NVO
Novo Nordisk A/S
NVO's fundamentals are mixed: it turned 15% of its revenue into free cash flow, but its operating margin fell 3 points to 43%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
SPRO
Spero Therapeutics, Inc.
There isn't enough reported data to score SPRO yet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
SPRO Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| Weak | |
| Strong |
SPRO's balance sheet is currently strong, and its profitability is stable, but its revenue and cash flow 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's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
SPRO PE Valuation
SPRO has no meaningful PE right now: it lost money over the past year.
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.
SPRO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| -- | |
| -- | |
| Limited | |
| High |
Analysts expect SPRO's losses to shrink, with revenue 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 SPRO on earnings quality, reporting a profit while its opponent remains loss making.
SPRO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.49 | +$0.30 |
| Q2 2026 | $0.14 | +$1.12 |
| Q1 2026 | $0.27 | +$1.55 |
| Q4 2025 | $0.15 | +$1.42 |
| Q3 2025 | -$0.79 | -1088% |
| Q2 2025 | -$0.98 | -388% |
| Q1 2025 | -$1.28 | -391% |
| Q4 2024 | -$1.27 | -395% |
SPRO is still losing money, but far less than before: $0.49 per share over the past year, against $4.33 at its worst in mid-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 SPRO 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 SPRO on profitability, with a higher operating margin.
SPRO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $258K | -96% |
| Q4 2025 | $41.3M | +175% |
| Q3 2025 | $5.4M | -60% |
| Q2 2025 | $14.2M | +39% |
| Q1 2025 | $5.9M | -37% |
| Q4 2024 | $15M | -80% |
| Q3 2024 | $13.5M | -47% |
| Q2 2024 | $10.2M | +275% |
SPRO's revenue fell from its 2023 peak and has held roughly level since: $0 last quarter, down 100% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q1 2026 | -2922% | -2671 points |
| Q4 2025 | 76% | +221 points |
| Q3 2025 | -145% | -7.4 points |
| Q2 2025 | -17% | +170 points |
| Q1 2025 | -251% | -100 points |
| Q4 2024 | -144% | -213 points |
| Q3 2024 | -138% | -130 points |
| Q2 2024 | -187% | +288 points |
SPRO's operating margin was −2922% last quarter, down 2671 points from the same quarter a year ago, near the bottom 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 SPRO on cash generation, producing positive trailing cash flow while its opponent burns cash.
SPRO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$42.6M | -345% |
| Q2 2026 | -$5.4M | +$12.3M |
| Q1 2026 | $15.9M | +$19.9M |
| Q4 2025 | -$8.4M | +$15.1M |
| Q3 2025 | $17.4M | +37% |
| Q2 2025 | -$17.7M | +$1.1M |
| Q1 2025 | -$4M | -167% |
| Q4 2024 | -$23.4M | -$5.9M |
SPRO has burned cash in most quarters: −$40M over the past year, against −$28M 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 SPRO 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.
SPRO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +261K shares |
| 1 year | +3.5% | +1.9M shares |
| 3 years | +10% | +5.5M shares |
| 5 years | +96% | +28.6M shares |
| Available history | +206% | +39.2M shares |
SPRO has 58M diluted shares, up 3.5% from a year ago.
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).
SPRO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2024 | -4.1x | Net Cash |
| Q1 2024 | -3.7x | Net Cash |
| Q4 2023 | -3.5x | Net Cash |
SPRO has more cash than debt.
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).
SPRO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 26.4 | Oversold |
| Stochastic | 9.2 | Oversold |
SPRO's weekly RSI is 26 (oversold) and its Stochastic is 9 (oversold).
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.
SPRO PE vs Healthcare Sector
| Metric | SPRO | Sector median | Relative |
|---|---|---|---|
| PE | 7.4x | 26x | 72% below |
| PE % | 55 | 29 | 26 pts above |
SPRO has the edge over NVO on valuation relative to its sector.
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 the edge over SPRO on trend strength, trading above more of its moving averages.
SPRO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.11 | 9.9% below |
| 20 week MA | $1.28 | 22% below |
| 50 week MA | $2.00 | 50% below |
| 100 week MA | $1.81 | 45% below |
| 200 week MA | $1.63 | 39% below |
SPRO is in a downtrend: it's below all five of its weekly moving averages, and 39% below its 200-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 the edge over SPRO on returns for 2026, with the stronger performance.
SPRO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.4 | $22.0 | +111% |
| 2021 | $22.0 | $14.0 | -36% |
| 2022 | $14.0 | $1.59 | -89% |
| 2023 | $1.59 | $1.47 | -7.5% |
| 2024 | $1.47 | $1.03 | -30% |
| 2025 | $1.03 | $2.32 | +125% |
| 2026 YTD | $2.32 | $1.00 | -57% |
SPRO's yearly returns have swung widely, from +125% in 2025 to −89% in 2022. It's down 57% so far in 2026.