EVO
Evotec SE
EVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over EVO overall, supported by stronger fundamentals and lower modeled downside.
EVO Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Weak | |
| Under pressure |
EVO's revenue, profitability, cash flow and balance sheet are all currently 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.
EVO PE Valuation
EVO 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.
EVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Decline | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect EVO's losses to shrink, with revenue declining.
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.
EVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.62 | -$0.14 |
| Q1 2026 | -$0.61 | +$0.03 |
| Q4 2025 | -$0.32 | +$0.29 |
| Q3 2025 | -$0.49 | +$0.05 |
| Q2 2025 | -$0.48 | +$0.06 |
| Q1 2025 | -$0.64 | -$0.35 |
| Q4 2024 | -$0.61 | -$0.35 |
| Q3 2024 | -$0.54 | -$0.24 |
EVO lost $0.62 per share over the past year, a bigger loss than 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 EVO on earnings quality, reporting a profit while its opponent remains loss making.
EVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $162M | -15% |
| Q1 2026 | $176.9M | -20% |
| Q4 2025 | $278.7M | +13% |
| Q3 2025 | $182.1M | -11% |
| Q2 2025 | $190.2M | -6% |
| Q1 2025 | $222.2M | -4.2% |
| Q4 2024 | $245.8M | +9.9% |
| Q3 2024 | $205.4M | -5.8% |
EVO's revenue is shrinking: $162M last quarter, down 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -36% | -19 points |
| Q1 2026 | -35% | -25 points |
| Q4 2025 | 9.6% | +6.5 points |
| Q3 2025 | -27% | -13 points |
| Q2 2025 | -16% | +41 points |
| Q1 2025 | -10% | -1.3 points |
| Q4 2024 | 3.1% | +8.8 points |
| Q3 2024 | -14% | -8.1 points |
EVO's operating margin was −36% last quarter, down 19 points from the same quarter a year ago, near the bottom 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 has the edge over EVO 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 EVO on profitability, with a higher operating margin.
EVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$132.8M | -4534% |
| Q1 2026 | -$7.1M | +$52.5M |
| Q4 2025 | $51.7M | -5.2% |
| Q3 2025 | -$98.8M | -724% |
| Q2 2025 | $3M | +$112.7M |
| Q1 2025 | -$59.6M | +$45.8M |
| Q4 2024 | $54.6M | +$102.8M |
| Q3 2024 | $15.8M | +$43.8M |
EVO's free cash flow was −$187M over the past year, against $14M 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 EVO on cash generation, producing positive trailing cash flow while its opponent burns cash.
EVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +403K shares |
| 1 year | +0.1% | +334K shares |
| 3 years | +0.5% | +1.7M shares |
| 5 years | +8.2% | +26.9M shares |
| Available history | +19% | +56M shares |
EVO has 356M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | $171,079 |
EVO hasn't bought back shares in 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 the edge over EVO 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.
EVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2025 | 3.4x | Elevated |
| Q2 2024 | 89.3x | High |
| Q1 2024 | 36.0x | High |
| Q4 2023 | 8.8x | High |
| Q3 2023 | 2.6x | Moderate |
| Q2 2023 | 156.6x | High |
| Q2 2022 | -2.7x | Net Cash |
| Q1 2022 | -0.9x | Net Cash |
EVO's net debt is about 3.4 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's net debt is less than a year of its operating earnings (EBITDA).
EVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.1 | Neutral |
| Stochastic | 34.1 | Neutral |
EVO's weekly RSI is 38 (neutral) and its Stochastic is 34 (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).
EVO PE vs Healthcare Sector
| Metric | EVO | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
EVO 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.
EVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.56 | 6.4% above |
| 20 week MA | $1.85 | 10% below |
| 50 week MA | $2.57 | 35% below |
| 100 week MA | $3.25 | 49% below |
| 200 week MA | $5.60 | 70% below |
EVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 70% 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 bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
EVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.9 | $17.4 | +35% |
| 2021 | $17.4 | $22.6 | +30% |
| 2022 | $22.6 | $8.06 | -64% |
| 2023 | $8.06 | $11.7 | +46% |
| 2024 | $11.7 | $4.54 | -61% |
| 2025 | $4.54 | $3.11 | -31% |
| 2026 YTD | $3.11 | $1.66 | -47% |
EVO has finished lower in three of the last six years. It's down 47% 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 EVO on returns for 2026, with the stronger performance.