NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
PHAT
Phathom Pharmaceuticals, Inc.
PHAT 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.
PHAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
PHAT's revenue is currently healthy, but its profitability and cash flow are under pressure. 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.
PHAT PE Valuation
PHAT has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 29x 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.
PHAT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
PHAT 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 has the edge over PHAT on earnings quality, reporting a profit while its opponent remains loss making.
PHAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.22 | — |
| Q3 2026 | -$1.00 | +$2.76 |
| Q2 2026 | -$1.25 | +$3.42 |
| Q1 2026 | -$2.09 | +$3.09 |
| Q4 2025 | -$3.03 | +$2.26 |
| Q3 2025 | -$3.76 | +$1.98 |
| Q2 2025 | -$4.67 | +$0.51 |
| Q1 2025 | -$5.18 | -$0.72 |
| Q4 2024 | -$5.29 | -$1.36 |
PHAT is still losing money, but far less than before: $1.00 per share over the past year, against $24.12 at its worst in early 2020.
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 PHAT on profitability, with a higher operating margin.
PHAT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $84.7M | +71% |
| Q2 2026 | $74.3M | +88% |
| Q1 2026 | $58.3M | +104% |
| Q4 2025 | $57.6M | +94% |
| Q3 2025 | $49.5M | +203% |
| Q2 2025 | $39.5M | +439% |
| Q1 2025 | $28.5M | +1392% |
PHAT has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.1% | +31 points |
| Q2 2026 | -5.3% | +146 points |
| Q1 2026 | -27% | +250 points |
| Q4 2025 | -10% | +190 points |
| Q3 2025 | -31% | +402 points |
| Q2 2025 | -152% | +904 points |
| Q1 2025 | -277% | +3382 points |
| Q4 2024 | -200% | N/A |
PHAT's operating margin was −0.1% last quarter, up 31 points from the same quarter a year ago, near the top of its range since 2024.
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 PHAT on cash generation, producing positive trailing cash flow while its opponent burns cash.
PHAT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.7M | +$15.9M |
| Q2 2026 | -$2M | +$60.9M |
| Q1 2026 | -$15.7M | +$69.2M |
| Q4 2025 | -$5.1M | +$58.4M |
| Q3 2025 | -$14.1M | +$49.5M |
| Q2 2025 | -$62.8M | +$7.9M |
| Q1 2025 | -$84.9M | -$15.9M |
| Q4 2024 | -$63.5M | -$19.2M |
PHAT has burned cash in almost every quarter: −$21M over the past year, against −$225M 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 PHAT 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.
PHAT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.4% | +1.1M shares |
| 1 year | +16% | +11.5M shares |
| 3 years | +50% | +28.1M shares |
| 5 years | +128% | +47.6M shares |
| Available history | +244% | +60.2M shares |
PHAT has 85M diluted shares, up 16% 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).
PHAT Net Leverage
PHAT'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).
PHAT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.0 | Neutral |
| Stochastic | 13.6 | Oversold |
PHAT's weekly RSI is 37 (neutral) and its Stochastic is 14 (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.
PHAT PE vs Healthcare Sector
PHAT 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 PHAT on trend strength, trading above more of its moving averages.
PHAT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.42 | 3% below |
| 20 week MA | $8.39 | 26% below |
| 50 week MA | $10.9 | 43% below |
| 100 week MA | $9.72 | 36% below |
| 200 week MA | $10.4 | 40% below |
PHAT is in a downtrend: it's below all five of its weekly moving averages, and 40% 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 PHAT on returns for 2026, with the stronger performance.
PHAT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $33.0 | $36.3 | +10% |
| 2021 | $36.3 | $19.8 | -46% |
| 2022 | $19.8 | $11.3 | -43% |
| 2023 | $11.3 | $9.13 | -19% |
| 2024 | $9.13 | $8.18 | -10% |
| 2025 | $8.18 | $17.6 | +115% |
| 2026 YTD | $17.6 | $6.23 | -65% |
PHAT's yearly returns have swung widely, from +115% in 2025 to −46% in 2021. It's down 65% so far in 2026.