HCAT
Health Catalyst, Inc.
HCAT offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over HCAT overall, supported by stronger fundamentals and lower modeled downside.
HCAT Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Healthy | |
| Unavailable |
HCAT's cash flow is currently healthy, but its revenue and profitability are under pressure. There isn't enough data to rate its balance sheet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
HCAT PE Valuation
HCAT 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.
HCAT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Turning to a loss | |
| Strong decline | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect HCAT's earnings and revenue to decline, with profitability weakening. However, they disagree widely on these estimates.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
NVO has the edge over HCAT on the outlook, with more favorable earnings and revenue expectations.
HCAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$2.84 | -$1.25 |
| Q2 2026 | -$3.69 | -$2.18 |
| Q1 2026 | -$3.73 | -$2.58 |
| Q4 2025 | -$2.55 | -$1.40 |
| Q3 2025 | -$1.59 | -$0.25 |
| Q2 2025 | -$1.51 | -$0.02 |
| Q1 2025 | -$1.15 | +$0.69 |
| Q4 2024 | -$1.15 | +$0.94 |
HCAT lost $2.84 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 HCAT on earnings quality, reporting a profit while its opponent remains loss making.
HCAT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $56.3M | -26% |
| Q2 2026 | $70.5M | -13% |
| Q1 2026 | $70.8M | -11% |
| Q4 2025 | $74.7M | -6.2% |
| Q3 2025 | $76.3M | 0% |
| Q2 2025 | $80.7M | +6.3% |
| Q1 2025 | $79.4M | +6.3% |
| Q4 2024 | $79.6M | +6% |
HCAT's revenue has slid since its 2025 peak: $56M last quarter, down 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 89% | +112 points |
| Q2 2026 | -52% | -5.8 points |
| Q1 2026 | -150% | -125 points |
| Q4 2025 | -115% | -93 points |
| Q3 2025 | -23% | -5 points |
| Q2 2025 | -46% | -25 points |
| Q1 2025 | -25% | +5.1 points |
| Q4 2024 | -22% | +22 points |
HCAT has the edge over NVO on profitability, with a higher operating margin.
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 HCAT 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's operating margin was 34% last quarter, down 9 points from the same quarter a year ago, near the bottom of its range since 2019.
HCAT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$2M | -$1.3M |
| Q2 2026 | -$70K | +$8.7M |
| Q1 2026 | $18.2M | +$18.6M |
| Q4 2025 | $9.6M | +$13.6M |
| Q3 2025 | -$719K | -113% |
| Q2 2025 | -$8.8M | -763% |
| Q1 2025 | -$390K | -104% |
| Q4 2024 | -$3.9M | +$15.4M |
HCAT's free cash flow has turned positive again: $26M 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 HCAT on cash flow, with more consistent year-over-year improvement.
HCAT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.7% | +2M shares |
| 1 year | +7.9% | +5.6M shares |
| 3 years | +34% | +19.2M shares |
| 5 years | +55% | +26.9M shares |
| Available history | +105% | +38.8M shares |
HCAT has 76M diluted shares, up 7.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $5M |
| Q4 2024 | — |
HCAT 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 HCAT 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.
HCAT Net Leverage
HCAT's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
HCAT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.4 | Neutral |
| Stochastic | 9.3 | Oversold |
HCAT's weekly RSI is 37 (neutral) and its Stochastic is 9 (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).
HCAT PE vs Healthcare Sector
HCAT 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.
HCAT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.65 | 18% below |
| 20 week MA | $1.79 | 24% below |
| 50 week MA | $1.79 | 24% below |
| 100 week MA | $2.93 | 54% below |
| 200 week MA | $6.18 | 78% below |
HCAT is in a downtrend: it's below all five of its weekly moving averages, and 78% 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 HCAT on trend strength, trading above more of its moving averages.
HCAT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $34.1 | $44.9 | +31% |
| 2021 | $44.9 | $39.5 | -12% |
| 2022 | $39.5 | $10.3 | -74% |
| 2023 | $10.3 | $9.26 | -10% |
| 2024 | $9.26 | $7.08 | -24% |
| 2025 | $7.08 | $2.42 | -66% |
| 2026 YTD | $2.42 | $1.36 | -44% |
HCAT has finished five years in a row lower, and it's down 44% 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 HCAT on returns for 2026, with the stronger performance.