MDAI
Spectral AI, Inc.
MDAI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over MDAI overall, supported by stronger fundamentals and lower modeled downside.
MDAI Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Weak | |
| Unavailable |
MDAI's revenue, profitability and cash flow are currently under pressure. There isn't enough data to rate its balance sheet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
MDAI PE Valuation
MDAI has no meaningful PE right now: it lost money over the past year.
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's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
MDAI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong decline | |
| -- | |
| Limited | |
| Moderate |
Analysts expect MDAI's losses to grow, with revenue declining.
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.
MDAI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.33 | +$0.37 |
| Q1 2026 | -$0.51 | +$0.04 |
| Q4 2025 | -$0.29 | +$0.56 |
| Q3 2025 | -$0.75 | +$0.05 |
| Q2 2025 | -$0.70 | +$0.79 |
MDAI is still losing money, but far less than before: $0.33 per share over the past year, against $1.49 at its worst in mid-2024.
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 MDAI on earnings quality, reporting a profit while its opponent remains loss making.
MDAI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3.5M | -30% |
| Q1 2026 | $4M | -40% |
| Q4 2025 | $4.1M | -46% |
| Q3 2025 | $3.8M | -54% |
| Q2 2025 | $5.1M | -32% |
| Q1 2025 | $6.7M | +6% |
| Q4 2024 | $7.6M | +44% |
| Q3 2024 | $8.2M | +138% |
MDAI's revenue has slid since its 2024 peak: $4M last quarter, down 30% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -123% | -81 points |
| Q1 2026 | -49% | -36 points |
| Q4 2025 | -55% | -40 points |
| Q3 2025 | -88% | -77 points |
| Q2 2025 | -42% | -9.3 points |
| Q1 2025 | -13% | +21 points |
| Q4 2024 | -15% | +41 points |
| Q3 2024 | -11% | +110 points |
MDAI's operating margin was −123% last quarter, down 81 points from the same quarter a year ago, near the bottom of its range since 2023.
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 MDAI on sales, with more consistent year-over-year improvement.
| 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 MDAI on profitability, with a higher operating margin.
MDAI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$4.1M | -$735K |
| Q1 2026 | -$3.7M | -$2.2M |
| Q4 2025 | -$2.6M | -644% |
| Q3 2025 | -$2.5M | -$875K |
| Q2 2025 | -$3.4M | +$2M |
| Q1 2025 | -$1.5M | +$1.2M |
| Q4 2024 | $469K | +$2.8M |
| Q3 2024 | -$1.6M | +$8.9M |
MDAI has burned cash in almost every quarter: −$13M over the past year, against −$6M 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 MDAI on cash generation, producing positive trailing cash flow while its opponent burns cash.
MDAI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +324K shares |
| 1 year | +26% | +6.7M shares |
MDAI has 32M diluted shares, up 26% from 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 MDAI 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.
MDAI Net Leverage
MDAI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
MDAI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.9 | Neutral |
| Stochastic | 23.5 | Neutral |
MDAI's weekly RSI is 38 (neutral) and its Stochastic is 23 (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).
MDAI PE vs Healthcare Sector
MDAI has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
MDAI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.53 | 12% below |
| 20 week MA | $1.60 | 16% below |
| 50 week MA | $1.67 | 19% below |
| 100 week MA | $1.81 | 25% below |
| 200 week MA | $3.38 | 60% below |
MDAI is in a downtrend: it's below all five of its weekly moving averages, and 60% below its 200-week average.
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 the edge over MDAI on trend strength, trading above more of its moving averages.
MDAI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $9.72 | $9.82 | +1% |
| 2022 | $9.82 | $10.2 | +3.9% |
| 2023 | $10.2 | $2.46 | -76% |
| 2024 | $2.46 | $2.75 | +12% |
| 2025 | $2.75 | $1.42 | -48% |
| 2026 YTD | $1.42 | $1.35 | -4.9% |
MDAI 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.