ARWR
Arrowhead Pharmaceuticals, Inc.
ARWR offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over ARWR overall, supported by stronger fundamentals and lower modeled downside.
ARWR Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Weak | |
| Strong |
ARWR's balance sheet is currently strong, but its revenue, profitability and cash flow are weak.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ARWR PE Valuation
ARWR 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.
ARWR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong decline | |
| -- | |
| Limited | |
| Low |
Analysts expect ARWR's losses to grow, with revenue declining. However, they disagree widely on these estimates.
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.
ARWR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$5.11 | -$5.10 |
| Q2 2026 | -$2.18 | -$0.92 |
| Q1 2026 | -$2.08 | -$0.70 |
| Q4 2025 | $1.60 | +$6.75 |
| Q3 2025 | -$0.01 | +$4.99 |
| Q2 2025 | -$1.26 | +$3.40 |
| Q1 2025 | -$1.38 | +$2.86 |
| Q4 2024 | -$5.15 | -$2.38 |
ARWR lost $5.11 per share over the past year, and its loss has widened in each of the last three quarters.
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 ARWR on earnings quality, reporting a profit while its opponent remains loss making.
ARWR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $37.8M | -85% |
| Q2 2026 | $75.3M | +171% |
| Q1 2026 | $73.7M | -86% |
| Q4 2025 | $264M | +10461% |
| Q4 2024 | $2.5M | -30% |
| Q4 2023 | $3.6M | -94% |
| Q3 2023 | $16.1M | -49% |
| Q2 2023 | $15.8M | -51% |
ARWR's revenue has slid since its 2025 peak: $38M last quarter, down 85% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -1155% | -1173 points |
| Q2 2026 | -226% | +370 points |
| Q1 2026 | -192% | -262 points |
| Q4 2025 | 15% | +6472 points |
| Q3 2025 | 17% | N/A |
| Q2 2025 | -596% | N/A |
| Q1 2025 | 70% | N/A |
| Q4 2024 | -6456% | -2611 points |
ARWR's operating margin was −1155% last quarter, down 1172 points from the same quarter a year ago, near the bottom of its range since 2019.
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 ARWR 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 ARWR on profitability, with a higher operating margin.
ARWR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$195.8M | -1606% |
| Q2 2026 | -$181.3M | -$24.2M |
| Q1 2026 | $81.9M | -82% |
| Q4 2025 | $11.3M | +$165.1M |
| Q3 2025 | $13M | +$174.5M |
| Q2 2025 | -$157.1M | -$27.2M |
| Q1 2025 | $454.8M | +$581.2M |
| Q4 2024 | -$153.8M | +$32.7M |
ARWR has burned cash in most quarters: −$284M over the past year, against $157M 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 ARWR on cash generation, producing positive trailing cash flow while its opponent burns cash.
ARWR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -1.7M shares |
| 1 year | +5.9% | +7.9M shares |
| 3 years | +33% | +34.9M shares |
| 5 years | +37% | +37.9M shares |
| Available history | +46% | +44.5M shares |
ARWR has 142M diluted shares, up 5.9% 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 ARWR 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.
ARWR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2025 | 0.0x | Very low |
| Q3 2025 | 0.2x | Very low |
| Q1 2020 | -51.3x | Net Cash |
| Q4 2019 | -9.3x | Net Cash |
ARWR has more cash than debt.
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).
ARWR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.8 | Oversold |
| Stochastic | 6.6 | Oversold |
ARWR's weekly RSI is 30 (oversold) and its Stochastic is 7 (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).
ARWR PE vs Healthcare Sector
| Metric | ARWR | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
ARWR 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.
ARWR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $59.0 | 20% below |
| 20 week MA | $73.0 | 35% below |
| 50 week MA | $70.0 | 33% below |
| 100 week MA | $46.1 | 2.3% above |
| 200 week MA | $37.1 | 27% above |
ARWR 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.
ARWR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $64.9 | $84.2 | +30% |
| 2021 | $84.2 | $70.3 | -17% |
| 2022 | $70.3 | $38.3 | -45% |
| 2023 | $38.3 | $30.6 | -20% |
| 2024 | $30.6 | $19.0 | -38% |
| 2025 | $19.0 | $70.2 | +270% |
| 2026 YTD | $70.2 | $47.2 | -33% |
ARWR's yearly returns have swung widely, from +270% in 2025 to −45% in 2022. It's down 33% 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 ARWR on returns for 2026, with the stronger performance.