NVO
Novo Nordisk A/S
NVO has the edge over TCRX overall, supported by stronger fundamentals and lower modeled downside.
TCRX
TScan Therapeutics, Inc.
TCRX offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
TCRX Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Under pressure | |
| Unavailable |
TCRX's revenue, profitability and cash flow are currently under pressure. There isn't enough data to rate its balance sheet.
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.
TCRX PE Valuation
TCRX 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.
TCRX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong decline | |
| -- | |
| Limited | |
| Low |
Analysts expect TCRX's losses to shrink, with revenue declining. However, they disagree widely on these estimates.
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 TCRX on earnings quality, reporting a profit while its opponent remains loss making.
TCRX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.88 | +$0.23 |
| Q2 2026 | -$0.91 | +$0.17 |
| Q1 2026 | -$0.96 | +$0.12 |
| Q4 2025 | -$1.00 | +$0.14 |
TCRX is still losing money, but far less than before: $0.88 per share over the past year, against $3.01 at its worst in early 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'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 TCRX on profitability, with a higher operating margin.
TCRX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $586K | -77% |
| Q2 2026 | $1.1M | -66% |
| Q1 2026 | $982K | -55% |
| Q4 2025 | $2.6M | +286% |
| Q3 2025 | $2.5M | +139% |
| Q2 2025 | $3.1M | +474% |
| Q1 2025 | $2.2M | +284% |
| Q4 2024 | $665K | -91% |
TCRX's revenue has slid since its 2023 peak: $586,000 last quarter, down 77% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -5637% | -4161 points |
| Q2 2026 | -2901% | -1645 points |
| Q1 2026 | -2967% | -1298 points |
| Q4 2025 | -929% | +4591 points |
| Q3 2025 | -1476% | +1634 points |
| Q2 2025 | -1257% | +5108 points |
| Q1 2025 | -1670% | +3873 points |
| Q4 2024 | -5521% | -5224 points |
TCRX's operating margin was −5637% last quarter, down 4161 points from the same quarter a year ago, near the bottom of its range since 2020.
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 TCRX on cash generation, producing positive trailing cash flow while its opponent burns cash.
TCRX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$27.1M | +$6.8M |
| Q2 2026 | -$28M | +$6.5M |
| Q1 2026 | -$24.3M | +$14.8M |
| Q4 2025 | -$32.2M | -$3.9M |
| Q3 2025 | -$33.9M | -$4.6M |
| Q2 2025 | -$34.5M | -$7.5M |
| Q1 2025 | -$39.1M | -$9.1M |
| Q4 2024 | -$28.3M | -$4.1M |
TCRX has burned cash in almost every quarter: −$112M over the past year, against −$136M 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 TCRX 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.
TCRX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +77.1K shares |
| 1 year | +0.1% | +190K shares |
| 3 years | +175% | +82.8M shares |
| 5 years | +443% | +106M shares |
TCRX has 130M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
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).
TCRX Net Leverage
TCRX's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
TCRX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 23.3 | Oversold |
| Stochastic | 1.3 | Oversold |
TCRX's weekly RSI is 23 (oversold) and its Stochastic is 1 (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.
TCRX PE vs Healthcare Sector
TCRX has no meaningful PE right now: it lost money over the past year.
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 TCRX on trend strength, trading above more of its moving averages.
TCRX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $0.23 | 26% below |
| 20 week MA | $0.53 | 68% below |
| 50 week MA | $0.85 | 80% below |
| 100 week MA | $1.34 | 87% below |
| 200 week MA | $3.02 | 94% below |
TCRX is in a downtrend: it's below all five of its weekly moving averages, and 94% 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 TCRX on returns for 2026, with the stronger performance.
TCRX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $10.5 | $4.86 | -54% |
| 2022 | $4.86 | $1.51 | -69% |
| 2023 | $1.51 | $5.83 | +286% |
| 2024 | $5.83 | $3.06 | -48% |
| 2025 | $3.06 | $1.06 | -65% |
| 2026 YTD | $1.06 | $0.17 | -84% |
TCRX's yearly returns have swung widely, from +286% in 2023 to −69% in 2022. It's down 84% so far in 2026.