IMTX
Immatics N.V.
IMTX has slightly lower modeled downside risk, despite its lower overall score.
NVO
Novo Nordisk A/S
NVO has the edge over IMTX overall, supported by stronger fundamentals and stronger modeled upside.
IMTX Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Weak | |
| Strong |
IMTX's balance sheet is currently strong, but its revenue, profitability and cash flow are 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.
IMTX PE Valuation
IMTX 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.
IMTX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong decline | |
| -- | |
| Limited | |
| Low |
Analysts expect IMTX's losses to grow, with revenue declining. 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.
IMTX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$1.77 | -$1.15 |
| Q1 2026 | -$1.90 | -$1.73 |
| Q4 2025 | -$1.79 | -1153% |
| Q3 2025 | -$0.97 | -$0.28 |
| Q2 2025 | -$0.62 | +$0.30 |
| Q1 2025 | -$0.17 | +$0.92 |
| Q4 2024 | $0.17 | +$1.51 |
| Q3 2024 | -$0.69 | +$0.50 |
IMTX is still losing money, but far less than before: $1.77 per share over the past year, against $4.09 at its worst in mid-2021.
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 IMTX on earnings quality, reporting a profit while its opponent remains loss making.
IMTX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $10.2M | +93% |
| Q1 2026 | $8.5M | -59% |
| Q4 2025 | $22M | -65% |
| Q3 2025 | $5.8M | -90% |
| Q2 2025 | $5.3M | -75% |
| Q1 2025 | $20.6M | -39% |
| Q4 2024 | $62.5M | +253% |
| Q3 2024 | $56.2M | +753% |
IMTX's revenue is recovering but still below its 2022 peak: $10M last quarter, up 93% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -735% | +387 points |
| Q1 2026 | -868% | -678 points |
| Q4 2025 | -197% | -198 points |
| Q3 2025 | -1053% | -1054 points |
| Q2 2025 | -1122% | -980 points |
| Q1 2025 | -190% | -146 points |
| Q4 2024 | 1.6% | +176 points |
| Q3 2024 | 1% | +562 points |
IMTX's operating margin was −735% last quarter, up 387 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 IMTX 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 IMTX on profitability, with a higher operating margin.
IMTX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$69M | -$23.8M |
| Q1 2026 | -$48.3M | -$6.9M |
| Q4 2025 | -$65.1M | +$1.8M |
| Q3 2025 | -$50.9M | -$10.3M |
| Q2 2025 | -$45.1M | -$5.1M |
| Q1 2025 | -$41.5M | +$5.2M |
| Q4 2024 | -$66.9M | -186% |
| Q3 2024 | -$40.6M | +$557.7K |
IMTX has burned cash in most quarters: −$233M over the past year, against −$194M 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 IMTX on cash generation, producing positive trailing cash flow while its opponent burns cash.
IMTX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.5% | +2M shares |
| 1 year | +12% | +15.1M shares |
| 3 years | +77% | +59.4M shares |
| 5 years | +117% | +73.8M shares |
| Available history | +117% | +73.8M shares |
IMTX has 137M diluted shares, up 12% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
IMTX 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 IMTX 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.
IMTX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2024 | -6.4x | Net Cash |
| Q4 2022 | -3.6x | Net Cash |
| Q3 2022 | -7.9x | Net Cash |
| Q2 2022 | -13.0x | Net Cash |
| Q1 2022 | -20.1x | Net Cash |
IMTX has more cash than debt.
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).
IMTX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.4 | Neutral |
| Stochastic | 11.5 | Oversold |
IMTX's weekly RSI is 33 (neutral) and its Stochastic is 12 (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).
IMTX PE vs Healthcare Sector
| Metric | IMTX | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
IMTX 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.
IMTX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.19 | 9.3% below |
| 20 week MA | $8.45 | 23% below |
| 50 week MA | $9.48 | 31% below |
| 100 week MA | $7.91 | 18% below |
| 200 week MA | $9.15 | 29% below |
IMTX is in a downtrend: it's below all five of its weekly moving averages, and 29% 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 IMTX on trend strength, trading above more of its moving averages.
IMTX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.4 | $9.99 | -3.9% |
| 2021 | $9.99 | $13.0 | +30% |
| 2022 | $13.0 | $8.51 | -34% |
| 2023 | $8.51 | $10.5 | +24% |
| 2024 | $10.5 | $7.13 | -32% |
| 2025 | $7.13 | $10.2 | +43% |
| 2026 YTD | $10.2 | $6.52 | -36% |
IMTX has finished lower in three of the last six years. It's down 36% 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 IMTX on returns for 2026, with the stronger performance.