ELAN
Elanco Animal Health Incorporated
ELAN 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.
ELAN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Healthy | |
| Weak |
ELAN's revenue and cash flow are currently healthy, but its profitability and balance sheet are under pressure.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ELAN PE Valuation
ELAN has no meaningful PE right now: it lost money over the past year.
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.
ELAN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
ELAN 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.
ELAN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.24 | — |
| Q3 2026 | -$0.29 | -514% |
| Q2 2026 | -$0.40 | -146% |
| Q1 2026 | -$0.49 | -165% |
| Q4 2025 | -$0.47 | -169% |
| Q3 2025 | $0.07 | -83% |
| Q2 2025 | $0.87 | +$3.42 |
| Q1 2025 | $0.75 | +$3.40 |
| Q4 2024 | $0.68 | +$3.18 |
ELAN has swung to a loss: it lost $0.29 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 ELAN on earnings quality, reporting a profit while its opponent remains loss making.
ELAN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +11% |
| Q2 2026 | $1.4B | +10% |
| Q1 2026 | $1.4B | +15% |
| Q4 2025 | $1.1B | +12% |
| Q3 2025 | $1.1B | +10% |
| Q2 2025 | $1.2B | +4.8% |
| Q1 2025 | $1.2B | -1% |
| Q4 2024 | $1B | -1.4% |
ELAN's revenue has grown year over year for six quarters in a row: $1.3B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.9% | +6.3 points |
| Q2 2026 | 4.1% | +2.1 points |
| Q1 2026 | 6.3% | +1.3 points |
| Q4 2025 | -23% | -18 points |
| Q3 2025 | -4.4% | -59 points |
| Q2 2025 | 2% | +4.7 points |
| Q1 2025 | 5% | +4 points |
| Q4 2024 | -5% | +7.3 points |
ELAN's operating margin was 1.9% last quarter, up 6.3 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 ELAN 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 ELAN on profitability, with a higher operating margin.
ELAN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $156M | +23% |
| Q2 2026 | $244M | +36% |
| Q1 2026 | -$38M | +$31M |
| Q4 2025 | $46M | -65% |
| Q3 2025 | $127M | +5.8% |
| Q2 2025 | $180M | +8.4% |
| Q1 2025 | -$69M | -$47M |
| Q3 2024 | $120M | -39% |
ELAN 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.
ELAN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +600K shares |
| 1 year | +2% | +9.7M shares |
| 3 years | +2.8% | +13.8M shares |
| 5 years | +3.9% | +19.2M shares |
| Available history | +37% | +136M shares |
ELAN has 507M diluted shares, up 2% from a year ago.
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 ELAN 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.
ELAN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.4x | High |
| Q2 2026 | 6.4x | High |
| Q1 2026 | 7.2x | High |
| Q4 2025 | 7.6x | High |
| Q3 2025 | 5.4x | High |
| Q2 2025 | 2.9x | Moderate |
| Q1 2025 | 3.3x | Elevated |
| Q4 2024 | 3.4x | Elevated |
ELAN's net debt is about 5.4 years of its operating earnings (EBITDA), about the same as 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 ELAN on leverage, with a lower net debt burden relative to earnings.
ELAN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 61.4 | Neutral |
| Stochastic | 59.7 | Neutral |
ELAN's weekly RSI is 61 (neutral) and its Stochastic is 60 (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).
ELAN PE vs Healthcare Sector
| Metric | ELAN | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
ELAN 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.
ELAN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.6 | 12% above |
| 20 week MA | $24.0 | 11% above |
| 50 week MA | $23.7 | 12% above |
| 100 week MA | $19.2 | 38% above |
| 200 week MA | $16.0 | 65% above |
ELAN 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.
ELAN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.3 | $30.5 | +4.1% |
| 2021 | $30.5 | $28.9 | -5.4% |
| 2022 | $28.9 | $11.7 | -59% |
| 2023 | $11.7 | $14.9 | +27% |
| 2024 | $14.9 | $12.1 | -19% |
| 2025 | $12.1 | $22.6 | +87% |
| 2026 YTD | $22.6 | $26.5 | +17% |
ELAN 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.