ATRC
AtriCure, Inc.
ATRC has the edge over NVO overall, supported by stronger fundamentals and lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
ATRC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Strong |
ATRC's revenue, profitability, cash flow and balance sheet are all currently healthy.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ATRC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 37x | $11.06 | -80% |
| Fair | 61x | $18.23 | -67% |
| Current | 187x | $55.98 | — |
| Expensive | 203x | $60.96 | +8.9% |
| Forward | 211x | $55.98 | — |
Historical ranges are pointers, not guarantees.
ATRC's PE is in its expensive range at 187x. On analysts' estimates for next year's earnings, today's price would be 211x.
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 ATRC in the historical PE scenario, which offers more potential upside but is not a forecast.
ATRC Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Returning to profit | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
ATRC 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.
ATRC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.26 | -12% |
| Q3 2026 | $0.30 | +$0.91 |
| Q2 2026 | $0.21 | +$0.98 |
| Q1 2026 | -$0.10 | +$0.71 |
| Q4 2025 | -$0.24 | +$0.71 |
| Q3 2025 | -$0.61 | +$0.22 |
| Q2 2025 | -$0.77 | +$0.09 |
| Q1 2025 | -$0.81 | -$0.01 |
| Q4 2024 | -$0.95 | -$0.29 |
ATRC has returned to profit: it earned $0.30 per share over the past year, after losing money the year before.
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 ATRC on earnings, with more consistent year-over-year improvement.
ATRC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $154.5M | +15% |
| Q2 2026 | $153.6M | +13% |
| Q1 2026 | $141.2M | +14% |
| Q4 2025 | $140.5M | +13% |
| Q3 2025 | $134.3M | +16% |
| Q2 2025 | $136.1M | +17% |
| Q1 2025 | $123.6M | +14% |
| Q4 2024 | $124.3M | +17% |
ATRC's revenue has grown year over year for 23 quarters in a row: $154M last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.8% | +2.7 points |
| Q2 2026 | 6.3% | +11 points |
| Q1 2026 | 0.4% | +5.2 points |
| Q4 2025 | 1.8% | +14 points |
| Q3 2025 | 0.1% | +6.5 points |
| Q2 2025 | -4.5% | +1.6 points |
| Q1 2025 | -4.8% | +5.2 points |
| Q4 2024 | -12% | -3.5 points |
ATRC's operating margin was 2.8% last quarter, up 2.7 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 ATRC on profitability, with a higher operating margin.
ATRC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $23.9M | -0.7% |
| Q2 2026 | $18.4M | -2.8% |
| Q1 2026 | -$7.8M | +$5.4M |
| Q4 2025 | $18.4M | +486% |
| Q3 2025 | $24.1M | +47% |
| Q2 2025 | $19M | +279% |
| Q1 2025 | -$13.2M | +$10.6M |
| Q4 2024 | $3.1M | +153% |
ATRC has the edge over NVO on cash flow, with more consistent year-over-year improvement.
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.
ATRC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2% | +963K shares |
| 1 year | +4% | +1.9M shares |
| 3 years | +7.4% | +3.4M shares |
| 5 years | +8.1% | +3.7M shares |
| Available history | +33% | +12.2M shares |
ATRC has 50M diluted shares, up 4% 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 ATRC 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.
ATRC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -3.3x | Net Cash |
| Q2 2026 | -3.2x | Net Cash |
| Q1 2026 | -4.8x | Net Cash |
| Q4 2025 | -9.5x | Net Cash |
| Q2 2022 | 0.1x | Very low |
| Q1 2022 | 0.5x | Very low |
| Q4 2021 | 0.3x | Very low |
| Q3 2021 | 0.3x | Very low |
ATRC 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).
ATRC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.5 | Neutral |
| Stochastic | 75.6 | Neutral |
ATRC's weekly RSI is 67 (neutral) and its Stochastic is 76 (neutral).
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).
ATRC PE vs Healthcare Sector
| Metric | ATRC | Sector median | Relative |
|---|---|---|---|
| PE | 187x | 26x | 622% above |
| PE % | 79 | 29 | 50 pts above |
ATRC is trading at 187x earnings, a 622% premium 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 ATRC on valuation relative to its sector.
ATRC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $57.5 | 2.7% below |
| 20 week MA | $49.1 | 14% above |
| 50 week MA | $39.3 | 43% above |
| 100 week MA | $36.8 | 52% above |
| 200 week MA | $36.3 | 54% above |
ATRC 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.
ATRC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $32.0 | $57.6 | +80% |
| 2021 | $57.6 | $73.4 | +27% |
| 2022 | $73.4 | $43.7 | -40% |
| 2023 | $43.7 | $35.7 | -18% |
| 2024 | $35.7 | $30.7 | -14% |
| 2025 | $30.7 | $40.3 | +32% |
| 2026 YTD | $40.3 | $56.0 | +39% |
ATRC 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.