NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
TDOC
Teladoc Health, Inc.
TDOC has the edge over NVO overall, supported by stronger fundamentals and stronger modeled upside.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
TDOC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Healthy | |
| Healthy |
TDOC's cash flow and balance sheet are currently healthy, and its revenue is stable, but its profitability is 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.
TDOC PE Valuation
TDOC 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.
TDOC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect TDOC's losses to shrink, with revenue holding steady. 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 TDOC on earnings quality, reporting a profit while its opponent remains loss making.
TDOC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.86 | +$0.41 |
| Q2 2026 | -$0.99 | +$0.19 |
| Q1 2026 | -$0.97 | +$4.94 |
| Q4 2025 | -$1.14 | +$4.73 |
| Q3 2025 | -$1.27 | +$4.50 |
| Q2 2025 | -$1.18 | +$4.75 |
| Q1 2025 | -$5.91 | -$4.50 |
| Q4 2024 | -$5.87 | -$4.53 |
TDOC is still losing money, but far less than before: $0.86 per share over the past year, against $84.60 at its worst in late 2022.
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 TDOC 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 TDOC on profitability, with a higher operating margin.
TDOC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $605.1M | -3.4% |
| Q2 2026 | $606.9M | -4% |
| Q1 2026 | $613.8M | -2.5% |
| Q4 2025 | $642.3M | +0.3% |
| Q3 2025 | $626.4M | -2.2% |
| Q2 2025 | $631.9M | -1.6% |
| Q1 2025 | $629.4M | -2.6% |
| Q4 2024 | $640.5M | -3% |
TDOC's revenue grew through 2022 and has held roughly level since: $605M last quarter, down 3.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -4.6% | +3.6 points |
| Q2 2026 | -6.1% | +2.5 points |
| Q1 2026 | -10% | +9.1 points |
| Q4 2025 | -5.6% | +1.9 points |
| Q3 2025 | -8.3% | -1.4 points |
| Q2 2025 | -8.6% | +122 points |
| Q1 2025 | -19% | -5.7 points |
| Q4 2024 | -7.5% | -2.2 points |
TDOC's operating margin was −4.6% last quarter, up 3.6 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 TDOC on cash flow, with more consistent year-over-year improvement.
TDOC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $105.2M | +8.5% |
| Q2 2026 | $63.7M | -29% |
| Q1 2026 | $7.9M | -40% |
| Q4 2025 | $85.1M | +6.7% |
| Q3 2025 | $97M | -11% |
| Q2 2025 | $90.2M | +3.9% |
| Q1 2025 | $13.2M | +70% |
| Q4 2024 | $79.8M | -38% |
TDOC generated $262M in free cash flow over the past year, down 6.5% 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 TDOC 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.
TDOC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +850K shares |
| 1 year | +2.8% | +4.9M shares |
| 3 years | +10% | +16.8M shares |
| 5 years | +14% | +22.4M shares |
| Available history | +151% | +109M shares |
TDOC has 182M diluted shares, up 2.8% 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).
TDOC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -4.1x | Net Cash |
| Q2 2026 | -4.3x | Net Cash |
| Q1 2026 | -4.6x | Net Cash |
| Q4 2025 | -7.7x | Net Cash |
| Q3 2025 | -8.7x | Net Cash |
| Q2 2025 | -7.4x | Net Cash |
TDOC 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).
TDOC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.1 | Neutral |
| Stochastic | 75.8 | Neutral |
TDOC's weekly RSI is 63 (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 is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
TDOC PE vs Healthcare Sector
TDOC 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 bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
TDOC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.92 | 26% above |
| 20 week MA | $7.22 | 20% above |
| 50 week MA | $6.68 | 30% above |
| 100 week MA | $7.51 | 16% above |
| 200 week MA | $12.6 | 31% below |
TDOC 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.
TDOC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $83.4 | $208.0 | +149% |
| 2021 | $208.0 | $95.1 | -54% |
| 2022 | $95.1 | $23.5 | -75% |
| 2023 | $23.5 | $21.6 | -8.4% |
| 2024 | $21.6 | $9.45 | -56% |
| 2025 | $9.45 | $7.12 | -25% |
| 2026 YTD | $7.12 | $8.69 | +22% |
TDOC has the edge over NVO on returns for 2026, with the stronger performance.