NVO
Novo Nordisk A/S
NVO has the edge over RCUS overall, supported by stronger fundamentals and lower modeled downside.
RCUS
Arcus Biosciences, Inc.
RCUS offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
RCUS Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Weak | |
| Strong |
RCUS's balance sheet is currently strong, but its revenue, profitability and cash flow are weak.
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.
RCUS PE Valuation
RCUS 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.
RCUS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses steady | |
| Strong decline | |
| -- | |
| Limited | |
| Low |
Analysts expect RCUS's revenue to decline, with its earnings and profitability holding steady. 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 RCUS on earnings quality, reporting a profit while its opponent remains loss making.
RCUS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$3.62 | -$0.18 |
| Q2 2026 | -$3.89 | -$0.72 |
| Q1 2026 | -$3.17 | +$1.02 |
| Q4 2025 | -$3.29 | -$0.19 |
| Q3 2025 | -$3.44 | -$0.29 |
| Q2 2025 | -$3.17 | -$0.08 |
| Q1 2025 | -$4.19 | -$1.08 |
| Q4 2024 | -$3.10 | +$1.05 |
RCUS lost $3.62 per share over the past year, about the same as its loss 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 has the edge over RCUS 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 RCUS on profitability, with a higher operating margin.
RCUS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $9M | -65% |
| Q2 2026 | $41M | -74% |
| Q1 2026 | $17M | -39% |
| Q4 2025 | $33M | +27% |
| Q3 2025 | $26M | -46% |
| Q2 2025 | $160M | +310% |
| Q1 2025 | $28M | -81% |
| Q4 2024 | $26M | -16% |
RCUS's revenue has slid since its 2021 peak: $9M last quarter, down 65% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -1456% | -909 points |
| Q2 2026 | -234% | -229 points |
| Q1 2026 | -788% | -353 points |
| Q4 2025 | -345% | +51 points |
| Q3 2025 | -546% | -327 points |
| Q2 2025 | -5% | +267 points |
| Q1 2025 | -436% | -425 points |
| Q4 2024 | -396% | -103 points |
RCUS's operating margin was −1456% last quarter, down 909 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% |
NVO has the edge over RCUS on cash generation, producing positive trailing cash flow while its opponent burns cash.
RCUS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$88M | +$9M |
| Q2 2026 | -$119M | +$14M |
| Q1 2026 | -$138M | -$5M |
| Q4 2025 | -$121M | -$20M |
| Q3 2025 | -$97M | -488% |
| Q2 2025 | -$133M | -$39M |
| Q1 2025 | -$133M | -$127M |
| Q4 2024 | -$101M | -$7M |
RCUS has burned cash in almost every quarter: −$466M over the past year, against −$464M 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 RCUS 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.
RCUS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +1.3M shares |
| 1 year | +20% | +20.9M shares |
| 3 years | +71% | +52.8M shares |
| 5 years | +82% | +57.3M shares |
| Available history | +189% | +83.3M shares |
RCUS has 127M diluted shares, up 20% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
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).
RCUS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | -2.7x | Net Cash |
| Q2 2022 | -3.8x | Net Cash |
| Q1 2022 | -8.5x | Net Cash |
| Q4 2021 | -2.6x | Net Cash |
RCUS has more cash than debt.
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).
RCUS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.2 | Neutral |
| Stochastic | 4.6 | Oversold |
RCUS's weekly RSI is 31 (neutral) and its Stochastic is 5 (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.
RCUS PE vs Healthcare Sector
| Metric | RCUS | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
RCUS 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 bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
RCUS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $21.1 | 16% below |
| 20 week MA | $25.5 | 30% below |
| 50 week MA | $23.9 | 26% below |
| 100 week MA | $18.0 | 1.1% below |
| 200 week MA | $17.8 | 0.1% above |
RCUS has fallen below most of its moving averages, though it's still 0.1% above 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 RCUS on returns for 2026, with the stronger performance.
RCUS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.7 | $30.6 | +187% |
| 2021 | $30.6 | $44.6 | +46% |
| 2022 | $44.6 | $20.4 | -54% |
| 2023 | $20.4 | $19.1 | -6.4% |
| 2024 | $19.1 | $15.3 | -20% |
| 2025 | $15.3 | $23.1 | +51% |
| 2026 YTD | $23.1 | $17.8 | -23% |
RCUS's yearly returns have swung widely, from +187% in 2020 to −54% in 2022. It's down 23% so far in 2026.