CRON
Cronos Group Inc.
CRON has the edge over NVO overall, supported by stronger fundamentals and lower modeled downside.
NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
CRON Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Strong |
CRON's revenue, profitability, cash flow and balance sheet are all currently healthy.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
CRON PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.8x | $0.62 | -82% |
| Forward | 17x | $3.41 | — |
| Fair | 18x | $2.82 | -17% |
| Current | 21x | $3.41 | — |
| Expensive | 40x | $6.32 | +85% |
Historical ranges are pointers, not guarantees.
CRON's PE is in its fair range at 21x. If earnings grow as analysts expect, today's price would be 17x next year's earnings.
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 CRON in the historical PE scenario, which offers more potential upside but is not a forecast.
CRON Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
CRON 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.
CRON Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.20 | +25% |
| Q3 2026 | $0.16 | +45% |
| Q2 2026 | $0.19 | +217% |
| Q1 2026 | $0.00 | -100% |
| Q4 2025 | -$0.02 | -118% |
| Q3 2025 | $0.11 | +$0.24 |
| Q2 2025 | $0.06 | +$0.21 |
| Q1 2025 | $0.14 | +$0.29 |
| Q4 2024 | $0.11 | +$0.30 |
CRON's earnings per share have fallen from their peak: $0.16 over the past year, against $2.12 in late 2019.
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 CRON on earnings, with more consistent year-over-year improvement.
CRON Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $63.5M | +75% |
| Q2 2026 | $53M | +58% |
| Q1 2026 | $45.2M | +40% |
| Q4 2025 | $44.5M | +47% |
| Q3 2025 | $36.3M | +6.1% |
| Q2 2025 | $33.5M | +21% |
| Q1 2025 | $32.3M | +28% |
| Q4 2024 | $30.3M | +27% |
CRON has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +16 points |
| Q2 2026 | 14% | +30 points |
| Q1 2026 | -4% | +8.6 points |
| Q4 2025 | -17% | +21 points |
| Q3 2025 | -1.4% | +97 points |
| Q2 2025 | -16% | +40 points |
| Q1 2025 | -13% | +51 points |
| Q4 2024 | -38% | +53 points |
CRON's operating margin was 14% last quarter, up 16 points from the same quarter a year ago, near the top of its range since 2020.
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 CRON on profitability, with a higher operating margin.
CRON Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $24.4M | +176% |
| Q2 2026 | $22.3M | +$23.3M |
| Q1 2026 | $9M | +$26.4M |
| Q4 2025 | $9.7M | +132% |
| Q3 2025 | $8.8M | +71% |
| Q2 2025 | -$1M | -200% |
| Q1 2025 | -$17.4M | -$13.4M |
| Q4 2024 | $4.2M | -73% |
CRON's free cash flow has turned positive again: $65M over the past year, against −$5M 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.
CRON Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -4.3M shares |
| 1 year | -3.7% | -14.3M shares |
| 3 years | -2.7% | -10.4M shares |
| 5 years | -1.3% | -4.9M shares |
| Available history | +8.1% | +27.9M shares |
CRON has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $9.4M |
| Q2 2026 | $16.1M |
| Q1 2026 | $16.7M |
| Q4 2025 | $4.3M |
| Q3 2025 | $1.9M |
CRON spent $47M 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.
CRON Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -27.0x | Net Cash |
| Q2 2026 | -82.1x | Net Cash |
CRON has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
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).
CRON Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.6 | Neutral |
| Stochastic | 62.5 | Neutral |
CRON's weekly RSI is 61 (neutral) and its Stochastic is 62 (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).
CRON PE vs Healthcare Sector
| Metric | CRON | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 26x | 18% below |
| PE % | 54 | 29 | 25 pts above |
CRON is trading at 21x earnings, a 18% 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 CRON on valuation relative to its sector.
CRON Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.33 | 2.4% above |
| 20 week MA | $3.17 | 7.6% above |
| 50 week MA | $2.87 | 19% above |
| 100 week MA | $2.50 | 36% above |
| 200 week MA | $2.31 | 48% above |
CRON 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.
CRON Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $6.88 | $7.48 | +8.7% |
| 2021 | $7.48 | $4.26 | -43% |
| 2022 | $4.26 | $2.54 | -40% |
| 2023 | $2.54 | $2.09 | -18% |
| 2024 | $2.09 | $1.98 | -5.3% |
| 2025 | $1.98 | $2.66 | +34% |
| 2026 YTD | $2.66 | $3.41 | +28% |
CRON 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.