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.
PHAR
Pharming Group N.V.
There isn't enough reported data to score PHAR 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.
PHAR Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Under pressure | |
| Unavailable | |
| Strong |
PHAR's balance sheet is currently strong, but its profitability is under pressure. There isn't enough data to rate its revenue and cash flow.
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.
PHAR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | N/A | N/A |
| Fair | 35x | N/A | N/A |
| Expensive | 280x | N/A | N/A |
| Current | 324x | $12.95 | — |
Historical ranges are pointers, not guarantees.
PHAR's PE is 324x, but its earnings don't support one, so it isn't a reliable read right now.
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.
PHAR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect PHAR's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
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 stronger earnings trend. Trailing diluted EPS is up 4.9% for NVO versus PHAR down 100%.
PHAR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q4 2025 | $0.00 | +$0.02 |
| Q4 2024 | -$0.02 | $0.00 |
| Q4 2023 | -$0.02 | -200% |
| Q4 2022 | $0.02 | 0% |
| Q4 2021 | $0.02 | -60% |
| Q4 2020 | $0.05 | -90% |
| Q4 2019 | $0.51 | +27% |
| Q3 2019 | $0.54 | +$1.17 |
PHAR has swung to a loss: it lost $0.00 per share over the past year, after a profit 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% |
PHAR has the stronger quarterly revenue trend. Revenue is up 2.1% for NVO versus up 89% for PHAR.
| 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.
PHAR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $376.1M | +27% |
| Q4 2024 | $297.2M | +21% |
| Q4 2023 | $245.3M | +19% |
| Q4 2022 | $205.6M | +3.4% |
| Q4 2021 | $198.9M | -3.6% |
| Q4 2020 | $206.3M | +242% |
| Q4 2019 | $60.4M | +35% |
| Q3 2019 | $51.5M | +2% |
PHAR's revenue has grown year over year for 10 quarters in a row: $376M last quarter, up 89% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | 6.9% | 0 points |
| Q4 2024 | -2.9% | -39 points |
| Q4 2023 | -2.2% | -42 points |
| Q4 2022 | 8.9% | -32 points |
| Q4 2021 | 6.8% | -22 points |
| Q4 2020 | 36% | +1.2 points |
| Q4 2019 | 40% | +21 points |
| Q3 2019 | 40% | +2.5 points |
PHAR's operating margin was 6.9% last quarter, about level with 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% |
PHAR has the stronger cash trend. Its trailing FCF is down 9.5% versus its history, compared with NVO at down 14%.
PHAR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | $54M | +$56.5M |
| Q4 2024 | -$2.6M | +$16.2M |
| Q4 2023 | -$18.7M | -189% |
| Q4 2022 | $21.1M | -22% |
| Q4 2021 | $27.1M | -65% |
| Q4 2020 | $77.6M | +257% |
| Q4 2019 | $21.7M | +21% |
| Q3 2019 | $3.4M | -82% |
PHAR generated $54M in free cash flow over the past year, down 59% from 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 PHAR 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.
PHAR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -4.9% | -38.5M shares |
| 1 year | +6.5% | +45.7M shares |
| 3 years | +978% | +678M shares |
| 5 years | +1302% | +694M shares |
PHAR has 747M diluted shares, up 6.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
| Q3 2019 | — |
| Q2 2019 | — |
| Q1 2019 | — |
| Q4 2018 | — |
| Q3 2018 | — |
| Q2 2018 | — |
| Q1 2018 | — |
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).
PHAR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2019 | -0.2x | Net Cash |
| Q3 2019 | -0.2x | Net Cash |
| Q2 2019 | 0.1x | Very low |
| Q1 2019 | -0.1x | Net Cash |
| Q4 2018 | 0.1x | Very low |
| Q3 2017 | 4.2x | High |
PHAR has more cash than debt.
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).
PHAR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 79.2 | Neutral |
PHAR's weekly RSI is 55 (neutral) and its Stochastic is 79 (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 PHAR on valuation relative to its sector.
PHAR PE vs Healthcare Sector
| Metric | PHAR | Sector median | Relative |
|---|---|---|---|
| PE | 324x | 26x | 1,152% above |
| PE % | 93 | 34 | 59 pts above |
PHAR is trading at 324x earnings, a 1152% premium to the Healthcare sector's median of 26x, though its earnings don't support one.
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.
PHAR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.0 | 18% above |
| 20 week MA | $11.6 | 12% above |
| 50 week MA | $14.2 | 8.5% below |
| 100 week MA | $12.7 | 1.8% above |
| 200 week MA | $11.7 | 11% above |
PHAR 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 the edge over PHAR on returns for 2026, with the stronger performance.
PHAR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $15.6 | $15.6 | 0% |
| 2021 | $15.6 | $8.75 | -44% |
| 2022 | $8.75 | $11.8 | +34% |
| 2023 | $11.8 | $11.4 | -2.7% |
| 2024 | $11.4 | $10.2 | -11% |
| 2025 | $10.2 | $17.8 | +74% |
| 2026 YTD | $17.8 | $13.0 | -27% |
PHAR has finished lower in four of the last six years. It's down 27% so far in 2026.