FTRE
Fortrea Holdings Inc.
FTRE 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.
FTRE Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Weak |
FTRE's cash flow is currently healthy, and its revenue and profitability are stable, but its balance sheet is weak.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
FTRE PE Valuation
FTRE 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.
FTRE Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect FTRE's earnings to grow and its profitability to improve, with its revenue holding 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.
FTRE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.95 | — |
| Q3 2026 | -$0.63 | +$10.61 |
| Q2 2026 | -$0.81 | +$10.57 |
| Q1 2026 | -$4.81 | +$3.98 |
| Q4 2025 | -$10.81 | -$7.14 |
| Q3 2025 | -$11.24 | -$7.84 |
| Q2 2025 | -$11.38 | -$8.14 |
| Q1 2025 | -$8.79 | -$7.42 |
| Q4 2024 | -$3.67 | -$3.57 |
FTRE is still losing money, but far less than before: $0.63 per share over the past year, against $11.38 at its worst in mid-2025.
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 FTRE on earnings quality, reporting a profit while its opponent remains loss making.
FTRE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $691.5M | -1.4% |
| Q2 2026 | $678.2M | -4.5% |
| Q1 2026 | $636.5M | -2.3% |
| Q4 2025 | $660.5M | -5.2% |
| Q3 2025 | $701.3M | +3.9% |
| Q2 2025 | $710.3M | +7.2% |
| Q1 2025 | $651.3M | -1.6% |
| Q4 2024 | $697M | -10% |
FTRE's revenue has held roughly level: $692M last quarter, down 1.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.2% | +3.4 points |
| Q2 2026 | 2.2% | +49 points |
| Q1 2026 | -0.5% | +79 points |
| Q4 2025 | -2.1% | +5.9 points |
| Q3 2025 | -1.2% | +1.4 points |
| Q2 2025 | -47% | -39 points |
| Q1 2025 | -80% | -74 points |
| Q4 2024 | -8% | -6.6 points |
FTRE's operating margin was 2.2% last quarter, up 3.4 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 has the edge over FTRE 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 FTRE on profitability, with a higher operating margin.
FTRE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $52.5M | -34% |
| Q2 2026 | $19.9M | +39% |
| Q1 2026 | -$25M | +$102.1M |
| Q4 2025 | $121.6M | +499% |
| Q3 2025 | $79.5M | +$90.1M |
| Q2 2025 | $14.3M | -95% |
| Q1 2025 | -$127.1M | -$92.2M |
| Q4 2024 | $20.3M | +577% |
FTRE's free cash flow has turned positive again: $169M over the past year, against −$13M 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.
FTRE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +6.8% | +6.4M shares |
| 1 year | +9.5% | +8.8M shares |
| 3 years | +14% | +12.4M shares |
FTRE has 101M diluted shares, up 9.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
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 FTRE 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.
FTRE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 9.1x | High |
| Q2 2026 | 13.1x | High |
| Q2 2024 | 118.8x | High |
| Q1 2024 | 15.7x | High |
| Q4 2023 | 10.0x | High |
| Q3 2023 | 10.6x | High |
| Q2 2023 | 7.5x | High |
| Q1 2023 | 6.2x | High |
FTRE's net debt is about 9.1 years of its operating earnings (EBITDA), down from 10 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 has the edge over FTRE on leverage, with a lower net debt burden relative to earnings.
FTRE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.3 | Neutral |
| Stochastic | 49.9 | Neutral |
FTRE's weekly RSI is 55 (neutral) and its Stochastic is 50 (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).
FTRE PE vs Healthcare Sector
FTRE 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.
FTRE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $21.3 | 5.7% below |
| 20 week MA | $19.5 | 3% above |
| 50 week MA | $15.9 | 26% above |
| 100 week MA | $12.9 | 56% above |
FTRE has stronger trend alignment. FTRE is above 3 of 4 weekly averages versus NVO above 1 of 5.
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.
FTRE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $34.0 | $34.9 | +2.6% |
| 2024 | $34.9 | $19.4 | -45% |
| 2025 | $19.4 | $17.4 | -10% |
| 2026 YTD | $17.4 | $20.1 | +15% |
FTRE 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.