BSX
Boston Scientific Corporation
BSX has the edge over NVO overall, supported by stronger valuation and stronger fundamentals.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
BSX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Stable |
BSX's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
BSX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $44.20 | — |
| Cheap | 18x | $43.27 | -2.1% |
| Current | 19x | $44.20 | — |
| Fair | 64x | $151 | +241% |
| Expensive | 90x | $211 | +378% |
Historical ranges are pointers, not guarantees.
BSX's PE is in its cheap range at 19x. On analysts' estimates for next year's earnings, today's price would be 14x.
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 BSX in the historical PE scenario, which offers more potential upside but is not a forecast.
BSX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Stable | |
| Moderate | |
| High |
Analysts expect BSX's earnings, revenue and profitability to hold roughly 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.
BSX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.09 | +31% |
| Q3 2026 | $2.36 | +26% |
| Q2 2026 | $2.47 | +47% |
| Q1 2026 | $2.39 | +74% |
| Q4 2025 | $1.94 | +55% |
| Q3 2025 | $1.87 | +55% |
| Q2 2025 | $1.68 | +37% |
| Q1 2025 | $1.37 | +15% |
| Q4 2024 | $1.25 | +17% |
BSX has the edge over NVO on earnings, with stronger typical year-over-year growth.
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.
BSX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.1B | +1.4% |
| Q2 2026 | $5.4B | +7.5% |
| Q1 2026 | $5.2B | +12% |
| Q4 2025 | $5.3B | +16% |
| Q3 2025 | $5.1B | +20% |
| Q2 2025 | $5.1B | +23% |
| Q1 2025 | $4.7B | +21% |
| Q4 2024 | $4.6B | +22% |
BSX has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | -4.6 points |
| Q2 2026 | 22% | +5.5 points |
| Q1 2026 | 21% | +1.4 points |
| Q4 2025 | 16% | +0.8 points |
| Q3 2025 | 21% | +3.3 points |
| Q2 2025 | 16% | +3.6 points |
| Q1 2025 | 20% | +2.2 points |
| Q4 2024 | 15% | -0.9 points |
BSX's operating margin was 16% last quarter, down 4.6 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 BSX on profitability, with a higher operating margin.
BSX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $868M | -25% |
| Q2 2026 | $1.3B | +13% |
| Q1 2026 | $171M | -52% |
| Q4 2025 | $1B | -14% |
| Q3 2025 | $1.2B | +41% |
| Q2 2025 | $1.1B | +72% |
| Q1 2025 | $354M | +$369M |
| Q4 2024 | $1.2B | +71% |
BSX generated $3.3B in free cash flow over the past year, down 13% 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 still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
BSX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.5% | -22.8M shares |
| 1 year | -2.9% | -43.5M shares |
| 3 years | -1.6% | -23M shares |
| 5 years | +1.1% | +16.4M shares |
| Available history | +2.9% | +41.4M shares |
BSX has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
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.
BSX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 1.9x | Healthy |
| Q3 2025 | 2.1x | Moderate |
| Q2 2025 | 2.5x | Moderate |
| Q1 2025 | 2.6x | Moderate |
| Q4 2024 | 2.7x | Moderate |
BSX's net debt is about 2.1 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 BSX on leverage, with a lower net debt burden relative to earnings.
BSX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.6 | Neutral |
| Stochastic | 25.4 | Neutral |
BSX's weekly RSI is 40 (neutral) and its Stochastic is 25 (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).
BSX PE vs Healthcare Sector
| Metric | BSX | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 26x | 28% below |
| PE % | 17 | 29 | 12 pts below |
BSX is trading at 19x earnings, a 28% discount 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 BSX on valuation relative to its sector.
BSX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $43.5 | 1.5% above |
| 20 week MA | $45.3 | 2.4% below |
| 50 week MA | $60.8 | 27% below |
| 100 week MA | $80.8 | 45% below |
| 200 week MA | $72.2 | 39% below |
BSX has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 39% 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 bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
BSX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $45.2 | $34.6 | -24% |
| 2021 | $34.6 | $42.7 | +24% |
| 2022 | $42.7 | $46.1 | +7.8% |
| 2023 | $46.1 | $57.8 | +26% |
| 2024 | $57.8 | $90.7 | +57% |
| 2025 | $90.7 | $96.1 | +6% |
| 2026 YTD | $96.1 | $44.2 | -54% |
BSX is down 54% so far in 2026, after finishing higher in five of the previous six years.
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 BSX on returns for 2026, with the stronger performance.