NEPH
Nephros, Inc.
NEPH has the edge over NVO overall, supported by stronger modeled upside and stronger valuation.
NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
NEPH Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Under pressure | |
| Strong |
NEPH's revenue, profitability and balance sheet are currently healthy, but its cash flow is under pressure.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
NEPH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $3.31 | — |
| Current | 18x | $3.31 | — |
| Cheap | 27x | $4.78 | +44% |
| Fair | 34x | $6.13 | +85% |
| Expensive | 50x | $8.99 | +172% |
Historical ranges are pointers, not guarantees.
NEPH's PE is in its cheap range at 18x. If earnings grow as analysts expect, today's price would be 14x 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 NEPH in the historical PE scenario, which offers more potential upside but is not a forecast.
NEPH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
NEPH 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.
NEPH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.23 | +30% |
| Q3 2026 | $0.18 | +29% |
| Q2 2026 | $0.16 | +23% |
| Q1 2026 | $0.07 | -12% |
| Q4 2025 | $0.11 | +1000% |
| Q3 2025 | $0.14 | +$0.23 |
| Q2 2025 | $0.13 | +$0.26 |
| Q1 2025 | $0.08 | +$0.22 |
| Q4 2024 | $0.01 | +$0.16 |
NEPH earned $0.18 per share over the past year, up 29% 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 has the edge over NEPH on earnings, with more consistent year-over-year improvement.
NEPH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.6M | +18% |
| Q2 2026 | $6M | +36% |
| Q1 2026 | $5.2M | +6.9% |
| Q4 2025 | $4.7M | +22% |
| Q3 2025 | $4.8M | +35% |
| Q2 2025 | $4.4M | +36% |
| Q1 2025 | $4.9M | +38% |
| Q4 2024 | $3.9M | +19% |
NEPH has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.9% | +2.3 points |
| Q2 2026 | 20% | +15 points |
| Q1 2026 | 1.9% | -9.8 points |
| Q4 2025 | 0.4% | -7.8 points |
| Q3 2025 | 6.6% | +0.7 points |
| Q2 2025 | 5.6% | +15 points |
| Q1 2025 | 12% | +17 points |
| Q4 2024 | 8.2% | +28 points |
NEPH's operating margin was 8.9% last quarter, up 2.3 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'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 NEPH on profitability, with a higher operating margin.
NEPH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q1 2026 | -$1.7M | -619% |
| Q4 2025 | $230K | -82% |
| Q1 2025 | $322K | +$994K |
| Q4 2022 | -$195K | +$140K |
| Q3 2022 | -$170K | +$753K |
| Q2 2022 | -$1.2M | -$1.1M |
| Q1 2022 | -$1.8M | -$1.8M |
| Q4 2021 | -$335K | +$1.2M |
NEPH has the stronger cash trend. Its trailing FCF is up 58% versus its history, compared with NVO at down 14%.
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.
NEPH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +91.3K shares |
| 1 year | +1.5% | +163K shares |
| 3 years | +7.1% | +743K shares |
| 5 years | +12% | +1.2M shares |
| Available history | +49% | +3.7M shares |
NEPH has 11M diluted shares, up 1.5% 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 NEPH 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.
NEPH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.3x | Net Cash |
| Q2 2026 | -2.7x | Net Cash |
| Q1 2026 | -5.0x | Net Cash |
| Q4 2025 | -4.2x | Net Cash |
| Q3 2025 | -3.3x | Net Cash |
| Q2 2025 | -3.4x | Net Cash |
| Q1 2025 | -4.5x | Net Cash |
| Q4 2024 | -26.7x | Net Cash |
NEPH 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).
NEPH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.4 | Neutral |
| Stochastic | 13.1 | Oversold |
NEPH's weekly RSI is 45 (neutral) and its Stochastic is 13 (oversold).
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).
NEPH PE vs Healthcare Sector
| Metric | NEPH | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 26x | 29% below |
| PE % | 1 | 29 | 28 pts below |
NEPH is trading at 18x earnings, a 29% 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 NEPH on valuation relative to its sector.
NEPH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.48 | 4.9% below |
| 20 week MA | $3.80 | 13% below |
| 50 week MA | $3.82 | 13% below |
| 100 week MA | $3.46 | 4.3% below |
| 200 week MA | $2.69 | 23% above |
NEPH has fallen below most of its moving averages, though it's still 23% above 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 bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
NEPH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.1 | $8.08 | -20% |
| 2021 | $8.08 | $6.00 | -26% |
| 2022 | $6.00 | $1.05 | -83% |
| 2023 | $1.05 | $3.46 | +230% |
| 2024 | $3.46 | $1.49 | -57% |
| 2025 | $1.49 | $4.93 | +231% |
| 2026 YTD | $4.93 | $3.31 | -33% |
NEPH's yearly returns have swung widely, from +231% in 2025 to −83% in 2022. It's down 33% so far in 2026.
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 the edge over NEPH on returns for 2026, with the stronger performance.