NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
PHG
Koninklijke Philips N.V.
PHG has the edge over NVO overall, supported by stronger fundamentals 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.
PHG Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Healthy |
PHG's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
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 PHG in the historical PE scenario, which offers more potential upside but is not a forecast.
PHG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7x | $9.06 | -70% |
| Current | 23x | $30.05 | — |
| Fair | 29x | $37.91 | +26% |
| Expensive | 40x | $51.41 | +71% |
Historical ranges are pointers, not guarantees.
PHG's PE is 23x, 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.
PHG Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
PHG 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 PHG on earnings, with more consistent year-over-year improvement.
PHG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.29 | +579% |
| Q1 2026 | $1.12 | +155% |
| Q4 2025 | $1.03 | +$1.90 |
| Q3 2025 | $0.18 | +$0.61 |
| Q2 2025 | $0.19 | +$0.73 |
| Q1 2025 | $0.44 | +$1.43 |
| Q1 2024 | -$0.99 | +$1.60 |
| Q1 2023 | -$2.59 | -171% |
PHG's earnings per share have fallen from their peak: $1.29 over the past year, against $4.36 in late 2021.
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 has the edge over PHG on sales, with more consistent year-over-year improvement.
| 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 PHG on profitability, with a higher operating margin.
PHG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $4.8B | +0.5% |
| Q1 2026 | $4.3B | -4.7% |
| Q4 2025 | $5.7B | +1.1% |
| Q3 2025 | $4.8B | -1.7% |
| Q2 2025 | $4.8B | -2.8% |
| Q1 2025 | $4.6B | -1% |
| Q4 2024 | $5.6B | -0.4% |
| Q3 2024 | $4.9B | -2.1% |
PHG's revenue fell from its 2020 peak and has held roughly level since: $4.8B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 14% | +4.8 points |
| Q1 2026 | 6.2% | +2.4 points |
| Q4 2025 | 11% | +6.6 points |
| Q3 2025 | 7.7% | 0 points |
| Q2 2025 | 9.2% | -9.1 points |
| Q1 2025 | 3.8% | +24 points |
| Q4 2024 | 4% | +3.5 points |
| Q3 2024 | 7.7% | +2.7 points |
PHG's operating margin was 14% last quarter, up 4.8 points from the same quarter a year ago, near the top of its range since 2019.
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 PHG on cash flow, with more consistent year-over-year improvement.
PHG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $243.3M | -3.9% |
| Q1 2026 | $129.9M | +$1.3B |
| Q4 2025 | $1.5B | +$1.5B |
| Q3 2025 | $287.7M | +$287.7M |
| Q2 2025 | $253.3M | +$331M |
| Q1 2025 | -$1.2B | -$776.3M |
| Q4 2024 | $0 | $0 |
| Q3 2024 | $0 | $0 |
PHG's free cash flow is usually positive and has bounced back after one negative quarter: $2.1B over the past year, against −$902M 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 PHG 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.
PHG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +44K shares |
| 1 year | +1.2% | +11.9M shares |
| 3 years | +2.3% | +22M shares |
| 5 years | +1.3% | +12.3M shares |
| Available history | +0.6% | +6.2M shares |
PHG has 969M diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $75.5M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
PHG spent $76M buying back its own shares over the past year, after none the year before.
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 has the edge over PHG on leverage, with a lower net debt burden relative to earnings.
PHG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.9x | Healthy |
| Q1 2026 | 2.0x | Moderate |
| Q4 2025 | 2.0x | Moderate |
| Q3 2025 | 3.0x | Moderate |
| Q2 2025 | 3.5x | Elevated |
| Q1 2025 | 3.5x | Elevated |
| Q4 2024 | 6.2x | High |
| Q3 2024 | -1.5x | Net Cash |
PHG's net debt is about 1.9 years of its operating earnings (EBITDA), down from 3.5 years a year ago.
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).
PHG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.3 | Neutral |
| Stochastic | 84.8 | Overbought |
PHG's weekly RSI is 64 (neutral) and its Stochastic is 85 (overbought).
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 PHG on valuation relative to its sector.
PHG PE vs Healthcare Sector
| Metric | PHG | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 26x | 9.8% below |
| PE % | 29 | 29 | Same percentile |
PHG is trading at 23x earnings, in line with 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.
PHG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $26.6 | 13% above |
| 20 week MA | $26.6 | 13% above |
| 50 week MA | $27.4 | 9.9% above |
| 100 week MA | $26.7 | 13% above |
| 200 week MA | $24.5 | 23% above |
PHG 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.
PHG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $44.5 | $49.8 | +12% |
| 2021 | $49.8 | $33.6 | -33% |
| 2022 | $33.6 | $14.9 | -56% |
| 2023 | $14.9 | $22.6 | +51% |
| 2024 | $22.6 | $25.6 | +13% |
| 2025 | $25.6 | $27.1 | +6% |
| 2026 YTD | $27.1 | $30.1 | +11% |
PHG has the edge over NVO on returns for 2026, with the stronger performance.