NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
SPOK
Spok Holdings, Inc.
SPOK has the edge over NVO overall, supported by stronger valuation and 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.
SPOK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
SPOK's profitability, cash flow and balance sheet are currently healthy, and its revenue is 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 SPOK in the historical PE scenario, which offers more potential upside but is not a forecast.
SPOK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.6x | $7.56 | -35% |
| Current | 13x | $11.62 | — |
| Fair | 18x | $15.91 | +37% |
| Expensive | 22x | $19.16 | +65% |
Historical ranges are pointers, not guarantees.
SPOK's PE is in its cheap range at 13x.
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.
SPOK Forward outlook
There aren't enough analyst estimates for SPOK 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 SPOK on earnings, with more consistent year-over-year improvement.
SPOK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.88 | +11% |
| Q2 2026 | $0.57 | -30% |
| Q1 2026 | $0.59 | -23% |
| Q4 2025 | $0.75 | +2.7% |
| Q3 2025 | $0.79 | +8.2% |
| Q2 2025 | $0.82 | +6.5% |
| Q1 2025 | $0.77 | -7.2% |
| Q4 2024 | $0.73 | -5.2% |
SPOK's earnings per share have fallen from their peak: $0.88 over the past year, against $1.81 in late 2023.
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 SPOK 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 SPOK on profitability, with a higher operating margin.
SPOK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $33M | -2.6% |
| Q2 2026 | $35M | -1.9% |
| Q1 2026 | $33.2M | -8.5% |
| Q4 2025 | $33.9M | -0.1% |
| Q3 2025 | $33.9M | -2.9% |
| Q2 2025 | $35.7M | +5% |
| Q1 2025 | $36.3M | +4% |
| Q4 2024 | $33.9M | -0.2% |
SPOK's revenue fell from its 2019 peak and has held roughly level since: $33M last quarter, down 2.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +4.2 points |
| Q2 2026 | 16% | +0.4 points |
| Q1 2026 | 7.4% | -9.2 points |
| Q4 2025 | 12% | -2 points |
| Q3 2025 | 13% | -1.4 points |
| Q2 2025 | 15% | +1.9 points |
| Q1 2025 | 17% | +2.6 points |
| Q4 2024 | 14% | +1.7 points |
SPOK's operating margin was 17% last quarter, up 4.2 points from the same quarter a year ago, near the top 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 SPOK on cash flow, with more consistent year-over-year improvement.
SPOK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $12.2M | +62% |
| Q2 2026 | $5.9M | -2% |
| Q1 2026 | $1.8M | +22% |
| Q4 2025 | $10.1M | +34% |
| Q3 2025 | $7.6M | -26% |
| Q2 2025 | $6M | -12% |
| Q1 2025 | $1.5M | +34% |
| Q4 2024 | $7.5M | -30% |
SPOK generated $30M in free cash flow over the past year, up 33% 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 the edge over SPOK 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.
SPOK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +128K shares |
| 1 year | +0.9% | +184K shares |
| 3 years | +4.5% | +909K shares |
| 5 years | +9% | +1.7M shares |
| Available history | +11% | +2.1M shares |
SPOK has 21M diluted shares, up 0.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| 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's net debt is less than a year of its operating earnings (EBITDA).
SPOK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.4x | Net Cash |
| Q2 2026 | -0.8x | Net Cash |
| Q1 2026 | -0.9x | Net Cash |
| Q4 2025 | -1.1x | Net Cash |
| Q3 2025 | -0.9x | Net Cash |
| Q2 2025 | -0.8x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -1.3x | Net Cash |
SPOK has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
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).
SPOK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.2 | Neutral |
| Stochastic | 76.0 | Neutral |
SPOK's weekly RSI is 55 (neutral) and its Stochastic is 76 (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 SPOK on valuation relative to its sector.
SPOK PE vs Healthcare Sector
| Metric | SPOK | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 26x | 49% below |
| PE % | 27 | 29 | 2 pts below |
SPOK is trading at 13x earnings, a 49% discount 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.
SPOK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.0 | 5.3% above |
| 20 week MA | $10.8 | 7.3% above |
| 50 week MA | $11.5 | 0.9% above |
| 100 week MA | $13.9 | 17% below |
| 200 week MA | $14.1 | 17% below |
SPOK 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.
SPOK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.1 | $11.0 | -9% |
| 2021 | $11.0 | $8.72 | -21% |
| 2022 | $8.72 | $8.24 | -5.5% |
| 2023 | $8.24 | $15.5 | +88% |
| 2024 | $15.5 | $16.2 | +4.8% |
| 2025 | $16.2 | $13.0 | -20% |
| 2026 YTD | $13.0 | $11.6 | -10% |
SPOK has the edge over NVO on returns for 2026, with the stronger performance.