NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
TMO
Thermo Fisher Scientific Inc.
TMO 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.
TMO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Under pressure |
TMO's revenue, profitability and cash flow are currently healthy, but its balance sheet 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 has the edge over TMO in the historical PE scenario, which offers more potential upside but is not a forecast.
TMO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 26x | $699 | — |
| Cheap | 27x | $514 | -27% |
| Fair | 32x | $610 | -13% |
| Expensive | 37x | $708 | +1.2% |
| Current | 37x | $699 | — |
Historical ranges are pointers, not guarantees.
TMO's PE is in its expensive range at 37x. If earnings grow as analysts expect, today's price would be 26x 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.
TMO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
TMO 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 TMO on earnings, with stronger typical year-over-year growth.
TMO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $26.95 | +42% |
| Q3 2026 | $18.96 | +9.5% |
| Q2 2026 | $18.59 | +7.5% |
| Q1 2026 | $18.19 | +6.7% |
| Q4 2025 | $17.74 | +7.3% |
| Q3 2025 | $17.31 | +8.5% |
| Q2 2025 | $17.29 | +7.3% |
| Q1 2025 | $17.05 | +9.4% |
| Q4 2024 | $16.53 | +7% |
TMO's earnings per share have climbed steadily: $18.96 over the past year, up 9.5% from the year before, and higher year over year for 11 quarters in a row.
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 TMO on profitability, with a higher operating margin.
TMO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $12.1B | +9.1% |
| Q2 2026 | $12B | +10% |
| Q1 2026 | $11B | +6.2% |
| Q4 2025 | $12.2B | +7.2% |
| Q3 2025 | $11.1B | +4.9% |
| Q2 2025 | $10.9B | +3% |
| Q1 2025 | $10.4B | +0.2% |
| Q4 2024 | $11.4B | +4.7% |
TMO's revenue has grown year over year for nine quarters in a row: $12.1B last quarter, up 9.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | +1.2 points |
| Q2 2026 | 17% | +0.5 points |
| Q1 2026 | 17% | +0.4 points |
| Q4 2025 | 18% | +0.8 points |
| Q3 2025 | 17% | +0.1 points |
| Q2 2025 | 17% | -0.4 points |
| Q1 2025 | 17% | +0.5 points |
| Q4 2024 | 18% | +0.7 points |
TMO's operating margin was 19% last quarter, up 1.2 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 TMO on cash flow, with more consistent year-over-year improvement.
TMO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.1B | +15% |
| Q2 2026 | $1.7B | +52% |
| Q1 2026 | $816M | +126% |
| Q4 2025 | $3B | +6.5% |
| Q3 2025 | $1.8B | -3.1% |
| Q2 2025 | $1.1B | -33% |
| Q1 2025 | $361M | -60% |
| Q4 2024 | $2.8B | -15% |
TMO's free cash flow has been positive every quarter for seven years: $7.6B over the past year, up 24% 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 4.4B diluted shares, about the same as a year ago.
| 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.
TMO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.9% | -7M shares |
| 3 years | -4.4% | -17M shares |
| 5 years | -6.5% | -26M shares |
| Available history | -7.9% | -32M shares |
TMO has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $1B |
| Q1 2026 | $3B |
| Q4 2025 | $37M |
| Q3 2025 | $963M |
| Q2 2025 | — |
| Q1 2025 | $2B |
| Q4 2024 | $1B |
TMO spent $4B buying back its own shares over the past year, up 1.9% from the year before.
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 has the edge over TMO on leverage, with a lower net debt burden relative to earnings.
TMO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.1x | Elevated |
| Q2 2026 | 3.5x | Elevated |
| Q1 2026 | 3.7x | Elevated |
| Q4 2025 | 2.8x | Moderate |
| Q3 2025 | 3.3x | Elevated |
| Q2 2025 | 3.0x | Moderate |
| Q1 2025 | 2.9x | Moderate |
| Q4 2024 | 2.6x | Moderate |
TMO's net debt is about 3.1 years of its operating earnings (EBITDA), down from 3.3 years a year ago.
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).
TMO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 70.4 | Overbought |
| Stochastic | 86.6 | Overbought |
TMO's weekly RSI is 70 (overbought) and its Stochastic is 87 (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 TMO on valuation relative to its sector.
TMO PE vs Healthcare Sector
| Metric | TMO | Sector median | Relative |
|---|---|---|---|
| PE | 37x | 26x | 43% above |
| PE % | 79 | 29 | 50 pts above |
TMO is trading at 37x earnings, a 43% 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.
TMO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $680.4 | 2.8% above |
| 20 week MA | $623.9 | 12% above |
| 50 week MA | $560.3 | 25% above |
| 100 week MA | $526.4 | 33% above |
| 200 week MA | $538.4 | 30% above |
TMO 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.
TMO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $326.6 | $458.1 | +40% |
| 2021 | $458.1 | $650.7 | +42% |
| 2022 | $650.7 | $540.7 | -17% |
| 2023 | $540.7 | $530.8 | -1.8% |
| 2024 | $530.8 | $526.1 | -0.9% |
| 2025 | $526.1 | $580.7 | +10% |
| 2026 YTD | $580.7 | $699.4 | +20% |
TMO has the edge over NVO on returns for 2026, with the stronger performance.