NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
ONDS
Ondas Holdings Inc.
ONDS has the edge over NVO overall, supported by stronger fundamentals and stronger modeled upside.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ONDS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Weak | |
| Unavailable |
ONDS's revenue is currently strong, but its profitability and cash flow are weak. There isn't enough data to rate its balance sheet.
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.
ONDS PE Valuation
ONDS 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.
ONDS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect ONDS's losses to grow, with revenue growing.
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 ONDS on earnings quality, reporting a profit while its opponent remains loss making.
ONDS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.09 | +$0.32 |
| Q2 2026 | -$0.02 | +$0.51 |
| Q1 2026 | $0.09 | +$0.68 |
| Q4 2025 | -$0.62 | -$0.01 |
| Q3 2025 | -$0.41 | +$0.31 |
| Q2 2025 | -$0.53 | +$0.18 |
| Q1 2025 | -$0.59 | +$0.16 |
| Q4 2024 | -$0.61 | +$0.27 |
ONDS is still losing money, but far less than before: $0.09 per share over the past year, against $1.79 at its worst in early 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 ONDS on profitability, with a higher operating margin.
ONDS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $167.5M | +1559% |
| Q2 2026 | $83.8M | +1235% |
| Q1 2026 | $50.1M | +1080% |
| Q4 2025 | $30.1M | +629% |
| Q3 2025 | $10.1M | +582% |
| Q2 2025 | $6.3M | +555% |
| Q1 2025 | $4.2M | +580% |
| Q4 2024 | $4.1M | -17% |
ONDS has the edge over NVO on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -113% | +40 points |
| Q2 2026 | -195% | -47 points |
| Q1 2026 | -85% | +158 points |
| Q4 2025 | -77% | +129 points |
| Q3 2025 | -154% | +431 points |
| Q2 2025 | -147% | +720 points |
| Q1 2025 | -243% | +1218 points |
| Q4 2024 | -206% | +49 points |
ONDS's operating margin was −113% last quarter, up 40 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 ONDS on cash generation, producing positive trailing cash flow while its opponent burns cash.
ONDS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$150.8M | -$139.6M |
| Q2 2026 | -$93.8M | -$85.3M |
| Q1 2026 | -$52.6M | -$45.8M |
| Q4 2025 | -$14.3M | -$6.2M |
| Q3 2025 | -$11.1M | -$2.7M |
| Q2 2025 | -$8.5M | +$1.4M |
| Q1 2025 | -$6.8M | +$1.8M |
| Q4 2024 | -$8.1M | -$2.1M |
ONDS has burned cash in almost every quarter: −$312M over the past year, against −$35M 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 ONDS 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.
ONDS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +23% | +114M shares |
| 1 year | +489% | +513M shares |
| 3 years | +1363% | +576M shares |
| 5 years | +2983% | +598M shares |
ONDS has 618M diluted shares, up 489% 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's net debt is less than a year of its operating earnings (EBITDA).
ONDS Net Leverage
ONDS's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
ONDS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.4 | Neutral |
| Stochastic | 15.5 | Oversold |
ONDS's weekly RSI is 36 (neutral) and its Stochastic is 15 (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.
ONDS PE vs Technology Sector
| Metric | ONDS | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
ONDS 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 bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
ONDS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.35 | 16% below |
| 20 week MA | $7.23 | 26% below |
| 50 week MA | $8.92 | 40% below |
| 100 week MA | $6.08 | 12% below |
| 200 week MA | $3.57 | 49% above |
ONDS has fallen below most of its moving averages, though it's still 49% above 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 ONDS on returns for 2026, with the stronger performance.
ONDS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2019 | $18.0 | $18.0 | 0% |
| 2020 | $18.0 | $7.65 | -57% |
| 2021 | $7.65 | $7.16 | -6.4% |
| 2022 | $7.16 | $1.69 | -76% |
| 2023 | $1.69 | $1.53 | -9.5% |
| 2024 | $1.53 | $2.59 | +69% |
| 2025 | $2.59 | $8.48 | +227% |
| 2026 YTD | $8.48 | $5.32 | -37% |
ONDS's yearly returns have swung widely, from +227% in 2025 to −76% in 2022. It's down 37% so far in 2026.