NVO
Novo Nordisk A/S
NVO's fundamentals are mixed: it turned 15% of its revenue into free cash flow, but its operating margin fell 3 points to 43%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
PASG
Passage Bio, Inc.
There isn't enough reported data to score PASG yet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
PASG Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Under pressure | |
| Unavailable | |
| Unavailable |
PASG's profitability is currently under pressure. There isn't enough data to rate its revenue, cash flow and 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.
PASG PE Valuation
PASG 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.
PASG Forward outlook
There aren't enough analyst estimates for PASG to show an outlook.
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 PASG on earnings quality, reporting a profit while its opponent remains loss making.
PASG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$14.97 | -$0.57 |
| Q2 2026 | -$15.94 | +$2.22 |
| Q1 2026 | -$16.46 | +$3.94 |
| Q4 2025 | -$19.10 | +$2.30 |
| Q3 2025 | -$14.40 | +$9.00 |
| Q2 2025 | -$18.16 | +$8.84 |
| Q1 2025 | -$20.40 | +$10.20 |
| Q4 2024 | -$21.40 | +$15.80 |
PASG is still losing money, but far less than before: $14.97 per share over the past year, against $70.20 at its worst in early 2022.
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's operating margin was 34% last quarter, down 9 points from the same quarter a year ago, near the bottom of its range since 2019.
PASG Quarterly Revenue
PASG and NVO do not have enough comparable growth data to identify a winner.
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% |
PASG has the stronger cash trend. Its trailing FCF is up 62% versus its history, compared with NVO at down 14%.
PASG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$4M | +$855K |
| Q2 2026 | -$9.2M | -$2.9M |
| Q1 2026 | -$13M | +$860K |
| Q3 2025 | -$4.9M | +$2.6M |
| Q2 2025 | -$6.3M | +$6.8M |
| Q1 2025 | -$13.8M | +$5.1M |
| Q4 2024 | -$8.4M | +$11.1M |
| Q3 2024 | -$7.4M | +$11.7M |
PASG has burned cash in almost every quarter: −$31M over the past year, against −$36M 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 PASG 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.
PASG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +9.1K shares |
| 1 year | +1.2% | +39.1K shares |
| 3 years | +17% | +478K shares |
| 5 years | +19% | +518K shares |
| Available history | +169% | +2M shares |
PASG has 3M diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
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).
PASG Net Leverage
PASG'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).
PASG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.2 | Neutral |
| Stochastic | 24.8 | Neutral |
PASG's weekly RSI is 42 (neutral) and its Stochastic is 25 (neutral).
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.
PASG PE vs Healthcare Sector
PASG 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.
PASG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.86 | 3.9% above |
| 20 week MA | $4.34 | 7.6% below |
| 50 week MA | $6.86 | 42% below |
| 100 week MA | $7.72 | 48% below |
| 200 week MA | $13.5 | 70% below |
PASG has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 70% 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 PASG on returns for 2026, with the stronger performance.
PASG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $444.0 | $528.6 | +19% |
| 2021 | $528.6 | $134.8 | -74% |
| 2022 | $134.8 | $25.6 | -81% |
| 2023 | $25.6 | $20.2 | -21% |
| 2024 | $20.2 | $13.1 | -35% |
| 2025 | $13.1 | $10.9 | -17% |
| 2026 YTD | $10.9 | $4.01 | -63% |
PASG has finished five years in a row lower, and it's down 63% so far in 2026.