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.
TVRD
Tvardi Therapeutics, Inc.
There isn't enough reported data to score TVRD 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.
TVRD Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Under pressure | |
| Unavailable | |
| Strong |
TVRD's balance sheet is currently strong, but its revenue and profitability are under pressure. There isn't enough data to rate its 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.
TVRD PE Valuation
TVRD 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.
TVRD Forward outlook
There aren't enough analyst estimates for TVRD 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 has the edge over TVRD on earnings quality, reporting a profit while its opponent remains loss making.
TVRD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$2.79 | +$14.54 |
| Q1 2026 | -$3.10 | +$26.55 |
| Q4 2025 | -$5.59 | +$41.00 |
| Q3 2025 | -$9.64 | +$53.72 |
| Q2 2025 | -$17.33 | +$56.47 |
| Q1 2025 | -$29.65 | +$51.71 |
| Q4 2024 | -$46.59 | +$32.25 |
| Q3 2024 | -$63.36 | +$14.04 |
TVRD is still losing money, but far less than before: $2.79 per share over the past year, against $91.80 at its worst in early 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% |
TVRD has the stronger quarterly revenue trend. Revenue is up 2.1% for NVO versus up 20% for TVRD.
| 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.
TVRD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2025 | $2.6M | +20% |
| Q4 2024 | $1.5M | -52% |
| Q3 2024 | $2.6M | -47% |
| Q2 2024 | $991K | -86% |
| Q1 2024 | $2.1M | -65% |
| Q4 2023 | $3M | -7.9% |
| Q3 2023 | $4.9M | -55% |
| Q2 2023 | $6.9M | -70% |
TVRD's revenue is recovering but still below its 2020 peak: $3M last quarter, up 20% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q1 2025 | -93% | +1297 points |
| Q4 2024 | -373% | +713 points |
| Q3 2024 | -234% | +360 points |
| Q2 2024 | -1746% | -1280 points |
| Q1 2024 | -1390% | -941 points |
| Q4 2023 | -1085% | -125 points |
| Q3 2023 | -594% | -373 points |
| Q2 2023 | -466% | -447 points |
TVRD's operating margin was −93% last quarter, up 1297 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.
TVRD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$9.2M | -$363K |
| Q4 2025 | -$5.7M | -$1.6M |
| Q3 2025 | -$4.3M | +$9.7M |
| Q2 2025 | -$8.9M | +$3.8M |
| Q4 2024 | -$4M | +$15.4M |
| Q4 2023 | -$19.4M | +$4.1M |
| Q2 2022 | -$4.5M | +$16.5M |
| Q1 2022 | -$25.6M | -$1.8M |
TVRD has burned cash in almost every quarter: −$25M over the past year, against −$40M 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 TVRD 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.
TVRD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +11% | +926K shares |
| 3 years | +525% | +7.9M shares |
| 5 years | +575% | +8M shares |
| Available history | +659% | +8.1M shares |
TVRD has 9M diluted shares, up 11% 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).
TVRD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2021 | -1.0x | Net Cash |
| Q2 2021 | -3.2x | Net Cash |
| Q1 2021 | -1.9x | Net Cash |
| Q4 2020 | -5.7x | Net Cash |
TVRD 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).
TVRD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.5 | Neutral |
| Stochastic | 15.1 | Oversold |
TVRD's weekly RSI is 36 (neutral) and its Stochastic is 15 (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.
TVRD PE vs Healthcare Sector
TVRD 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 |
TVRD has stronger trend alignment. NVO is above 1 of 5 weekly averages versus TVRD above 1 of 3.
TVRD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.04 | 12% above |
| 20 week MA | $1.71 | 32% below |
| 50 week MA | $2.86 | 59% below |
TVRD has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 59% below its 50-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 TVRD on returns for 2026, with the stronger performance.
TVRD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $14.7 | $4.14 | -72% |
| 2026 YTD | $4.14 | $1.16 | -72% |
TVRD has finished every year since 2025 lower, and it's down 72% so far in 2026.