NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
SYK
Stryker Corporation
SYK has the edge over NVO overall, supported by stronger fundamentals and stronger 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.
SYK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Healthy |
SYK'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 SYK in the historical PE scenario, which offers more potential upside but is not a forecast.
SYK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $312 | — |
| Current | 33x | $312 | — |
| Cheap | 37x | $344 | +10% |
| Fair | 43x | $402 | +29% |
| Expensive | 51x | $480 | +54% |
Historical ranges are pointers, not guarantees.
SYK's PE is in its cheap range at 33x. If earnings grow as analysts expect, today's price would be 20x next year's earnings.
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.
SYK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Moderate | |
| Moderate |
SYK 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 has the edge over SYK on earnings, with more consistent year-over-year improvement.
SYK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $15.99 | +70% |
| Q3 2026 | $9.39 | +23% |
| Q2 2026 | $9.65 | +28% |
| Q1 2026 | $8.64 | +17% |
| Q4 2025 | $8.40 | +8.2% |
| Q3 2025 | $7.61 | -18% |
| Q2 2025 | $7.55 | -16% |
| Q1 2025 | $7.40 | -16% |
| Q4 2024 | $7.76 | -5.9% |
SYK earned $9.39 per share over the past year, up 23% 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's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| 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 SYK on profitability, with a higher operating margin.
SYK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $6.5B | +7.6% |
| Q2 2026 | $6.6B | +9.4% |
| Q1 2026 | $6B | +2.6% |
| Q4 2025 | $7.2B | +11% |
| Q3 2025 | $6.1B | +10% |
| Q2 2025 | $6B | +11% |
| Q1 2025 | $5.9B | +12% |
| Q4 2024 | $6.4B | +11% |
SYK's revenue has grown year over year every quarter since late 2020: $6.5B last quarter, up 7.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | -2.9 points |
| Q2 2026 | 25% | +6.7 points |
| Q1 2026 | 16% | +1.3 points |
| Q4 2025 | 25% | +16 points |
| Q3 2025 | 19% | -1 points |
| Q2 2025 | 18% | -0.9 points |
| Q1 2025 | 14% | -4.3 points |
| Q4 2024 | 9% | -13 points |
SYK's operating margin was 16% last quarter, down 2.9 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.
SYK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.2B | -9.5% |
| Q2 2026 | $1.1B | +14% |
| Q1 2026 | $415M | +227% |
| Q4 2025 | $1.9B | +13% |
| Q3 2025 | $1.4B | +3.8% |
| Q2 2025 | $928M | +93% |
| Q1 2025 | $127M | +243% |
| Q4 2024 | $1.7B | +20% |
SYK 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 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.
SYK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -1.3M shares |
| 1 year | -0.5% | -2M shares |
| 3 years | +0.2% | +700K shares |
| 5 years | +0.5% | +2M shares |
| Available history | +1.3% | +4.8M shares |
SYK has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2021 | — |
| Q1 2021 | — |
| 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 has the edge over SYK on leverage, with a lower net debt burden relative to earnings.
SYK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.6x | Healthy |
| Q1 2026 | 1.8x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 2.6x | Moderate |
| Q2 2025 | 2.9x | Moderate |
| Q1 2025 | 3.1x | Elevated |
| Q4 2024 | 2.1x | Moderate |
SYK's net debt is about 1.6 years of its operating earnings (EBITDA), down from 2.6 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).
SYK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.4 | Neutral |
| Stochastic | 51.7 | Neutral |
SYK's weekly RSI is 50 (neutral) and its Stochastic is 52 (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 SYK on valuation relative to its sector.
SYK PE vs Healthcare Sector
| Metric | SYK | Sector median | Relative |
|---|---|---|---|
| PE | 33x | 26x | 29% above |
| PE % | 9 | 29 | 20 pts below |
SYK is trading at 33x earnings, a 29% 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 |
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.
SYK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $294.6 | 6% above |
| 20 week MA | $309.1 | 1.1% above |
| 50 week MA | $327.6 | 4.6% below |
| 100 week MA | $352.1 | 11% below |
| 200 week MA | $333.6 | 6.4% below |
SYK 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.
SYK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $210.6 | $237.1 | +13% |
| 2021 | $237.1 | $268.3 | +13% |
| 2022 | $268.3 | $242.8 | -9.5% |
| 2023 | $242.8 | $299.5 | +23% |
| 2024 | $299.5 | $367.1 | +23% |
| 2025 | $367.1 | $354.2 | -3.5% |
| 2026 YTD | $354.2 | $312.4 | -12% |
SYK has the edge over NVO on returns for 2026, with the stronger performance.