INMD
InMode Ltd.
INMD has the edge over NVO overall, supported by stronger valuation.
NVO
Novo Nordisk A/S
NVO has slightly lower modeled downside risk, despite its lower overall score.
INMD Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Strong |
INMD's cash flow and balance sheet are currently healthy, and its revenue and profitability are stable.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
INMD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9x | $11.06 | -16% |
| Forward | 9.8x | $13.19 | — |
| Current | 11x | $13.19 | — |
| Fair | 15x | $18.29 | +39% |
| Expensive | 35x | $43.04 | +226% |
Historical ranges are pointers, not guarantees.
INMD's PE is in its fair range at 11x. On analysts' estimates for next year's earnings, today's price would be 9.8x, 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 INMD in the historical PE scenario, which offers more potential upside but is not a forecast.
INMD Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect INMD's profitability to weaken, with its earnings and revenue holding steady.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
NVO has the edge over INMD on the outlook, with more favorable revenue expectations.
INMD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.35 | +10% |
| Q2 2026 | $1.23 | -50% |
| Q2 2025 | $2.47 | +42% |
| Q2 2024 | $1.74 | -19% |
| Q1 2024 | $2.11 | +5% |
| Q4 2023 | $2.30 | +21% |
| Q3 2023 | $2.10 | +1.4% |
| Q2 2023 | $2.14 | +6.5% |
| Q1 2023 | $2.01 | +2% |
INMD's earnings per share have fallen from their peak: $1.23 over the past year, against $2.47 in mid-2025.
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 INMD on earnings, with more consistent year-over-year improvement.
INMD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $95.6M | 0% |
| Q1 2026 | $82M | +5.3% |
| Q4 2025 | $103.9M | +6.1% |
| Q3 2025 | $93.2M | -28% |
| Q2 2025 | $95.6M | +11% |
| Q1 2025 | $77.9M | -3% |
| Q4 2024 | $97.9M | -23% |
| Q4 2024 | $130.2M | +5.8% |
INMD's revenue has slid since its 2023 peak: $96M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 13% | -11 points |
| Q1 2026 | 12% | -7.8 points |
| Q4 2025 | 25% | -3.4 points |
| Q3 2025 | 22% | -15 points |
| Q2 2025 | 24% | +2.8 points |
| Q1 2025 | 20% | -2.5 points |
| Q4 2024 | 28% | -12 points |
| Q4 2024 | 37% | -0.6 points |
INMD's operating margin was 13% last quarter, down 11 points from the same quarter a year ago, near the bottom of its range since 2019.
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 INMD 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 INMD on profitability, with a higher operating margin.
INMD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $20.8M | -13% |
| Q1 2026 | $15.2M | +9% |
| Q4 2025 | $24.4M | -24% |
| Q3 2025 | $27M | -21% |
| Q2 2025 | $24M | -43% |
| Q1 2025 | $14M | -42% |
| Q4 2024 | $32.2M | -45% |
| Q4 2024 | $34M | -13% |
INMD's free cash flow has been positive every quarter for seven years: $87M over the past year, down 16% from 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 INMD on cash flow, with more consistent year-over-year improvement.
INMD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -7.1% | -4.6M shares |
| 1 year | -6.7% | -4.3M shares |
| 3 years | -31% | -26.3M shares |
| 5 years | -31% | -26.4M shares |
| Available history | -24% | -18.6M shares |
INMD has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $56.5M |
| Q1 2026 | $31.2M |
| Q4 2025 | $1.9M |
| Q3 2025 | $5.2M |
| Q2 2025 | $28.1M |
| Q1 2025 | $100M |
| Q4 2024 | $119.8M |
| Q4 2024 | $76.6M |
INMD spent $95M buying back its own shares over the past year, down 71% 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 4.4B diluted shares, about the same as a year ago.
| 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.
INMD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -4.7x | Net Cash |
| Q1 2026 | -3.8x | Net Cash |
| Q4 2025 | -2.6x | Net Cash |
| Q3 2025 | -2.2x | Net Cash |
| Q2 2025 | -1.5x | Net Cash |
| Q2 2024 | -0.5x | Net Cash |
| Q1 2024 | -0.6x | Net Cash |
| Q4 2023 | -0.6x | Net Cash |
INMD has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
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).
INMD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.2 | Neutral |
| Stochastic | 4.9 | Oversold |
INMD's weekly RSI is 34 (neutral) and its Stochastic is 5 (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).
INMD PE vs Healthcare Sector
| Metric | INMD | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 26x | 59% below |
| PE % | 35 | 29 | 6 pts above |
INMD is trading at 11x earnings, a 59% discount 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 INMD on valuation relative to its sector.
INMD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $13.8 | 4.4% below |
| 20 week MA | $14.5 | 9.3% below |
| 50 week MA | $14.3 | 7.8% below |
| 100 week MA | $14.9 | 12% below |
| 200 week MA | $20.3 | 35% below |
INMD is in a downtrend: it's below all five of its weekly moving averages, and 35% 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 INMD on trend strength, trading above more of its moving averages.
INMD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.5 | $23.8 | +22% |
| 2021 | $23.8 | $72.1 | +203% |
| 2022 | $72.1 | $35.4 | -51% |
| 2023 | $35.4 | $22.2 | -37% |
| 2024 | $22.2 | $17.0 | -23% |
| 2025 | $17.0 | $14.6 | -14% |
| 2026 YTD | $14.6 | $13.2 | -9.8% |
INMD 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.