NVO
Novo Nordisk A/S
NVO has the edge over RPRX overall, supported by stronger modeled upside and stronger valuation.
RPRX
Royalty Pharma plc
RPRX trails on the overall score without a compensating advantage in the available component scores.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
RPRX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Weak |
RPRX's revenue, profitability and cash flow are currently healthy, but its balance sheet is 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 has the edge over RPRX in the historical PE scenario, which offers more potential upside but is not a forecast.
RPRX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $68.97 | — |
| Cheap | 15x | $22.76 | -67% |
| Fair | 23x | $34.85 | -49% |
| Expensive | 44x | $66.74 | -3.2% |
| Current | 45x | $68.97 | — |
Historical ranges are pointers, not guarantees.
RPRX's PE is in its expensive range at 45x. If earnings grow as analysts expect, today's price would be 12x next year's earnings, in its cheap range.
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.
RPRX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| -- | |
| Limited | |
| High |
Analysts expect RPRX's earnings to grow, with its revenue and profitability holding steady.
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 RPRX on earnings, with more consistent year-over-year improvement.
RPRX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.95 | +292% |
| Q3 2026 | $1.52 | -13% |
| Q2 2026 | $1.87 | -18% |
| Q1 2026 | $1.90 | -22% |
| Q4 2025 | $1.78 | -6.8% |
| Q3 2025 | $1.75 | -32% |
| Q2 2025 | $2.29 | +52% |
| Q1 2025 | $2.45 | +38% |
| Q4 2024 | $1.91 | -25% |
RPRX's earnings per share have fallen from their peak: $1.52 over the past year, against $3.36 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 edge over RPRX on sales, with stronger typical year-over-year growth.
| 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.
RPRX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $690.1M | +13% |
| Q2 2026 | $674.1M | +16% |
| Q1 2026 | $630.6M | +11% |
| Q4 2025 | $622M | +4.8% |
| Q3 2025 | $609.3M | +7.9% |
| Q2 2025 | $578.7M | +7.7% |
| Q1 2025 | $568.2M | 0% |
| Q4 2024 | $593.6M | -0.4% |
RPRX's revenue has grown year over year for seven quarters in a row: $690M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 60% | -11 points |
| Q2 2026 | 20% | -17 points |
| Q1 2026 | 89% | -4.7 points |
| Q4 2025 | 62% | +1.5 points |
| Q3 2025 | 70% | -60 points |
| Q2 2025 | 36% | -14 points |
| Q1 2025 | 94% | +107 points |
| Q4 2024 | 61% | -42 points |
RPRX 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 RPRX on cash flow, with more consistent year-over-year improvement.
RPRX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $686.1M | -2.4% |
| Q2 2026 | $728.5M | +100% |
| Q1 2026 | $718.2M | +20% |
| Q4 2025 | $827.1M | +11% |
| Q3 2025 | $702.6M | -0.1% |
| Q2 2025 | $364M | -45% |
| Q1 2025 | $596.1M | -10% |
| Q4 2024 | $742.5M | -3.9% |
RPRX's free cash flow has been positive every quarter for six years: $3B over the past year, up 23% 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 4.4B diluted shares, about the same as a year ago.
| 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.
RPRX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +105K shares |
| 1 year | -0.5% | -2.6M shares |
| 3 years | -7.3% | -44.1M shares |
| 5 years | -8.3% | -50.1M shares |
| Available history | +58% | +205M shares |
RPRX has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $86.3M |
| Q2 2026 | $44.6M |
| Q1 2026 | $50.1M |
| Q4 2025 | $80.5M |
| Q3 2025 | $146.5M |
| Q2 2025 | $291.6M |
| Q1 2025 | $708.8M |
| Q4 2024 | $52.6M |
RPRX spent $262M buying back its own shares over the past year, down 78% from the year before.
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 RPRX on leverage, with a lower net debt burden relative to earnings.
RPRX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.4x | High |
| Q2 2026 | 5.4x | High |
| Q1 2020 | 2.2x | Moderate |
| Q4 2019 | 2.2x | Moderate |
RPRX's net debt is about 5.4 years of its operating earnings (EBITDA).
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).
RPRX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 74.0 | Overbought |
| Stochastic | 89.9 | Overbought |
RPRX's weekly RSI is 74 (overbought) and its Stochastic is 90 (overbought).
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 RPRX on valuation relative to its sector.
RPRX PE vs Healthcare Sector
| Metric | RPRX | Sector median | Relative |
|---|---|---|---|
| PE | 45x | 26x | 76% above |
| PE % | 84 | 31 | 53 pts above |
RPRX is trading at 45x earnings, a 76% 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.
RPRX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $62.6 | 10% above |
| 20 week MA | $60.4 | 14% above |
| 50 week MA | $52.2 | 32% above |
| 100 week MA | $43.1 | 60% above |
| 200 week MA | $36.5 | 89% above |
RPRX 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.
RPRX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $49.0 | $48.9 | -0.2% |
| 2021 | $48.9 | $40.3 | -18% |
| 2022 | $40.3 | $39.4 | -2% |
| 2023 | $39.4 | $28.1 | -29% |
| 2024 | $28.1 | $25.5 | -9.1% |
| 2025 | $25.5 | $39.2 | +54% |
| 2026 YTD | $39.2 | $69.0 | +76% |
RPRX has the edge over NVO on returns for 2026, with the stronger performance.