MTD
Mettler-Toledo International Inc.
MTD 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.
MTD Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Healthy |
MTD's profitability, cash flow and balance sheet are currently healthy, and its revenue 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.
MTD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 31x | $1,406 | -19% |
| Forward | 34x | $1,731 | — |
| Fair | 36x | $1,655 | -4.4% |
| Current | 38x | $1,731 | — |
| Expensive | 46x | $2,122 | +23% |
Historical ranges are pointers, not guarantees.
MTD's PE is in its fair range at 38x. If earnings grow as analysts expect, today's price would be 34x next year's earnings.
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 MTD in the historical PE scenario, which offers more potential upside but is not a forecast.
MTD Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
MTD 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.
MTD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $51.52 | +12% |
| Q3 2026 | $46.08 | +15% |
| Q2 2026 | $44.36 | +12% |
| Q1 2026 | $42.57 | +6.3% |
| Q4 2025 | $42.05 | +3.9% |
| Q3 2025 | $40.05 | +8% |
| Q2 2025 | $39.44 | +8.5% |
| Q1 2025 | $40.05 | +12% |
| Q4 2024 | $40.48 | +13% |
MTD's earnings per share have climbed steadily: $46.08 over the past year, up 15% from the year before, and higher year over year for eight quarters in a row.
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 MTD on earnings, with stronger typical year-over-year growth.
MTD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +6.3% |
| Q2 2026 | $1B | +4.5% |
| Q1 2026 | $947.1M | +7.2% |
| Q4 2025 | $1.1B | +8.1% |
| Q3 2025 | $1B | +7.9% |
| Q2 2025 | $983.2M | +3.9% |
| Q1 2025 | $883.7M | -4.6% |
| Q4 2024 | $1B | +12% |
MTD's revenue has grown year over year for six quarters in a row: $1.1B last quarter, up 6.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 27% | +1.3 points |
| Q2 2026 | 28% | +2.9 points |
| Q1 2026 | 22% | -0.7 points |
| Q4 2025 | 29% | -1 points |
| Q3 2025 | 26% | -1 points |
| Q2 2025 | 25% | -0.4 points |
| Q1 2025 | 23% | -1 points |
| Q4 2024 | 30% | +5.2 points |
MTD's operating margin was 27% last quarter, up 1.3 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 has the edge over MTD 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 MTD on profitability, with a higher operating margin.
MTD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $281.5M | +2.4% |
| Q2 2026 | $282.6M | +33% |
| Q1 2026 | $122.4M | -31% |
| Q4 2025 | $184.1M | -18% |
| Q3 2025 | $274.9M | +18% |
| Q2 2025 | $212.5M | -9.1% |
| Q1 2025 | $177.2M | +2.7% |
| Q4 2024 | $224.9M | -9.7% |
MTD's free cash flow has been positive every quarter for six years: $871M over the past year, down 2.1% 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 MTD on cash flow, with more consistent year-over-year improvement.
MTD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -148K shares |
| 1 year | -2.7% | -552K shares |
| 3 years | -8.5% | -1.9M shares |
| 5 years | -14% | -3.4M shares |
| Available history | -19% | -4.6M shares |
MTD has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $226.2M |
| Q2 2026 | $206.3M |
| Q1 2026 | $206.3M |
| Q4 2025 | $143.7M |
| Q3 2025 | $218.7M |
| Q2 2025 | $218.7M |
| Q1 2025 | $218.7M |
| Q4 2024 | $212.5M |
MTD spent $782M buying back its own shares over the past year, down 9.9% 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.
MTD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.6x | Healthy |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 1.9x | Healthy |
| Q3 2025 | 1.9x | Healthy |
| Q2 2025 | 1.9x | Healthy |
| Q1 2025 | 1.7x | Healthy |
| Q4 2024 | 1.8x | Healthy |
MTD's net debt is about 1.6 years of its operating earnings (EBITDA), down from 1.9 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 MTD on leverage, with a lower net debt burden relative to earnings.
MTD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 73.7 | Overbought |
| Stochastic | 86.2 | Overbought |
MTD's weekly RSI is 74 (overbought) and its Stochastic is 86 (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).
MTD PE vs Healthcare Sector
| Metric | MTD | Sector median | Relative |
|---|---|---|---|
| PE | 38x | 26x | 45% above |
| PE % | 58 | 29 | 29 pts above |
MTD is trading at 38x earnings, a 45% 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 MTD on valuation relative to its sector.
MTD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,621.0 | 6.8% above |
| 20 week MA | $1,465.0 | 18% above |
| 50 week MA | $1,359.5 | 27% above |
| 100 week MA | $1,302.9 | 33% above |
| 200 week MA | $1,308.6 | 32% above |
MTD 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.
MTD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $792.8 | $1,140.2 | +44% |
| 2021 | $1,140.2 | $1,626.2 | +43% |
| 2022 | $1,626.2 | $1,439.1 | -12% |
| 2023 | $1,439.1 | $1,213.0 | -16% |
| 2024 | $1,213.0 | $1,234.2 | +1.8% |
| 2025 | $1,234.2 | $1,420.1 | +15% |
| 2026 YTD | $1,420.1 | $1,730.9 | +22% |
MTD 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.