NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
VREX
Varex Imaging Corporation
VREX has the edge over NVO overall, supported by stronger fundamentals 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.
VREX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Stable |
VREX's profitability is currently healthy, and its revenue and balance sheet are stable, but its cash flow is 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 has the edge over VREX in the historical PE scenario, which offers more potential upside but is not a forecast.
VREX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 18x | $9.16 | -50% |
| Forward | 20x | $18.27 | — |
| Fair | 31x | $16.23 | -11% |
| Current | 35x | $18.27 | — |
| Expensive | 69x | $35.92 | +97% |
Historical ranges are pointers, not guarantees.
VREX's PE is in its fair range at 35x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its cheap range.
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.
VREX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect VREX's earnings to grow, with its revenue and profitability holding steady.
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 VREX on earnings, with more consistent year-over-year improvement.
VREX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.91 | +75% |
| Q2 2026 | $0.52 | +$3.73 |
| Q1 2026 | -$2.00 | -$0.97 |
| Q4 2025 | -$1.64 | -$0.47 |
| Q3 2025 | -$1.70 | -$0.53 |
| Q2 2025 | -$3.21 | -534% |
| Q1 2025 | -$1.03 | -212% |
| Q4 2024 | -$1.17 | -218% |
| Q3 2024 | -$1.17 | -208% |
VREX has returned to profit: it earned $0.52 per share over the past year, after losing money 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 edge over VREX 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 has the edge over VREX on profitability, with a higher operating margin.
VREX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $210.5M | +3.7% |
| Q1 2026 | $216M | +1.5% |
| Q4 2025 | $209.6M | +4.9% |
| Q3 2025 | $228.9M | +11% |
| Q2 2025 | $203M | -2.9% |
| Q1 2025 | $212.9M | +3.2% |
| Q4 2024 | $199.8M | +5.2% |
| Q3 2024 | $205.7M | -9.5% |
VREX's revenue has grown year over year for four quarters in a row: $211M last quarter, up 3.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 11% | +51 points |
| Q1 2026 | 6.7% | -3.7 points |
| Q4 2025 | 7.3% | +1.7 points |
| Q3 2025 | 8.6% | +3.3 points |
| Q2 2025 | -40% | -44 points |
| Q1 2025 | 10% | +6.7 points |
| Q4 2024 | 5.6% | +3.4 points |
| Q3 2024 | 5.3% | -5.4 points |
VREX's operating margin was 11% last quarter, up 51 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 VREX on cash generation, producing positive trailing cash flow while its opponent burns cash.
VREX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $12M | +757% |
| Q1 2026 | -$7.7M | -179% |
| Q4 2025 | -$26.8M | -606% |
| Q3 2025 | $2.3M | -88% |
| Q2 2025 | $1.4M | -58% |
| Q1 2025 | $9.8M | +$12.5M |
| Q4 2024 | $5.3M | +$5.4M |
| Q3 2024 | $19.9M | -52% |
VREX's free cash flow was −$20M over the past year, against $36M 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 VREX 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.
VREX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.4% | +600K shares |
| 1 year | +2.7% | +1.1M shares |
| 3 years | -15% | -7.8M shares |
| 5 years | +3.1% | +1.3M shares |
| Available history | +10% | +4M shares |
VREX has 43M diluted shares, up 2.7% from a year ago.
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 VREX on leverage, with a lower net debt burden relative to earnings.
VREX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.5x | Moderate |
| Q4 2025 | 75.2x | High |
| Q1 2025 | 4.5x | High |
| Q4 2024 | 5.7x | High |
| Q3 2024 | 4.4x | High |
| Q2 2024 | 3.6x | Elevated |
| Q1 2024 | 3.2x | Elevated |
| Q4 2023 | 3.0x | Moderate |
VREX's net debt is about 2.5 years of its operating earnings (EBITDA), down from 4.3 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).
VREX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 74.5 | Overbought |
| Stochastic | 65.8 | Neutral |
VREX's weekly RSI is 75 (overbought) and its Stochastic is 66 (neutral).
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 VREX on valuation relative to its sector.
VREX PE vs Healthcare Sector
| Metric | VREX | Sector median | Relative |
|---|---|---|---|
| PE | 35x | 26x | 36% above |
| PE % | 65 | 29 | 36 pts above |
VREX is trading at 35x earnings, a 36% 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.
VREX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $18.4 | 0.8% below |
| 20 week MA | $16.3 | 12% above |
| 50 week MA | $13.5 | 35% above |
| 100 week MA | $12.1 | 51% above |
| 200 week MA | $14.9 | 23% above |
VREX 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.
VREX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $30.3 | $16.3 | -46% |
| 2021 | $16.3 | $31.8 | +96% |
| 2022 | $31.8 | $19.8 | -38% |
| 2023 | $19.8 | $20.5 | +3.5% |
| 2024 | $20.5 | $14.8 | -28% |
| 2025 | $14.8 | $11.8 | -20% |
| 2026 YTD | $11.8 | $18.3 | +54% |
VREX has the edge over NVO on returns for 2026, with the stronger performance.