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.
VYGR
Voyager Therapeutics, Inc.
There isn't enough reported data to score VYGR 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.
VYGR Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Under pressure | |
| Weak | |
| Strong |
VYGR's balance sheet is currently strong, but its revenue, profitability and cash flow are 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.
VYGR PE Valuation
VYGR 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.
VYGR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Decline | |
| -- | |
| Limited | |
| Low |
Analysts expect VYGR's losses to shrink, with revenue declining. 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 VYGR on earnings quality, reporting a profit while its opponent remains loss making.
VYGR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.74 | +$0.42 |
| Q2 2026 | -$1.81 | +$0.04 |
| Q1 2026 | -$1.98 | -$0.52 |
| Q4 2025 | -$2.04 | -$0.91 |
| Q3 2025 | -$2.16 | -466% |
| Q2 2025 | -$1.85 | -1256% |
| Q1 2025 | -$1.46 | -$1.29 |
| Q4 2024 | -$1.13 | -138% |
VYGR is still losing money, but less than at its worst: $1.74 per share over the past year, against $2.45 at its worst in late 2021.
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 VYGR 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 VYGR on profitability, with a higher operating margin.
VYGR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4M | -70% |
| Q2 2026 | $3.2M | -39% |
| Q1 2026 | $2.6M | -60% |
| Q4 2025 | $15.3M | +144% |
| Q3 2025 | $13.4M | -46% |
| Q2 2025 | $5.2M | -82% |
| Q1 2025 | $6.5M | -67% |
| Q4 2024 | $6.3M | -93% |
VYGR's revenue has slid since its 2023 peak: $4M last quarter, down 70% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -658% | -429 points |
| Q2 2026 | -834% | -130 points |
| Q1 2026 | -1167% | -631 points |
| Q4 2025 | -195% | +415 points |
| Q3 2025 | -229% | -173 points |
| Q2 2025 | -704% | -654 points |
| Q1 2025 | -536% | -453 points |
| Q4 2024 | -610% | -670 points |
VYGR's operating margin was −658% last quarter, down 429 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 VYGR on cash generation, producing positive trailing cash flow while its opponent burns cash.
VYGR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$19.7M | +$11.6M |
| Q2 2026 | -$25.8M | +$8.5M |
| Q1 2026 | -$33.4M | +$5.1M |
| Q4 2025 | -$30.9M | -$16.2M |
| Q3 2025 | -$31.3M | -$3M |
| Q2 2025 | -$34.4M | -$1.8M |
| Q1 2025 | -$38.6M | -168% |
| Q4 2024 | -$14.7M | +$9.8M |
VYGR has burned cash in almost every quarter: −$110M over the past year, against −$119M 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 VYGR 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.
VYGR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.1% | +1.3M shares |
| 1 year | +5.1% | +3M shares |
| 3 years | +41% | +18M shares |
| 5 years | +64% | +24M shares |
| Available history | +72% | +25.9M shares |
VYGR has 62M diluted shares, up 5.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2022 | — |
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).
VYGR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2024 | -8.0x | Net Cash |
| Q4 2023 | -0.5x | Net Cash |
| Q3 2023 | -1.4x | Net Cash |
| Q2 2023 | -2.6x | Net Cash |
| Q1 2023 | -2.7x | Net Cash |
| Q2 2021 | -10.6x | Net Cash |
| Q1 2021 | -3.9x | Net Cash |
| Q4 2020 | -3.4x | Net Cash |
VYGR 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).
VYGR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 26.9 | Oversold |
| Stochastic | 4.6 | Oversold |
VYGR's weekly RSI is 27 (oversold) and its Stochastic is 5 (oversold).
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.
VYGR PE vs Healthcare Sector
| Metric | VYGR | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
VYGR 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 the edge over VYGR on trend strength, trading above more of its moving averages.
VYGR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.06 | 17% below |
| 20 week MA | $2.81 | 40% below |
| 50 week MA | $3.45 | 51% below |
| 100 week MA | $3.74 | 55% below |
| 200 week MA | $5.97 | 72% below |
VYGR is in a downtrend: it's below all five of its weekly moving averages, and 72% 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 VYGR on returns for 2026, with the stronger performance.
VYGR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.9 | $7.98 | -43% |
| 2021 | $7.98 | $2.93 | -63% |
| 2022 | $2.93 | $5.56 | +90% |
| 2023 | $5.56 | $8.44 | +52% |
| 2024 | $8.44 | $5.74 | -32% |
| 2025 | $5.74 | $4.08 | -29% |
| 2026 YTD | $4.08 | $1.70 | -58% |
VYGR has finished lower in four of the last six years. It's down 58% so far in 2026.