ETON
Eton Pharmaceuticals, Inc.
ETON has the edge over NVO overall, supported by stronger fundamentals and stronger modeled upside.
NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
ETON Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
ETON's revenue, profitability, cash flow and balance sheet are all currently healthy.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ETON PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 24x | $61.45 | — |
| Current | 41x | $61.45 | — |
| Cheap | 79x | $121 | +97% |
| Fair | 85x | $130 | +111% |
| Expensive | 149x | $227 | +269% |
Historical ranges are pointers, not guarantees.
ETON has the edge over NVO in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
ETON Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
ETON 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.
ETON Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.51 | +65% |
| Q3 2026 | $1.52 | +$1.77 |
| Q2 2026 | $0.39 | +$0.55 |
| Q1 2026 | -$0.06 | +$0.12 |
| Q4 2025 | -$0.17 | -$0.02 |
| Q3 2025 | -$0.25 | -$0.03 |
| Q2 2025 | -$0.16 | +$0.10 |
| Q1 2025 | -$0.18 | -550% |
| Q4 2022 | -$0.35 | -$0.27 |
ETON has returned to profit: it earned $1.52 per share over the past year, after losing money 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 ETON on earnings, with more consistent year-over-year improvement.
ETON Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $57.9M | +158% |
| Q2 2026 | $37.6M | +99% |
| Q1 2026 | $24.3M | +40% |
| Q4 2025 | $21.3M | +83% |
| Q3 2025 | $22.5M | +118% |
| Q2 2025 | $18.9M | +109% |
| Q1 2025 | $17.3M | +117% |
| Q4 2024 | $11.6M | +59% |
ETON has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | +46 points |
| Q2 2026 | 34% | +42 points |
| Q1 2026 | 10% | +13 points |
| Q4 2025 | 12% | +6.2 points |
| Q3 2025 | -6.1% | -11 points |
| Q2 2025 | -7.8% | +25 points |
| Q1 2025 | -2.7% | +7.3 points |
| Q4 2024 | 5.4% | +33 points |
ETON has the edge over NVO on profitability, with a higher operating margin.
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's operating margin was 34% last quarter, down 9 points from the same quarter a year ago, near the bottom of its range since 2019.
ETON Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $35.2M | +200% |
| Q2 2026 | $7.3M | -8.8% |
| Q1 2026 | $7.3M | +251% |
| Q4 2025 | -$11.6M | -$10.8M |
| Q3 2025 | $11.7M | +298% |
| Q2 2025 | $8M | +534% |
| Q1 2025 | $2.1M | +$4.6M |
| Q4 2024 | -$777K | -301% |
ETON generated $38M in free cash flow over the past year, up 82% from 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 still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
ETON Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.5% | +477K shares |
| 1 year | +24% | +6.4M shares |
| 3 years | +32% | +8.1M shares |
| 5 years | +58% | +12.2M shares |
ETON has 33M diluted shares, up 24% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2020 | — |
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 ETON 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.
ETON Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 1.8x | Healthy |
| Q4 2025 | 1.4x | Healthy |
| Q3 2025 | -9.6x | Net Cash |
| Q2 2025 | 2.6x | Moderate |
| Q1 2024 | -7.9x | Net Cash |
| Q3 2023 | -7.1x | Net Cash |
ETON has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
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).
ETON Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.9 | Neutral |
| Stochastic | 58.6 | Neutral |
ETON's weekly RSI is 70 (neutral) and its Stochastic is 59 (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).
ETON PE vs Healthcare Sector
| Metric | ETON | Sector median | Relative |
|---|---|---|---|
| PE | 41x | 26x | 57% above |
| PE % | 4 | 29 | 25 pts below |
ETON is trading at 41x earnings, a 57% premium to the Healthcare sector's median of 26x, though its earnings don't support one.
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 ETON on valuation relative to its sector.
ETON Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $54.8 | 12% above |
| 20 week MA | $52.1 | 18% above |
| 50 week MA | $34.3 | 79% above |
| 100 week MA | $25.2 | 144% above |
| 200 week MA | $14.9 | 313% above |
ETON 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.
ETON Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.02 | $8.78 | +25% |
| 2021 | $8.78 | $4.26 | -51% |
| 2022 | $4.26 | $3.05 | -28% |
| 2023 | $3.05 | $4.38 | +44% |
| 2024 | $4.38 | $13.1 | +198% |
| 2025 | $13.1 | $16.8 | +29% |
| 2026 YTD | $16.8 | $61.5 | +265% |
ETON 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.