BDX
Becton, Dickinson and Company
BDX has the edge over NVO overall, supported by lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
BDX Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| Healthy | |
| Under pressure |
BDX's profitability and cash flow are currently healthy, but its revenue and balance sheet are 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.
BDX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $216 | — |
| Cheap | 36x | $119 | -45% |
| Fair | 46x | $152 | -30% |
| Current | 52x | $216 | — |
| Expensive | 62x | $204 | -5.3% |
Historical ranges are pointers, not guarantees.
BDX's PE is 52x, but its earnings don't support one, so it isn't a reliable read right now.
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 BDX in the historical PE scenario, which offers more potential upside but is not a forecast.
BDX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect BDX's earnings to grow and its profitability to improve, with its revenue holding steady.
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.
BDX Earnings Per Share
BDX and NVO do not have enough comparable growth data to identify a winner.
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.
BDX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $5B | -9.5% |
| Q1 2026 | $4.7B | -11% |
| Q4 2025 | $5.3B | +1.6% |
| Q3 2025 | $5.9B | +8.4% |
| Q2 2025 | $5.5B | +10% |
| Q1 2025 | $5.3B | +4.5% |
| Q4 2024 | $5.2B | +9.8% |
| Q3 2024 | $5.4B | +6.9% |
BDX's revenue grew through 2023 and has held roughly level since: $5B last quarter, down 9.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 13% | -2.7 points |
| Q1 2026 | 2% | -8.4 points |
| Q4 2025 | 11% | +1.7 points |
| Q3 2025 | 12% | +0.4 points |
| Q2 2025 | 16% | +4 points |
| Q1 2025 | 10% | -4.2 points |
| Q4 2024 | 8.8% | -0.6 points |
| Q3 2024 | 11% | +4.6 points |
BDX's operating margin was 13% last quarter, down 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 has the edge over BDX 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 BDX on profitability, with a higher operating margin.
BDX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $633M | -39% |
| Q1 2026 | $546M | +1460% |
| Q4 2025 | $549M | -6.6% |
| Q3 2025 | $1B | +14% |
| Q2 2025 | $1B | -6.5% |
| Q1 2025 | $35M | -91% |
| Q4 2024 | $588M | -20% |
| Q3 2024 | $882M | -14% |
BDX's free cash flow has been positive every quarter for seven years: $2.7B over the past year, up 7.1% 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 BDX on cash flow, with more consistent year-over-year improvement.
BDX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2% | -5.5M shares |
| 1 year | -4.2% | -12.1M shares |
| 3 years | -4.4% | -12.8M shares |
| 5 years | -8% | -24M shares |
| Available history | -2.3% | -6.5M shares |
BDX has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $2B |
| Q4 2025 | $250M |
| Q3 2025 | $250M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $750M |
| Q3 2024 | — |
BDX spent $2.5B buying back its own shares over the past year, about three times what it spent the year before.
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 4.4B diluted shares, about the same as a year ago.
| 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.
BDX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.7x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 3.7x | Elevated |
| Q3 2025 | 3.7x | Elevated |
| Q2 2025 | 3.8x | Elevated |
| Q1 2025 | 4.1x | High |
| Q4 2024 | 3.8x | Elevated |
| Q3 2024 | 3.9x | Elevated |
BDX's net debt is about 3.7 years of its operating earnings (EBITDA), about the same as 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 BDX on leverage, with a lower net debt burden relative to earnings.
BDX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 73.7 | Overbought |
| Stochastic | 95.0 | Overbought |
BDX's weekly RSI is 74 (overbought) and its Stochastic is 95 (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).
BDX PE vs Healthcare Sector
| Metric | BDX | Sector median | Relative |
|---|---|---|---|
| PE | 52x | 26x | 102% above |
| PE % | 74 | 29 | 45 pts above |
BDX is trading at 52x earnings, a 102% premium to the Healthcare sector's median of 26x, though its earnings don't support one.
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 BDX on valuation relative to its sector.
BDX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $195.1 | 11% above |
| 20 week MA | $181.8 | 19% above |
| 50 week MA | $166.8 | 29% above |
| 100 week MA | $161.5 | 34% above |
| 200 week MA | $176.9 | 22% above |
BDX 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.
BDX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $209.3 | $190.2 | -9.1% |
| 2021 | $190.2 | $190.9 | +0.4% |
| 2022 | $190.9 | $200.1 | +4.8% |
| 2023 | $200.1 | $191.7 | -4.2% |
| 2024 | $191.7 | $179.6 | -6.3% |
| 2025 | $179.6 | $154.4 | -14% |
| 2026 YTD | $154.4 | $215.7 | +40% |
BDX 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.