AQST
Aquestive Therapeutics, Inc.
AQST has the edge over NVO overall, supported by stronger fundamentals and stronger modeled upside.
NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
AQST Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Under pressure | |
| Unavailable |
AQST's revenue is currently stable, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
AQST PE Valuation
AQST 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.
AQST Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses steady | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AQST has the edge over NVO on the outlook, with more favorable 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.
AQST Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.64 | +$0.06 |
| Q2 2026 | -$0.65 | +$0.04 |
| Q1 2026 | -$0.61 | -$0.03 |
| Q4 2025 | -$0.78 | -$0.27 |
| Q3 2025 | -$0.70 | -$0.26 |
| Q2 2025 | -$0.69 | -$0.35 |
| Q1 2025 | -$0.58 | -$0.17 |
| Q4 2024 | -$0.51 | -$0.38 |
AQST is still losing money, but far less than before: $0.64 per share over the past year, against $2.63 at its worst in late 2019.
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 AQST on earnings quality, reporting a profit while its opponent remains loss making.
AQST Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.6M | -41% |
| Q2 2026 | $13.8M | +38% |
| Q1 2026 | $14.4M | +66% |
| Q4 2025 | $13M | +9.7% |
| Q3 2025 | $12.8M | -5.4% |
| Q2 2025 | $10M | -50% |
| Q1 2025 | $8.7M | -28% |
| Q4 2024 | $11.9M | -10% |
AQST's revenue is growing: $8M last quarter, down 41% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -191% | -102 points |
| Q2 2026 | -60% | +54 points |
| Q1 2026 | -29% | +193 points |
| Q4 2025 | -222% | -107 points |
| Q3 2025 | -90% | -28 points |
| Q2 2025 | -114% | -114 points |
| Q1 2025 | -222% | -148 points |
| Q4 2024 | -114% | -85 points |
AQST's operating margin was −191% last quarter, down 102 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 AQST 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 AQST on profitability, with a higher operating margin.
AQST Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$7.6M | +$5.3M |
| Q2 2026 | -$9.7M | -$1.6M |
| Q1 2026 | -$14.9M | +$8.7M |
| Q4 2025 | -$8.6M | -$2.1M |
| Q3 2025 | -$12.9M | -$924K |
| Q2 2025 | -$8M | -$980K |
| Q1 2025 | -$23.5M | -$13.1M |
| Q4 2024 | -$6.5M | -$1.5M |
AQST has burned cash in almost every quarter: −$41M over the past year, against −$51M 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 AQST on cash generation, producing positive trailing cash flow while its opponent burns cash.
AQST Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +555K shares |
| 1 year | +14% | +15M shares |
| 3 years | +94% | +60.9M shares |
| 5 years | +220% | +86.3M shares |
| Available history | +274% | +92M shares |
AQST has 126M diluted shares, up 14% from 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 AQST 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.
AQST Net Leverage
AQST's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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's net debt is less than a year of its operating earnings (EBITDA).
AQST Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.3 | Neutral |
| Stochastic | 9.9 | Oversold |
AQST's weekly RSI is 40 (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).
AQST PE vs Healthcare Sector
AQST 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.
AQST Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.11 | 13% below |
| 20 week MA | $4.26 | 16% below |
| 50 week MA | $4.32 | 17% below |
| 100 week MA | $4.14 | 14% below |
| 200 week MA | $3.42 | 4.4% above |
AQST has fallen below most of its moving averages, though it's still 4.4% above 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 bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
AQST Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $5.54 | $6.37 | +15% |
| 2021 | $6.37 | $4.03 | -37% |
| 2022 | $4.03 | $0.93 | -77% |
| 2023 | $0.93 | $2.02 | +117% |
| 2024 | $2.02 | $3.52 | +74% |
| 2025 | $3.52 | $5.99 | +70% |
| 2026 YTD | $5.99 | $3.57 | -40% |
AQST's yearly returns have swung widely, from +117% in 2023 to −77% in 2022. It's down 40% 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 AQST on returns for 2026, with the stronger performance.