NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
UFPT
UFP Technologies, Inc.
UFPT 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.
UFPT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Stable | |
| Healthy |
UFPT's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
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 UFPT in the historical PE scenario, which offers more potential upside but is not a forecast.
UFPT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 22x | $218 | -29% |
| Forward | 28x | $306 | — |
| Fair | 29x | $283 | -7.5% |
| Current | 31x | $306 | — |
| Expensive | 35x | $343 | +12% |
Historical ranges are pointers, not guarantees.
UFPT's PE is in its fair range at 31x. If earnings grow as analysts expect, today's price would be 28x next year's earnings.
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.
UFPT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
UFPT 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'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.
UFPT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.74 | +9.5% |
| Q3 2026 | $9.81 | +14% |
| Q2 2026 | $9.28 | +7.5% |
| Q1 2026 | $8.81 | +7.8% |
| Q4 2025 | $8.78 | +16% |
| Q3 2025 | $8.63 | +23% |
| Q2 2025 | $8.63 | +34% |
| Q1 2025 | $8.17 | +31% |
| Q4 2024 | $7.60 | +30% |
UFPT has the edge over NVO on earnings, with stronger typical year-over-year growth.
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 UFPT on profitability, with a higher operating margin.
UFPT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $172.4M | +12% |
| Q2 2026 | $174M | +15% |
| Q1 2026 | $154.2M | +4.1% |
| Q4 2025 | $148.9M | +3.4% |
| Q3 2025 | $154.6M | +6.5% |
| Q2 2025 | $151.2M | +37% |
| Q1 2025 | $148.1M | +41% |
| Q4 2024 | $144.1M | +42% |
UFPT's revenue has grown year over year for 23 quarters in a row: $172M last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | +0.9 points |
| Q2 2026 | 16% | +0.1 points |
| Q1 2026 | 15% | -0.5 points |
| Q4 2025 | 14% | -1 points |
| Q3 2025 | 15% | -1.9 points |
| Q2 2025 | 16% | -0.2 points |
| Q1 2025 | 16% | +0.4 points |
| Q4 2024 | 15% | +2.9 points |
UFPT's operating margin was 16% last quarter, up 0.9 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.
UFPT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $38.5M | +7.3% |
| Q2 2026 | $15.6M | -31% |
| Q1 2026 | $3.2M | -71% |
| Q4 2025 | $16.8M | -21% |
| Q3 2025 | $35.9M | +103% |
| Q2 2025 | $22.5M | +151% |
| Q1 2025 | $11M | +23% |
| Q4 2024 | $21.4M | +115% |
UFPT generated $74M in free cash flow over the past year, down 18% 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 the edge over UFPT 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.
UFPT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +18K shares |
| 1 year | +0.3% | +26K shares |
| 3 years | +1.3% | +97K shares |
| 5 years | +2.8% | +209K shares |
| Available history | +3.9% | +290K shares |
UFPT has 8M diluted shares, about the same as 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).
UFPT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2025 | 1.3x | Healthy |
| Q1 2025 | 1.6x | Healthy |
| Q4 2024 | 1.8x | Healthy |
| Q3 2024 | 2.3x | Moderate |
| Q2 2024 | 0.3x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.4x | Very low |
| Q3 2023 | 0.6x | Very low |
UFPT's net debt is about 1.3 years of its operating earnings (EBITDA), up from less than a year 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).
UFPT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.6 | Neutral |
| Stochastic | 49.5 | Neutral |
UFPT's weekly RSI is 61 (neutral) and its Stochastic is 50 (neutral).
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 UFPT on valuation relative to its sector.
UFPT PE vs Healthcare Sector
| Metric | UFPT | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 26x | 21% above |
| PE % | 65 | 29 | 36 pts above |
UFPT is trading at 31x earnings, a 21% 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.
UFPT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $295.8 | 3.4% above |
| 20 week MA | $284.9 | 7.4% above |
| 50 week MA | $248.9 | 23% above |
| 100 week MA | $237.2 | 29% above |
| 200 week MA | $223.1 | 37% above |
UFPT 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.
UFPT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $48.7 | $46.2 | -5.2% |
| 2021 | $46.2 | $68.7 | +49% |
| 2022 | $68.7 | $115.5 | +68% |
| 2023 | $115.5 | $172.0 | +49% |
| 2024 | $172.0 | $247.0 | +44% |
| 2025 | $247.0 | $237.2 | -4% |
| 2026 YTD | $237.2 | $305.9 | +29% |
UFPT has the edge over NVO on returns for 2026, with the stronger performance.