ESTA
Establishment Labs Holdings Inc.
ESTA 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.
ESTA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Unavailable |
ESTA's revenue is currently healthy, and its profitability is stable, but its cash flow is under pressure. There isn't enough data to rate its balance sheet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ESTA PE Valuation
ESTA 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.
ESTA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
ESTA 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.
ESTA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.26 | +$1.60 |
| Q2 2026 | -$1.29 | +$1.78 |
| Q1 2026 | -$1.47 | +$1.65 |
| Q4 2025 | -$1.72 | +$1.28 |
| Q3 2025 | -$2.86 | -$0.25 |
| Q2 2025 | -$3.07 | +$0.07 |
| Q1 2025 | -$3.12 | +$0.05 |
| Q4 2024 | -$3.00 | +$0.07 |
ESTA is still losing money, but far less than before: $1.26 per share over the past year, against $3.32 at its worst in early 2023.
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 ESTA on earnings quality, reporting a profit while its opponent remains loss making.
ESTA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $72M | +34% |
| Q2 2026 | $67.5M | +32% |
| Q1 2026 | $59.9M | +45% |
| Q4 2025 | $64.6M | +45% |
| Q3 2025 | $53.8M | +34% |
| Q2 2025 | $51.3M | +16% |
| Q1 2025 | $41.4M | +11% |
| Q4 2024 | $44.5M | +41% |
ESTA has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -3.6% | +3.8 points |
| Q2 2026 | -6.3% | +21 points |
| Q1 2026 | -11% | +30 points |
| Q4 2025 | -6.1% | +36 points |
| Q3 2025 | -7.5% | +25 points |
| Q2 2025 | -28% | -6.3 points |
| Q1 2025 | -41% | -17 points |
| Q4 2024 | -42% | +28 points |
ESTA's operating margin was −3.6% last quarter, up 3.8 points from the same quarter a year ago, near the top of its range since 2019.
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 ESTA on profitability, with a higher operating margin.
ESTA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $6.8M | +$19.9M |
| Q2 2026 | -$20.3M | +$117K |
| Q1 2026 | -$6.2M | +$15.3M |
| Q4 2025 | -$2M | +$19.3M |
| Q3 2025 | -$13.1M | +$836K |
| Q2 2025 | -$20.4M | -$5.4M |
| Q1 2025 | -$21.5M | -$7M |
| Q4 2024 | -$21.3M | -$12.5M |
ESTA has burned cash in almost every quarter: −$22M over the past year, against −$76M 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 has the edge over ESTA on cash generation, producing positive trailing cash flow while its opponent burns cash.
ESTA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +309K shares |
| 1 year | +2.7% | +809K shares |
| 3 years | +17% | +4.4M shares |
| 5 years | +26% | +6.3M shares |
| Available history | +48% | +9.9M shares |
ESTA has 30M diluted shares, up 2.7% 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 ESTA 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.
ESTA Net Leverage
ESTA's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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's net debt is less than a year of its operating earnings (EBITDA).
ESTA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.1 | Neutral |
| Stochastic | 32.4 | Neutral |
ESTA's weekly RSI is 48 (neutral) and its Stochastic is 32 (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).
ESTA PE vs Healthcare Sector
ESTA 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.
ESTA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $64.1 | 7.1% above |
| 20 week MA | $74.1 | 7.4% below |
| 50 week MA | $71.9 | 4.6% below |
| 100 week MA | $56.5 | 22% above |
| 200 week MA | $53.3 | 29% above |
ESTA 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.
ESTA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $27.1 | $35.0 | +29% |
| 2021 | $35.0 | $63.5 | +81% |
| 2022 | $63.5 | $63.0 | -0.8% |
| 2023 | $63.0 | $25.9 | -59% |
| 2024 | $25.9 | $45.9 | +77% |
| 2025 | $45.9 | $76.5 | +66% |
| 2026 YTD | $76.5 | $68.6 | -10% |
ESTA 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.