ALC
Alcon Inc.
ALC has the edge over NVO overall on the model score.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
ALC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Healthy |
ALC's cash flow and balance sheet are currently healthy, and its revenue and profitability are stable.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ALC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 19x | $71.83 | — |
| Cheap | 39x | $50.05 | -30% |
| Fair | 48x | $62.50 | -13% |
| Current | 55x | $71.83 | — |
| Expensive | 108x | $140 | +95% |
Historical ranges are pointers, not guarantees.
ALC's PE is in its fair range at 55x. If earnings grow as analysts expect, today's price would be 19x next year's earnings, in its cheap range.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over ALC in the historical PE scenario, which offers more potential upside but is not a forecast.
ALC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
ALC has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
ALC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.85 | +196% |
| Q2 2026 | $1.30 | -40% |
| Q1 2026 | $1.65 | -27% |
| Q4 2025 | $1.97 | -3.9% |
| Q3 2025 | $2.10 | -11% |
| Q2 2025 | $2.15 | -3.6% |
| Q1 2025 | $2.25 | +6.1% |
| Q4 2024 | $2.05 | +4.1% |
| Q3 2024 | $2.35 | +161% |
ALC's earnings per share have fallen from their peak: $1.30 over the past year, against $2.35 in late 2024.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over ALC on earnings, with more consistent year-over-year improvement.
ALC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2.8B | +8.7% |
| Q1 2026 | $2.7B | +7.3% |
| Q4 2025 | $2.7B | +8.6% |
| Q3 2025 | $2.6B | +6.5% |
| Q2 2025 | $2.6B | +4% |
| Q1 2025 | $2.5B | +0.6% |
| Q4 2024 | $2.5B | +6.4% |
| Q3 2024 | $2.5B | +5.4% |
ALC's revenue has grown year over year for 23 quarters in a row: $2.8B last quarter, up 8.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 0.4% | -9.1 points |
| Q1 2026 | 15% | -3.4 points |
| Q4 2025 | 12% | -4.3 points |
| Q3 2025 | 13% | -0.8 points |
| Q2 2025 | 9.5% | -3.2 points |
| Q1 2025 | 19% | +4 points |
| Q4 2024 | 16% | +6.9 points |
| Q3 2024 | 14% | +0.9 points |
ALC's operating margin was 0.4% last quarter, down 9.1 points from the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over ALC on profitability, with a higher operating margin.
ALC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $414M | +11% |
| Q1 2026 | $273.6M | +12% |
| Q4 2025 | $457M | +46% |
| Q3 2025 | $538.7M | -12% |
| Q2 2025 | $372M | -9.3% |
| Q1 2025 | $244M | +23% |
| Q4 2024 | $313.2M | +186% |
| Q3 2024 | $613.2M | +69% |
ALC has the edge over NVO on cash flow, with more consistent year-over-year improvement.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
ALC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -1.5M shares |
| 1 year | -1.8% | -9.2M shares |
| 3 years | -1.4% | -7M shares |
| 5 years | -0.9% | -4.5M shares |
| Available history | +0.1% | +500K shares |
ALC has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $289M |
| Q1 2026 | $73.5M |
| Q4 2025 | $308M |
| Q3 2025 | $250.5M |
| Q2 2025 | $126M |
| Q1 2025 | $33M |
| Q4 2024 | $2M |
| Q3 2024 | $3M |
ALC spent $921M buying back its own shares over the past year, about six times what it spent the year before.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
ALC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.4x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 1.3x | Healthy |
| Q3 2024 | 1.4x | Healthy |
ALC's net debt is about 1.4 years of its operating earnings (EBITDA), about the same as a year ago.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over ALC on leverage, with a lower net debt burden relative to earnings.
ALC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.0 | Neutral |
| Stochastic | 69.9 | Neutral |
ALC's weekly RSI is 53 (neutral) and its Stochastic is 70 (neutral).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
ALC PE vs Healthcare Sector
| Metric | ALC | Sector median | Relative |
|---|---|---|---|
| PE | 55x | 26x | 114% above |
| PE % | 51 | 29 | 22 pts above |
ALC is trading at 55x earnings, a 114% premium to the Healthcare sector's median of 26x.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over ALC on valuation relative to its sector.
ALC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $68.4 | 5.1% above |
| 20 week MA | $69.2 | 3.7% above |
| 50 week MA | $72.9 | 1.5% below |
| 100 week MA | $79.1 | 9.2% below |
| 200 week MA | $80.6 | 11% below |
ALC has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
ALC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $57.4 | $64.9 | +13% |
| 2021 | $64.9 | $86.6 | +34% |
| 2022 | $86.6 | $67.8 | -22% |
| 2023 | $67.8 | $78.1 | +15% |
| 2024 | $78.1 | $85.7 | +9.6% |
| 2025 | $85.7 | $80.4 | -6.2% |
| 2026 YTD | $80.4 | $71.8 | -11% |
ALC has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.