JAZZ
Jazz Pharmaceuticals plc
JAZZ has the edge over NVO overall, supported by stronger fundamentals.
NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
JAZZ Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Under pressure |
JAZZ's revenue, profitability and cash flow are currently healthy, 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.
JAZZ PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.1x | $240 | — |
| Cheap | 15x | $45.24 | -81% |
| Fair | 20x | $62.02 | -74% |
| Current | 78x | $240 | — |
| Expensive | 140x | $430 | +79% |
Historical ranges are pointers, not guarantees.
JAZZ's PE is in its expensive range at 78x. If earnings grow as analysts expect, today's price would be 9.1x 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 JAZZ in the historical PE scenario, which offers more potential upside but is not a forecast.
JAZZ Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
JAZZ 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.
JAZZ Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $26.33 | +758% |
| Q3 2026 | $3.07 | +$9.28 |
| Q2 2026 | $14.63 | +$21.50 |
| Q1 2026 | $0.11 | -99% |
| Q4 2025 | -$5.84 | -168% |
| Q3 2025 | -$6.21 | -188% |
| Q2 2025 | -$6.87 | -218% |
| Q1 2025 | $7.36 | +52% |
| Q4 2024 | $8.65 | +42% |
JAZZ has returned to profit: it earned $3.07 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 JAZZ on earnings, with more consistent year-over-year improvement.
JAZZ Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | +10% |
| Q2 2026 | $1.2B | +16% |
| Q1 2026 | $1.1B | +19% |
| Q4 2025 | $1.2B | +10% |
| Q3 2025 | $1.1B | +6.7% |
| Q2 2025 | $1B | +2.1% |
| Q1 2025 | $897.8M | -0.5% |
| Q4 2024 | $1.1B | +7.5% |
JAZZ's revenue has grown year over year for six quarters in a row: $1.2B last quarter, up 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -33% | -38 points |
| Q2 2026 | 21% | +86 points |
| Q1 2026 | 31% | +38 points |
| Q4 2025 | 21% | +3.7 points |
| Q3 2025 | 5.1% | -20 points |
| Q2 2025 | -66% | -85 points |
| Q1 2025 | -6.2% | -14 points |
| Q4 2024 | 18% | +5.4 points |
JAZZ's operating margin was −33% last quarter, down 38 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 JAZZ on sales, with stronger typical year-over-year growth.
| 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 JAZZ on profitability, with a higher operating margin.
JAZZ Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $489.9M | +6.6% |
| Q2 2026 | $397.6M | +424% |
| Q1 2026 | $388.5M | -6.6% |
| Q4 2025 | $345.8M | -10% |
| Q3 2025 | $459.4M | +18% |
| Q2 2025 | $75.9M | -77% |
| Q1 2025 | $415.9M | +60% |
| Q4 2024 | $385.3M | +145% |
JAZZ's free cash flow has been positive every quarter for seven years: $1.6B over the past year, up 21% 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.
JAZZ Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -6.8% | -4.7M shares |
| 1 year | +5% | +3.1M shares |
| 3 years | -9.2% | -6.6M shares |
| 5 years | +5.6% | +3.4M shares |
| Available history | +12% | +7.2M shares |
JAZZ has 65M diluted shares, up 5% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $225M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2024 | — |
| Q3 2024 | $150M |
| Q4 2023 | $99.8M |
| Q3 2023 | $74.4M |
| Q4 2022 | — |
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 JAZZ 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.
JAZZ Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.1x | Elevated |
| Q2 2026 | 1.7x | Healthy |
| Q1 2026 | 5.2x | High |
| Q4 2025 | 14.9x | High |
| Q3 2025 | 21.1x | High |
| Q2 2025 | 11.0x | High |
| Q1 2025 | 2.8x | Moderate |
| Q4 2024 | 2.7x | Moderate |
JAZZ's net debt is about 3.1 years of its operating earnings (EBITDA), down from more than 20 years a year ago.
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 has the edge over JAZZ on leverage, with a lower net debt burden relative to earnings.
JAZZ Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.6 | Neutral |
| Stochastic | 43.8 | Neutral |
JAZZ's weekly RSI is 58 (neutral) and its Stochastic is 44 (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).
JAZZ PE vs Healthcare Sector
| Metric | JAZZ | Sector median | Relative |
|---|---|---|---|
| PE | 78x | 26x | 203% above |
| PE % | 81 | 29 | 52 pts above |
JAZZ is trading at 78x earnings, a 203% 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 JAZZ on valuation relative to its sector.
JAZZ Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $225.9 | 6.4% above |
| 20 week MA | $239.1 | 0.5% above |
| 50 week MA | $211.0 | 14% above |
| 100 week MA | $167.5 | 43% above |
| 200 week MA | $146.0 | 65% above |
JAZZ 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.
JAZZ Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $150.9 | $157.3 | +4.2% |
| 2021 | $157.3 | $128.2 | -18% |
| 2022 | $128.2 | $157.2 | +23% |
| 2023 | $157.2 | $123.0 | -22% |
| 2024 | $123.0 | $124.6 | +1.3% |
| 2025 | $124.6 | $170.5 | +37% |
| 2026 YTD | $170.5 | $240.4 | +41% |
JAZZ 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.