NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
PIII
P3 Health Partners Inc.
PIII has the edge over NVO overall, supported by stronger fundamentals.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
PIII Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Weak |
PIII's revenue is currently healthy, and its profitability is stable, but its cash flow and balance sheet are under pressure.
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.
PIII PE Valuation
PIII 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.
PIII Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| -- | |
| Limited | |
| -- |
Analysts expect PIII's losses to shrink, with revenue growing.
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 PIII on earnings quality, reporting a profit while its opponent remains loss making.
PIII Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$33.06 | +$17.95 |
| Q1 2026 | -$38.66 | +$13.62 |
| Q4 2025 | -$45.26 | +$8.74 |
| Q3 2025 | -$45.18 | -$4.18 |
| Q2 2025 | -$51.01 | -$19.51 |
| Q1 2025 | -$52.28 | -$23.78 |
| Q4 2024 | -$54.00 | -$22.50 |
| Q3 2024 | -$41.00 | +$93.00 |
PIII is still losing money, but far less than before: $33.06 per share over the past year, against $134.00 at its worst in late 2023.
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 PIII 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 PIII on profitability, with a higher operating margin.
PIII Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $396.3M | +15% |
| Q2 2026 | $386.4M | +8.6% |
| Q1 2026 | $386.4M | +3.5% |
| Q4 2025 | $384.8M | +3.8% |
| Q3 2025 | $345.3M | -4.7% |
| Q2 2025 | $355.8M | -6.2% |
| Q1 2025 | $373.2M | -3.9% |
| Q4 2024 | $370.7M | +6.9% |
PIII's revenue has grown year over year for four quarters in a row: $396M last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.8% | +19 points |
| Q2 2026 | 11% | +20 points |
| Q1 2026 | 2.1% | +12 points |
| Q4 2025 | -40% | -2.6 points |
| Q3 2025 | -13% | +17 points |
| Q2 2025 | -9.6% | -1.3 points |
| Q1 2025 | -10% | +1.1 points |
| Q4 2024 | -37% | -19 points |
PIII's operating margin was 5.8% last quarter, up 19 points from the same quarter a year ago, near the top of its range since 2020.
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% |
PIII has the stronger cash trend. Its trailing FCF is down 6.5% versus its history, compared with NVO at down 14%.
PIII Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$61.9M | -$45.3M |
| Q1 2026 | -$27.5M | +$6M |
| Q4 2025 | -$25.7M | +$31.5M |
| Q2 2025 | -$16.6M | -$6.4M |
| Q1 2025 | -$33.5M | -$13.4M |
| Q4 2024 | -$57.2M | -$41.6M |
| Q3 2024 | -$22.6M | -$14.6M |
| Q2 2024 | -$10.2M | +$19.8M |
PIII has burned cash in almost every quarter: −$116M over the past year, against −$130M 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 PIII 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.
PIII Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +97% | +3.3M shares |
| 1 year | +103% | +3.4M shares |
| 3 years | +6% | +373K shares |
PIII has 7M diluted shares, up 103% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | $180,000 |
| Q1 2020 | — |
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 PIII on leverage, with a lower net debt burden relative to earnings.
PIII Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 28.6x | High |
PIII's net debt is more than 20 years of its operating earnings (EBITDA).
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).
PIII Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.3 | Oversold |
| Stochastic | 2.8 | Oversold |
PIII's weekly RSI is 29 (oversold) and its Stochastic is 3 (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.
PIII PE vs Healthcare Sector
PIII 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 PIII on trend strength, trading above more of its moving averages.
PIII Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.68 | 41% below |
| 20 week MA | $7.81 | 65% below |
| 50 week MA | $6.16 | 55% below |
| 100 week MA | $7.25 | 62% below |
| 200 week MA | $34.7 | 92% below |
PIII is in a downtrend: it's below all five of its weekly moving averages, and 92% 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 PIII on returns for 2026, with the stronger performance.
PIII Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $488.5 | $363.0 | -26% |
| 2022 | $363.0 | $101.5 | -72% |
| 2023 | $101.5 | $70.5 | -31% |
| 2024 | $70.5 | $10.0 | -86% |
| 2025 | $10.0 | $3.57 | -64% |
| 2026 YTD | $3.57 | $2.75 | -23% |
PIII has finished every year since 2021 lower, and it's down 23% so far in 2026.