BIO
Bio-Rad Laboratories, Inc.
BIO 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.
BIO Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Healthy | |
| Strong |
BIO's cash flow and balance sheet are currently healthy, and its revenue is stable, but its profitability 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.
BIO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 4.5x | $169 | -54% |
| Fair | 7.4x | $280 | -24% |
| Current | 9.8x | $370 | — |
| Expensive | 31x | $1,157 | +212% |
| Forward | 35x | $370 | — |
Historical ranges are pointers, not guarantees.
BIO's PE is 9.8x, 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 BIO in the historical PE scenario, which offers more potential upside but is not a forecast.
BIO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect BIO'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.
BIO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.69 | -72% |
| Q3 2026 | $37.91 | +$62.22 |
| Q2 2026 | $8.19 | -30% |
| Q1 2026 | $6.01 | +$82.21 |
| Q4 2025 | $27.85 | +$92.89 |
| Q3 2025 | -$24.31 | +$3.02 |
| Q2 2025 | $11.73 | +$58.76 |
| Q1 2025 | -$76.20 | -$65.84 |
| Q4 2024 | -$65.04 | -$43.55 |
BIO has returned to profit: it earned $37.91 per share over the past year, after losing money the year before. Its recent earnings include one-off gains.
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 BIO on earnings, with more consistent year-over-year improvement.
BIO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $656.4M | +0.5% |
| Q2 2026 | $651M | -0.1% |
| Q1 2026 | $592.1M | +1.1% |
| Q4 2025 | $693.2M | +3.9% |
| Q3 2025 | $653M | +0.5% |
| Q2 2025 | $651.6M | +2.1% |
| Q1 2025 | $585.4M | -4.2% |
| Q4 2024 | $667.5M | -2% |
BIO's revenue fell from its 2020 peak and has held roughly level since: $656M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -7.6% | -18 points |
| Q2 2026 | 11% | -0.7 points |
| Q1 2026 | 5.8% | +1.7 points |
| Q4 2025 | -17% | -26 points |
| Q3 2025 | 10% | +0.1 points |
| Q2 2025 | 12% | -4.1 points |
| Q1 2025 | 4% | -3.3 points |
| Q4 2024 | 8.7% | -5.3 points |
BIO's operating margin was −7.6% last quarter, down 18 points from the same quarter a year ago, near the bottom 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 BIO 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 BIO on profitability, with a higher operating margin.
BIO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $65.2M | -27% |
| Q2 2026 | $66.7M | -5.8% |
| Q1 2026 | $78.1M | -18% |
| Q4 2025 | $119.1M | +47% |
| Q3 2025 | $89.2M | -28% |
| Q2 2025 | $70.8M | +28% |
| Q1 2025 | $95.5M | +222% |
| Q4 2024 | $81.2M | +109% |
BIO still generates free cash flow, though less than at its 2020 peak: $329M over the past year.
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 BIO on cash flow, with more consistent year-over-year improvement.
BIO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +131K shares |
| 1 year | +0.1% | +22K shares |
| 3 years | -7.8% | -2.3M shares |
| 5 years | -11% | -3.3M shares |
| Available history | -11% | -3.2M shares |
BIO has 27M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $31.5M |
| Q1 2026 | $47.8M |
| Q4 2025 | — |
| Q3 2025 | $53.4M |
| Q2 2025 | $140.2M |
| Q1 2025 | $101.9M |
| Q4 2024 | $14,000 |
BIO spent $79M buying back its own shares over the past year, down 73% from 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 the edge over BIO 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.
BIO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2020 | -1.6x | Net Cash |
| Q4 2019 | -1.8x | Net Cash |
BIO has more cash than debt.
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).
BIO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.1 | Neutral |
| Stochastic | 66.5 | Neutral |
BIO's weekly RSI is 59 (neutral) and its Stochastic is 67 (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).
BIO PE vs Healthcare Sector
| Metric | BIO | Sector median | Relative |
|---|---|---|---|
| PE | 9.8x | 26x | 62% below |
| PE % | 67 | 29 | 38 pts above |
BIO has the edge over NVO on valuation relative to its sector.
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.
BIO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $370.5 | 0% below |
| 20 week MA | $355.5 | 4.2% above |
| 50 week MA | $314.3 | 18% above |
| 100 week MA | $297.5 | 25% above |
| 200 week MA | $326.1 | 14% above |
BIO 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.
BIO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $368.4 | $575.1 | +56% |
| 2021 | $575.1 | $746.3 | +30% |
| 2022 | $746.3 | $412.7 | -45% |
| 2023 | $412.7 | $322.9 | -22% |
| 2024 | $322.9 | $330.9 | +2.5% |
| 2025 | $330.9 | $303.9 | -8.2% |
| 2026 YTD | $303.9 | $370.5 | +22% |
BIO 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.