NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
TECH
Bio-Techne Corporation
TECH has the edge over NVO overall, supported by stronger fundamentals 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.
TECH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Strong |
TECH's profitability, cash flow and balance sheet are currently strong, 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 TECH in the historical PE scenario, which offers more potential upside but is not a forecast.
TECH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 34x | $72.84 | — |
| Cheap | 46x | $50.62 | -30% |
| Fair | 63x | $69.08 | -5.2% |
| Current | 66x | $72.84 | — |
| Expensive | 104x | $114 | +57% |
Historical ranges are pointers, not guarantees.
TECH's PE is in its fair range at 66x. If earnings grow as analysts expect, today's price would be 34x next year's earnings, in its cheap range.
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.
TECH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
TECH 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 TECH on earnings, with more consistent year-over-year improvement.
TECH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.12 | +93% |
| Q3 2026 | $1.10 | +124% |
| Q2 2026 | $1.16 | +152% |
| Q1 2026 | $0.69 | -17% |
| Q4 2025 | $0.51 | -49% |
| Q3 2025 | $0.49 | -48% |
| Q2 2025 | $0.46 | -56% |
| Q1 2025 | $0.83 | -34% |
| Q4 2024 | $1.00 | -28% |
TECH's earnings per share have fallen from their peak: $1.10 over the past year, against $1.79 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 TECH 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 TECH on profitability, with a higher operating margin.
TECH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $299.7M | +4.6% |
| Q2 2026 | $321.2M | +1.3% |
| Q1 2026 | $311.4M | -1.5% |
| Q4 2025 | $295.9M | -0.4% |
| Q3 2025 | $286.6M | -1% |
| Q2 2025 | $317M | +3.5% |
| Q1 2025 | $316.2M | +4.2% |
| Q4 2024 | $297M | +9% |
TECH's revenue grew through 2023 and has held roughly level since: $300M last quarter, up 4.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 12% | -4.4 points |
| Q2 2026 | 23% | +31 points |
| Q1 2026 | 24% | +12 points |
| Q4 2025 | 18% | +2.4 points |
| Q3 2025 | 17% | +2.8 points |
| Q2 2025 | -7.5% | -23 points |
| Q1 2025 | 12% | -9.8 points |
| Q4 2024 | 16% | +2 points |
TECH's operating margin was 12% last quarter, down 4.4 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 TECH on cash flow, with more consistent year-over-year improvement.
TECH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $67.2M | +202% |
| Q2 2026 | $86.9M | -6.8% |
| Q1 2026 | $77.6M | +150% |
| Q4 2025 | $76.5M | -1.3% |
| Q3 2025 | $22.2M | -59% |
| Q2 2025 | $93.3M | +62% |
| Q1 2025 | $31M | -52% |
| Q4 2024 | $77.5M | +14% |
TECH's free cash flow has been positive every quarter for six years: $308M over the past year, up 38% 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 TECH 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.
TECH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +919K shares |
| 1 year | +1% | +1.6M shares |
| 3 years | -2.5% | -4M shares |
| 5 years | -4.1% | -6.7M shares |
| Available history | -0.2% | -272K shares |
TECH has 158M diluted shares, up 1% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $41.7M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $24,000 |
| Q2 2025 | $100.1M |
| Q1 2025 | $100M |
| Q2 2024 | — |
| Q1 2024 | — |
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).
TECH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.4x | Net Cash |
| Q2 2026 | -0.2x | Net Cash |
| Q1 2026 | -0.0x | Net Cash |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | 0.7x | Very low |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 0.7x | Very low |
| Q4 2024 | 0.4x | Very low |
TECH 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).
TECH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.9 | Neutral |
| Stochastic | 94.2 | Overbought |
TECH's weekly RSI is 66 (neutral) and its Stochastic is 94 (overbought).
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 TECH on valuation relative to its sector.
TECH PE vs Healthcare Sector
| Metric | TECH | Sector median | Relative |
|---|---|---|---|
| PE | 66x | 26x | 156% above |
| PE % | 55 | 29 | 26 pts above |
TECH is trading at 66x earnings, a 156% 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.
TECH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $72.6 | 0.3% above |
| 20 week MA | $72.3 | 0.8% above |
| 50 week MA | $63.3 | 15% above |
| 100 week MA | $61.0 | 20% above |
| 200 week MA | $67.7 | 7.5% above |
TECH 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.
TECH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.6 | $80.4 | +47% |
| 2021 | $80.4 | $123.7 | +54% |
| 2022 | $123.7 | $82.7 | -33% |
| 2023 | $82.7 | $77.2 | -6.7% |
| 2024 | $77.2 | $73.0 | -5.4% |
| 2025 | $73.0 | $59.2 | -19% |
| 2026 YTD | $59.2 | $72.8 | +23% |
TECH has the edge over NVO on returns for 2026, with the stronger performance.