LH
Labcorp Holdings Inc.
LH has the edge over NVO overall, supported by stronger fundamentals and lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
LH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Stable |
LH's profitability is currently healthy, and its revenue, cash flow and balance sheet 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.
LH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $136 | -63% |
| Forward | 19x | $372 | — |
| Fair | 24x | $296 | -20% |
| Current | 31x | $372 | — |
| Expensive | 41x | $500 | +34% |
Historical ranges are pointers, not guarantees.
LH's PE is in its expensive range at 31x. If earnings grow as analysts expect, today's price would be 19x next year's earnings, in its fair 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 LH in the historical PE scenario, which offers more potential upside but is not a forecast.
LH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
LH 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.
LH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $19.25 | +58% |
| Q3 2026 | $12.19 | +20% |
| Q2 2026 | $12.09 | +33% |
| Q1 2026 | $11.29 | +30% |
| Q4 2025 | $10.46 | +18% |
| Q3 2025 | $10.20 | +94% |
| Q2 2025 | $9.08 | +69% |
| Q1 2025 | $8.67 | +71% |
| Q4 2024 | $8.84 | +85% |
LH 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.
LH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.8B | +6.9% |
| Q2 2026 | $3.7B | +5.8% |
| Q1 2026 | $3.5B | +5.8% |
| Q4 2025 | $3.5B | +5.6% |
| Q3 2025 | $3.6B | +8.6% |
| Q2 2025 | $3.5B | +9.5% |
| Q1 2025 | $3.3B | +5.3% |
| Q4 2024 | $3.3B | +9.8% |
LH's revenue has grown year over year for 10 quarters in a row: $3.8B last quarter, up 6.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | -0.6 points |
| Q2 2026 | 12% | +0.9 points |
| Q1 2026 | 11% | +1 points |
| Q4 2025 | 7.6% | +1.1 points |
| Q3 2025 | 11% | +3.4 points |
| Q2 2025 | 11% | +2 points |
| Q1 2025 | 9.8% | -0.4 points |
| Q4 2024 | 6.5% | +11 points |
LH's operating margin was 11% last quarter, down 0.6 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 LH on profitability, with a higher operating margin.
LH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $412.2M | +47% |
| Q2 2026 | $313.9M | -42% |
| Q1 2026 | $70.5M | +$178M |
| Q4 2025 | $490.3M | -26% |
| Q3 2025 | $280.5M | +74% |
| Q2 2025 | $542.7M | +25% |
| Q1 2025 | -$107.5M | +$56.1M |
| Q4 2024 | $665.1M | +61% |
LH has the edge over NVO on cash flow, with more consistent year-over-year improvement.
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.
LH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -400K shares |
| 1 year | -2.5% | -2.1M shares |
| 3 years | -6.2% | -5.4M shares |
| 5 years | -16% | -15.5M shares |
| Available history | -17% | -17M shares |
LH has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $353.8M |
| Q1 2026 | $98M |
| Q4 2025 | $225M |
| Q3 2025 | $25M |
| Q4 2024 | $75.1M |
| Q3 2024 | $75M |
| Q4 2023 | $9M |
LH spent $677M buying back its own shares over 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 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.
LH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.5x | Moderate |
| Q2 2026 | 2.6x | Moderate |
| Q1 2026 | 2.5x | Moderate |
| Q4 2025 | 2.5x | Moderate |
| Q3 2025 | 2.2x | Moderate |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 3.0x | Moderate |
| Q4 2024 | 2.8x | Moderate |
LH's net debt is about 2.5 years of its operating earnings (EBITDA), up from 2.2 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 LH on leverage, with a lower net debt burden relative to earnings.
LH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 74.6 | Overbought |
| Stochastic | 91.4 | Overbought |
LH's weekly RSI is 75 (overbought) and its Stochastic is 91 (overbought).
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).
LH PE vs Healthcare Sector
| Metric | LH | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 26x | 18% above |
| PE % | 77 | 29 | 48 pts above |
LH is trading at 31x earnings, a 18% 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 LH on valuation relative to its sector.
LH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $334.7 | 11% above |
| 20 week MA | $319.9 | 16% above |
| 50 week MA | $286.8 | 30% above |
| 100 week MA | $270.3 | 38% above |
| 200 week MA | $240.9 | 55% above |
LH 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.
LH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $145.5 | $175.1 | +20% |
| 2021 | $175.1 | $259.4 | +48% |
| 2022 | $259.4 | $199.0 | -23% |
| 2023 | $199.0 | $227.3 | +14% |
| 2024 | $227.3 | $230.4 | +1.4% |
| 2025 | $230.4 | $253.9 | +10% |
| 2026 YTD | $253.9 | $372.3 | +47% |
LH 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.