FMS
Fresenius Medical Care AG & Co. KGaA
There isn't enough reported data to score FMS yet.
NVO
Novo Nordisk A/S
NVO's fundamentals are mixed: it turned 15% of its revenue into free cash flow, but its operating margin fell 3 points to 43%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
FMS Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Strong | |
| Strong | |
| Stable |
FMS's profitability and cash flow are currently strong, and its balance sheet is stable. There isn't enough data to rate its revenue.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
FMS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $38.09 | +76% |
| Fair | 12x | $40.06 | +85% |
| Current | 13x | $21.60 | — |
| Expensive | 16x | $51.64 | +139% |
Historical ranges are pointers, not guarantees.
FMS 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.
FMS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Low |
Analysts expect FMS's earnings, revenue and profitability to hold roughly 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.
FMS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $3.30 | +21% |
| Q4 2025 | $3.73 | +84% |
| Q3 2025 | $2.72 | +8.8% |
| Q2 2025 | $2.49 | +24% |
| Q1 2025 | $2.34 | +28% |
| Q4 2024 | $2.03 | +7.4% |
| Q3 2024 | $2.50 | +46% |
| Q2 2024 | $2.01 | -11% |
FMS has the stronger earnings trend. Trailing diluted EPS is up 41% for FMS versus NVO up 4.9%.
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's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
FMS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $16B | +195% |
| Q4 2025 | $5.6B | -0.3% |
| Q3 2025 | $5.4B | +2.6% |
| Q2 2025 | $5.3B | +0.5% |
| Q1 2025 | $5.4B | +3.3% |
| Q4 2024 | $5.6B | +1.9% |
| Q3 2024 | $5.3B | -3.6% |
| Q2 2024 | $5.3B | -1.2% |
FMS has the stronger quarterly revenue trend. Revenue is up 195% for FMS versus up 2.1% for NVO.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.9% | +1.1 points |
| Q4 2025 | 12% | +6.6 points |
| Q3 2025 | 9.8% | 0 points |
| Q2 2025 | 8.9% | 0 points |
| Q1 2025 | 6.8% | +1.6 points |
| Q4 2024 | 5.1% | -3.5 points |
| Q3 2024 | 9.7% | +3.2 points |
| Q2 2024 | 8.9% | +1.5 points |
FMS's operating margin was 7.9% last quarter, up 1.1 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'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 FMS on profitability, with a higher operating margin.
FMS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2020 | $555.7M | +$1B |
| Q2 2020 | $2.3B | +278% |
FMS and NVO do not have enough comparable growth data to identify a winner.
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.
FMS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -7.7% | -22.4M shares |
| 1 year | -8.4% | -24.6M shares |
| 3 years | -8.4% | -24.6M shares |
| 5 years | -8.2% | -24M shares |
| Available history | -11% | -34.6M shares |
FMS has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $862.2M |
| Q4 2025 | $482.3M |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | $166.5M |
| Q1 2020 | $240.1M |
| Q4 2019 | $150.3M |
| Q3 2019 | $848.1M |
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.
FMS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q4 2025 | 2.8x | Moderate |
| Q3 2025 | 1.9x | Healthy |
| Q2 2025 | 1.9x | Healthy |
| Q1 2025 | 1.9x | Healthy |
| Q4 2024 | 3.4x | Elevated |
| Q3 2024 | 1.9x | Healthy |
| Q2 2024 | 2.1x | Moderate |
FMS's net debt is about 1.9 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 FMS on leverage, with a lower net debt burden relative to earnings.
FMS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.8 | Neutral |
| Stochastic | 39.7 | Neutral |
FMS's weekly RSI is 43 (neutral) and its Stochastic is 40 (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).
FMS PE vs Healthcare Sector
| Metric | FMS | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 26x | 49% below |
| PE % | 69 | 29 | 40 pts above |
FMS is trading at 13x earnings, a 49% discount 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 FMS on valuation relative to its sector.
FMS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $22.3 | 3.1% below |
| 20 week MA | $23.1 | 6.5% below |
| 50 week MA | $23.0 | 6% below |
| 100 week MA | $24.2 | 11% below |
| 200 week MA | $22.6 | 4.3% below |
FMS is in a downtrend: it's below all five of its weekly moving averages, and 4.3% 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 the edge over FMS on trend strength, trading above more of its moving averages.
FMS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $37.4 | $41.3 | +10% |
| 2021 | $41.3 | $32.1 | -22% |
| 2022 | $32.1 | $16.0 | -50% |
| 2023 | $16.0 | $20.8 | +30% |
| 2024 | $20.8 | $23.0 | +10% |
| 2025 | $23.0 | $24.1 | +5% |
| 2026 YTD | $24.1 | $21.6 | -10% |
FMS 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.