NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
PTGX
Protagonist Therapeutics, Inc.
PTGX has the edge over NVO overall, supported by stronger fundamentals and stronger valuation.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
PTGX Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
PTGX's revenue, profitability, cash flow and balance sheet are all currently healthy.
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 PTGX in the historical PE scenario, which offers more potential upside but is not a forecast.
PTGX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $62.70 | -53% |
| Current | 28x | $134 | — |
| Fair | 42x | $197 | +47% |
| Expensive | 131x | $618 | +360% |
| Forward | 1,897x | $134 | — |
Historical ranges are pointers, not guarantees.
PTGX's PE is in its fair range at 28x. Analysts expect earnings to fall, which would put today's price at 1897x next year's earnings, in its expensive range.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
NVO has the edge over PTGX on the outlook, with more favorable earnings and revenue expectations.
PTGX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Strong decline | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect PTGX's earnings and revenue to decline, with profitability weakening. 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 edge over PTGX on earnings, with more consistent year-over-year improvement.
PTGX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.07 | -98% |
| Q3 2026 | $4.72 | +626% |
| Q2 2026 | $1.03 | +41% |
| Q1 2026 | -$1.81 | -332% |
| Q4 2025 | -$2.05 | -148% |
| Q3 2025 | $0.65 | -76% |
| Q2 2025 | $0.73 | -73% |
| Q1 2025 | $0.78 | -69% |
| Q4 2024 | $4.23 | +$5.62 |
PTGX's earnings per share have jumped to their highest in seven years: $4.72 over the past year, up from $0.65 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'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.
PTGX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $274.4M | +5724% |
| Q2 2026 | $213.5M | +3749% |
| Q1 2026 | $56.4M | +99% |
| Q4 2025 | $7.4M | -96% |
| Q3 2025 | $4.7M | +0.8% |
| Q2 2025 | $5.5M | +33% |
| Q1 2025 | $28.3M | -89% |
| Q4 2024 | $170.6M | +184% |
PTGX's revenue is growing: $274M last quarter, up 5724% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | +1065 points |
| Q2 2026 | 74% | +832 points |
| Q1 2026 | -6.5% | +62 points |
| Q4 2025 | -677% | -751 points |
| Q3 2025 | -985% | -99 points |
| Q2 2025 | -758% | +173 points |
| Q1 2025 | -68% | -149 points |
| Q4 2024 | 74% | +36 points |
PTGX has the edge over NVO on profitability, with a higher operating margin.
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 PTGX on cash flow, with more consistent year-over-year improvement.
PTGX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$23.5M | -$21.4M |
| Q2 2026 | $218.9M | +$248.5M |
| Q1 2026 | -$49.2M | -139% |
| Q4 2025 | -$37.1M | -$7.6M |
| Q3 2025 | -$2M | +$26.6M |
| Q2 2025 | -$29.6M | -111% |
| Q1 2025 | $124.8M | +$152.5M |
| Q4 2024 | -$29.5M | -274% |
PTGX has burned cash in almost every quarter: $109M over the past year, up 71% 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 PTGX 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.
PTGX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +725K shares |
| 1 year | +12% | +8M shares |
| 3 years | +21% | +12.5M shares |
| 5 years | +49% | +23.7M shares |
| Available history | +177% | +45.8M shares |
PTGX has 72M diluted shares, up 12% 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).
PTGX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.5x | Net Cash |
| Q2 2026 | -7.0x | Net Cash |
| Q3 2025 | -5.7x | Net Cash |
| Q2 2025 | -6.8x | Net Cash |
| Q1 2025 | -5.0x | Net Cash |
| Q4 2024 | -0.4x | Net Cash |
| Q3 2024 | -0.9x | Net Cash |
| Q2 2024 | -2.3x | Net Cash |
PTGX has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
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).
PTGX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.7 | Neutral |
| Stochastic | 31.1 | Neutral |
PTGX's weekly RSI is 53 (neutral) and its Stochastic is 31 (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 PTGX on valuation relative to its sector.
PTGX PE vs Healthcare Sector
| Metric | PTGX | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 26x | 10% above |
| PE % | 49 | 29 | 20 pts above |
PTGX is trading at 28x earnings, a 10% premium to the Healthcare sector's median of 26x.
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.
PTGX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $138.0 | 2.6% below |
| 20 week MA | $140.9 | 4.6% below |
| 50 week MA | $113.3 | 19% above |
| 100 week MA | $83.7 | 61% above |
| 200 week MA | $55.7 | 141% above |
PTGX 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.
PTGX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.00 | $23.8 | +239% |
| 2021 | $23.8 | $34.3 | +44% |
| 2022 | $34.3 | $10.1 | -71% |
| 2023 | $10.1 | $22.9 | +127% |
| 2024 | $22.9 | $39.0 | +70% |
| 2025 | $39.0 | $88.8 | +128% |
| 2026 YTD | $88.8 | $134.4 | +51% |
PTGX has the edge over NVO on returns for 2026, with the stronger performance.