IART
Integra LifeSciences Holdings Corporation
IART offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over IART overall, supported by stronger valuation and stronger modeled upside.
IART Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Under pressure |
IART's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet 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.
IART PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 6.2x | $14.35 | — |
| Cheap | 26x | $4.14 | -71% |
| Fair | 34x | $5.42 | -62% |
| Expensive | 84x | $13.36 | -6.9% |
| Current | 90x | $14.35 | — |
Historical ranges are pointers, not guarantees.
IART's PE is in its expensive range at 90x. On analysts' estimates for next year's earnings, today's price would be 6.2x, in its cheap range.
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 IART in the historical PE scenario, which offers more potential upside but is not a forecast.
IART Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Low |
Analysts expect IART's earnings, revenue and profitability to hold roughly 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.
IART Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.33 | +1357% |
| Q3 2026 | $0.16 | +$6.62 |
| Q2 2026 | -$0.10 | +$6.43 |
| Q1 2026 | -$6.47 | -$6.09 |
| Q4 2025 | -$6.74 | -$6.65 |
| Q3 2025 | -$6.46 | -$6.38 |
| Q2 2025 | -$6.53 | -2277% |
| Q1 2025 | -$0.38 | -175% |
| Q4 2024 | -$0.09 | -111% |
IART has returned to profit: it earned $0.16 per share over the past year, after losing money 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 IART on earnings, with more consistent year-over-year improvement.
IART Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $411.2M | +2.3% |
| Q2 2026 | $418.8M | +0.8% |
| Q1 2026 | $391.9M | +2.4% |
| Q4 2025 | $434.9M | -1.7% |
| Q3 2025 | $402.1M | +5.6% |
| Q2 2025 | $415.6M | -0.6% |
| Q1 2025 | $382.7M | +3.7% |
| Q4 2024 | $442.6M | +11% |
IART's revenue grew through 2021 and has held roughly level since: $411M last quarter, up 2.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 4.6% | +1.7 points |
| Q2 2026 | 4.6% | +128 points |
| Q1 2026 | 2.9% | +7 points |
| Q4 2025 | 5.3% | -2.8 points |
| Q3 2025 | 2.9% | +5.1 points |
| Q2 2025 | -123% | -123 points |
| Q1 2025 | -4% | -5.1 points |
| Q4 2024 | 8.1% | -1 points |
IART's operating margin was 4.6% last quarter, up 1.7 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 IART 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 IART on profitability, with a higher operating margin.
IART Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $85.7M | +233% |
| Q2 2026 | $10.5M | +$21.7M |
| Q1 2026 | -$5M | +$35.1M |
| Q4 2025 | -$5.4M | -126% |
| Q3 2025 | $25.8M | +$32.9M |
| Q2 2025 | -$11.2M | -205% |
| Q1 2025 | -$40.2M | -13907% |
| Q4 2024 | $21.1M | -38% |
IART's free cash flow has turned positive again: $86M over the past year, against −$5M 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 IART on cash flow, with more consistent year-over-year improvement.
IART Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +409K shares |
| 1 year | +2.4% | +1.8M shares |
| 3 years | -1.5% | -1.2M shares |
| 5 years | -8% | -6.9M shares |
| Available history | -9.2% | -7.9M shares |
IART has 79M diluted shares, up 2.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2024 | $2.5M |
| Q3 2024 | — |
| Q2 2024 | $50M |
| Q1 2024 | — |
| Q4 2023 | — |
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 IART 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.
IART Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2020 | 3.0x | Elevated |
| Q1 2020 | 2.6x | Moderate |
| Q4 2019 | 3.3x | Elevated |
IART's net debt is about 3.0 years of its operating earnings (EBITDA).
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).
IART Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.5 | Neutral |
| Stochastic | 26.2 | Neutral |
IART's weekly RSI is 49 (neutral) and its Stochastic is 26 (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).
IART PE vs Healthcare Sector
| Metric | IART | Sector median | Relative |
|---|---|---|---|
| PE | 90x | 26x | 247% above |
| PE % | 89 | 29 | 60 pts above |
IART is trading at 90x earnings, a 247% 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 IART on valuation relative to its sector.
IART Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $13.5 | 6.5% above |
| 20 week MA | $15.9 | 9.5% below |
| 50 week MA | $13.9 | 3.2% above |
| 100 week MA | $15.3 | 6.1% below |
| 200 week MA | $26.4 | 46% below |
IART 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.
IART Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $58.7 | $66.4 | +13% |
| 2021 | $66.4 | $68.3 | +2.8% |
| 2022 | $68.3 | $56.3 | -18% |
| 2023 | $56.3 | $43.6 | -23% |
| 2024 | $43.6 | $22.3 | -49% |
| 2025 | $22.3 | $12.6 | -43% |
| 2026 YTD | $12.6 | $14.4 | +14% |
IART 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.