IRMD
IRadimed Corporation
IRMD has the edge over NVO overall, supported by stronger fundamentals and stronger modeled upside.
NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
IRMD Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Strong |
IRMD's profitability, cash flow and balance sheet are currently strong, and its revenue is 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.
IRMD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 32x | $59.44 | -30% |
| Forward | 36x | $85.23 | — |
| Fair | 41x | $76.32 | -10% |
| Current | 46x | $85.23 | — |
| Expensive | 71x | $133 | +57% |
Historical ranges are pointers, not guarantees.
IRMD's PE is in its fair range at 46x. If earnings grow as analysts expect, today's price would be 36x next year's earnings, 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 IRMD in the historical PE scenario, which offers more potential upside but is not a forecast.
IRMD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
IRMD 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.
IRMD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.40 | +28% |
| Q3 2026 | $1.87 | +13% |
| Q2 2026 | $1.79 | +10% |
| Q1 2026 | $1.83 | +18% |
| Q4 2025 | $1.75 | +17% |
| Q3 2025 | $1.65 | +14% |
| Q2 2025 | $1.62 | +12% |
| Q1 2025 | $1.55 | +11% |
| Q4 2024 | $1.50 | +11% |
IRMD's earnings per share have climbed steadily: $1.87 over the past year, up 13% from the year before, and higher year over year for 21 quarters in a row.
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 IRMD on earnings, with stronger typical year-over-year growth.
IRMD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.2M | +14% |
| Q2 2026 | $20.5M | +0.3% |
| Q1 2026 | $22M | +13% |
| Q4 2025 | $22.7M | +17% |
| Q3 2025 | $21.2M | +16% |
| Q2 2025 | $20.4M | +14% |
| Q1 2025 | $19.5M | +11% |
| Q4 2024 | $19.4M | +11% |
IRMD's revenue has grown year over year for 23 quarters in a row: $24M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | +1.4 points |
| Q2 2026 | 31% | -2 points |
| Q1 2026 | 33% | +5.1 points |
| Q4 2025 | 31% | +1.4 points |
| Q3 2025 | 32% | +0.6 points |
| Q2 2025 | 33% | +1.9 points |
| Q1 2025 | 28% | +0.9 points |
| Q4 2024 | 30% | +0.3 points |
IRMD's operating margin was 34% last quarter, up 1.4 points from the same quarter a year ago, near the top 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'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 IRMD on profitability, with a higher operating margin.
IRMD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $6.9M | +17% |
| Q2 2026 | $5.8M | +13% |
| Q1 2026 | $7.9M | +1226% |
| Q4 2025 | $5.6M | +76% |
| Q3 2025 | $5.8M | +10% |
| Q2 2025 | $5.1M | -7.2% |
| Q1 2025 | $594.6K | -84% |
| Q4 2024 | $3.2M | -5.4% |
IRMD generated $26M in free cash flow over the past year, up 77% 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 still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
IRMD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +4K shares |
| 1 year | +0.1% | +15.9K shares |
| 3 years | +1.1% | +140K shares |
| 5 years | +2.2% | +272K shares |
| Available history | +4.9% | +600K shares |
IRMD has 13M diluted shares, about the same as a year ago.
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 IRMD 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.
IRMD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.1x | Net Cash |
| Q2 2026 | -2.0x | Net Cash |
| Q1 2026 | -1.9x | Net Cash |
| Q4 2025 | -1.9x | Net Cash |
| Q3 2025 | -2.2x | Net Cash |
| Q2 2025 | -2.2x | Net Cash |
| Q1 2025 | -2.2x | Net Cash |
| Q4 2024 | -2.3x | Net Cash |
IRMD 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).
IRMD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.8 | Neutral |
| Stochastic | 36.0 | Neutral |
IRMD's weekly RSI is 47 (neutral) and its Stochastic is 36 (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).
IRMD PE vs Healthcare Sector
| Metric | IRMD | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 26x | 76% above |
| PE % | 60 | 29 | 31 pts above |
IRMD is trading at 46x earnings, a 76% 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 IRMD on valuation relative to its sector.
IRMD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $85.1 | 0.1% above |
| 20 week MA | $88.2 | 3.3% below |
| 50 week MA | $92.6 | 8% below |
| 100 week MA | $77.7 | 9.7% above |
| 200 week MA | $61.2 | 39% above |
IRMD 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.
IRMD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $24.6 | $23.3 | -5.3% |
| 2021 | $23.3 | $45.9 | +97% |
| 2022 | $45.9 | $28.0 | -39% |
| 2023 | $28.0 | $47.5 | +70% |
| 2024 | $47.5 | $54.7 | +15% |
| 2025 | $54.7 | $97.5 | +78% |
| 2026 YTD | $97.5 | $85.2 | -13% |
IRMD 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.