NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
QDEL
QuidelOrtho Corporation
QDEL has a slight edge over NVO overall, supported by stronger modeled upside and 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.
QDEL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Weak |
QDEL's revenue and profitability are currently 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.
QDEL PE Valuation
QDEL 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.
QDEL Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Decline | |
| Improving | |
| Limited | |
| High |
Analysts expect QDEL's profitability to improve, but its revenue to decline.
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 QDEL on earnings quality, reporting a profit while its opponent remains loss making.
QDEL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.90 | — |
| Q3 2026 | -$5.44 | +$11.84 |
| Q2 2026 | -$15.44 | -$8.64 |
| Q1 2026 | -$17.85 | -$12.62 |
| Q4 2025 | -$16.69 | +$13.85 |
| Q3 2025 | -$17.28 | +$10.61 |
| Q2 2025 | -$6.80 | +$20.98 |
| Q1 2025 | -$5.23 | +$21.15 |
| Q4 2024 | -$30.54 | -$30.39 |
QDEL is still losing money, but far less than before: $5.44 per share over the past year, against $30.54 at its worst in late 2024.
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 QDEL 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 QDEL on profitability, with a higher operating margin.
QDEL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $618.9M | -12% |
| Q2 2026 | $630.9M | +2.8% |
| Q1 2026 | $619.8M | -11% |
| Q4 2025 | $723.6M | +2.2% |
| Q3 2025 | $699.9M | -3.7% |
| Q2 2025 | $613.9M | -3.6% |
| Q1 2025 | $692.8M | -2.6% |
| Q4 2024 | $707.8M | -4.7% |
QDEL's revenue has slid since its 2022 peak: $619M last quarter, down 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -1.2% | +100 points |
| Q2 2026 | -3.5% | +26 points |
| Q1 2026 | -5.1% | -9.8 points |
| Q4 2025 | -9.2% | +5 points |
| Q3 2025 | -101% | -103 points |
| Q2 2025 | -29% | -11 points |
| Q1 2025 | 4.7% | +252 points |
| Q4 2024 | -14% | -20 points |
QDEL's operating margin was −1.2% last quarter, up 99 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 edge over QDEL on cash generation, producing positive trailing cash flow while its opponent burns cash.
QDEL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.4M | +$93.3M |
| Q2 2026 | -$136.1M | -$51.8M |
| Q1 2026 | -$67M | -813% |
| Q4 2025 | $86.6M | +425% |
| Q3 2025 | -$94.7M | -233% |
| Q2 2025 | -$84.3M | +$48.9M |
| Q1 2025 | $9.4M | +$76.2M |
| Q4 2024 | $16.5M | -48% |
QDEL's free cash flow was −$118M over the past year, against −$153M 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 QDEL 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.
QDEL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +400K shares |
| 1 year | +1% | +700K shares |
| 3 years | +2.7% | +1.8M shares |
| 5 years | +62% | +26.2M shares |
| Available history | +59% | +25.4M shares |
QDEL has 69M diluted shares, up 1% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | $7.2M |
| Q4 2022 | — |
| Q3 2022 | $74.3M |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | $100,000 |
| Q2 2021 | $103.4M |
| Q1 2021 | — |
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 QDEL on leverage, with a lower net debt burden relative to earnings.
QDEL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 8.3x | High |
| Q2 2025 | 11.9x | High |
| Q1 2025 | 8.6x | High |
| Q4 2023 | 3.9x | Elevated |
| Q3 2023 | 3.9x | Elevated |
| Q2 2023 | 3.8x | Elevated |
| Q1 2023 | 3.5x | Elevated |
| Q4 2022 | 2.3x | Moderate |
QDEL's net debt is about 8.3 years of its operating earnings (EBITDA), up from 3.9 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).
QDEL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.3 | Neutral |
| Stochastic | 20.9 | Neutral |
QDEL's weekly RSI is 39 (neutral) and its Stochastic is 21 (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.
QDEL PE vs Healthcare Sector
| Metric | QDEL | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
QDEL 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 QDEL on trend strength, trading above more of its moving averages.
QDEL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.0 | 12% below |
| 20 week MA | $13.8 | 23% below |
| 50 week MA | $17.5 | 39% below |
| 100 week MA | $24.8 | 57% below |
| 200 week MA | $43.7 | 76% below |
QDEL is in a downtrend: it's below all five of its weekly moving averages, and 76% 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 QDEL on returns for 2026, with the stronger performance.
QDEL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $74.3 | $197.5 | +166% |
| 2021 | $197.5 | $137.4 | -30% |
| 2022 | $137.4 | $84.7 | -38% |
| 2023 | $84.7 | $73.7 | -13% |
| 2024 | $73.7 | $44.3 | -40% |
| 2025 | $44.3 | $29.3 | -34% |
| 2026 YTD | $29.3 | $10.6 | -64% |
QDEL has finished five years in a row lower, and it's down 64% so far in 2026.