KMDA
Kamada Ltd.
KMDA has the edge over NVO overall, supported by stronger fundamentals and lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
KMDA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Stable | |
| Strong |
KMDA's revenue, profitability and balance sheet are currently healthy, and its cash flow 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.
KMDA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 15x | $5.76 | -29% |
| Forward | 18x | $8.13 | — |
| Fair | 21x | $7.96 | -2.1% |
| Current | 21x | $8.13 | — |
| Expensive | 38x | $14.26 | +75% |
Historical ranges are pointers, not guarantees.
KMDA's PE is in its fair range at 21x. On analysts' estimates for next year's earnings, today's price would be 18x, 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 KMDA in the historical PE scenario, which offers more potential upside but is not a forecast.
KMDA Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect KMDA's revenue to grow, but its profitability to weaken. 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.
KMDA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.45 | +18% |
| Q2 2026 | $0.38 | +15% |
| Q1 2026 | $0.35 | +25% |
| Q4 2025 | $0.35 | +40% |
| Q3 2025 | $0.35 | +25% |
| Q2 2025 | $0.33 | +22% |
| Q1 2025 | $0.28 | +22% |
| Q4 2024 | $0.25 | +67% |
| Q3 2024 | $0.28 | +133% |
KMDA has the edge over NVO on earnings, with stronger typical year-over-year growth.
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's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
KMDA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $54.9M | +23% |
| Q1 2026 | $45.2M | +2.8% |
| Q4 2025 | $44.7M | +15% |
| Q3 2025 | $47M | +13% |
| Q2 2025 | $44.8M | +5.4% |
| Q1 2025 | $44M | +17% |
| Q4 2024 | $39M | +7.1% |
| Q3 2024 | $41.7M | +10% |
KMDA's revenue has grown year over year for 10 quarters in a row: $55M last quarter, up 23% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 17% | +1.5 points |
| Q1 2026 | 15% | -2.3 points |
| Q4 2025 | 8% | -5.1 points |
| Q3 2025 | 17% | +3.9 points |
| Q2 2025 | 16% | +2.5 points |
| Q1 2025 | 18% | +7 points |
| Q4 2024 | 13% | +5.4 points |
| Q3 2024 | 13% | +1.2 points |
KMDA's operating margin was 17% last quarter, up 1.5 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'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 KMDA on profitability, with a higher operating margin.
KMDA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $16M | +166% |
| Q1 2026 | -$1.3M | +$717K |
| Q4 2025 | $5M | -34% |
| Q3 2025 | $6.8M | -66% |
| Q2 2025 | $6M | -45% |
| Q1 2025 | -$2M | -$319K |
| Q4 2024 | $7.5M | +207% |
| Q3 2024 | $20.1M | +$20.9M |
KMDA generated $26M in free cash flow 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 KMDA on cash flow, with more consistent year-over-year improvement.
KMDA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.9% | -1.1M shares |
| 1 year | +2% | +1.1M shares |
| 3 years | +29% | +13.1M shares |
| 5 years | +24% | +11M shares |
| Available history | +39% | +16.3M shares |
KMDA has 58M diluted shares, up 2% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q3 2024 | — |
| Q2 2024 | — |
KMDA 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 KMDA 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.
KMDA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.6x | Net Cash |
| Q4 2025 | -1.6x | Net Cash |
| Q3 2025 | -1.5x | Net Cash |
| Q2 2025 | -1.5x | Net Cash |
| Q1 2025 | -1.9x | Net Cash |
| Q4 2024 | -2.3x | Net Cash |
| Q3 2024 | -2.1x | Net Cash |
KMDA 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).
KMDA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.1 | Neutral |
| Stochastic | 41.1 | Neutral |
KMDA's weekly RSI is 53 (neutral) and its Stochastic is 41 (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).
KMDA PE vs Healthcare Sector
| Metric | KMDA | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 26x | 17% below |
| PE % | 52 | 29 | 23 pts above |
KMDA is trading at 21x earnings, a 17% 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 KMDA on valuation relative to its sector.
KMDA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.96 | 2.1% above |
| 20 week MA | $7.81 | 4.1% above |
| 50 week MA | $7.91 | 2.8% above |
| 100 week MA | $7.44 | 9.3% above |
| 200 week MA | $6.36 | 28% above |
KMDA 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.
KMDA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $6.84 | $6.60 | -3.5% |
| 2021 | $6.60 | $6.78 | +2.7% |
| 2022 | $6.78 | $3.92 | -42% |
| 2023 | $3.92 | $6.12 | +56% |
| 2024 | $6.12 | $5.92 | -3.3% |
| 2025 | $5.92 | $7.07 | +19% |
| 2026 YTD | $7.07 | $8.13 | +15% |
KMDA 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.