FOCL
EDAP TMS S.A. American Depositary Shares
FOCL offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over FOCL overall, supported by stronger fundamentals and lower modeled downside.
FOCL Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Under pressure | |
| Healthy |
FOCL's balance sheet is currently healthy, but its revenue, profitability and cash flow are 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.
FOCL PE Valuation
FOCL 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.
FOCL Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Decline | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect FOCL'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.
FOCL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.98 | -$0.39 |
| Q2 2024 | -$0.58 | -$0.07 |
| Q1 2024 | -$0.54 | -$0.23 |
| Q4 2023 | -$0.63 | -$0.55 |
| Q3 2023 | -$0.63 | -673% |
| Q2 2023 | -$0.51 | -738% |
| Q1 2023 | -$0.31 | -3200% |
| Q4 2022 | -$0.08 | -500% |
FOCL lost $0.98 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 FOCL on earnings quality, reporting a profit while its opponent remains loss making.
FOCL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $9.8M | -39% |
| Q2 2026 | $13.2M | -27% |
| Q1 2026 | $17.8M | +25% |
| Q4 2025 | $21.9M | +0.9% |
| Q2 2025 | $18.2M | +7% |
| Q1 2025 | $14.3M | -12% |
| Q4 2024 | $21.7M | +2.8% |
| Q2 2024 | $17M | +9.4% |
FOCL's revenue is shrinking: $10M last quarter, down 39% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -79% | -44 points |
| Q2 2026 | -61% | -25 points |
| Q1 2026 | -41% | +2.9 points |
| Q4 2025 | -28% | -9.1 points |
| Q3 2025 | -35% | N/A |
| Q2 2025 | -36% | +3 points |
| Q1 2025 | -44% | -12 points |
| Q4 2024 | -18% | -0.6 points |
FOCL's operating margin was −79% last quarter, down 44 points from the same quarter a year ago, near the bottom of its range since 2015.
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 FOCL 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 FOCL on profitability, with a higher operating margin.
FOCL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$4M | +$891.5K |
| Q2 2026 | -$3.7M | +$2.4M |
| Q1 2026 | -$3M | +$3.7M |
| Q4 2025 | -$4.1M | -$3.4M |
| Q3 2025 | -$4.9M | +$1.6M |
| Q2 2025 | -$6.1M | +$1.4M |
| Q1 2025 | -$6.6M | -$1.4M |
| Q4 2024 | -$642.7K | +$1.4M |
FOCL has burned cash in most quarters: −$15M over the past year, against −$18M 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 FOCL on cash generation, producing positive trailing cash flow while its opponent burns cash.
FOCL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +14% | +5.1M shares |
| 1 year | +14% | +5.2M shares |
| 3 years | +15% | +5.6M shares |
| 5 years | +32% | +10.4M shares |
| Available history | +58% | +15.6M shares |
FOCL has 43M diluted shares, up 14% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
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 FOCL 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.
FOCL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | -12.2x | Net Cash |
| Q2 2022 | -13.3x | Net Cash |
| Q1 2022 | -85.7x | Net Cash |
| Q4 2021 | -148.8x | Net Cash |
| Q3 2021 | -49.2x | Net Cash |
| Q2 2021 | -27.7x | Net Cash |
FOCL has more cash than debt.
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).
FOCL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.0 | Neutral |
| Stochastic | 4.9 | Oversold |
FOCL's weekly RSI is 38 (neutral) and its Stochastic is 5 (oversold).
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).
FOCL PE vs Healthcare Sector
| Metric | FOCL | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
FOCL 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.
FOCL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.03 | 15% below |
| 20 week MA | $4.62 | 26% below |
| 50 week MA | $4.20 | 19% below |
| 100 week MA | $3.12 | 9.3% above |
| 200 week MA | $4.98 | 32% below |
FOCL's trend is mixed: it's above one of its five weekly moving averages, and 32% 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.
FOCL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $4.40 | $5.08 | +15% |
| 2021 | $5.08 | $5.65 | +11% |
| 2022 | $5.65 | $10.5 | +86% |
| 2023 | $10.5 | $5.28 | -50% |
| 2024 | $5.28 | $2.17 | -59% |
| 2025 | $2.17 | $3.40 | +57% |
| 2026 YTD | $3.40 | $3.41 | +0.3% |
FOCL 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.