AVTR
Avantor, Inc.
AVTR has the edge over NVO overall, supported by stronger valuation and stronger fundamentals.
NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
AVTR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Under pressure |
AVTR's profitability is currently healthy, and its revenue and cash flow are stable, but its balance sheet is under pressure.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
AVTR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 18x | $15.62 | — |
| Cheap | 21x | $10.56 | -32% |
| Current | 31x | $15.62 | — |
| Fair | 41x | $20.70 | +33% |
| Expensive | 96x | $47.90 | +207% |
Historical ranges are pointers, not guarantees.
AVTR's PE is in its fair range at 31x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
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 AVTR in the historical PE scenario, which offers more potential upside but is not a forecast.
AVTR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
AVTR 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.
AVTR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.88 | +75% |
| Q3 2026 | $0.50 | +$0.63 |
| Q2 2026 | -$0.84 | -185% |
| Q1 2026 | -$0.81 | -178% |
| Q4 2025 | -$0.78 | -175% |
| Q3 2025 | -$0.13 | -129% |
| Q2 2025 | $0.99 | +87% |
| Q1 2025 | $1.04 | +174% |
| Q4 2024 | $1.04 | +121% |
AVTR has returned to profit: it earned $0.50 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 AVTR on earnings, with more consistent year-over-year improvement.
AVTR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.7B | +4.6% |
| Q2 2026 | $1.7B | +0.5% |
| Q1 2026 | $1.6B | 0% |
| Q4 2025 | $1.7B | -1.4% |
| Q3 2025 | $1.6B | -5.3% |
| Q2 2025 | $1.7B | -1.1% |
| Q1 2025 | $1.6B | -5.9% |
| Q4 2024 | $1.7B | -2.1% |
AVTR's revenue has held roughly level: $1.7B last quarter, up 4.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.2% | +48 points |
| Q2 2026 | 7.2% | -0.5 points |
| Q1 2026 | 6.3% | -3 points |
| Q4 2025 | 7.6% | -30 points |
| Q3 2025 | -40% | -47 points |
| Q2 2025 | 7.7% | -2.7 points |
| Q1 2025 | 9.3% | +0.6 points |
| Q4 2024 | 38% | +27 points |
AVTR's operating margin was 8.2% last quarter, up 48 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 AVTR 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 AVTR on profitability, with a higher operating margin.
AVTR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $156.2M | -9% |
| Q2 2026 | $140.6M | +13% |
| Q1 2026 | $25.2M | -69% |
| Q4 2025 | $117.2M | -20% |
| Q3 2025 | $171.7M | -16% |
| Q2 2025 | $124.8M | -47% |
| Q1 2025 | $81.3M | -24% |
| Q4 2024 | $145.8M | -27% |
AVTR's free cash flow has been positive every quarter for seven years: $439M over the past year, down 16% from 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 AVTR on cash flow, with more consistent year-over-year improvement.
AVTR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +3.7M shares |
| 1 year | -0.1% | -800K shares |
| 3 years | +0.4% | +2.4M shares |
| 5 years | +14% | +82.8M shares |
| Available history | +17% | +99.6M shares |
AVTR has 681M diluted shares, about the same as 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 AVTR 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.
AVTR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.6x | Elevated |
| Q2 2026 | 28.9x | High |
| Q1 2026 | 29.1x | High |
| Q4 2025 | 21.8x | High |
| Q3 2025 | 5.4x | High |
| Q2 2025 | 2.6x | Moderate |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.6x | Moderate |
AVTR's net debt is about 3.5 years of its operating earnings (EBITDA), down from 5.4 years a year ago.
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 has the edge over AVTR on leverage, with a lower net debt burden relative to earnings.
AVTR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.2 | Neutral |
| Stochastic | 62.4 | Neutral |
AVTR's weekly RSI is 64 (neutral) and its Stochastic is 62 (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).
AVTR PE vs Healthcare Sector
| Metric | AVTR | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 26x | 21% above |
| PE % | 33 | 29 | 4 pts above |
AVTR is trading at 31x earnings, a 21% 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 AVTR on valuation relative to its sector.
AVTR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $15.9 | 1.7% below |
| 20 week MA | $14.3 | 9.3% above |
| 50 week MA | $11.4 | 37% above |
| 100 week MA | $13.2 | 18% above |
| 200 week MA | $17.8 | 12% below |
AVTR 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.
AVTR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $18.2 | $27.1 | +49% |
| 2021 | $27.1 | $41.3 | +52% |
| 2022 | $41.3 | $20.5 | -50% |
| 2023 | $20.5 | $22.8 | +11% |
| 2024 | $22.8 | $21.4 | -6.2% |
| 2025 | $21.4 | $11.4 | -47% |
| 2026 YTD | $11.4 | $15.6 | +37% |
AVTR 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.