.15B | 110.95B | 102.25B | 99.94B | 117.45B | 131.79B |
| Total Debt | 48.31B | 35.46B | 31.40B | 26.44B | 27.96B | 31.09B |
| Net Cash (Debt) | -39.44B | -23.92B | -18.05B | -12.37B | -9.24B | -2.87B |
| Net Cash Per Share | -20.56 | -12.24 | -8.87 | -5.91 | -4.20 | -1.27 |
| Filing Date Shares Outstanding | 1.89B | 1.91B | 1.98B | 2.04B | 2.12B | 2.23B |
| Total Common Shares Outstanding | 1.89B | 1.91B | 1.98B | 2.04B | 2.12B | 2.23B |
| Working Capital | -3.78B | 3.18B | 1.01B | 4.09B | 8.25B | 15.51B |
| Book Value Per Share | 19.71 | 24.18 | 22.30 | 22.83 | 28.00 | 30.27 |
| Tangible Book Value | -29.77B | -8.85B | -7.62B | -3.55B | -1.60B | 9.38B |
| Tangible Book Value Per Share | -15.76 | -4.64 | -3.86 | -1.74 | -0.76 | 4.20 |
| Land | 446.00M | 376.00M | 403.00M | 451.00M | 492.00M | |
| Buildings | 10.75B | 9.53B | 10.15B | 11.40B | 11.82B | |
| Machinery | 10.45B | 9.05B | 9.63B | 11.84B | 13.33B | |
| Construction In Progress | 1.86B | 1.61B | 1.21B | 1.18B | 1.51B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 10.03B | 13.98B | 11.94B | 14.85B | 6.96B | 24.02B |
| Depreciation & Amortization | 4.87B | 4.74B | 4.60B | 8.18B | 4.99B | 4.95B |
| Loss (Gain) From Sale of Assets | -232.00M | 116.00M | -74.00M | -180.00M | -308.00M | -646.00M |
| Asset Writedown & Restructuring Costs | 2.88B | 581.00M | 1.47B | 94.00M | 1.71B | 648.00M |
| Loss (Gain) From Sale of Investments | -66.00M | -50.00M | 45.00M | 106.00M | 260.00M | -14.64B |
| Loss (Gain) on Equity Investments | 10.00M | 12.00M | 38.00M | 13.00M | 11.00M | -214.00M |
| Stock-Based Compensation | 1.14B | 1.10B | 1.04B | 865.00M | 791.00M | 700.00M |
| Other Operating Activities | 2.38B | 1.72B | 369.00M | -7.81B | 195.00M | -607.00M |
| Change in Accounts Receivable | -1.02B | -1.12B | -931.00M | -1.50B | -397.00M | -352.00M |
| Change in Inventory | 118.00M | 34.00M | -225.00M | -546.00M | -560.00M | -102.00M |
| Change in Accounts Payable | -94.00M | -273.00M | -105.00M | 479.00M | -181.00M | -111.00M |
| Change in Other Net Operating Assets | -2.69B | -1.70B | -552.00M | -332.00M | -432.00M | -283.00M |
| Operating Cash Flow | 17.32B | 19.14B | 17.62B | 14.46B | 14.24B | 15.07B |
| Capital Expenditures | -1.67B | -1.55B | -1.37B | -1.06B | -916.00M | -1.07B |
| Sale of Property, Plant & Equipment | 32.00M | 13.00M | 86.00M | 237.00M | 158.00M | 211.00M |
| Cash Acquisitions | -16.69B | -2.92B | -4.02B | -3.56B | -832.00M | -259.00M |
| Divestitures | 93.00M | -88.00M | 107.00M | 3.00M | -8.00M | 54.00M |
| Sale (Purchase) of Intangibles | -1.54B | -2.19B | -2.37B | 262.00M | -1.15B | -804.00M |
| Investment in Securities | 890.00M | 1.87B | 53.00M | 10.85B | 4.66B | 6.82B |
| Other Investing Activities | 198.00M | -24.00M | -7.00M | -1.13B | -437.00M | -744.00M |
| Investing Cash Flow | -18.69B | -4.88B | -7.51B | 5.60B | 1.47B | 4.21B |
| Short-Term Debt Issued | 5.00M | 958.00M | 546.00M | 252.00M | ||
| Long-Term Debt Issued | 6.10B | 6.14B | ||||
| Total Debt Issued | 18.30B | 6.10B | 7.10B | 546.00M | 252.00M | |
| Short-Term Debt Repaid | -289.00M | -3.55B | ||||
| Long-Term Debt Repaid | -3.67B | -2.42B | -2.48B | -2.84B | -2.44B | |
| Lease Payments | -280.00M | -281.00M | -262.00M | -258.00M | -262.00M | -278.00M |
| Total Debt Repaid | -2.11B | -3.67B | -2.71B | -2.48B | -2.84B | -5.99B |
| Net Debt Issued (Repaid) | 16.19B | 2.43B | 4.39B | -1.94B | -2.58B | -5.99B |
| Issuance of Common Stock | 18.00M | 27.00M | 30.00M | 153.00M | 100.00M | 53.00M |
| Repurchase of Common Stock | -6.25B | -9.21B | -8.33B | -8.72B | -10.65B | -3.06B |
| Common Dividends Paid | -9.07B | -7.82B | -7.62B | -7.25B | -7.51B | -7.37B |
| Other Financing Activities | -111.00M | -294.00M | -207.00M | 3.48B | 81.00M | 95.00M |
| Financing Cash Flow | 778.00M | -14.87B | -11.74B | -14.28B | -20.56B | -16.26B |
| Foreign Exchange Rate Adjustments | -98.00M | 576.00M | -298.00M | 100.00M | -32.00M | -266.00M |
| Net Cash Flow | -686.00M | -24.00M | -1.93B | 5.88B | -4.89B | 2.75B |
| Free Cash Flow | 15.66B | 17.60B | 16.25B | 13.40B | 13.32B | 14.01B |
| Free Cash Flow Margin | 27.29% | 31.05% | 31.42% | 28.71% | 30.65% | 31.85% |
| Free Cash Flow Per Share | 8.16 | 9.00 | 7.99 | 6.40 | 6.06 | 6.20 |
| Levered Free Cash Flow | 11.27B | 12.12B | 12.04B | 13.68B | 7.31B | 11.77B |
| Unlevered Free Cash Flow | 12.25B | 12.83B | 12.67B | 14.21B | 7.81B | 12.27B |
| Free Cash Flow After Leases | 15.38B | 17.32B | 15.99B | 13.14B | 13.06B | 13.73B |
| Cash Interest Paid | 1.30B | 981.00M | 855.00M | 751.00M | 667.00M | 643.00M |
| Cash Income Tax Paid | 2.46B | 2.56B | 2.26B | 2.79B | 1.70B | 1.86B |
| Change in Working Capital | -3.69B | -3.06B | -1.81B | -1.90B | -1.57B | -848.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 303.18B | 265.21B | 195.70B | 207.17B | 194.45B | 197.01B |
| Enterprise Value | 343.69B | 288.11B | 212.88B | 220.69B | 204.64B | 224.01B |
| Last Close Price | 161.52 | 135.24 | 93.23 | 94.44 | 78.11 | 73.36 |
| PE Ratio | 30.32 | 18.96 | 16.39 | 13.95 | 27.96 | 8.20 |
| PS Ratio | 5.29 | 4.68 | 3.78 | 4.44 | 4.47 | 4.48 |
| PB Ratio | 8.07 | 5.70 | 4.43 | 4.43 | 3.27 | 2.90 |
| P/TBV Ratio | 21.01 | |||||
| P/FCF Ratio | 19.36 | 15.07 | 12.04 | 15.46 | 14.60 | 14.07 |
| P/OCF Ratio | 17.50 | 13.85 | 11.11 | 14.33 | 13.66 | 13.07 |
| EV/Sales Ratio | 5.99 | 5.08 | 4.12 | 4.73 | 4.71 | 5.09 |
| EV/EBITDA Ratio | 14.28 | 12.27 | 10.30 | 12.15 | 14.68 | 14.33 |
| EV/EBIT Ratio | 17.63 | 15.16 | 13.04 | 21.57 | 22.21 | 20.43 |
| EV/FCF Ratio | 21.95 | 16.37 | 13.10 | 16.47 | 15.36 | 15.99 |
| Debt / Equity Ratio | 1.29 | 0.76 | 0.71 | 0.57 | 0.47 | 0.46 |
| Debt / EBITDA Ratio | 1.98 | 1.49 | 1.50 | 1.44 | 1.97 | 1.95 |
| Debt / FCF Ratio | 3.09 | 2.02 | 1.93 | 1.97 | 2.10 | 2.22 |
| Net Debt / Equity Ratio | 1.05 | 0.51 | 0.41 | 0.27 | 0.15 | 0.04 |
| Net Debt / EBITDA Ratio | 1.64 | 1.02 | 0.87 | 0.68 | 0.66 | 0.18 |
| Net Debt / FCF Ratio | 2.52 | 1.36 | 1.11 | 0.92 | 0.69 | 0.20 |
| Asset Turnover | 0.51 | 0.53 | 0.51 | 0.43 | 0.35 | 0.34 |
| Inventory Turnover | 2.27 | 2.27 | 2.20 | 1.91 | 1.67 | 1.65 |
| Quick Ratio | 0.58 | 0.82 | 0.78 | 0.88 | 0.99 | 1.25 |
| Current Ratio | 0.88 | 1.12 | 1.03 | 1.16 | 1.29 | 1.51 |
| Return on Equity (ROE) | 24.33% | 30.81% | 26.27% | 16.15% | 9.51% | 36.80% |
| Return on Assets (ROA) | 10.86% | 11.14% | 10.09% | 5.88% | 4.62% | 5.28% |
| Return on Invested Capital (ROIC) | 19.26% | 24.47% | 23.55% | 15.05% | 11.14% | 13.29% |
| Return on Capital Employed (ROCE) | 23.00% | 22.70% | 22.20% | 13.90% | 10.40% | 10.80% |
| Earnings Yield | 3.30% | 5.27% | 6.10% | 7.17% | 3.58% | 12.19% |
| FCF Yield | 5.16% | 6.64% | 8.30% | 6.47% | 6.85% | 7.11% |
| Dividend Yield | 1.91% | 3.36% | 3.90% | 3.87% | 3.77% | 3.86% |
| Payout Ratio | 58.18% | 55.91% | 63.85% | 48.85% | 107.92% | 30.67% |
| Buyback Yield / Dilution | 2.76% | 3.93% | 2.73% | 4.78% | 2.79% | 1.57% |
| Total Shareholder Return | 4.67% | 7.29% | 6.62% | 8.65% | 6.56% | 5.43% |