BTMD
biote Corp.
BTMD offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over BTMD overall, supported by stronger fundamentals and lower modeled downside.
BTMD Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Under pressure | |
| Under pressure | |
| Weak |
BTMD's revenue, profitability, cash flow and balance sheet are all currently 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.
BTMD PE Valuation
BTMD 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.
BTMD Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect BTMD's earnings to grow and its profitability to improve, with its revenue holding steady. 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.
BTMD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.16 | — |
| Q3 2026 | -$0.11 | -114% |
| Q2 2026 | $0.10 | -89% |
| Q1 2026 | $0.43 | -31% |
| Q4 2025 | $0.74 | +289% |
| Q3 2025 | $0.80 | +31% |
| Q2 2025 | $0.91 | +75% |
| Q1 2025 | $0.62 | +35% |
| Q4 2024 | $0.19 | +46% |
BTMD has swung to a loss: it lost $0.11 per share over the past year, after a profit 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 has the edge over BTMD on earnings quality, reporting a profit while its opponent remains loss making.
BTMD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $43.3M | -9.6% |
| Q2 2026 | $44.2M | -9.5% |
| Q1 2026 | $44.9M | -8.3% |
| Q4 2025 | $46.4M | -6.9% |
| Q3 2025 | $48M | -6.7% |
| Q2 2025 | $48.9M | -0.6% |
| Q1 2025 | $49M | +4.7% |
| Q4 2024 | $49.8M | +9% |
BTMD's revenue has slid since its 2024 peak: $43M last quarter, down 9.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.7% | -12 points |
| Q2 2026 | -7.9% | -30 points |
| Q1 2026 | 7% | -13 points |
| Q4 2025 | 15% | +9.2 points |
| Q3 2025 | 17% | -6.5 points |
| Q2 2025 | 22% | +9.4 points |
| Q1 2025 | 20% | -2.5 points |
| Q4 2024 | 5.5% | -6.5 points |
BTMD's operating margin was 5.7% last quarter, down 11 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 BTMD 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 BTMD on profitability, with a higher operating margin.
BTMD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1M | -92% |
| Q2 2026 | -$3.7M | -171% |
| Q1 2026 | $3.5M | -27% |
| Q4 2025 | $6.5M | -39% |
| Q3 2025 | $13.6M | -3.1% |
| Q2 2025 | $5.3M | -29% |
| Q1 2025 | $4.8M | -27% |
| Q4 2024 | $10.7M | +50% |
BTMD still generates free cash flow, though less than at its 2024 peak: $7M 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 BTMD on cash flow, with more consistent year-over-year improvement.
BTMD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -4.2% | -1.2M shares |
| 1 year | -25% | -9.3M shares |
| 3 years | -12% | -3.6M shares |
BTMD has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.4M |
| Q2 2026 | $4.8M |
| Q1 2026 | $1.1M |
| Q4 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | $1.5M |
| Q1 2024 | $4.1M |
BTMD spent $7M buying back its own shares over 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 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.
BTMD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 8.6x | High |
| Q2 2026 | 5.9x | High |
| Q1 2026 | 2.9x | Moderate |
| Q4 2025 | 2.0x | Healthy |
| Q3 2025 | 2.1x | Moderate |
| Q2 2025 | 2.2x | Moderate |
| Q1 2025 | 1.9x | Healthy |
| Q4 2024 | 1.9x | Healthy |
BTMD's net debt is about 8.6 years of its operating earnings (EBITDA), up from 2.1 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 BTMD on leverage, with a lower net debt burden relative to earnings.
BTMD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 32.3 | Neutral |
| Stochastic | 6.0 | Oversold |
BTMD's weekly RSI is 32 (neutral) and its Stochastic is 6 (oversold).
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).
BTMD PE vs Healthcare Sector
| Metric | BTMD | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 26x | 57% below |
| PE % | 73 | 36 | 37 pts above |
BTMD 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 has the edge over BTMD on valuation relative to its sector.
BTMD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.11 | 7.2% below |
| 20 week MA | $1.54 | 33% below |
| 50 week MA | $1.89 | 46% below |
| 100 week MA | $2.87 | 64% below |
| 200 week MA | $4.28 | 76% below |
BTMD 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 BTMD on trend strength, trading above more of its moving averages.
BTMD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $10.1 | $9.85 | -2% |
| 2022 | $9.85 | $3.91 | -60% |
| 2023 | $3.91 | $4.94 | +26% |
| 2024 | $4.94 | $5.99 | +21% |
| 2025 | $5.99 | $2.68 | -55% |
| 2026 YTD | $2.68 | $1.03 | -62% |
BTMD has finished lower in three of the last five years. It's down 62% 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 BTMD on returns for 2026, with the stronger performance.