NVO
Novo Nordisk A/S
NVO has the edge over UTHR overall, supported by stronger modeled upside and stronger valuation.
UTHR
United Therapeutics Corporation
UTHR trails on the overall score without a compensating advantage in the available component scores.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
UTHR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
UTHR's profitability, cash flow and balance sheet are currently healthy, and its revenue 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 UTHR in the historical PE scenario, which offers more potential upside but is not a forecast.
UTHR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $321 | -46% |
| Fair | 16x | $423 | -29% |
| Expensive | 19x | $511 | -14% |
| Current | 22x | $593 | — |
| Forward | 25x | $593 | — |
Historical ranges are pointers, not guarantees.
UTHR's PE is in its expensive range at 22x. Analysts expect earnings to fall, which would put today's price at 25x next year's earnings.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
NVO has the edge over UTHR on the outlook, with more favorable earnings and revenue expectations.
UTHR Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect UTHR's earnings and profitability to decline, with its revenue holding steady. However, they disagree widely on these estimates.
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 UTHR on earnings, with stronger typical year-over-year growth.
UTHR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $24.18 | -8.6% |
| Q3 2026 | $26.46 | +0.1% |
| Q2 2026 | $27.91 | +8.8% |
| Q1 2026 | $27.05 | +7.8% |
| Q4 2025 | $27.86 | +13% |
| Q3 2025 | $26.43 | +16% |
| Q2 2025 | $25.66 | +18% |
| Q1 2025 | $25.10 | +19% |
| Q4 2024 | $24.64 | +24% |
UTHR's earnings per share have climbed steadily: $26.46 over the past year, about the same as the year before, and higher year over year for 19 quarters in a row.
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 has the edge over UTHR on sales, with more consistent year-over-year improvement.
| 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.
UTHR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $832.5M | +4.1% |
| Q2 2026 | $783.3M | -1.9% |
| Q1 2026 | $781.5M | -1.6% |
| Q4 2025 | $790.2M | +7.4% |
| Q3 2025 | $799.5M | +6.8% |
| Q2 2025 | $798.6M | +12% |
| Q1 2025 | $794.4M | +17% |
| Q4 2024 | $735.9M | +20% |
UTHR's revenue has held roughly level: $833M last quarter, up 4.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 37% | -12 points |
| Q2 2026 | 42% | -3.4 points |
| Q1 2026 | 42% | -6.5 points |
| Q4 2025 | 45% | -3.5 points |
| Q3 2025 | 49% | +2.8 points |
| Q2 2025 | 46% | +0.9 points |
| Q1 2025 | 48% | -4.4 points |
| Q4 2024 | 49% | +6.3 points |
UTHR has the edge over NVO on profitability, with a higher operating margin.
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 UTHR on cash flow, with more consistent year-over-year improvement.
UTHR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $125.8M | -64% |
| Q2 2026 | $205.6M | +59% |
| Q1 2026 | $362.5M | -6.2% |
| Q4 2025 | $173.3M | -32% |
| Q3 2025 | $351.6M | +17% |
| Q2 2025 | $129.5M | -31% |
| Q1 2025 | $386.3M | +14% |
| Q4 2024 | $254.5M | +253% |
UTHR's free cash flow has been positive every quarter for seven years: $867M over the past year, down 23% 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.
UTHR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.1% | -500K shares |
| 1 year | -4.2% | -2M shares |
| 3 years | -8.9% | -4.4M shares |
| 5 years | -4.8% | -2.3M shares |
| Available history | +3.4% | +1.5M shares |
UTHR has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $500M |
| Q2 2026 | — |
| Q1 2026 | $1.5B |
| Q4 2025 | — |
| Q3 2025 | $1B |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
UTHR spent $2B buying back its own shares over the past year, up 100% 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's net debt is less than a year of its operating earnings (EBITDA).
UTHR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.8x | Net Cash |
| Q2 2026 | -1.2x | Net Cash |
| Q1 2026 | -0.8x | Net Cash |
| Q4 2025 | -1.0x | Net Cash |
| Q3 2025 | -0.9x | Net Cash |
| Q2 2025 | -1.0x | Net Cash |
| Q1 2025 | -1.2x | Net Cash |
| Q4 2024 | -1.0x | Net Cash |
UTHR has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
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).
UTHR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.5 | Neutral |
| Stochastic | 80.5 | Overbought |
UTHR's weekly RSI is 61 (neutral) and its Stochastic is 81 (overbought).
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 UTHR on valuation relative to its sector.
UTHR PE vs Healthcare Sector
| Metric | UTHR | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 26x | 13% below |
| PE % | 100 | 29 | 71 pts above |
UTHR is trading at 22x earnings, a 13% discount 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.
UTHR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $555.1 | 6.9% above |
| 20 week MA | $533.6 | 11% above |
| 50 week MA | $527.2 | 13% above |
| 100 week MA | $438.2 | 35% above |
| 200 week MA | $351.1 | 69% above |
UTHR 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.
UTHR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $88.8 | $149.8 | +69% |
| 2021 | $149.8 | $214.0 | +43% |
| 2022 | $214.0 | $278.8 | +30% |
| 2023 | $278.8 | $219.9 | -21% |
| 2024 | $219.9 | $360.0 | +64% |
| 2025 | $360.0 | $507.2 | +41% |
| 2026 YTD | $507.2 | $593.3 | +17% |
UTHR has the edge over NVO on returns for 2026, with the stronger performance.