NVO
Novo Nordisk A/S
NVO's fundamentals are mixed: it turned 15% of its revenue into free cash flow, but its operating margin fell 3 points to 43%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
TLX
Telix Pharmaceuticals Limited
There isn't enough reported data to score TLX yet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
TLX Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Weak | |
| Unavailable | |
| Weak |
TLX's profitability and balance sheet are currently weak. There isn't enough data to rate its revenue and cash flow.
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.
TLX PE Valuation
TLX 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.
TLX Forward outlook
There aren't enough analyst estimates for TLX to show an outlook.
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's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
TLX Earnings Per Share
TLX and NVO do not have enough comparable growth data to identify a winner.
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's operating margin was 34% last quarter, down 9 points from the same quarter a year ago, near the bottom of its range since 2019.
TLX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $803.8M | +50% |
| Q4 2024 | $536.1M | +178% |
| Q4 2023 | $192.8M | +107% |
| Q2 2023 | $151.2M | +818% |
| Q4 2022 | $93.1M | +2803% |
| Q2 2022 | $16.5M | +726% |
| Q4 2021 | $3.2M | +30% |
| Q2 2021 | $2M | +81% |
TLX has the edge over NVO in the latest year-over-year revenue comparison.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | 3.7% | +11 points |
| Q4 2024 | 10% | +275 points |
| Q4 2023 | -5.5% | +1060 points |
| Q2 2023 | 14% | +1100 points |
| Q4 2022 | -7.1% | +801 points |
| Q2 2022 | -264% | +987 points |
| Q4 2021 | -1065% | +378 points |
| Q2 2021 | -1086% | -195 points |
TLX's operating margin was 3.7% last quarter, up 11 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.
TLX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | -$43M | -319% |
| Q4 2024 | $19.7M | +626% |
| Q4 2023 | $2.7M | +$8.5M |
| Q2 2023 | $7M | +$49.9M |
| Q4 2022 | -$5.8M | +$15.9M |
| Q2 2022 | -$42.8M | -$23M |
| Q4 2021 | -$21.7M | -255% |
| Q2 2021 | -$19.8M | -$7.1M |
TLX has burned cash in most quarters: −$14M over the past year, against −$90M 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 TLX 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.
TLX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.1% | -7.3M shares |
| 1 year | +6.8% | +21.5M shares |
| 3 years | +63% | +131M shares |
| 5 years | +774% | +299M shares |
| Available history | +774% | +299M shares |
TLX has 338M diluted shares, up 6.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q2 2023 | — |
| Q4 2022 | — |
| Q2 2022 | — |
| Q4 2021 | — |
| Q2 2021 | — |
| Q4 2020 | — |
| Q2 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).
TLX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2025 | 5.1x | High |
| Q4 2024 | -1.6x | Net Cash |
TLX's net debt is about 5.1 years of its operating earnings (EBITDA).
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).
TLX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.7 | Neutral |
| Stochastic | 10.8 | Oversold |
TLX's weekly RSI is 44 (neutral) and its Stochastic is 11 (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.
TLX PE vs Healthcare Sector
| Metric | TLX | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
TLX 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 stronger trend alignment. NVO is above 1 of 5 weekly averages versus TLX above 0 of 4.
TLX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.1 | 7.7% below |
| 20 week MA | $10.8 | 13% below |
| 50 week MA | $9.66 | 3.1% below |
| 100 week MA | $12.1 | 23% below |
TLX is in a downtrend: it's below all four of its weekly moving averages, and 23% below its 100-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 finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.
TLX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $14.9 | $15.6 | +5.1% |
| 2025 | $15.6 | $8.03 | -49% |
| 2026 YTD | $8.03 | $9.36 | +17% |
TLX has the edge over NVO on returns for 2026, with the stronger performance.