EBS
Emergent BioSolutions Inc.
EBS offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over EBS overall, supported by stronger fundamentals and lower modeled downside.
EBS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Weak | |
| Strong | |
| Weak |
EBS's cash flow is currently strong, and its revenue is stable, but its profitability and balance sheet are weak.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
EBS PE Valuation
EBS has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 16x 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's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
EBS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
EBS 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.
EBS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.38 | — |
| Q3 2026 | -$5.01 | -450% |
| Q2 2026 | -$3.46 | -234% |
| Q1 2026 | -$0.19 | +$2.39 |
| Q4 2025 | $0.93 | +$4.53 |
| Q3 2025 | $1.43 | +$5.48 |
| Q2 2025 | $2.58 | +$13.77 |
| Q1 2025 | -$2.58 | +$8.38 |
| Q4 2024 | -$3.60 | +$11.18 |
EBS has swung to a loss: it lost $5.01 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 EBS on earnings quality, reporting a profit while its opponent remains loss making.
EBS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $110M | -52% |
| Q2 2026 | $234.3M | +66% |
| Q1 2026 | $156.1M | -30% |
| Q4 2025 | $148.7M | -24% |
| Q3 2025 | $231.1M | -21% |
| Q2 2025 | $140.9M | -45% |
| Q1 2025 | $222.2M | -26% |
| Q4 2024 | $194.7M | -30% |
EBS's revenue has slid since its 2021 peak: $110M last quarter, down 52% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -34% | -67 points |
| Q2 2026 | -53% | -55 points |
| Q1 2026 | 6.7% | -16 points |
| Q4 2025 | -19% | -14 points |
| Q3 2025 | 33% | +11 points |
| Q2 2025 | 1.1% | +81 points |
| Q1 2025 | 22% | +9.2 points |
| Q4 2024 | -4.9% | +11 points |
EBS's operating margin was −34% last quarter, down 67 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 EBS 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 EBS on profitability, with a higher operating margin.
EBS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $96.8M | +$102.5M |
| Q2 2026 | $54M | -48% |
| Q1 2026 | -$36.2M | -$21.4M |
| Q4 2025 | $73.8M | +$155.4M |
| Q3 2025 | -$5.7M | -104% |
| Q2 2025 | $103.5M | +141% |
| Q1 2025 | -$14.8M | +$58.6M |
| Q4 2024 | -$81.6M | -494% |
EBS still generates free cash flow, though less than at its 2021 peak: $188M 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 EBS on cash flow, with more consistent year-over-year improvement.
EBS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -300K shares |
| 1 year | -9.2% | -5.2M shares |
| 3 years | -1% | -500K shares |
| 5 years | -4.5% | -2.4M shares |
| Available history | -2.1% | -1.1M shares |
EBS has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100,000 |
| Q2 2026 | $9M |
| Q1 2026 | $9M |
| Q4 2025 | $9.1M |
| Q3 2025 | $8.9M |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
EBS spent $27M 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.
EBS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 15.6x | High |
| Q1 2026 | 2.7x | Moderate |
| Q4 2025 | 1.9x | Healthy |
| Q3 2025 | 1.9x | Healthy |
| Q2 2025 | 1.9x | Healthy |
| Q1 2025 | 67.1x | High |
| Q4 2024 | 5,642.0x | High |
| Q3 2021 | 1.1x | Healthy |
EBS's net debt is about 16 years of its operating earnings (EBITDA), up from 1.9 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 EBS on leverage, with a lower net debt burden relative to earnings.
EBS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.0 | Neutral |
| Stochastic | 56.9 | Neutral |
EBS's weekly RSI is 42 (neutral) and its Stochastic is 57 (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).
EBS PE vs Healthcare Sector
| Metric | EBS | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
EBS 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 is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
EBS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.44 | 8.5% below |
| 20 week MA | $6.48 | 9.1% below |
| 50 week MA | $8.41 | 30% below |
| 100 week MA | $8.14 | 28% below |
| 200 week MA | $7.37 | 20% below |
EBS is in a downtrend: it's below all five of its weekly moving averages, and 20% 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 EBS on trend strength, trading above more of its moving averages.
EBS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.0 | $93.8 | +74% |
| 2021 | $93.8 | $45.5 | -51% |
| 2022 | $45.5 | $11.0 | -76% |
| 2023 | $11.0 | $2.40 | -78% |
| 2024 | $2.40 | $8.27 | +245% |
| 2025 | $8.27 | $12.4 | +50% |
| 2026 YTD | $12.4 | $5.89 | -53% |
EBS's yearly returns have swung widely, from +245% in 2024 to −78% in 2023. It's down 53% 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 EBS on returns for 2026, with the stronger performance.