NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
OFIX
Orthofix Medical Inc.
OFIX has the edge over NVO overall, supported by stronger fundamentals.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
OFIX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Weak |
OFIX's revenue and profitability are currently stable, but its cash flow and balance sheet are under pressure.
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.
OFIX PE Valuation
OFIX has no meaningful PE right now: it lost money over the past year.
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.
OFIX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect OFIX's losses to shrink, with revenue holding steady.
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 OFIX on earnings quality, reporting a profit while its opponent remains loss making.
OFIX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.11 | +$1.93 |
| Q2 2026 | -$1.53 | +$1.65 |
| Q1 2026 | -$1.50 | +$2.20 |
| Q4 2025 | -$2.33 | +$0.97 |
| Q3 2025 | -$3.04 | +$0.07 |
| Q2 2025 | -$3.18 | -$0.01 |
| Q1 2025 | -$3.70 | -$0.34 |
| Q4 2024 | -$3.30 | +$0.82 |
OFIX is still losing money, but far less than before: $1.11 per share over the past year, against $4.12 at its worst in late 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'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 OFIX on profitability, with a higher operating margin.
OFIX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $207.9M | +1.1% |
| Q2 2026 | $210.9M | +3.8% |
| Q1 2026 | $196.7M | +1.6% |
| Q4 2025 | $219.9M | +2% |
| Q3 2025 | $205.6M | +4.6% |
| Q2 2025 | $203.1M | +2.3% |
| Q1 2025 | $193.6M | +2.7% |
| Q4 2024 | $215.7M | +7.6% |
OFIX's revenue has grown year over year for 15 quarters in a row: $208M last quarter, up 1.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 0.7% | +9 points |
| Q2 2026 | -3.9% | +4 points |
| Q1 2026 | -7.3% | +18 points |
| Q4 2025 | 0.2% | +5.5 points |
| Q3 2025 | -8.3% | +1.3 points |
| Q2 2025 | -7.9% | +4.7 points |
| Q1 2025 | -25% | -9.7 points |
| Q4 2024 | -5.3% | +3.8 points |
OFIX's operating margin was 0.7% last quarter, up 9 points from the same quarter a year ago.
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 OFIX on cash generation, producing positive trailing cash flow while its opponent burns cash.
OFIX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$14.1M | -666% |
| Q2 2026 | -$18.9M | -517% |
| Q1 2026 | -$28.3M | -$3.1M |
| Q4 2025 | $16.8M | +20% |
| Q3 2025 | $2.5M | -61% |
| Q2 2025 | $4.5M | +$4.9M |
| Q1 2025 | -$25.1M | +$4M |
| Q4 2024 | $14.1M | +$35.3M |
OFIX's free cash flow was −$44M over the past year, against −$4M 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 the edge over OFIX 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.
OFIX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.7% | +272K shares |
| 1 year | +3.6% | +1.4M shares |
| 3 years | +108% | +21.4M shares |
OFIX has 41M diluted shares, up 3.6% from 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 OFIX on leverage, with a lower net debt burden relative to earnings.
OFIX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.2x | High |
| Q2 2026 | 8.6x | High |
| Q1 2026 | 10.8x | High |
| Q4 2022 | -3.2x | Net Cash |
| Q3 2022 | -3.0x | Net Cash |
| Q2 2022 | -2.6x | Net Cash |
| Q1 2022 | -3.4x | Net Cash |
| Q4 2021 | -4.1x | Net Cash |
OFIX's net debt is about 4.2 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
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).
OFIX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.9 | Oversold |
| Stochastic | 8.4 | Oversold |
OFIX's weekly RSI is 30 (oversold) and its Stochastic is 8 (oversold).
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.
OFIX PE vs Healthcare Sector
| Metric | OFIX | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
OFIX has no meaningful PE right now: it lost money over the past year.
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 OFIX on trend strength, trading above more of its moving averages.
OFIX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.85 | 22% below |
| 20 week MA | $9.71 | 29% below |
| 50 week MA | $11.4 | 39% below |
| 100 week MA | $13.0 | 47% below |
| 200 week MA | $14.5 | 52% below |
OFIX is in a downtrend: it's below all five of its weekly moving averages, and 52% below its 200-week average.
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 OFIX on returns for 2026, with the stronger performance.
OFIX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $46.0 | $42.6 | -7.5% |
| 2021 | $42.6 | $31.5 | -26% |
| 2022 | $31.5 | $19.3 | -39% |
| 2023 | $19.3 | $13.5 | -30% |
| 2024 | $13.5 | $17.5 | +30% |
| 2025 | $17.5 | $15.2 | -13% |
| 2026 YTD | $15.2 | $6.94 | -54% |
OFIX has finished lower in five of the last six years. It's down 54% so far in 2026.