NVO
Novo Nordisk A/S
NVO offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
USPH
U.S. Physical Therapy, Inc.
USPH has the edge over NVO overall, supported by 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.
USPH Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Stable |
USPH's revenue, profitability and cash flow are currently healthy, and its balance sheet 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's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
USPH PE Valuation
USPH 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.
USPH Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
USPH 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% |
USPH has the stronger earnings trend. Trailing diluted EPS is up 4.9% for NVO versus USPH up 38%.
USPH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.22 | +35% |
| Q3 2023 | $1.72 | -42% |
| Q2 2023 | $1.93 | -34% |
| Q1 2023 | $2.16 | -25% |
| Q4 2022 | $2.25 | -6.6% |
| Q3 2022 | $2.98 | +26% |
| Q2 2022 | $2.92 | +26% |
| Q1 2022 | $2.87 | +15% |
| Q4 2021 | $2.41 | -2.8% |
USPH earned $2.38 per share over the past year, up 38% from the year before.
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 USPH on profitability, with a higher operating margin.
USPH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $222.6M | +13% |
| Q2 2026 | $214.1M | +8.5% |
| Q1 2026 | $198.3M | +7.9% |
| Q4 2025 | $202.7M | +12% |
| Q3 2025 | $197.1M | +17% |
| Q2 2025 | $197.3M | +18% |
| Q1 2025 | $183.8M | +18% |
| Q4 2024 | $180.4M | +17% |
USPH's revenue has grown year over year for 22 quarters in a row: $223M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | -1.6 points |
| Q2 2026 | 10% | -2.4 points |
| Q1 2026 | 6.3% | -4.4 points |
| Q4 2025 | 8.3% | +0.2 points |
| Q3 2025 | 13% | +4.1 points |
| Q2 2025 | 13% | +0.9 points |
| Q1 2025 | 11% | +1.5 points |
| Q4 2024 | 8.1% | +8.6 points |
USPH's operating margin was 11% last quarter, down 1.6 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 USPH on cash flow, with more consistent year-over-year improvement.
USPH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $20.7M | +32% |
| Q2 2026 | $29M | -8.2% |
| Q1 2026 | -$1.6M | +$5.7M |
| Q4 2025 | $21M | +24% |
| Q3 2025 | $15.6M | -20% |
| Q2 2025 | $31.6M | +19% |
| Q1 2025 | -$7.3M | -381% |
| Q4 2024 | $16.9M | -31% |
USPH generated $69M in free cash flow over the past year, up 21% 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.
USPH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -142K shares |
| 1 year | -1.8% | -276K shares |
| 3 years | -0.4% | -59K shares |
| 5 years | +16% | +2M shares |
| Available history | +17% | +2.2M shares |
USPH has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
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 USPH on leverage, with a lower net debt burden relative to earnings.
USPH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.0x | Healthy |
| Q1 2026 | 1.7x | Healthy |
| Q4 2025 | 1.2x | Healthy |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.3x | Healthy |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 1.4x | Healthy |
USPH's net debt is about 2.1 years of its operating earnings (EBITDA), up from 1.2 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).
USPH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 72.9 | Overbought |
| Stochastic | 86.8 | Overbought |
USPH's weekly RSI is 73 (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 is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
USPH PE vs Healthcare Sector
| Metric | USPH | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
USPH 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.
USPH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $88.9 | 11% above |
| 20 week MA | $82.1 | 20% above |
| 50 week MA | $78.1 | 26% above |
| 100 week MA | $79.1 | 25% above |
| 200 week MA | $88.4 | 12% above |
USPH 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.
USPH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $114.0 | $120.9 | +6% |
| 2021 | $120.9 | $95.7 | -21% |
| 2022 | $95.7 | $81.4 | -15% |
| 2023 | $81.4 | $93.1 | +14% |
| 2024 | $93.1 | $90.9 | -2.4% |
| 2025 | $90.9 | $81.0 | -11% |
| 2026 YTD | $81.0 | $98.6 | +22% |
USPH has the edge over NVO on returns for 2026, with the stronger performance.