NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
VEEV
Veeva Systems Inc.
VEEV has the edge over NVO overall, supported by stronger fundamentals and stronger valuation.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
VEEV Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
VEEV's revenue, profitability, cash flow and balance sheet are all currently healthy.
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 VEEV in the historical PE scenario, which offers more potential upside but is not a forecast.
VEEV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 30x | $302 | — |
| Current | 50x | $302 | — |
| Cheap | 53x | $324 | +7.1% |
| Fair | 64x | $389 | +29% |
| Expensive | 115x | $700 | +131% |
Historical ranges are pointers, not guarantees.
VEEV's PE is in its cheap range at 50x. If earnings grow as analysts expect, today's price would be 30x 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.
VEEV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Moderate | |
| High |
VEEV 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.
VEEV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.93 | +63% |
| Q3 2026 | $6.11 | +26% |
| Q2 2026 | $5.64 | +20% |
| Q1 2026 | $5.44 | +26% |
| Q4 2025 | $5.13 | +27% |
| Q3 2025 | $4.86 | +30% |
| Q2 2025 | $4.71 | +39% |
| Q1 2025 | $4.32 | +34% |
| Q4 2024 | $4.05 | +17% |
VEEV 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 VEEV on profitability, with a higher operating margin.
VEEV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $928M | +18% |
| Q2 2026 | $882.9M | +16% |
| Q1 2026 | $836M | +16% |
| Q4 2025 | $811.2M | +16% |
| Q3 2025 | $789.1M | +17% |
| Q2 2025 | $759M | +17% |
| Q1 2025 | $720.9M | +14% |
| Q4 2024 | $699.2M | +13% |
VEEV has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | +4.8 points |
| Q2 2026 | 31% | +0.1 points |
| Q1 2026 | 29% | +3.3 points |
| Q4 2025 | 30% | +3.8 points |
| Q3 2025 | 25% | +0.2 points |
| Q2 2025 | 31% | +6.9 points |
| Q1 2025 | 26% | +4.7 points |
| Q4 2024 | 26% | +5.1 points |
VEEV's operating margin was 30% last quarter, up 4.8 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.
VEEV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $238.7M | +0.1% |
| Q2 2026 | $1.1B | +28% |
| Q1 2026 | $106.8M | +54% |
| Q4 2025 | $192.8M | +17% |
| Q3 2025 | $238.4M | +157% |
| Q2 2025 | $877.2M | +15% |
| Q1 2025 | $69.5M | +20% |
| Q4 2024 | $164.1M | +99% |
VEEV has the edge over NVO on cash flow, with more consistent year-over-year improvement.
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.
VEEV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -932K shares |
| 1 year | -1.6% | -2.6M shares |
| 3 years | +1.1% | +1.8M shares |
| 5 years | +1.4% | +2.3M shares |
| Available history | +4% | +6.3M shares |
VEEV has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $245.7M |
| Q2 2026 | $226.9M |
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).
VEEV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2024 | -1.6x | Net Cash |
| Q4 2023 | -1.8x | Net Cash |
| Q3 2023 | -1.8x | Net Cash |
| Q2 2023 | -2.6x | Net Cash |
| Q1 2023 | -1.8x | Net Cash |
| Q4 2022 | -1.7x | Net Cash |
| Q3 2022 | -2.2x | Net Cash |
| Q2 2022 | -2.3x | Net Cash |
VEEV has more cash than debt.
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).
VEEV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.5 | Neutral |
| Stochastic | 82.7 | Overbought |
VEEV's weekly RSI is 66 (neutral) and its Stochastic is 83 (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 VEEV on valuation relative to its sector.
VEEV PE vs Healthcare Sector
| Metric | VEEV | Sector median | Relative |
|---|---|---|---|
| PE | 50x | 26x | 91% above |
| PE % | 13 | 29 | 16 pts below |
VEEV is trading at 50x earnings, a 91% 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.
VEEV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $300.3 | 0.7% above |
| 20 week MA | $258.4 | 17% above |
| 50 week MA | $215.6 | 40% above |
| 100 week MA | $236.1 | 28% above |
| 200 week MA | $216.7 | 40% above |
VEEV 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.
VEEV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $140.7 | $287.6 | +104% |
| 2021 | $287.6 | $260.6 | -9.4% |
| 2022 | $260.6 | $160.8 | -38% |
| 2023 | $160.8 | $192.5 | +20% |
| 2024 | $192.5 | $214.0 | +11% |
| 2025 | $214.0 | $224.7 | +5% |
| 2026 YTD | $224.7 | $302.4 | +35% |
VEEV has the edge over NVO on returns for 2026, with the stronger performance.