AVR
Anteris Technologies Global Corp.
AVR offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over AVR overall, supported by stronger fundamentals and lower modeled downside.
AVR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Weak | |
| Unavailable |
AVR's revenue is currently healthy, but its profitability and cash flow are weak. 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.
AVR PE Valuation
AVR 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.
AVR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong decline | |
| -- | |
| Limited | |
| Low |
Analysts expect AVR's losses to shrink, 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.
AVR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.60 | +$1.03 |
| Q2 2026 | -$1.94 | +$0.68 |
| Q1 2026 | -$2.22 | +$0.34 |
| Q4 2025 | -$2.55 | -$0.15 |
| Q3 2025 | -$2.63 | -$0.66 |
| Q2 2025 | -$2.62 | -$0.96 |
| Q1 2025 | -$2.56 | -$1.12 |
| Q4 2024 | -$2.40 | -$1.12 |
AVR is still losing money, but less than at its worst: $1.60 per share over the past year, against $2.63 at its worst in late 2025.
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 AVR on earnings quality, reporting a profit while its opponent remains loss making.
AVR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $519K | +21% |
| Q2 2026 | $1M | +63% |
| Q1 2026 | $494K | -11% |
| Q4 2025 | $310K | -42% |
| Q3 2025 | $429K | -44% |
| Q2 2025 | $618K | -2.1% |
| Q1 2025 | $556K | -27% |
| Q4 2024 | $536.1K | -1.5% |
AVR's revenue is recovering but still below its 2023 peak: $519,000 last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -5750% | -560 points |
| Q2 2026 | -3072% | +307 points |
| Q1 2026 | -4860% | -943 points |
| Q4 2025 | -9344% | -5415 points |
| Q3 2025 | -5190% | -2344 points |
| Q2 2025 | -3379% | -391 points |
| Q1 2025 | -3917% | -1596 points |
| Q4 2024 | -3929% | -1010 points |
AVR's operating margin was −5750% last quarter, down 560 points from the same quarter a year ago, near the bottom of its range since 2023.
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 AVR 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 AVR on profitability, with a higher operating margin.
AVR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$24.3M | -$5.3M |
| Q2 2026 | -$21.4M | -$1.4M |
| Q1 2026 | -$28.8M | -$7.1M |
| Q4 2025 | -$18.9M | -$323.6K |
| Q3 2025 | -$19M | -$4.4M |
| Q2 2025 | -$20.1M | -$6.1M |
| Q1 2025 | -$21.7M | -$5.5M |
| Q4 2024 | -$18.6M | -$10.2M |
AVR has burned cash in almost every quarter: −$93M over the past year, against −$79M 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 AVR on cash generation, producing positive trailing cash flow while its opponent burns cash.
AVR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +120K shares |
| 1 year | +170% | +61.4M shares |
| 3 years | +171% | +61.5M shares |
AVR has 97M diluted shares, up 170% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
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 AVR 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.
AVR Net Leverage
AVR'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).
AVR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.8 | Neutral |
| Stochastic | 11.5 | Oversold |
AVR's weekly RSI is 39 (neutral) and its Stochastic is 12 (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).
AVR PE vs Healthcare Sector
AVR 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.
AVR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.49 | 9.7% below |
| 20 week MA | $7.90 | 26% below |
| 50 week MA | $7.02 | 17% below |
| 100 week MA | $5.87 | 0.2% below |
NVO has stronger trend alignment. AVR is above 0 of 4 weekly averages versus NVO above 1 of 5.
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.
AVR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $5.60 | $5.61 | +0.2% |
| 2025 | $5.61 | $5.59 | -0.4% |
| 2026 YTD | $5.59 | $5.86 | +4.8% |
AVR 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.