ALVO
Alvotech
ALVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has a slight edge over ALVO overall, supported by stronger fundamentals and lower modeled downside.
ALVO Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Under pressure | |
| Weak | |
| Weak |
ALVO's revenue, profitability, cash flow and balance sheet are all currently under pressure.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ALVO PE Valuation
ALVO has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 19x next year's earnings.
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's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
ALVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
ALVO 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.
ALVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.25 | — |
| Q2 2026 | -$0.63 | -432% |
| Q1 2026 | -$0.34 | -200% |
| Q4 2025 | $0.00 | +$0.83 |
| Q3 2025 | $0.21 | +$1.86 |
| Q3 2024 | -$1.65 | +$0.56 |
| Q1 2021 | -$4.90 | -$4.07 |
| Q4 2020 | -$0.69 | +$0.19 |
ALVO has swung to a loss: it lost $0.63 per share over the past year, after a profit the year before.
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 ALVO on earnings quality, reporting a profit while its opponent remains loss making.
ALVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $105.8M | -39% |
| Q1 2026 | $105.9M | -20% |
| Q4 2025 | $166.4M | +10% |
| Q3 2025 | $114M | +11% |
| Q2 2025 | $173.2M | -13% |
| Q1 2025 | $132.8M | +260% |
| Q4 2024 | $151.2M | +183% |
| Q3 2024 | $102.9M | +478% |
ALVO's revenue has slid since its 2024 peak: $106M last quarter, down 39% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -11% | -22 points |
| Q1 2026 | 9.1% | +1.1 points |
| Q4 2025 | 29% | +20 points |
| Q3 2025 | 1.2% | -11 points |
| Q2 2025 | 10% | -36 points |
| Q1 2025 | 8% | +139 points |
| Q4 2024 | 8.9% | +157 points |
| Q3 2024 | 12% | +511 points |
ALVO's operating margin was −11% last quarter, down 22 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 has the edge over ALVO on sales, with more consistent year-over-year improvement.
| 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 ALVO on profitability, with a higher operating margin.
ALVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$47.7M | -213% |
| Q1 2026 | -$106.6M | -$95.8M |
| Q4 2025 | -$71.5M | -$1.2M |
| Q3 2025 | -$74.5M | +$11M |
| Q2 2025 | $42.1M | +$99.8M |
| Q1 2025 | -$10.8M | +$69.2M |
| Q4 2024 | -$70.3M | +$7.4M |
| Q3 2024 | -$85.5M | +$38.4M |
ALVO has burned cash in almost every quarter: −$300M over the past year, against −$124M the year before.
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 has the edge over ALVO on cash generation, producing positive trailing cash flow while its opponent burns cash.
ALVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +8% | +26.5M shares |
| 1 year | +14% | +43.4M shares |
| 3 years | +56% | +128M shares |
| 5 years | +1042% | +326M shares |
| Available history | +46% | +113M shares |
ALVO has 357M diluted shares, up 14% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
ALVO hasn't bought back shares in the past year.
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 the edge over ALVO on shareholder dilution, with a more favorable share count trend.
| 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.
ALVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 200.4x | High |
| Q1 2026 | 23.3x | High |
| Q4 2025 | 8.8x | High |
| Q3 2025 | 11.3x | High |
| Q2 2025 | 5.4x | High |
| Q1 2025 | 8.6x | High |
| Q3 2022 | 8.1x | High |
ALVO's net debt is more than 20 years of its operating earnings (EBITDA), up from 5.4 years 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 ALVO on leverage, with a lower net debt burden relative to earnings.
ALVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.9 | Neutral |
| Stochastic | 40.7 | Neutral |
ALVO's weekly RSI is 50 (neutral) and its Stochastic is 41 (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).
ALVO PE vs Healthcare Sector
| Metric | ALVO | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
ALVO has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
ALVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.09 | 8.3% below |
| 20 week MA | $4.60 | 1.5% above |
| 50 week MA | $4.33 | 7.9% above |
| 100 week MA | $6.96 | 33% below |
| 200 week MA | $9.28 | 50% below |
ALVO 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.
ALVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $9.70 | $10.0 | +3.1% |
| 2023 | $10.0 | $11.5 | +15% |
| 2024 | $11.5 | $12.7 | +10% |
| 2025 | $12.7 | $5.26 | -58% |
| 2026 YTD | $5.26 | $4.67 | -11% |
ALVO 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.