AMPH
Amphastar Pharmaceuticals, Inc.
AMPH has the edge over NVO overall, supported by stronger valuation and lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
AMPH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
AMPH's profitability and cash flow are currently healthy, and its revenue and balance sheet 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.
AMPH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.8x | $28.87 | — |
| Cheap | 12x | $25.21 | -13% |
| Current | 13x | $28.87 | — |
| Fair | 19x | $40.83 | +41% |
| Expensive | 89x | $196 | +578% |
Historical ranges are pointers, not guarantees.
AMPH's PE is in its cheap range at 13x. If earnings grow as analysts expect, today's price would be 8.8x 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 has the edge over AMPH in the historical PE scenario, which offers more potential upside but is not a forecast.
AMPH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
AMPH 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.
AMPH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.28 | +50% |
| Q3 2026 | $2.19 | -3.1% |
| Q2 2026 | $1.69 | -37% |
| Q1 2026 | $1.66 | -40% |
| Q4 2025 | $2.03 | -34% |
| Q3 2025 | $2.26 | -25% |
| Q2 2025 | $2.67 | -15% |
| Q1 2025 | $2.76 | -5.2% |
| Q4 2024 | $3.06 | +18% |
AMPH's earnings per share have fallen from their peak: $2.19 over the past year, against $3.15 in mid-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 AMPH on earnings, with more consistent year-over-year improvement.
AMPH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $207.6M | +8.2% |
| Q2 2026 | $183.9M | +5.4% |
| Q1 2026 | $171.2M | +0.4% |
| Q4 2025 | $183.1M | -1.8% |
| Q3 2025 | $191.8M | +0.3% |
| Q2 2025 | $174.4M | -4.4% |
| Q1 2025 | $170.5M | -0.8% |
| Q4 2024 | $186.5M | +4.7% |
AMPH's revenue grew through 2024 and has held roughly level since: $208M last quarter, up 8.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 24% | +11 points |
| Q2 2026 | 22% | -2.6 points |
| Q1 2026 | 8% | -14 points |
| Q4 2025 | 19% | -4.8 points |
| Q3 2025 | 13% | -17 points |
| Q2 2025 | 24% | -6.1 points |
| Q1 2025 | 22% | -6.1 points |
| Q4 2024 | 24% | -6.1 points |
AMPH's operating margin was 24% last quarter, up 11 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 AMPH 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 AMPH on profitability, with a higher operating margin.
AMPH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33.4M | -29% |
| Q2 2026 | $42.7M | +71% |
| Q1 2026 | $38.3M | +57% |
| Q4 2025 | $24.6M | +48% |
| Q3 2025 | $47.2M | +2.3% |
| Q2 2025 | $25M | -60% |
| Q1 2025 | $24.4M | -48% |
| Q4 2024 | $16.6M | +15% |
AMPH generated $139M in free cash flow over the past year, up 23% from 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 still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
AMPH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.9% | -848K shares |
| 1 year | -9% | -4.3M shares |
| 3 years | -20% | -10.5M shares |
| 5 years | -13% | -6.6M shares |
| Available history | -7.4% | -3.5M shares |
AMPH has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $438,000 |
| Q2 2026 | $45.2M |
| Q1 2026 | $29.5M |
| Q4 2025 | $20.5M |
| Q3 2025 | $4.9M |
| Q2 2025 | $39.2M |
| Q1 2025 | $11M |
| Q4 2024 | $42M |
AMPH spent $96M buying back its own shares over the past year, down 1.5% from 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.
AMPH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.5x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 1.9x | Healthy |
| Q2 2025 | 1.8x | Healthy |
| Q1 2025 | 1.8x | Healthy |
| Q4 2024 | 1.9x | Healthy |
AMPH's net debt is about 2.1 years of its operating earnings (EBITDA), up from 1.9 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 AMPH on leverage, with a lower net debt burden relative to earnings.
AMPH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 67.2 | Neutral |
| Stochastic | 86.2 | Overbought |
AMPH's weekly RSI is 67 (neutral) and its Stochastic is 86 (overbought).
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).
AMPH PE vs Healthcare Sector
| Metric | AMPH | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 26x | 49% below |
| PE % | 25 | 29 | 4 pts below |
AMPH is trading at 13x earnings, a 49% discount 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 AMPH on valuation relative to its sector.
AMPH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $26.8 | 7.8% above |
| 20 week MA | $23.4 | 24% above |
| 50 week MA | $23.0 | 26% above |
| 100 week MA | $25.3 | 14% above |
| 200 week MA | $35.8 | 19% below |
AMPH 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.
AMPH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.2 | $19.1 | -0.3% |
| 2021 | $19.1 | $22.6 | +18% |
| 2022 | $22.6 | $28.7 | +27% |
| 2023 | $28.7 | $61.9 | +116% |
| 2024 | $61.9 | $37.8 | -39% |
| 2025 | $37.8 | $27.1 | -28% |
| 2026 YTD | $27.1 | $28.9 | +6.5% |
AMPH 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.