ASML
ASML Holding N.V.
ASML has the edge over NVO overall, supported by stronger fundamentals and lower modeled downside.
NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
ASML Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Strong | |
| Strong | |
| Strong |
ASML's profitability, cash flow and balance sheet are currently strong. There isn't enough data to rate its revenue.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ASML PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 35x | $1,375 | -8.2% |
| Current | 39x | $1,497 | — |
| Fair | 43x | $1,684 | +13% |
| Expensive | 56x | $2,177 | +45% |
Historical ranges are pointers, not guarantees.
ASML's PE is 39x, but its earnings don't support one, so it isn't a reliable read right now.
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 ASML in the historical PE scenario, which offers more potential upside but is not a forecast.
ASML Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
ASML 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.
ASML Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $38.88 | +44% |
| Q2 2026 | $30.61 | +15% |
| Q3 2025 | $26.91 | +38% |
| Q2 2025 | $26.68 | +40% |
| Q1 2025 | $24.60 | +22% |
| Q4 2024 | $21.42 | -2.9% |
| Q3 2024 | $19.46 | -8.4% |
| Q2 2024 | $19.11 | -7.5% |
ASML has the stronger earnings trend. Trailing diluted EPS is up 58% for ASML versus NVO up 4.9%.
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's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
ASML Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $13B | +55% |
| Q2 2026 | $10.4B | +21% |
| Q1 2026 | $9.7B | +13% |
| Q4 2025 | $10.8B | +4.9% |
| Q3 2025 | $8.3B | +0.7% |
| Q3 2025 | $8.3B | +0.7% |
| Q2 2025 | $8.5B | +23% |
| Q1 2025 | $8.6B | +46% |
ASML's revenue has grown year over year for four quarters in a row: $13B last quarter, up 55% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | +12 points |
| Q2 2026 | 37% | +4.2 points |
| Q1 2026 | 36% | +1.4 points |
| Q4 2025 | 35% | -0.1 points |
| Q3 2025 | 33% | -3.4 points |
| Q3 2025 | 33% | +0.2 points |
| Q2 2025 | 35% | +5.3 points |
| Q1 2025 | 35% | +9.1 points |
ASML has the edge over NVO on profitability, with a higher operating margin.
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's operating margin was 34% last quarter, down 9 points from the same quarter a year ago, near the bottom of its range since 2019.
ASML Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $12.6B | +4571% |
| Q2 2026 | $1.6B | +292% |
| Q1 2026 | -$2.9B | -$2.4B |
| Q4 2025 | $12.2B | +24% |
| Q3 2025 | $270.7M | -54% |
| Q3 2025 | $270.7M | -54% |
| Q2 2025 | $397.4M | -10% |
| Q1 2025 | -$527.8M | +$223M |
ASML generated $23.5B in free cash flow over the past year, more than ten times what it generated 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 ASML on cash flow, with more consistent year-over-year improvement.
ASML Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -1.4M shares |
| 1 year | -1.1% | -4.1M shares |
| 3 years | -2.6% | -10.3M shares |
| 5 years | -5.3% | -21.5M shares |
| Available history | -8.6% | -36.2M shares |
ASML has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4.5B |
| Q2 2026 | $1.2B |
| Q1 2026 | $1.1B |
| Q4 2025 | $1.9B |
| Q3 2025 | $191.3M |
| Q3 2025 | $191.3M |
| Q2 2025 | $1.6B |
| Q1 2025 | $2.9B |
ASML spent $8.7B buying back its own shares over 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 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.
ASML Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.4x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q3 2025 | -0.2x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.5x | Net Cash |
| Q4 2024 | -0.8x | Net Cash |
| Q3 2024 | -0.0x | Net Cash |
| Q2 2024 | -0.0x | Net Cash |
ASML has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
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).
ASML Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.5 | Neutral |
| Stochastic | 16.3 | Oversold |
ASML's weekly RSI is 44 (neutral) and its Stochastic is 16 (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).
ASML PE vs Technology Sector
| Metric | ASML | Sector median | Relative |
|---|---|---|---|
| PE | 39x | 28x | 38% above |
| PE % | 30 | 35 | 5 pts below |
ASML is trading at 39x earnings, a 38% premium to the Technology sector's median of 28x, though its earnings don't support one.
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 ASML on valuation relative to its sector.
ASML Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,636.6 | 8.5% below |
| 20 week MA | $1,696.6 | 12% below |
| 50 week MA | $1,531.1 | 2.2% below |
| 100 week MA | $1,160.1 | 29% above |
| 200 week MA | $964.4 | 55% above |
ASML 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.
ASML Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $296.7 | $483.1 | +63% |
| 2021 | $483.1 | $801.4 | +66% |
| 2022 | $801.4 | $551.4 | -31% |
| 2023 | $551.4 | $756.9 | +37% |
| 2024 | $756.9 | $713.6 | -5.7% |
| 2025 | $713.6 | $1,072.8 | +50% |
| 2026 YTD | $1,072.8 | $1,497.1 | +40% |
ASML 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.