NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
TLRY
Tilray Brands, Inc.
TLRY 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.
TLRY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
TLRY's revenue is currently healthy, but its profitability and cash flow are 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.
TLRY PE Valuation
TLRY 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.
TLRY Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
TLRY 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 TLRY on earnings quality, reporting a profit while its opponent remains loss making.
TLRY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.41 | +$22.79 |
| Q2 2026 | -$1.09 | +$23.51 |
| Q1 2026 | -$15.15 | -$4.65 |
| Q4 2025 | -$23.61 | -$20.61 |
| Q3 2025 | -$24.20 | -$21.50 |
| Q2 2025 | -$24.60 | -$21.30 |
| Q1 2025 | -$10.50 | -$5.50 |
| Q4 2024 | -$3.00 | +$19.80 |
TLRY is still losing money, but far less than before: $1.41 per share over the past year, against $58.23 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 TLRY 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 TLRY on profitability, with a higher operating margin.
TLRY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $257.1M | +23% |
| Q2 2026 | $281.7M | +25% |
| Q1 2026 | $206.7M | +11% |
| Q4 2025 | $217.5M | +3.1% |
| Q3 2025 | $209.5M | +4.7% |
| Q2 2025 | $224.5M | -2.3% |
| Q1 2025 | $185.8M | -1.4% |
| Q4 2024 | $211M | +8.9% |
TLRY's revenue has grown year over year for five quarters in a row: $257M last quarter, up 23% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -9.3% | -10 points |
| Q2 2026 | -5.8% | +637 points |
| Q1 2026 | -13% | +396 points |
| Q4 2025 | -10% | +9.8 points |
| Q3 2025 | 1% | +19 points |
| Q2 2025 | -643% | -636 points |
| Q1 2025 | -409% | -366 points |
| Q4 2024 | -20% | +1.5 points |
TLRY's operating margin was −9.3% last quarter, down 10 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 has the edge over TLRY on cash generation, producing positive trailing cash flow while its opponent burns cash.
TLRY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$16.5M | -$15.2M |
| Q2 2026 | -$37.3M | -$18.2M |
| Q1 2026 | -$21.9M | -$1.8M |
| Q4 2025 | -$8.5M | +$37.6M |
| Q3 2025 | -$1.3M | +$40.7M |
| Q2 2025 | -$19.1M | -191% |
| Q1 2025 | -$20.2M | +$4.7M |
| Q4 2024 | -$46.2M | -$9.9M |
TLRY has burned cash in almost every quarter: −$84M over the past year, against −$87M 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 TLRY 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.
TLRY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +19% | +21.5M shares |
| 1 year | +26% | +27.3M shares |
| 3 years | +93% | +64.2M shares |
| 5 years | +197% | +88.4M shares |
| Available history | +1484% | +125M shares |
TLRY has 133M diluted shares, up 26% 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).
TLRY Net Leverage
TLRY'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).
TLRY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 28.0 | Oversold |
| Stochastic | 6.8 | Oversold |
TLRY's weekly RSI is 28 (oversold) and its Stochastic is 7 (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.
TLRY PE vs Healthcare Sector
TLRY 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 TLRY on trend strength, trading above more of its moving averages.
TLRY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.13 | 20% below |
| 20 week MA | $3.90 | 36% below |
| 50 week MA | $5.89 | 58% below |
| 100 week MA | $7.39 | 66% below |
| 200 week MA | $13.9 | 82% below |
TLRY is in a downtrend: it's below all five of its weekly moving averages, and 82% 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 TLRY on returns for 2026, with the stronger performance.
TLRY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $162.8 | $85.9 | -47% |
| 2021 | $85.9 | $78.4 | -8.7% |
| 2022 | $78.4 | $27.9 | -64% |
| 2023 | $27.9 | $23.0 | -18% |
| 2024 | $23.0 | $14.3 | -38% |
| 2025 | $14.3 | $9.60 | -33% |
| 2026 YTD | $9.60 | $2.49 | -74% |
TLRY has finished every year since 2020 lower, and it's down 74% so far in 2026.