MCK
McKesson Corporation
MCK has the edge over NVO overall, supported by lower modeled downside and stronger fundamentals.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
MCK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Strong |
MCK's profitability and balance sheet are currently healthy, and its revenue and cash flow 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.
MCK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | $654 | -39% |
| Forward | 22x | $1,077 | — |
| Fair | 26x | $1,019 | -5.4% |
| Current | 28x | $1,077 | — |
| Expensive | 31x | $1,206 | +12% |
Historical ranges are pointers, not guarantees.
MCK's PE is in its expensive range at 28x. If earnings grow as analysts expect, today's price would be 22x 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 MCK in the historical PE scenario, which offers more potential upside but is not a forecast.
MCK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
MCK 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.
MCK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $48.95 | +26% |
| Q3 2026 | $38.80 | +21% |
| Q2 2026 | $37.28 | +49% |
| Q1 2026 | $38.38 | +49% |
| Q4 2025 | $34.66 | +59% |
| Q3 2025 | $32.02 | +66% |
| Q2 2025 | $24.97 | +12% |
| Q1 2025 | $25.72 | +15% |
| Q4 2024 | $21.85 | -0.9% |
MCK earned $38.80 per share over the past year, up 21% from 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'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.
MCK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $111B | +7.6% |
| Q2 2026 | $105.4B | +7.7% |
| Q1 2026 | $96.3B | +6% |
| Q4 2025 | $106.2B | +11% |
| Q3 2025 | $103.2B | +10% |
| Q2 2025 | $97.8B | +23% |
| Q1 2025 | $90.8B | +19% |
| Q4 2024 | $95.3B | +18% |
MCK's revenue has grown year over year every quarter since late 2020: $111B last quarter, up 7.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.4% | +0.1 points |
| Q2 2026 | 1.3% | +0.2 points |
| Q1 2026 | 2.2% | +0.5 points |
| Q4 2025 | 1.5% | +0.3 points |
| Q3 2025 | 1.4% | +0.7 points |
| Q2 2025 | 1.1% | -0.2 points |
| Q1 2025 | 1.8% | +0.2 points |
| Q4 2024 | 1.3% | +0.5 points |
MCK's operating margin was 1.4% last quarter, about level with 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 MCK on profitability, with a higher operating margin.
MCK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3B | +30% |
| Q2 2026 | -$332M | +$697M |
| Q1 2026 | $3.3B | -56% |
| Q4 2025 | $1.1B | +$3.6B |
| Q3 2025 | $2.3B | +18% |
| Q2 2025 | -$1B | +$457M |
| Q1 2025 | $7.6B | +91% |
| Q4 2024 | -$2.5B | -1630% |
MCK 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.
MCK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.1% | -2.5M shares |
| 1 year | -6.2% | -7.7M shares |
| 3 years | -13% | -18.1M shares |
| 5 years | -25% | -39.1M shares |
| Available history | -35% | -63.3M shares |
MCK has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $894M |
| Q2 2026 | $2.5B |
| Q1 2026 | $2.7B |
| Q4 2025 | $680M |
| Q3 2025 | $818M |
| Q2 2025 | $581M |
| Q1 2025 | $300M |
| Q4 2024 | $827M |
MCK spent $6.8B buying back its own shares over the past year, up 168% 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.
MCK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.4x | Very low |
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | 0.4x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 1.1x | Healthy |
| Q1 2025 | -0.0x | Net Cash |
| Q4 2024 | 1.5x | Healthy |
MCK 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).
MCK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 76.3 | Overbought |
| Stochastic | 82.8 | Overbought |
MCK's weekly RSI is 76 (overbought) and its Stochastic is 83 (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).
MCK PE vs Healthcare Sector
| Metric | MCK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 26x | 7.4% above |
| PE % | 67 | 29 | 38 pts above |
MCK is trading at 28x earnings, in line with 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 MCK on valuation relative to its sector.
MCK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $980.7 | 9.8% above |
| 20 week MA | $906.6 | 19% above |
| 50 week MA | $865.9 | 24% above |
| 100 week MA | $781.2 | 38% above |
| 200 week MA | $628.8 | 71% above |
MCK 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.
MCK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $139.4 | $170.8 | +22% |
| 2021 | $170.8 | $240.8 | +41% |
| 2022 | $240.8 | $383.7 | +59% |
| 2023 | $383.7 | $463.0 | +21% |
| 2024 | $463.0 | $576.6 | +25% |
| 2025 | $576.6 | $828.3 | +44% |
| 2026 YTD | $828.3 | $1,077.1 | +30% |
MCK 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.