CVS
CVS Health Corporation
CVS has the edge over NVO overall, supported by stronger valuation and stronger modeled upside.
NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
CVS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
CVS'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.
CVS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $89.79 | — |
| Cheap | 11x | $97.03 | +8.1% |
| Forward | 11x | $89.79 | — |
| Fair | 16x | $137 | +53% |
| Expensive | 29x | $254 | +182% |
Historical ranges are pointers, not guarantees.
CVS's PE is in its cheap range at 10x. On analysts' estimates for next year's earnings, today's price would be 11x.
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 CVS in the historical PE scenario, which offers more potential upside but is not a forecast.
CVS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
CVS 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.
CVS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.46 | -1.6% |
| Q3 2026 | $8.60 | +2163% |
| Q2 2026 | $3.79 | +5.9% |
| Q1 2026 | $2.28 | -46% |
| Q4 2025 | $1.39 | -62% |
| Q3 2025 | $0.38 | -90% |
| Q2 2025 | $3.58 | -36% |
| Q1 2025 | $4.19 | -26% |
| Q4 2024 | $3.66 | -43% |
CVS's earnings per share have jumped to their highest in seven years: $8.60 over the past year, up from $0.38 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 CVS on earnings, with more consistent year-over-year improvement.
CVS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $108.4B | +5.4% |
| Q2 2026 | $106.1B | +7.3% |
| Q1 2026 | $100.4B | +6.2% |
| Q4 2025 | $105.7B | +8.2% |
| Q3 2025 | $102.9B | +7.8% |
| Q2 2025 | $98.9B | +8.4% |
| Q1 2025 | $94.6B | +7% |
| Q4 2024 | $97.7B | +4.2% |
CVS's revenue has grown year over year every quarter since late 2020: $108B last quarter, up 5.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 3.3% | +6.4 points |
| Q2 2026 | 4.4% | +2 points |
| Q1 2026 | 4.7% | +1.1 points |
| Q4 2025 | 2% | -0.4 points |
| Q3 2025 | -3.1% | -4 points |
| Q2 2025 | 2.4% | -0.9 points |
| Q1 2025 | 3.6% | +1 points |
| Q4 2024 | 2.4% | -1.2 points |
CVS's operating margin was 3.3% last quarter, up 6.4 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 CVS on profitability, with a higher operating margin.
CVS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.9B | +3887% |
| Q2 2026 | $5.7B | +338% |
| Q1 2026 | $3.4B | -11% |
| Q4 2025 | $2.6B | +139% |
| Q3 2025 | $98M | +$1.5B |
| Q2 2025 | $1.3B | -47% |
| Q1 2025 | $3.8B | -9.2% |
| Q4 2024 | $1.1B | +$4.6B |
CVS generated $15.6B in free cash flow over the past year, up 147% 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.
CVS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +4M shares |
| 1 year | +1.7% | +22M shares |
| 3 years | +0.1% | +1M shares |
| 5 years | -2.9% | -38M shares |
| Available history | -1.1% | -14M shares |
CVS has 1.3B diluted shares, up 1.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | $1M |
| Q2 2024 | $3M |
| Q1 2024 | $3B |
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 CVS 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.
CVS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.5x | Moderate |
| Q2 2026 | 3.9x | Elevated |
| Q1 2026 | 5.1x | High |
| Q4 2025 | 6.1x | High |
| Q3 2025 | 6.1x | High |
| Q2 2025 | 4.0x | High |
| Q1 2025 | 3.8x | Elevated |
| Q4 2024 | 4.6x | High |
CVS's net debt is about 2.5 years of its operating earnings (EBITDA), down from 6.1 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 CVS on leverage, with a lower net debt burden relative to earnings.
CVS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.6 | Neutral |
| Stochastic | 35.1 | Neutral |
CVS's weekly RSI is 49 (neutral) and its Stochastic is 35 (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).
CVS PE vs Healthcare Sector
| Metric | CVS | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 9 | 29 | 20 pts below |
CVS is trading at 10x earnings, a 60% 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 is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
CVS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $88.9 | 1% above |
| 20 week MA | $95.0 | 5.4% below |
| 50 week MA | $87.6 | 2.5% above |
| 100 week MA | $77.0 | 17% above |
| 200 week MA | $72.9 | 23% above |
CVS 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.
CVS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $74.4 | $68.0 | -8.6% |
| 2021 | $68.0 | $101.3 | +49% |
| 2022 | $101.3 | $93.6 | -7.6% |
| 2023 | $93.6 | $79.0 | -16% |
| 2024 | $79.0 | $44.5 | -44% |
| 2025 | $44.5 | $79.6 | +79% |
| 2026 YTD | $79.6 | $89.8 | +13% |
CVS 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.