DHR
Danaher Corporation
DHR 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.
DHR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Stable |
DHR's profitability and cash flow are currently strong, 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.
DHR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 26x | $232 | — |
| Cheap | 29x | $180 | -22% |
| Current | 38x | $232 | — |
| Fair | 39x | $239 | +2.8% |
| Expensive | 45x | $276 | +19% |
Historical ranges are pointers, not guarantees.
DHR's PE is in its fair range at 38x. If earnings grow as analysts expect, today's price would be 26x next year's earnings, in its cheap range.
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 DHR in the historical PE scenario, which offers more potential upside but is not a forecast.
DHR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| High |
DHR 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.
DHR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.09 | +49% |
| Q3 2026 | $6.12 | +26% |
| Q2 2026 | $5.64 | +20% |
| Q1 2026 | $5.18 | +0.4% |
| Q4 2025 | $5.05 | -4.5% |
| Q3 2025 | $4.86 | -7.3% |
| Q2 2025 | $4.71 | -16% |
| Q1 2025 | $5.16 | -13% |
| Q4 2024 | $5.29 | -17% |
DHR's earnings per share have fallen from their peak: $6.12 over the past year, against $9.66 in late 2022.
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 DHR on earnings, with more consistent year-over-year improvement.
DHR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $6.6B | +8.3% |
| Q2 2026 | $6.3B | +5.5% |
| Q1 2026 | $6B | +3.7% |
| Q4 2025 | $6.8B | +4.6% |
| Q3 2025 | $6.1B | +4.4% |
| Q2 2025 | $5.9B | +3.4% |
| Q1 2025 | $5.7B | -0.9% |
| Q4 2024 | $6.5B | +2.1% |
DHR's revenue is recovering but still below its 2022 peak: $6.6B last quarter, up 8.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | -0.1 points |
| Q2 2026 | 18% | +5.2 points |
| Q1 2026 | 23% | +0.4 points |
| Q4 2025 | 22% | +0.2 points |
| Q3 2025 | 19% | +2.5 points |
| Q2 2025 | 13% | -7.5 points |
| Q1 2025 | 22% | -0.4 points |
| Q4 2024 | 22% | +0.9 points |
DHR's operating margin was 19% last quarter, about level with 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 DHR on sales, with stronger typical year-over-year growth.
| 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 DHR on profitability, with a higher operating margin.
DHR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.6B | +19% |
| Q2 2026 | $1.3B | +16% |
| Q1 2026 | $1.1B | +2.9% |
| Q4 2025 | $1.7B | +16% |
| Q3 2025 | $1.4B | +13% |
| Q2 2025 | $1.1B | -3.5% |
| Q1 2025 | $1.1B | -27% |
| Q4 2024 | $1.5B | +24% |
DHR 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.
DHR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -800K shares |
| 1 year | -1% | -6.9M shares |
| 3 years | -5.2% | -39.1M shares |
| 5 years | -2.8% | -20.2M shares |
| Available history | -2.6% | -18.7M shares |
DHR has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $894M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $2B |
| Q2 2025 | — |
| Q1 2025 | $1.1B |
| Q4 2024 | $809M |
DHR spent $894M buying back its own shares over the past year, down 77% from the year before.
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.
DHR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.7x | Moderate |
| Q2 2026 | 2.9x | Moderate |
| Q1 2026 | 1.8x | Healthy |
| Q4 2025 | 1.9x | Healthy |
| Q3 2025 | 2.2x | Moderate |
| Q2 2025 | 2.1x | Moderate |
| Q1 2025 | 2.0x | Moderate |
| Q4 2024 | 1.9x | Healthy |
DHR's net debt is about 2.6 years of its operating earnings (EBITDA), up from 2.2 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 DHR on leverage, with a lower net debt burden relative to earnings.
DHR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.3 | Neutral |
| Stochastic | 84.4 | Overbought |
DHR's weekly RSI is 62 (neutral) and its Stochastic is 84 (overbought).
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).
DHR PE vs Healthcare Sector
| Metric | DHR | Sector median | Relative |
|---|---|---|---|
| PE | 38x | 26x | 47% above |
| PE % | 42 | 29 | 13 pts above |
DHR is trading at 38x earnings, a 47% 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 DHR on valuation relative to its sector.
DHR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $226.6 | 2.5% above |
| 20 week MA | $213.1 | 9% above |
| 50 week MA | $205.7 | 13% above |
| 100 week MA | $206.5 | 12% above |
| 200 week MA | $221.0 | 5.1% above |
DHR 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.
DHR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $135.5 | $196.3 | +45% |
| 2021 | $196.3 | $284.4 | +45% |
| 2022 | $284.4 | $230.3 | -19% |
| 2023 | $230.3 | $231.3 | +0.4% |
| 2024 | $231.3 | $231.1 | -0.1% |
| 2025 | $231.1 | $230.3 | -0.3% |
| 2026 YTD | $230.3 | $232.2 | +0.8% |
DHR 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.