NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
PEN
Penumbra, Inc.
PEN has the edge over NVO overall, supported by stronger valuation and lower modeled downside.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
PEN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
PEN's revenue, profitability, cash flow and balance sheet are all currently healthy.
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 PEN in the historical PE scenario, which offers more potential upside but is not a forecast.
PEN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 55x | $321 | — |
| Cheap | 76x | $300 | -6.4% |
| Current | 81x | $321 | — |
| Fair | 222x | $883 | +175% |
| Expensive | 648x | $2,574 | +702% |
Historical ranges are pointers, not guarantees.
PEN's PE is in its cheap range at 81x. If earnings grow as analysts expect, today's price would be 55x next year's earnings.
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.
PEN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
PEN has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
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's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
PEN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.82 | +47% |
| Q3 2026 | $3.97 | -5.5% |
| Q2 2026 | $4.07 | +7.7% |
| Q1 2026 | $4.34 | +302% |
| Q4 2025 | $4.52 | +1156% |
| Q3 2025 | $4.20 | +388% |
| Q2 2025 | $3.78 | +1012% |
| Q1 2025 | $1.08 | -54% |
| Q4 2024 | $0.36 | -84% |
PEN earned $3.97 per share over the past year, down 5.5% from the year before.
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 PEN on profitability, with a higher operating margin.
PEN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $410.1M | +16% |
| Q2 2026 | $390M | +15% |
| Q1 2026 | $374.8M | +16% |
| Q4 2025 | $385.4M | +22% |
| Q3 2025 | $354.7M | +18% |
| Q2 2025 | $339.5M | +13% |
| Q1 2025 | $324.1M | +16% |
| Q4 2024 | $315.5M | +11% |
PEN's revenue has grown year over year every quarter since late 2020: $410M last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 12% | -1.4 points |
| Q2 2026 | 11% | -1.5 points |
| Q1 2026 | 10% | -2.3 points |
| Q4 2025 | 15% | +1.8 points |
| Q3 2025 | 14% | +2 points |
| Q2 2025 | 12% | +39 points |
| Q1 2025 | 12% | +8.1 points |
| Q4 2024 | 14% | +1.3 points |
PEN's operating margin was 12% last quarter, down 1.4 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 still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
PEN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $26.4M | -37% |
| Q2 2026 | $32.5M | +11% |
| Q1 2026 | $73.3M | +106% |
| Q4 2025 | $68.1M | +49% |
| Q3 2025 | $42M | -18% |
| Q2 2025 | $29.4M | +62% |
| Q1 2025 | $35.5M | +9.3% |
| Q4 2024 | $45.7M | +40% |
PEN has the edge over NVO on cash flow, with more consistent year-over-year improvement.
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 PEN 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.
PEN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +48.2K shares |
| 1 year | +0.8% | +318K shares |
| 3 years | +1% | +400K shares |
| 5 years | +5.3% | +2M shares |
| Available history | +9.1% | +3.3M shares |
PEN has 40M diluted shares, up 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q4 2024 | $1,000 |
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).
PEN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -1.0x | Net Cash |
| Q1 2026 | -1.2x | Net Cash |
| Q4 2025 | -0.9x | Net Cash |
| Q3 2025 | -1.7x | Net Cash |
| Q2 2025 | -2.4x | Net Cash |
| Q1 2025 | -6.4x | Net Cash |
| Q4 2024 | -9.8x | Net Cash |
PEN has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
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).
PEN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.7 | Neutral |
| Stochastic | 27.1 | Neutral |
PEN's weekly RSI is 51 (neutral) and its Stochastic is 27 (neutral).
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 PEN on valuation relative to its sector.
PEN PE vs Healthcare Sector
| Metric | PEN | Sector median | Relative |
|---|---|---|---|
| PE | 81x | 26x | 213% above |
| PE % | 26 | 29 | 3 pts below |
PEN is trading at 81x earnings, a 213% premium to the Healthcare sector's median of 26x.
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.
PEN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $320.0 | 0.2% above |
| 20 week MA | $320.6 | 0.1% above |
| 50 week MA | $325.6 | 1.5% below |
| 100 week MA | $294.7 | 8.8% above |
| 200 week MA | $267.7 | 20% above |
PEN has the edge over NVO on trend strength, trading above more of its moving averages.
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.
PEN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $164.1 | $187.4 | +14% |
| 2021 | $187.4 | $275.6 | +47% |
| 2022 | $275.6 | $219.6 | -20% |
| 2023 | $219.6 | $251.5 | +15% |
| 2024 | $251.5 | $239.9 | -4.6% |
| 2025 | $239.9 | $317.0 | +32% |
| 2026 YTD | $317.0 | $320.8 | +1.2% |
PEN has the edge over NVO on returns for 2026, with the stronger performance.