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.
PULM
Pulmatrix, Inc.
There isn't enough reported data to score PULM 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.
PULM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Unavailable | |
| Unavailable |
PULM's revenue is currently stable, but its profitability is under pressure. There isn't enough data to rate its cash flow and 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.
PULM PE Valuation
PULM 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.
PULM Forward outlook
There aren't enough analyst estimates for PULM 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 PULM on earnings quality, reporting a profit while its opponent remains loss making.
PULM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$1.10 | +$1.08 |
| Q1 2026 | -$1.23 | +$2.12 |
| Q4 2025 | -$1.41 | +$1.21 |
| Q3 2025 | -$1.71 | +$0.94 |
| Q2 2025 | -$2.18 | +$0.79 |
| Q1 2025 | -$3.35 | -$0.93 |
| Q4 2024 | -$2.62 | +$1.25 |
| Q3 2024 | -$2.65 | +$1.86 |
PULM is still losing money, but far less than before: $1.10 per share over the past year, against $30.58 at its worst in late 2019.
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 stronger quarterly revenue trend. Revenue is up 2.1% for NVO versus down 100% for PULM.
| 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.
PULM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2024 | $3K | -100% |
| Q3 2024 | $366K | -79% |
| Q2 2024 | $1.6M | -16% |
| Q1 2024 | $5.9M | +293% |
| Q4 2023 | $2.2M | +29% |
| Q3 2023 | $1.8M | -6.4% |
| Q2 2023 | $1.8M | +39% |
| Q1 2023 | $1.5M | +29% |
PULM's revenue is growing: $3,000 last quarter, down 100% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2024 | -65067% | -64966 points |
| Q3 2024 | -726% | -501 points |
| Q2 2024 | -380% | -164 points |
| Q1 2024 | 13% | +319 points |
| Q4 2023 | -101% | +152 points |
| Q3 2023 | -225% | +48 points |
| Q2 2023 | -216% | +126 points |
| Q1 2023 | -306% | +122 points |
PULM's operating margin was −65067% last quarter, down 64966 points from the same quarter a year ago, near the bottom 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% |
PULM has the stronger cash trend. Its trailing FCF is up 57% versus its history, compared with NVO at down 14%.
PULM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2024 | -$1.3M | +$1.1M |
| Q3 2024 | -$3.1M | +$1.4M |
| Q4 2023 | -$2.3M | +$2.7M |
| Q3 2023 | -$4.5M | -$851K |
| Q4 2022 | -$5.1M | -$633K |
| Q3 2022 | -$3.6M | -$192K |
| Q4 2021 | -$4.4M | -$1.6M |
| Q3 2021 | -$3.4M | +$2.2M |
PULM has burned cash in almost every quarter: −$6M over the past year, against −$14M 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 PULM 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.
PULM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
| 3 years | +5% | +174K shares |
| 5 years | +115% | +2M shares |
| Available history | +260% | +2.6M shares |
PULM has 4M diluted shares, about the same as 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).
PULM Net Leverage
PULM'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).
PULM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.6 | Neutral |
| Stochastic | 32.3 | Neutral |
PULM's weekly RSI is 38 (neutral) and its Stochastic is 32 (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.
PULM PE vs Healthcare Sector
PULM 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 PULM on trend strength, trading above more of its moving averages.
PULM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.44 | 9.7% below |
| 20 week MA | $1.53 | 15% below |
| 50 week MA | $1.85 | 30% below |
| 100 week MA | $4.03 | 68% below |
| 200 week MA | $3.27 | 60% below |
PULM is in a downtrend: it's below all five of its weekly moving averages, and 60% 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 PULM on returns for 2026, with the stronger performance.
PULM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.8 | $24.6 | +46% |
| 2021 | $24.6 | $8.60 | -65% |
| 2022 | $8.60 | $3.50 | -59% |
| 2023 | $3.50 | $1.86 | -47% |
| 2024 | $1.86 | $6.40 | +244% |
| 2025 | $6.40 | $2.34 | -63% |
| 2026 YTD | $2.34 | $1.30 | -44% |
PULM's yearly returns have swung widely, from +244% in 2024 to −65% in 2021. It's down 44% so far in 2026.