ICCM
IceCure Medical Ltd
ICCM has the edge over NVO overall, supported by stronger fundamentals.
NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
ICCM Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Weak | |
| Unavailable |
ICCM's revenue is currently strong, but its profitability and cash flow are weak. 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.
ICCM PE Valuation
ICCM 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.
ICCM Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect ICCM's losses to shrink, with revenue growing.
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.
ICCM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$6.76 | +$1.62 |
| Q1 2026 | -$7.02 | +$1.52 |
| Q4 2025 | -$7.15 | +$1.79 |
| Q3 2025 | -$7.82 | +$0.77 |
| Q2 2025 | -$8.38 | +$0.47 |
| Q1 2025 | -$8.54 | +$0.99 |
| Q4 2024 | -$8.94 | +$0.67 |
| Q3 2024 | -$8.59 | +$2.25 |
ICCM is still losing money, but far less than before: $6.76 per share over the past year, against $14.07 at its worst in late 2022.
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 ICCM on earnings quality, reporting a profit while its opponent remains loss making.
ICCM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $907K | +73% |
| Q1 2026 | $911K | +26% |
| Q4 2025 | $1.3M | +46% |
| Q3 2025 | $850K | +28% |
| Q2 2025 | $525K | -48% |
| Q1 2025 | $725K | -2.4% |
| Q4 2024 | $875K | -30% |
| Q3 2024 | $662K | +102% |
ICCM's revenue is recovering but still below its 2021 peak: $907,000 last quarter, up 73% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 488% | +1133 points |
| Q1 2026 | -466% | +38 points |
| Q4 2025 | -330% | +188 points |
| Q3 2025 | -2108% | -1460 points |
| Q2 2025 | -645% | -326 points |
| Q1 2025 | -504% | -13 points |
| Q4 2024 | -517% | -245 points |
| Q3 2024 | -648% | +612 points |
ICCM 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'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'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.
ICCM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$3.9M | -$1.1M |
| Q1 2026 | -$4.3M | -$277K |
| Q4 2025 | -$5.5M | -$1.3M |
| Q3 2025 | -$2.7M | +$477K |
| Q2 2025 | -$2.8M | -$464K |
| Q1 2025 | -$4M | -$1.2M |
| Q4 2024 | -$4.2M | -$1.6M |
| Q3 2024 | -$3.2M | +$209K |
ICCM has burned cash in almost every quarter: −$16M 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 ICCM on cash generation, producing positive trailing cash flow while its opponent burns cash.
ICCM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +26% | +634K shares |
| 1 year | +58% | +1.1M shares |
| 3 years | +103% | +1.6M shares |
| 5 years | +223% | +2.1M shares |
| Available history | +554% | +2.6M shares |
ICCM has 3M diluted shares, up 58% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
ICCM 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 ICCM 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.
ICCM Net Leverage
ICCM'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).
ICCM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 24.3 | Oversold |
| Stochastic | 1.5 | Oversold |
ICCM's weekly RSI is 24 (oversold) and its Stochastic is 2 (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).
ICCM PE vs Healthcare Sector
ICCM 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.
ICCM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.09 | 36% below |
| 20 week MA | $2.23 | 69% below |
| 50 week MA | $9.11 | 92% below |
| 100 week MA | $20.4 | 97% below |
| 200 week MA | $25.3 | 97% below |
ICCM is in a downtrend: it's below all five of its weekly moving averages, and 97% 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 ICCM on trend strength, trading above more of its moving averages.
ICCM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $331.5 | $85.2 | -74% |
| 2022 | $85.2 | $42.0 | -51% |
| 2023 | $42.0 | $32.1 | -24% |
| 2024 | $32.1 | $33.6 | +4.7% |
| 2025 | $33.6 | $19.9 | -41% |
| 2026 YTD | $19.9 | $0.70 | -96% |
ICCM has finished lower in four of the last five years. It's down 96% 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 ICCM on returns for 2026, with the stronger performance.