NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
UHS
Universal Health Services, Inc.
UHS has the edge over NVO overall, supported by stronger valuation 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.
UHS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
UHS's profitability and cash flow are currently healthy, and its revenue and balance sheet are 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 UHS in the historical PE scenario, which offers more potential upside but is not a forecast.
UHS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 8.1x | $194 | — |
| Forward | 8.6x | $194 | — |
| Cheap | 9.7x | $231 | +19% |
| Fair | 12x | $296 | +53% |
| Expensive | 15x | $367 | +89% |
Historical ranges are pointers, not guarantees.
UHS's PE is in its cheap range at 8.1x. On analysts' estimates for next year's earnings, today's price would be 8.6x.
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.
UHS Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect UHS's revenue to grow, but its profitability to weaken.
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.
UHS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $22.52 | -5.6% |
| Q3 2026 | $23.86 | +13% |
| Q2 2026 | $24.50 | +29% |
| Q1 2026 | $23.95 | +35% |
| Q4 2025 | $23.10 | +37% |
| Q3 2025 | $21.03 | +40% |
| Q2 2025 | $18.97 | +39% |
| Q1 2025 | $17.80 | +51% |
| Q4 2024 | $16.82 | +64% |
UHS 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 UHS on profitability, with a higher operating margin.
UHS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.7B | +5.3% |
| Q2 2026 | $4.6B | +8.3% |
| Q1 2026 | $4.5B | +9.6% |
| Q4 2025 | $4.5B | +9.1% |
| Q3 2025 | $4.5B | +13% |
| Q2 2025 | $4.3B | +9.6% |
| Q1 2025 | $4.1B | +6.7% |
| Q4 2024 | $4.1B | +11% |
UHS's revenue has grown year over year every quarter since late 2020: $4.7B last quarter, up 5.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.6% | -2 points |
| Q2 2026 | 11% | -0.5 points |
| Q1 2026 | 11% | +0.1 points |
| Q4 2025 | 12% | 0 points |
| Q3 2025 | 12% | +1.9 points |
| Q2 2025 | 12% | +0.5 points |
| Q1 2025 | 11% | +1 points |
| Q4 2024 | 11% | +2.6 points |
UHS's operating margin was 9.6% last quarter, down 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 UHS on cash flow, with more consistent year-over-year improvement.
UHS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $421.6M | +178% |
| Q2 2026 | $215.7M | -24% |
| Q1 2026 | $184.5M | +52% |
| Q4 2025 | $293.5M | -29% |
| Q3 2025 | $151.8M | +78% |
| Q2 2025 | $283M | -35% |
| Q1 2025 | $121M | -36% |
| Q4 2024 | $412.5M | +68% |
UHS still generates free cash flow, though less than at its 2020 peak: $1.1B over the past year.
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.
UHS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -765K shares |
| 1 year | -7.1% | -4.5M shares |
| 3 years | -15% | -10.5M shares |
| 5 years | -29% | -24.5M shares |
| Available history | -34% | -29.9M shares |
UHS has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $245.3M |
| Q2 2026 | $320.8M |
| Q1 2026 | $163.8M |
| Q4 2025 | $352M |
| Q3 2025 | $237.4M |
| Q2 2025 | $155.2M |
| Q1 2025 | $223.4M |
| Q4 2024 | $250.2M |
UHS spent $1.1B buying back its own shares over the past year, up 25% 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 UHS on leverage, with a lower net debt burden relative to earnings.
UHS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 1.7x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 1.8x | Healthy |
| Q2 2025 | 1.9x | Healthy |
| Q1 2025 | 1.9x | Healthy |
| Q4 2024 | 1.9x | Healthy |
UHS's net debt is about 2.1 years of its operating earnings (EBITDA), up from 1.8 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).
UHS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.4 | Neutral |
| Stochastic | 71.1 | Neutral |
UHS's weekly RSI is 60 (neutral) and its Stochastic is 71 (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.
UHS PE vs Healthcare Sector
| Metric | UHS | Sector median | Relative |
|---|---|---|---|
| PE | 8.1x | 26x | 69% below |
| PE % | 9 | 29 | 20 pts below |
UHS has the edge over NVO on valuation relative to its sector.
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.
UHS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $183.7 | 5.5% above |
| 20 week MA | $173.6 | 12% above |
| 50 week MA | $183.2 | 5.8% above |
| 100 week MA | $185.2 | 4.7% above |
| 200 week MA | $174.6 | 11% above |
UHS 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.
UHS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $143.4 | $136.9 | -4.5% |
| 2021 | $136.9 | $128.1 | -6.4% |
| 2022 | $128.1 | $140.8 | +9.9% |
| 2023 | $140.8 | $152.4 | +8.3% |
| 2024 | $152.4 | $180.5 | +18% |
| 2025 | $180.5 | $227.6 | +26% |
| 2026 YTD | $227.6 | $193.8 | -15% |
UHS has the edge over NVO on returns for 2026, with the stronger performance.