NVO
Novo Nordisk A/S
NVO has the edge over SOLV overall, supported by lower modeled downside and stronger modeled upside.
SOLV
Solventum Corporation
SOLV's outlook is improving despite an expensive valuation.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
SOLV Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Weak |
SOLV'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 has the edge over SOLV in the historical PE scenario, which offers more potential upside but is not a forecast.
SOLV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.1x | $8.21 | -91% |
| Fair | 11x | $10.05 | -89% |
| Forward | 12x | $88.81 | — |
| Expensive | 33x | $29.75 | -67% |
| Current | 99x | $88.81 | — |
Historical ranges are pointers, not guarantees.
SOLV's PE is in its expensive range at 99x. If earnings grow as analysts expect, today's price would be 12x next year's earnings, in its fair 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.
SOLV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
SOLV has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
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's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
SOLV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.42 | +725% |
| Q3 2026 | $0.90 | -90% |
| Q2 2026 | $8.19 | +277% |
| Q1 2026 | $8.17 | +276% |
| Q4 2025 | $8.88 | +222% |
| Q3 2025 | $8.69 | +109% |
| Q2 2025 | $2.17 | -65% |
| Q1 2025 | $2.17 | -71% |
| Q4 2024 | $2.76 | -65% |
SOLV earned $0.90 per share over the past year, down 90% from 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 SOLV 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 SOLV on profitability, with a higher operating margin.
SOLV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.9B | -7% |
| Q2 2026 | $2.2B | +2.2% |
| Q1 2026 | $2B | -3% |
| Q4 2025 | $2B | -3.7% |
| Q3 2025 | $2.1B | +0.7% |
| Q2 2025 | $2.2B | +3.8% |
| Q1 2025 | $2.1B | +2.7% |
| Q4 2024 | $2.1B | +1.9% |
SOLV's revenue has held roughly level: $1.9B last quarter, down 7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 3.5% | -77 points |
| Q2 2026 | 8.2% | -1.7 points |
| Q1 2026 | 4% | -3.3 points |
| Q4 2025 | 6.2% | -0.3 points |
| Q3 2025 | 81% | +67 points |
| Q2 2025 | 9.9% | -1.8 points |
| Q1 2025 | 7.3% | -12 points |
| Q4 2024 | 6.5% | -13 points |
SOLV's operating margin was 3.5% last quarter, down 77 points from the same quarter a year ago, near the bottom of its range since 2022.
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 SOLV on cash flow, with more consistent year-over-year improvement.
SOLV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $97M | +$118M |
| Q2 2026 | $144M | +144% |
| Q1 2026 | -$273M | -$193M |
| Q4 2025 | $32M | -65% |
| Q3 2025 | -$21M | -128% |
| Q2 2025 | $59M | -80% |
| Q1 2025 | -$80M | -124% |
| Q4 2024 | $92M | -80% |
SOLV's free cash flow was $0 over the past year, against $50M 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.
SOLV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.4% | -2.5M shares |
| 1 year | -2.6% | -4.6M shares |
| 3 years | -1.1% | -1.9M shares |
SOLV has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $48M |
| Q2 2026 | $288M |
| Q1 2026 | $67M |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
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 SOLV on leverage, with a lower net debt burden relative to earnings.
SOLV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.7x | High |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 1.7x | Healthy |
| Q4 2025 | 1.6x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 5.6x | High |
| Q1 2025 | 5.5x | High |
| Q4 2024 | 4.6x | High |
SOLV's net debt is about 4.7 years of its operating earnings (EBITDA), up from 1.3 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).
SOLV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.0 | Neutral |
| Stochastic | 49.5 | Neutral |
SOLV's weekly RSI is 57 (neutral) and its Stochastic is 50 (neutral).
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 SOLV on valuation relative to its sector.
SOLV PE vs Healthcare Sector
| Metric | SOLV | Sector median | Relative |
|---|---|---|---|
| PE | 99x | 26x | 282% above |
| PE % | 99 | 47 | 52 pts above |
SOLV is trading at 99x earnings, a 282% 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 |
SOLV has stronger trend alignment. NVO is above 1 of 5 weekly averages versus SOLV above 4 of 4.
SOLV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $87.1 | 2% above |
| 20 week MA | $85.8 | 3.5% above |
| 50 week MA | $79.2 | 12% above |
| 100 week MA | $76.0 | 17% above |
SOLV is in an uptrend: it's above all four of its weekly moving averages, and 17% above its 100-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 finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.
SOLV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $69.6 | $66.7 | -4% |
| 2025 | $66.7 | $80.5 | +21% |
| 2026 YTD | $80.5 | $88.8 | +10% |
SOLV has the edge over NVO on returns for 2026, with the stronger performance.