AORT
Artivion, Inc.
AORT 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 AORT overall, supported by stronger fundamentals and lower modeled downside.
AORT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Weak | |
| Weak |
AORT's revenue is currently stable, but its profitability, cash flow and balance sheet are 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.
AORT PE Valuation
AORT has no meaningful PE right now: it lost money over the past year.
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.
AORT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
AORT 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.
AORT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.05 | — |
| Q3 2026 | -$0.35 | -$0.10 |
| Q2 2026 | -$0.06 | +$0.37 |
| Q1 2026 | $0.25 | +$0.76 |
| Q4 2025 | $0.21 | +$0.53 |
| Q3 2025 | -$0.25 | -$0.23 |
| Q2 2025 | -$0.43 | -$0.22 |
| Q1 2025 | -$0.51 | -$0.27 |
| Q4 2024 | -$0.32 | +$0.43 |
AORT is still losing money, but far less than before: $0.35 per share over the past year, against $1.03 at its worst in late 2022.
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 AORT on earnings quality, reporting a profit while its opponent remains loss making.
AORT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $123.8M | +9.2% |
| Q2 2026 | $125.8M | +11% |
| Q1 2026 | $116.3M | +18% |
| Q4 2025 | $116M | +19% |
| Q3 2025 | $113.4M | +18% |
| Q2 2025 | $113M | +15% |
| Q1 2025 | $99M | +1.6% |
| Q4 2024 | $97.3M | +3.9% |
AORT's revenue has grown year over year for 23 quarters in a row: $124M last quarter, up 9.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.4% | -8.7 points |
| Q2 2026 | -6.7% | -14 points |
| Q1 2026 | 5% | +2.8 points |
| Q4 2025 | 9.2% | +6.5 points |
| Q3 2025 | 11% | +6.5 points |
| Q2 2025 | 7.4% | +0.8 points |
| Q1 2025 | 2.2% | -24 points |
| Q4 2024 | 2.7% | -0.6 points |
AORT's operating margin was 2.4% last quarter, down 8.7 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 AORT on profitability, with a higher operating margin.
AORT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$17.6M | -200% |
| Q2 2026 | -$12M | -202% |
| Q1 2026 | -$6.8M | +$13.7M |
| Q4 2025 | -$7.9M | -191% |
| Q3 2025 | $17.7M | +126% |
| Q2 2025 | $11.7M | +224% |
| Q1 2025 | -$20.6M | -$11.5M |
| Q4 2024 | $8.7M | -2.2% |
AORT's free cash flow was −$44M over the past year, against $18M 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 AORT on cash generation, producing positive trailing cash flow while its opponent burns cash.
AORT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +177K shares |
| 1 year | -0.1% | -57K shares |
| 3 years | +19% | +7.8M shares |
| 5 years | +9.6% | +4.3M shares |
| Available history | +29% | +10.9M shares |
AORT has 49M diluted shares, about the same as a year ago.
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 AORT 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.
AORT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 8.5x | High |
| Q2 2026 | 6.3x | High |
| Q1 2026 | 2.6x | Moderate |
| Q4 2025 | 2.7x | Moderate |
| Q3 2025 | 2.9x | Moderate |
| Q2 2025 | 4.0x | Elevated |
| Q1 2025 | 7.0x | High |
| Q4 2024 | 4.1x | High |
AORT's net debt is about 8.5 years of its operating earnings (EBITDA), up from 2.9 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 AORT on leverage, with a lower net debt burden relative to earnings.
AORT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.0 | Neutral |
| Stochastic | 10.1 | Oversold |
AORT's weekly RSI is 31 (neutral) and its Stochastic is 10 (oversold).
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).
AORT PE vs Healthcare Sector
| Metric | AORT | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
AORT 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.
AORT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $21.7 | 11% below |
| 20 week MA | $24.2 | 20% below |
| 50 week MA | $30.8 | 37% below |
| 100 week MA | $32.0 | 39% below |
| 200 week MA | $25.7 | 24% below |
AORT is in a downtrend: it's below all five of its weekly moving averages, and 24% below its 200-week average.
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 the edge over AORT on trend strength, trading above more of its moving averages.
AORT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $26.7 | $23.5 | -12% |
| 2021 | $23.5 | $20.4 | -14% |
| 2022 | $20.4 | $11.8 | -42% |
| 2023 | $11.8 | $17.9 | +51% |
| 2024 | $17.9 | $29.0 | +62% |
| 2025 | $29.0 | $46.3 | +60% |
| 2026 YTD | $46.3 | $19.4 | -58% |
AORT has finished lower in three of the last six years. It's down 58% so far in 2026.
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 the edge over AORT on returns for 2026, with the stronger performance.