NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
TNDM
Tandem Diabetes Care, Inc.
TNDM 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.
TNDM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Strong |
TNDM's revenue and balance sheet are currently healthy, and its profitability is stable, but its cash flow 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.
TNDM PE Valuation
TNDM 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.
TNDM Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
TNDM 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 TNDM on earnings quality, reporting a profit while its opponent remains loss making.
TNDM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.72 | +$2.33 |
| Q2 2026 | -$0.93 | +$2.16 |
| Q1 2026 | -$1.40 | +$1.38 |
| Q4 2025 | -$3.07 | -$1.61 |
| Q3 2025 | -$3.05 | -$1.12 |
| Q2 2025 | -$3.09 | -$1.00 |
| Q1 2025 | -$2.78 | -$0.61 |
| Q4 2024 | -$1.46 | +$1.98 |
TNDM is still losing money, but far less than before: $0.72 per share over the past year, against $3.48 at its worst in mid-2023.
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 TNDM on profitability, with a higher operating margin.
TNDM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $283.7M | +14% |
| Q2 2026 | $254.6M | +5.8% |
| Q1 2026 | $247.2M | +5.5% |
| Q4 2025 | $290.4M | +2.7% |
| Q3 2025 | $249.3M | +2.2% |
| Q2 2025 | $240.7M | +8.5% |
| Q1 2025 | $234.4M | +22% |
| Q4 2024 | $282.6M | +44% |
TNDM's revenue has grown year over year for 11 quarters in a row: $284M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.8% | +8.3 points |
| Q2 2026 | -5.4% | +16 points |
| Q1 2026 | -7% | +45 points |
| Q4 2025 | 2.9% | +3.1 points |
| Q3 2025 | -9.2% | +1.5 points |
| Q2 2025 | -22% | -7.7 points |
| Q1 2025 | -52% | -30 points |
| Q4 2024 | -0.2% | +18 points |
TNDM's operating margin was −0.8% last quarter, up 8.3 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 TNDM on cash generation, producing positive trailing cash flow while its opponent burns cash.
TNDM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$5.5M | -232% |
| Q2 2026 | -$38.7M | -$23M |
| Q1 2026 | $4.8M | +$26M |
| Q4 2025 | $3.1M | -59% |
| Q3 2025 | $4.2M | -81% |
| Q2 2025 | -$15.7M | -$4M |
| Q1 2025 | -$21.2M | -$8.8M |
| Q4 2024 | $7.6M | +$20.1M |
TNDM's free cash flow was −$36M over the past year, against −$25M 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 TNDM 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.
TNDM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +639K shares |
| 1 year | +3% | +2M shares |
| 3 years | +7% | +4.5M shares |
| 5 years | +7.5% | +4.9M shares |
| Available history | +19% | +11.1M shares |
TNDM has 70M diluted shares, up 3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $30M |
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).
TNDM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | -16.5x | Net Cash |
| Q1 2022 | -3.8x | Net Cash |
| Q4 2021 | -2.0x | Net Cash |
| Q3 2021 | -2.7x | Net Cash |
| Q2 2021 | -3.0x | Net Cash |
| Q1 2021 | -8.3x | Net Cash |
| Q4 2020 | -37.9x | Net Cash |
TNDM has more cash than debt.
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).
TNDM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.4 | Neutral |
| Stochastic | 30.2 | Neutral |
TNDM's weekly RSI is 48 (neutral) and its Stochastic is 30 (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.
TNDM PE vs Healthcare Sector
| Metric | TNDM | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
TNDM 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.
TNDM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $16.9 | 3.4% above |
| 20 week MA | $18.1 | 3.4% below |
| 50 week MA | $19.1 | 8.4% below |
| 100 week MA | $19.9 | 12% below |
| 200 week MA | $26.5 | 34% below |
TNDM has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 34% 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 finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.
TNDM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $60.2 | $93.9 | +56% |
| 2021 | $93.9 | $151.8 | +62% |
| 2022 | $151.8 | $42.0 | -72% |
| 2023 | $42.0 | $29.6 | -30% |
| 2024 | $29.6 | $36.9 | +25% |
| 2025 | $36.9 | $22.4 | -39% |
| 2026 YTD | $22.4 | $17.5 | -22% |
TNDM has the edge over NVO on returns for 2026, with the stronger performance.