HUM
Humana Inc.
HUM has a slight edge over NVO overall, supported by stronger fundamentals.
NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
HUM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Stable |
HUM's revenue is currently healthy, and its profitability and balance sheet are stable, but its cash flow is 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.
HUM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | $171 | -62% |
| Fair | 20x | $205 | -54% |
| Expensive | 24x | $251 | -43% |
| Forward | 26x | $444 | — |
| Current | 43x | $444 | — |
Historical ranges are pointers, not guarantees.
HUM's PE is in its expensive range at 43x. If earnings grow as analysts expect, today's price would be 26x next year's earnings.
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 has the edge over HUM in the historical PE scenario, which offers more potential upside but is not a forecast.
HUM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Stable | |
| Moderate | |
| Low |
HUM has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
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.
HUM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $17.03 | +65% |
| Q3 2026 | $10.29 | -3.8% |
| Q2 2026 | $10.58 | -19% |
| Q1 2026 | $9.37 | -34% |
| Q4 2025 | $9.84 | -1.4% |
| Q3 2025 | $10.70 | -6.7% |
| Q2 2025 | $13.06 | -8% |
| Q1 2025 | $14.17 | -13% |
| Q4 2024 | $9.98 | -50% |
HUM's earnings per share have fallen from their peak: $10.29 over the past year, against $31.20 in late 2020.
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 HUM on earnings, with more consistent year-over-year improvement.
HUM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $41.2B | +26% |
| Q2 2026 | $40.9B | +26% |
| Q1 2026 | $39.6B | +23% |
| Q4 2025 | $32.5B | +11% |
| Q3 2025 | $32.6B | +11% |
| Q2 2025 | $32.4B | +9.6% |
| Q1 2025 | $32.1B | +8.4% |
| Q4 2024 | $29.2B | +10% |
HUM's revenue has grown year over year every quarter since late 2020: $41.2B last quarter, up 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 0.2% | -1.1 points |
| Q2 2026 | 3.3% | -0.1 points |
| Q1 2026 | 4.4% | -1.8 points |
| Q4 2025 | -2.5% | -0.6 points |
| Q3 2025 | 1.2% | -1.3 points |
| Q2 2025 | 3.4% | -0.5 points |
| Q1 2025 | 6.3% | +2.1 points |
| Q4 2024 | -1.9% | -0.5 points |
HUM's operating margin was 0.2% last quarter, down 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 HUM on profitability, with a higher operating margin.
HUM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2B | +142% |
| Q2 2026 | -$558M | -148% |
| Q1 2026 | $1.1B | +380% |
| Q4 2025 | -$1.9B | -$1.2B |
| Q3 2025 | $836M | -52% |
| Q2 2025 | $1.2B | +5.3% |
| Q1 2025 | $236M | -4.1% |
| Q4 2024 | -$682M | +$6.7B |
HUM still generates free cash flow, though less than at its 2022 peak: $747M over the past year.
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 HUM on cash flow, with more consistent year-over-year improvement.
HUM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +935K shares |
| 1 year | +0.9% | +1.1M shares |
| 3 years | -1.7% | -2.2M shares |
| 5 years | -5.7% | -7.4M shares |
| Available history | -9.6% | -12.9M shares |
HUM has 122M diluted shares, up 0.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2M |
| Q2 2026 | $1M |
| Q1 2026 | $107M |
| Q4 2025 | $42M |
| Q3 2025 | — |
| Q2 2025 | $100M |
| Q1 2025 | $9M |
| Q4 2024 | $49M |
HUM spent $152M buying back its own shares over the past year, down 3.8% from the year before.
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 HUM 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.
HUM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.0x | Healthy |
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.9x | Moderate |
| Q4 2025 | 2.4x | Moderate |
| Q3 2025 | 2.0x | Healthy |
| Q2 2025 | 2.1x | Moderate |
| Q1 2025 | 2.2x | Moderate |
| Q4 2024 | 2.8x | Moderate |
HUM's net debt is about 2.0 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 HUM on leverage, with a lower net debt burden relative to earnings.
HUM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.9 | Neutral |
| Stochastic | 74.1 | Neutral |
HUM's weekly RSI is 67 (neutral) and its Stochastic is 74 (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).
HUM PE vs Healthcare Sector
| Metric | HUM | Sector median | Relative |
|---|---|---|---|
| PE | 43x | 26x | 67% above |
| PE % | 100 | 29 | 71 pts above |
HUM is trading at 43x earnings, a 67% premium to the Healthcare sector's median of 26x.
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 HUM on valuation relative to its sector.
HUM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $418.2 | 6.1% above |
| 20 week MA | $401.2 | 11% above |
| 50 week MA | $309.6 | 43% above |
| 100 week MA | $285.0 | 56% above |
| 200 week MA | $349.2 | 27% above |
HUM 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.
HUM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $371.0 | $404.8 | +9.1% |
| 2021 | $404.8 | $460.5 | +14% |
| 2022 | $460.5 | $514.0 | +12% |
| 2023 | $514.0 | $457.8 | -11% |
| 2024 | $457.8 | $255.6 | -44% |
| 2025 | $255.6 | $258.8 | +1.2% |
| 2026 YTD | $258.8 | $443.7 | +71% |
HUM 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.