NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
SNY
Sanofi
SNY has the edge over NVO overall, supported by lower modeled downside.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
SNY Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Strong | |
| Healthy |
SNY's cash flow and balance sheet are currently healthy, and its revenue and profitability are stable.
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 SNY in the historical PE scenario, which offers more potential upside but is not a forecast.
SNY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $5.73 | -88% |
| Fair | 19x | $10.07 | -79% |
| Expensive | 31x | $16.50 | -66% |
| Current | 89x | $48.46 | — |
Historical ranges are pointers, not guarantees.
SNY's PE is 89x, but its earnings don't support one, so it isn't a reliable read right now.
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.
SNY Forward outlook
There aren't enough analyst estimates for SNY 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 SNY on earnings, with more consistent year-over-year improvement.
SNY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.54 | -87% |
| Q1 2026 | $2.17 | -27% |
| Q4 2025 | $2.27 | -15% |
| Q3 2025 | $4.28 | +112% |
| Q2 2025 | $4.27 | +127% |
| Q1 2025 | $2.99 | +49% |
| Q4 2024 | $2.66 | +11% |
| Q3 2024 | $2.02 | -50% |
SNY's earnings per share have fallen from their peak: $0.54 over the past year, against $5.47 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 SNY 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 SNY on profitability, with a higher operating margin.
SNY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $13.7B | +15% |
| Q1 2026 | $12.5B | +6% |
| Q4 2025 | $13.6B | +60% |
| Q3 2025 | $14.6B | -7% |
| Q2 2025 | $11.9B | -5.7% |
| Q1 2025 | $11.8B | +9% |
| Q4 2024 | $8.5B | -37% |
| Q3 2024 | $15.7B | +11% |
SNY's revenue has picked up after three years of holding roughly level: $13.7B last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 19% | +5.6 points |
| Q1 2026 | 20% | -0.9 points |
| Q4 2025 | -8.5% | -16 points |
| Q3 2025 | 28% | +1.8 points |
| Q2 2025 | 14% | -0.3 points |
| Q1 2025 | 21% | +8.3 points |
| Q4 2024 | 7.5% | +4.7 points |
| Q3 2024 | 26% | +0.4 points |
SNY's operating margin was 19% last quarter, up 5.6 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.
SNY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $4.3B | +$4.3B |
| Q1 2026 | $1.9B | -20% |
| Q4 2025 | $1.8B | +$1.8B |
| Q3 2025 | $5.1B | +$5.1B |
| Q2 2025 | $0 | +$458.7M |
| Q1 2025 | $2.3B | +$2.3B |
| Q4 2024 | $0 | -100% |
| Q3 2024 | $0 | $0 |
SNY generated $13.1B in free cash flow over the past year, about six times what it generated 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.
SNY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -15.2M shares |
| 1 year | -3% | -74.6M shares |
| 3 years | -4.3% | -108M shares |
| 5 years | -4.4% | -111M shares |
| Available history | -4.4% | -111M shares |
SNY has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $1.3B |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $32.2M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
SNY spent $1.3B buying back its own shares over the past year, after none 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 SNY on leverage, with a lower net debt burden relative to earnings.
SNY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.2x | Healthy |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 1.0x | Healthy |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 1.1x | Healthy |
| Q4 2024 | 1.0x | Very low |
| Q2 2024 | 2.1x | Moderate |
SNY's net debt is about 1.2 years of its operating earnings (EBITDA), up from less than a year 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).
SNY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.1 | Neutral |
| Stochastic | 86.8 | Overbought |
SNY's weekly RSI is 64 (neutral) and its Stochastic is 87 (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 SNY on valuation relative to its sector.
SNY PE vs Healthcare Sector
| Metric | SNY | Sector median | Relative |
|---|---|---|---|
| PE | 89x | 26x | 244% above |
| PE % | 100 | 29 | 71 pts above |
SNY is trading at 89x earnings, a 244% premium to the Healthcare sector's median of 26x, though its earnings don't support one.
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.
SNY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $42.9 | 13% above |
| 20 week MA | $43.4 | 12% above |
| 50 week MA | $45.1 | 7.5% above |
| 100 week MA | $47.9 | 1.1% above |
| 200 week MA | $49.4 | 1.9% below |
SNY 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.
SNY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $50.9 | $47.5 | -6.7% |
| 2021 | $47.5 | $49.8 | +5% |
| 2022 | $49.8 | $48.5 | -2.6% |
| 2023 | $48.5 | $49.7 | +2.5% |
| 2024 | $49.7 | $48.7 | -2% |
| 2025 | $48.7 | $48.5 | -0.5% |
| 2026 YTD | $48.5 | $48.5 | 0% |
SNY has the edge over NVO on returns for 2026, with the stronger performance.