BTSG
BrightSpring Health Services, Inc. Common Stock
BTSG has the edge over NVO overall, supported by stronger fundamentals and stronger modeled upside.
NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
BTSG Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Stable |
BTSG's revenue, profitability and cash flow are currently healthy, and its balance sheet is 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.
BTSG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 30x | $71.45 | — |
| Cheap | 38x | $69.24 | -3.1% |
| Current | 39x | $71.45 | — |
| Fair | 53x | $98.23 | +37% |
| Expensive | 72x | $132 | +84% |
Historical ranges are pointers, not guarantees.
BTSG has the edge over NVO in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
BTSG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| Low |
BTSG has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
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.
BTSG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.37 | +29% |
| Q3 2026 | $1.84 | +188% |
| Q2 2026 | $1.65 | +385% |
| Q1 2026 | $1.40 | +352% |
| Q4 2025 | $0.87 | +$0.96 |
| Q3 2025 | $0.64 | +$0.88 |
| Q2 2025 | $0.34 | +$1.30 |
| Q1 2025 | $0.31 | +$1.34 |
| Q4 2024 | -$0.09 | +$0.80 |
BTSG's earnings per share have climbed steadily: $1.84 over the past year, up 188% from the year before, and higher year over year for nine quarters in a row.
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.
BTSG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.2B | +26% |
| Q2 2026 | $3.9B | +23% |
| Q1 2026 | $3.6B | +26% |
| Q4 2025 | $3.6B | +16% |
| Q3 2025 | $3.3B | +15% |
| Q2 2025 | $3.1B | +15% |
| Q1 2025 | $2.9B | +12% |
| Q4 2024 | $3.1B | +29% |
BTSG has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 3.8% | +1.2 points |
| Q2 2026 | 3.4% | +1.8 points |
| Q1 2026 | 3.4% | +1.6 points |
| Q4 2025 | 3% | +0.5 points |
| Q3 2025 | 2.6% | +0.7 points |
| Q2 2025 | 1.5% | -0.8 points |
| Q1 2025 | 1.8% | +1.4 points |
| Q4 2024 | 2.6% | -0.3 points |
BTSG's operating margin was 3.8% last quarter, up 1.2 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 BTSG on profitability, with a higher operating margin.
BTSG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $182.2M | +98% |
| Q2 2026 | $14.9M | -40% |
| Q1 2026 | $101.4M | +21% |
| Q4 2025 | $193.9M | +157% |
| Q3 2025 | $92.2M | +1180% |
| Q2 2025 | $24.7M | +$63.6M |
| Q1 2025 | $84M | +$184.6M |
| Q4 2024 | $75.3M | -48% |
BTSG has the edge over NVO on cash flow, with more consistent year-over-year improvement.
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.
BTSG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -50K shares |
| 1 year | +1% | +2.2M shares |
| 3 years | +29% | +49M shares |
| 5 years | +29% | +49M shares |
| Available history | +53% | +76.1M shares |
BTSG has 220M diluted shares, up 1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $60M |
| Q1 2026 | $60M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | $325,000 |
| Q1 2024 | $325,000 |
| Q4 2023 | $325,000 |
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 BTSG 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.
BTSG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.7x | Moderate |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 5.3x | High |
| Q3 2025 | 5.3x | High |
| Q2 2025 | 5.8x | High |
| Q1 2025 | 5.6x | High |
| Q4 2024 | 6.2x | High |
BTSG's net debt is about 2.2 years of its operating earnings (EBITDA), down from 5.3 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 BTSG on leverage, with a lower net debt burden relative to earnings.
BTSG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.6 | Neutral |
| Stochastic | 76.0 | Neutral |
BTSG's weekly RSI is 67 (neutral) and its Stochastic is 76 (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).
BTSG PE vs Healthcare Sector
| Metric | BTSG | Sector median | Relative |
|---|---|---|---|
| PE | 39x | 26x | 50% above |
| PE % | 20 | 45 | 25 pts below |
BTSG is trading at 39x earnings, a 50% premium 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 BTSG on valuation relative to its sector.
BTSG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $63.4 | 13% above |
| 20 week MA | $63.5 | 13% above |
| 50 week MA | $53.2 | 34% above |
| 100 week MA | $38.1 | 87% above |
BTSG has stronger trend alignment. BTSG is above 4 of 4 weekly averages versus NVO above 1 of 5.
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.
BTSG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $11.0 | $17.0 | +55% |
| 2025 | $17.0 | $37.8 | +122% |
| 2026 YTD | $37.8 | $71.5 | +89% |
BTSG 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.