NVO
Novo Nordisk A/S
NVO has a slight edge over SGRY overall, supported by lower modeled downside and stronger fundamentals.
SGRY
Surgery Partners, Inc.
SGRY 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.
SGRY Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Weak |
SGRY's revenue, profitability and cash flow are currently stable, 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's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
SGRY PE Valuation
SGRY has no meaningful PE right now: it lost money over the past year.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
NVO has the edge over SGRY on the outlook, with more favorable revenue expectations.
SGRY Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect SGRY's revenue and profitability to decline, with its earnings 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 SGRY on earnings quality, reporting a profit while its opponent remains loss making.
SGRY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.35 | — |
| Q3 2026 | -$0.67 | +$0.69 |
| Q2 2026 | -$0.69 | +$0.74 |
| Q1 2026 | -$0.59 | +$0.94 |
| Q4 2025 | -$0.61 | +$0.72 |
| Q3 2025 | -$1.36 | -$0.89 |
| Q2 2025 | -$1.43 | -$1.17 |
| Q1 2025 | -$1.53 | -15400% |
| Q4 2024 | -$1.33 | -$1.24 |
SGRY is still losing money, but far less than before: $0.67 per share over the past year, against $3.67 at its worst in late 2020.
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 SGRY 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 has the edge over SGRY on profitability, with a higher operating margin.
SGRY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $815.3M | -0.8% |
| Q2 2026 | $848.9M | +2.7% |
| Q1 2026 | $810.9M | +4.5% |
| Q4 2025 | $885M | +2.4% |
| Q3 2025 | $821.5M | +6.6% |
| Q2 2025 | $826.2M | +8.4% |
| Q1 2025 | $776M | +8.2% |
| Q4 2024 | $864.4M | +18% |
SGRY's revenue grew through 2024 and has held roughly level since: $815M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | -2.4 points |
| Q2 2026 | 12% | -1.5 points |
| Q1 2026 | 8.1% | +0.1 points |
| Q4 2025 | 12% | -2.3 points |
| Q3 2025 | 13% | +5 points |
| Q2 2025 | 14% | +2.4 points |
| Q1 2025 | 8% | -2.6 points |
| Q4 2024 | 15% | +0.9 points |
SGRY's operating margin was 11% last quarter, down 2.4 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 still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
SGRY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $79M | +24% |
| Q2 2026 | $37.5M | -35% |
| Q1 2026 | -$4.3M | +$12.4M |
| Q4 2025 | $90.6M | +1.7% |
| Q3 2025 | $63.8M | +42% |
| Q2 2025 | $57.9M | +3.6% |
| Q1 2025 | -$16.7M | -185% |
| Q4 2024 | $89.1M | +108% |
SGRY has the edge over NVO on cash flow, with more consistent year-over-year improvement.
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 SGRY 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.
SGRY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +40K shares |
| 1 year | +1.3% | +1.7M shares |
| 3 years | +2.5% | +3.1M shares |
| 5 years | +86% | +59.6M shares |
| Available history | +167% | +80.6M shares |
SGRY has 129M diluted shares, up 1.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
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 SGRY on leverage, with a lower net debt burden relative to earnings.
SGRY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.0x | High |
| Q2 2026 | 6.3x | High |
| Q1 2026 | 6.2x | High |
| Q4 2025 | 6.1x | High |
| Q3 2025 | 6.0x | High |
| Q2 2025 | 6.4x | High |
| Q1 2025 | 6.8x | High |
| Q4 2024 | 6.2x | High |
SGRY's net debt is about 5.0 years of its operating earnings (EBITDA), down from 6.0 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).
SGRY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 79.5 | Overbought |
| Stochastic | 97.4 | Overbought |
SGRY's weekly RSI is 79 (overbought) and its Stochastic is 97 (overbought).
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.
SGRY PE vs Healthcare Sector
| Metric | SGRY | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
SGRY 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.
SGRY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $18.1 | 47% above |
| 20 week MA | $16.3 | 63% above |
| 50 week MA | $15.2 | 75% above |
| 100 week MA | $18.6 | 43% above |
| 200 week MA | $25.0 | 6.5% above |
SGRY 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.
SGRY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $15.5 | $27.8 | +79% |
| 2021 | $27.8 | $53.5 | +92% |
| 2022 | $53.5 | $26.7 | -50% |
| 2023 | $26.7 | $32.0 | +20% |
| 2024 | $32.0 | $20.9 | -35% |
| 2025 | $20.9 | $15.9 | -24% |
| 2026 YTD | $15.9 | $26.6 | +67% |
SGRY has the edge over NVO on returns for 2026, with the stronger performance.