BCYC
Bicycle Therapeutics plc
BCYC offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has a slight edge over BCYC overall, supported by lower modeled downside.
BCYC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
BCYC's revenue is currently healthy, but its profitability and cash flow are under pressure. 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.
BCYC PE Valuation
BCYC 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.
BCYC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong decline | |
| -- | |
| Limited | |
| Low |
Analysts expect BCYC'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.
BCYC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$2.03 | +$1.61 |
| Q2 2026 | -$2.73 | +$0.80 |
| Q1 2026 | -$3.15 | +$0.01 |
| Q4 2025 | -$3.16 | -$0.26 |
| Q3 2025 | -$3.64 | -$0.40 |
| Q2 2025 | -$3.53 | +$0.23 |
| Q1 2025 | -$3.16 | +$1.24 |
| Q4 2024 | -$2.90 | +$2.18 |
BCYC is still losing money, but far less than before: $2.03 per share over the past year, against $5.08 at its worst in late 2023.
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 BCYC on earnings quality, reporting a profit while its opponent remains loss making.
BCYC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $34.1M | +190% |
| Q2 2026 | $629K | -78% |
| Q1 2026 | $887K | -91% |
| Q4 2025 | $48M | +1193% |
| Q3 2025 | $11.7M | +338% |
| Q2 2025 | $2.9M | -69% |
| Q1 2025 | $10M | -49% |
| Q4 2024 | $3.7M | -30% |
BCYC's revenue is growing: $34M last quarter, up 190% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -40% | +519 points |
| Q2 2026 | -8674% | -5708 points |
| Q1 2026 | -7382% | -6679 points |
| Q4 2025 | -52% | +1773 points |
| Q3 2025 | -559% | +1827 points |
| Q2 2025 | -2966% | -2468 points |
| Q1 2025 | -704% | -541 points |
| Q4 2024 | -1825% | -807 points |
BCYC's operating margin was −40% last quarter, up 519 points from the same quarter a year ago, near the top of its range since 2019.
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 BCYC 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 BCYC on profitability, with a higher operating margin.
BCYC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$40.6M | +$31.2M |
| Q2 2026 | -$49.9M | +$23.4M |
| Q1 2026 | -$66.6M | +$20.3M |
| Q4 2025 | -$19.9M | -$10.2M |
| Q3 2025 | -$71.8M | -$31.6M |
| Q2 2025 | -$73.3M | -$28.2M |
| Q1 2025 | -$87M | -$16.1M |
| Q4 2024 | -$9.8M | +$37.6M |
BCYC has burned cash in almost every quarter: −$177M over the past year, against −$242M 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 BCYC on cash generation, producing positive trailing cash flow while its opponent burns cash.
BCYC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +175K shares |
| 1 year | +1% | +676K shares |
| 3 years | +77% | +30.4M shares |
| 5 years | +179% | +44.9M shares |
| Available history | +290% | +52.1M shares |
BCYC has 70M diluted shares, up 1% 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 BCYC 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.
BCYC Net Leverage
BCYC'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).
BCYC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.2 | Neutral |
| Stochastic | 20.6 | Neutral |
BCYC's weekly RSI is 39 (neutral) and its Stochastic is 21 (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).
BCYC PE vs Healthcare Sector
BCYC 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.
BCYC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.59 | 3.9% below |
| 20 week MA | $3.89 | 11% below |
| 50 week MA | $4.79 | 28% below |
| 100 week MA | $6.92 | 50% below |
| 200 week MA | $14.4 | 76% below |
BCYC is in a downtrend: it's below all five of its weekly moving averages, and 76% below its 200-week average.
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 the edge over BCYC on trend strength, trading above more of its moving averages.
BCYC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.07 | $19.9 | +119% |
| 2021 | $19.9 | $60.3 | +203% |
| 2022 | $60.3 | $30.0 | -50% |
| 2023 | $30.0 | $18.1 | -40% |
| 2024 | $18.1 | $14.6 | -20% |
| 2025 | $14.6 | $6.82 | -53% |
| 2026 YTD | $6.82 | $3.45 | -49% |
BCYC has finished four years in a row lower, and it's down 49% so far in 2026.
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 the edge over BCYC on returns for 2026, with the stronger performance.