ELV
Elevance Health Inc.
ELV has the edge over NVO overall, supported by lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
ELV Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Stable |
ELV's cash flow is currently healthy, and its revenue, profitability 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.
ELV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $333 | -22% |
| Forward | 15x | $430 | — |
| Fair | 18x | $416 | -3.3% |
| Current | 18x | $430 | — |
| Expensive | 20x | $470 | +9.4% |
Historical ranges are pointers, not guarantees.
ELV's PE is in its fair range at 18x. If earnings grow as analysts expect, today's price would be 15x 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 ELV in the historical PE scenario, which offers more potential upside but is not a forecast.
ELV Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Stable | |
| Moderate | |
| Low |
Analysts expect ELV's earnings to grow, with its revenue and profitability holding steady. However, they disagree widely on these estimates.
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.
ELV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $28.82 | +22% |
| Q3 2026 | $23.54 | -4% |
| Q2 2026 | $22.59 | -4.2% |
| Q1 2026 | $23.60 | -8.2% |
| Q4 2025 | $25.21 | -1.8% |
| Q3 2025 | $24.53 | -11% |
| Q2 2025 | $23.57 | -18% |
| Q1 2025 | $25.70 | -3.1% |
| Q4 2024 | $25.68 | +1.8% |
ELV earned $23.54 per share over the past year, down 4% from 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 ELV on earnings, with more consistent year-over-year improvement.
ELV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $51.4B | +1.4% |
| Q2 2026 | $50.5B | +1.4% |
| Q1 2026 | $50.2B | +2.6% |
| Q4 2025 | $49.7B | +9.5% |
| Q3 2025 | $50.7B | +12% |
| Q2 2025 | $49.8B | +13% |
| Q1 2025 | $48.9B | +15% |
| Q4 2024 | $45.4B | +6.6% |
ELV's revenue has grown year over year every quarter since late 2020: $51.4B last quarter, up 1.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.5% | -0.1 points |
| Q2 2026 | 3.5% | -1.4 points |
| Q1 2026 | 4.2% | -2.3 points |
| Q4 2025 | 0.6% | -0.9 points |
| Q3 2025 | 2.5% | -0.6 points |
| Q2 2025 | 4.9% | -1.4 points |
| Q1 2025 | 6.5% | -0.6 points |
| Q4 2024 | 1.5% | -1.5 points |
ELV's operating margin was 2.5% 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'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 ELV on profitability, with a higher operating margin.
ELV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1B | +29% |
| Q2 2026 | $1.6B | -9% |
| Q1 2026 | $4.1B | +399% |
| Q4 2025 | -$209M | -154% |
| Q3 2025 | $775M | -67% |
| Q2 2025 | $1.8B | +1341% |
| Q1 2025 | $821M | -52% |
| Q4 2024 | $384M | +$3.7B |
ELV still generates free cash flow, though less than at its 2023 peak: $6.5B 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 ELV on cash flow, with more consistent year-over-year improvement.
ELV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -300K shares |
| 1 year | -2.7% | -6.1M shares |
| 3 years | -8% | -18.9M shares |
| 5 years | -12% | -28.4M shares |
| Available history | -16% | -42.7M shares |
ELV has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $330M |
| Q2 2026 | $234M |
| Q1 2026 | $1.1B |
| Q4 2025 | $471M |
| Q3 2025 | $876M |
| Q2 2025 | $378M |
| Q1 2025 | $880M |
| Q4 2024 | $1.8B |
ELV spent $2.2B buying back its own shares over the past year, down 45% 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.
ELV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Moderate |
| Q2 2026 | 3.0x | Moderate |
| Q1 2026 | 2.9x | Moderate |
| Q4 2025 | 2.6x | Moderate |
| Q3 2025 | 2.6x | Moderate |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.6x | Moderate |
ELV's net debt is about 3.0 years of its operating earnings (EBITDA), up from 2.6 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 ELV on leverage, with a lower net debt burden relative to earnings.
ELV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.8 | Neutral |
| Stochastic | 68.7 | Neutral |
ELV's weekly RSI is 60 (neutral) and its Stochastic is 69 (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).
ELV PE vs Healthcare Sector
| Metric | ELV | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 26x | 29% below |
| PE % | 57 | 29 | 28 pts above |
ELV is trading at 18x earnings, a 29% 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 ELV on valuation relative to its sector.
ELV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $417.4 | 3% above |
| 20 week MA | $406.3 | 5.8% above |
| 50 week MA | $373.0 | 15% above |
| 100 week MA | $368.4 | 17% above |
| 200 week MA | $424.7 | 1.2% above |
ELV 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.
ELV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $306.4 | $308.7 | +0.7% |
| 2021 | $308.7 | $455.7 | +48% |
| 2022 | $455.7 | $514.3 | +13% |
| 2023 | $514.3 | $471.6 | -8.3% |
| 2024 | $471.6 | $371.1 | -21% |
| 2025 | $371.1 | $349.9 | -5.7% |
| 2026 YTD | $349.9 | $429.9 | +23% |
ELV 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.