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.
VALN
Valneva SE
There isn't enough reported data to score VALN 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.
VALN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Under pressure | |
| Weak |
VALN's revenue, profitability, cash flow and balance sheet are all currently under pressure.
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.
VALN PE Valuation
VALN has no meaningful PE right now: it lost money over the past year.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
NVO has the edge over VALN on the outlook, with more favorable earnings and revenue expectations.
VALN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect VALN's losses to grow, with 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 stronger earnings trend. Trailing diluted EPS is up 4.9% for NVO versus VALN down 1,613%.
VALN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q4 2025 | -$1.21 | -1613% |
| Q3 2025 | -$1.16 | -1155% |
| Q2 2025 | -$0.73 | -$0.43 |
| Q1 2025 | -$0.98 | -$0.83 |
| Q4 2024 | $0.08 | +$1.45 |
| Q3 2024 | $0.11 | +$1.65 |
| Q2 2024 | -$0.30 | -140% |
| Q1 2024 | -$0.15 | +$2.34 |
VALN has swung to a loss: it lost $1.21 per share over the past year, after a profit 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 has the stronger quarterly revenue trend. Revenue is up 2.1% for NVO versus down 9.9% for VALN.
| 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.
VALN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $53M | -9.9% |
| Q3 2025 | $32.7M | -36% |
| Q2 2025 | $53.7M | +27% |
| Q1 2025 | $54.7M | +50% |
| Q4 2024 | $58.8M | +26% |
| Q3 2024 | $50.9M | +20% |
| Q2 2024 | $42.3M | -5.4% |
| Q1 2024 | $36.4M | -2.3% |
VALN's revenue fell from its 2021 peak and has held roughly level since: $53M last quarter, down 9.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | -59% | -20 points |
| Q3 2025 | -126% | -99 points |
| Q2 2025 | -22% | +34 points |
| Q1 2025 | -12% | -220 points |
| Q4 2024 | -39% | +20 points |
| Q3 2024 | -27% | +31 points |
| Q2 2024 | -57% | -11 points |
| Q1 2024 | 208% | +258 points |
VALN's operating margin was −59% last quarter, down 20 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% |
VALN has the stronger cash trend. Its trailing FCF is up 31% versus its history, compared with NVO at down 14%.
VALN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | -$28.4M | -552% |
| Q3 2025 | -$20.1M | +$9.2M |
| Q2 2025 | -$4.5M | +$37.1M |
| Q1 2025 | -$10.7M | +$25.9M |
| Q4 2024 | $6.3M | +$86M |
| Q3 2024 | -$29.3M | +$51.4M |
| Q2 2024 | -$41.6M | +$7.8M |
| Q1 2024 | -$36.6M | -$5.4M |
VALN has burned cash in most quarters: −$64M over the past year, against −$101M 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 VALN 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.
VALN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +96% | +82.3M shares |
| 1 year | +15% | +22.5M shares |
| 3 years | +46% | +52.7M shares |
| 5 years | +266% | +122M shares |
| Available history | +307% | +127M shares |
VALN has 168M diluted shares, up 15% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q3 2023 | $49,991 |
| Q2 2023 | $101,092 |
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).
VALN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2020 | 5.5x | High |
| Q4 2019 | 2.3x | Moderate |
| Q3 2019 | 1.3x | Healthy |
| Q2 2019 | 0.4x | Very low |
| Q1 2019 | 0.5x | Very low |
| Q4 2018 | -1.4x | Net Cash |
| Q3 2018 | 18.4x | High |
| Q2 2018 | 12.1x | High |
VALN's net debt is about 5.5 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).
VALN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.9 | Neutral |
| Stochastic | 23.6 | Neutral |
VALN's weekly RSI is 46 (neutral) and its Stochastic is 24 (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.
VALN PE vs Healthcare Sector
VALN 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.
VALN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.66 | 1.8% above |
| 20 week MA | $5.81 | 0.9% below |
| 50 week MA | $7.03 | 18% below |
| 100 week MA | $7.19 | 20% below |
| 200 week MA | $8.51 | 32% below |
VALN has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 32% below its 200-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 VALN on returns for 2026, with the stronger performance.
VALN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $29.5 | $57.3 | +94% |
| 2022 | $57.3 | $14.2 | -75% |
| 2023 | $14.2 | $10.4 | -27% |
| 2024 | $10.4 | $4.33 | -58% |
| 2025 | $4.33 | $8.41 | +94% |
| 2026 YTD | $8.41 | $5.76 | -32% |
VALN has finished lower in three of the last five years. It's down 32% so far in 2026.