GRFS
Grifols, S.A.
GRFS has the edge over NVO overall, supported by lower modeled downside and stronger fundamentals.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
GRFS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Stable | |
| Weak |
GRFS's profitability is currently strong, and its revenue and cash flow 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.
GRFS PE Valuation
GRFS 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.
GRFS Forward outlook
There aren't enough analyst estimates for GRFS to show an outlook.
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.
GRFS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.74 | +54% |
| Q1 2026 | $0.68 | +113% |
| Q4 2025 | $0.65 | +160% |
| Q3 2025 | $0.61 | +165% |
| Q2 2025 | $0.48 | +100% |
| Q1 2025 | $0.32 | +10% |
| Q4 2024 | $0.25 | +8.7% |
| Q3 2024 | $0.23 | +28% |
GRFS has the edge over NVO on earnings, with stronger typical year-over-year growth.
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.
GRFS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2.1B | -0.9% |
| Q1 2026 | $1.9B | -3.2% |
| Q4 2025 | $2.2B | -0.6% |
| Q3 2025 | $2.1B | +4% |
| Q2 2025 | $2.1B | +4% |
| Q1 2025 | $2B | +9.8% |
| Q4 2024 | $2.2B | +12% |
| Q3 2024 | $2B | +12% |
GRFS's revenue grew through 2024 and has held roughly level since: $2.1B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 18% | -0.9 points |
| Q1 2026 | 15% | -0.4 points |
| Q4 2025 | 14% | -5 points |
| Q3 2025 | 21% | +2.9 points |
| Q2 2025 | 18% | +2 points |
| Q1 2025 | 15% | +2.5 points |
| Q4 2024 | 19% | +4.4 points |
| Q3 2024 | 18% | +2 points |
GRFS's operating margin was 18% last quarter, down 0.9 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 GRFS 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 GRFS on profitability, with a higher operating margin.
GRFS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $120M | +14% |
| Q1 2026 | $65.5M | -32% |
| Q4 2025 | $329.6M | -28% |
| Q3 2025 | $283.7M | +19% |
| Q2 2025 | $105.6M | -57% |
| Q1 2025 | $95.9M | +$321.4M |
| Q4 2024 | $460.5M | +444% |
| Q3 2024 | $239.2M | +203% |
GRFS generated $799M in free cash flow over the past year, down 11% 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.
GRFS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.2% | -8M shares |
| 3 years | +0.3% | +2M shares |
| 5 years | +6.8% | +43.2M shares |
| Available history | -0.5% | -3.6M shares |
GRFS has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
GRFS 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 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.
GRFS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 4.6x | High |
| Q1 2026 | 5.4x | High |
| Q4 2025 | 4.7x | High |
| Q3 2025 | 5.6x | High |
| Q2 2025 | 5.0x | High |
| Q1 2025 | 6.2x | High |
| Q4 2024 | 6.3x | High |
| Q3 2024 | 6.5x | High |
GRFS's net debt is about 4.6 years of its operating earnings (EBITDA), down from 5.0 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 GRFS on leverage, with a lower net debt burden relative to earnings.
GRFS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.4 | Neutral |
| Stochastic | 84.5 | Overbought |
GRFS's weekly RSI is 65 (neutral) and its Stochastic is 85 (overbought).
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).
GRFS PE vs Healthcare Sector
| Metric | GRFS | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
GRFS 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.
GRFS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.83 | 12% above |
| 20 week MA | $7.69 | 14% above |
| 50 week MA | $8.15 | 8% above |
| 100 week MA | $8.36 | 5.3% above |
| 200 week MA | $8.39 | 4.9% above |
GRFS 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.
GRFS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $23.5 | $18.7 | -21% |
| 2021 | $18.7 | $11.2 | -40% |
| 2022 | $11.2 | $8.12 | -27% |
| 2023 | $8.12 | $11.6 | +42% |
| 2024 | $11.6 | $7.65 | -34% |
| 2025 | $7.65 | $9.10 | +19% |
| 2026 YTD | $9.10 | $8.80 | -3.3% |
GRFS 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.