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.
PMI
Picard Medical, Inc.
There isn't enough reported data to score PMI 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.
PMI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Weak | |
| Unavailable |
PMI's revenue is currently strong, but its profitability and cash flow are weak. 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.
PMI PE Valuation
PMI 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.
PMI Forward outlook
There aren't enough analyst estimates for PMI to show an outlook.
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 PMI in the latest year-over-year earnings comparison.
PMI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2025 | -$25.50 | -$11.02 |
PMI lost $25.50 per share over the past year, a bigger loss than 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 PMI on profitability, with a higher operating margin.
PMI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3M | +39% |
| Q1 2026 | $1.2M | +85% |
| Q4 2025 | $1M | +21% |
| Q3 2025 | $1.2M | +35% |
| Q2 2025 | $2.1M | +207% |
| Q1 2025 | $620K | -69% |
| Q4 2024 | $836K | +1.2% |
PMI has the edge over NVO on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -157% | +8.5 points |
| Q1 2026 | -392% | +131 points |
| Q4 2025 | -298% | +130 points |
| Q3 2025 | -294% | +211 points |
| Q2 2025 | -165% | +386 points |
| Q1 2025 | -524% | -429 points |
| Q4 2024 | -427% | +288 points |
| Q3 2024 | -504% | N/A |
PMI's operating margin was −157% last quarter, up 8.5 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 has the stronger cash trend. Its trailing FCF is down 14% versus its history, compared with PMI at down 23%.
PMI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q1 2026 | -$3.8M | -$1.6M |
| Q4 2025 | -$4.4M | -$1.2M |
| Q3 2025 | -$6.5M | -$3.9M |
| Q1 2025 | -$2.2M | +$14K |
| Q4 2024 | -$3.2M | +$709K |
| Q3 2024 | -$2.6M | -$199K |
| Q2 2024 | -$3.9M | -$1.9M |
| Q1 2024 | -$2.3M | +$129K |
PMI has burned cash in almost every quarter: −$16M over the past year, against −$12M 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 PMI 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.
PMI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +25% | +367K shares |
| 1 year | +29% | +415K shares |
PMI has 2M diluted shares, up 29% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
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).
PMI Net Leverage
PMI'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).
PMI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.9 | Neutral |
| Stochastic | 36.9 | Neutral |
PMI's weekly RSI is 47 (neutral) and its Stochastic is 37 (neutral).
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.
PMI PE vs Healthcare Sector
PMI 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 |
PMI has stronger trend alignment. NVO is above 1 of 5 weekly averages versus PMI above 1 of 3.
PMI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.12 | 3.3% below |
| 20 week MA | $6.54 | 20% above |
| 50 week MA | $36.7 | 79% below |
PMI's trend is mixed: it's above one of its three weekly moving averages, and 79% below its 50-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 PMI on returns for 2026, with the stronger performance.
PMI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $229.5 | $98.5 | -57% |
| 2026 YTD | $98.5 | $7.85 | -92% |
PMI has finished every year since 2025 lower, and it's down 92% so far in 2026.