AZN
AstraZeneca PLC
AZN has the edge over NVO overall, supported by stronger fundamentals and lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
AZN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Healthy |
AZN'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.
AZN PE Valuation
AZN 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.
AZN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
AZN 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.
AZN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $6.66 | +25% |
| Q1 2026 | $6.64 | +52% |
| Q4 2025 | $6.54 | +68% |
| Q3 2025 | $6.02 | +70% |
| Q2 2025 | $5.31 | +51% |
| Q1 2025 | $4.36 | +7.4% |
| Q4 2024 | $3.89 | +1.8% |
| Q3 2024 | $3.54 | -6.6% |
AZN earned $6.66 per share over the past year, up 25% from 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'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.
AZN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $15.4B | +6.4% |
| Q1 2026 | $15.3B | +13% |
| Q4 2025 | $15.5B | +4.1% |
| Q3 2025 | $15.2B | +12% |
| Q2 2025 | $14.5B | +12% |
| Q1 2025 | $13.6B | +7.2% |
| Q4 2024 | $14.9B | +24% |
| Q3 2024 | $13.6B | +18% |
AZN's revenue has grown year over year for 13 quarters in a row: $15.4B last quarter, up 6.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 21% | -3.7 points |
| Q1 2026 | 28% | +0.7 points |
| Q4 2025 | 19% | +5.5 points |
| Q3 2025 | 24% | +8.1 points |
| Q2 2025 | 24% | +3.1 points |
| Q1 2025 | 27% | +2.5 points |
| Q4 2024 | 14% | +3.4 points |
| Q3 2024 | 16% | -1.5 points |
AZN's operating margin was 21% last quarter, down 3.7 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 AZN on profitability, with a higher operating margin.
AZN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $2.1B | +46% |
| Q1 2026 | $1.8B | -34% |
| Q4 2025 | $1.4B | -29% |
| Q3 2025 | $3.4B | +68% |
| Q2 2025 | $1.5B | -39% |
| Q1 2025 | $2.7B | +211% |
| Q4 2024 | $2B | +36% |
| Q3 2024 | $2B | -9.4% |
AZN generated $8.7B in free cash flow over the past year, up 6.8% 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 AZN on cash flow, with more consistent year-over-year improvement.
AZN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -1M shares |
| 1 year | +0.1% | +1M shares |
| 3 years | 0% | -- |
| 5 years | +18% | +242M shares |
| Available history | +19% | +248M shares |
AZN has 1.6B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $46.3M |
| Q1 2026 | — |
| Q4 2025 | $198.8M |
| Q3 2025 | $12.8M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
AZN has spent almost nothing on buybacks in 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 the edge over AZN 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.
AZN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.3x | Healthy |
| Q4 2025 | 1.2x | Healthy |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 1.7x | Healthy |
| Q4 2024 | 1.6x | Healthy |
| Q3 2024 | 1.7x | Healthy |
AZN's net debt is about 1.3 years of its operating earnings (EBITDA), down from 1.5 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 AZN on leverage, with a lower net debt burden relative to earnings.
AZN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.6 | Neutral |
| Stochastic | 85.9 | Overbought |
AZN's weekly RSI is 58 (neutral) and its Stochastic is 86 (overbought).
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).
AZN PE vs Healthcare Sector
| Metric | AZN | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
AZN 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.
AZN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $172.1 | 7.1% above |
| 20 week MA | $169.4 | 8.9% above |
| 50 week MA | $181.2 | 1.8% above |
| 100 week MA | $165.1 | 12% above |
| 200 week MA | $153.4 | 20% above |
AZN 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.
AZN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $100.9 | $97.9 | -3% |
| 2021 | $97.9 | $115.0 | +18% |
| 2022 | $115.0 | $136.4 | +19% |
| 2023 | $136.4 | $134.4 | -1.4% |
| 2024 | $134.4 | $132.0 | -1.8% |
| 2025 | $132.0 | $181.3 | +37% |
| 2026 YTD | $181.3 | $184.4 | +1.7% |
AZN 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.