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.
XENE
Xenon Pharmaceuticals Inc.
There isn't enough reported data to score XENE 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.
XENE Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Weak | |
| Unavailable | |
| Unavailable |
XENE's profitability is currently weak. There isn't enough data to rate its revenue, cash flow and balance sheet.
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.
XENE PE Valuation
XENE 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.
XENE Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses steady | |
| Strong growth | |
| -- | |
| Limited | |
| Moderate |
Analysts expect XENE's revenue to grow, with its earnings 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 XENE on earnings quality, reporting a profit while its opponent remains loss making.
XENE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$4.70 | -$0.82 |
| Q2 2026 | -$4.74 | -$1.20 |
| Q1 2026 | -$4.70 | -$1.48 |
| Q4 2025 | -$4.36 | -$1.35 |
| Q3 2025 | -$3.88 | -$1.05 |
| Q2 2025 | -$3.54 | -$0.79 |
| Q1 2025 | -$3.22 | -$0.50 |
| Q4 2024 | -$3.01 | -$0.28 |
XENE lost $4.70 per share over the past year, a bigger loss than 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 XENE 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.
XENE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $132K | -98% |
| Q2 2022 | $536K | -76% |
| Q1 2022 | $8.8M | +101% |
| Q4 2021 | $3.7M | -27% |
| Q3 2021 | $8.1M | +24% |
| Q2 2021 | $2.2M | -83% |
| Q1 2021 | $4.4M | -38% |
| Q4 2020 | $5.2M | +55% |
XENE's revenue has slid since its 2020 peak: $0 last quarter.
| Quarter | Margin | YoY |
|---|---|---|
| Q1 2025 | -970% | N/A |
| Q3 2022 | -28885% | -28693 points |
| Q2 2022 | -5656% | -4641 points |
| Q1 2022 | -198% | +170 points |
| Q4 2021 | -665% | -414 points |
| Q3 2021 | -192% | -44 points |
| Q2 2021 | -1014% | -1010 points |
| Q1 2021 | -368% | -255 points |
XENE's operating margin was −970% last quarter, down 305 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 XENE on cash generation, producing positive trailing cash flow while its opponent burns cash.
XENE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$90.6M | -$18.6M |
| Q2 2026 | -$95.7M | -$31.3M |
| Q1 2026 | -$89M | -$27.3M |
| Q4 2025 | -$81.8M | -$26.6M |
| Q3 2025 | -$72M | -$20.3M |
| Q2 2025 | -$64.4M | -$30.2M |
| Q1 2025 | -$61.7M | -$18.3M |
| Q4 2024 | -$55.2M | -$19.6M |
XENE has burned cash in almost every quarter: −$357M over the past year, against −$253M 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 XENE 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.
XENE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +156K shares |
| 1 year | +26% | +20.5M shares |
| 3 years | +51% | +33.8M shares |
| 5 years | +142% | +58.6M shares |
| Available history | +201% | +66.6M shares |
XENE has 100M diluted shares, up 26% 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's net debt is less than a year of its operating earnings (EBITDA).
XENE Net Leverage
XENE's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
XENE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.9 | Neutral |
| Stochastic | 17.7 | Oversold |
XENE's weekly RSI is 40 (neutral) and its Stochastic is 18 (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.
XENE PE vs Healthcare Sector
XENE 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.
XENE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.2 | 10% above |
| 20 week MA | $51.4 | 20% below |
| 50 week MA | $50.3 | 18% below |
| 100 week MA | $43.4 | 5.4% below |
| 200 week MA | $41.5 | 1.3% below |
XENE has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 1.3% 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 finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.
XENE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.4 | $15.3 | +14% |
| 2021 | $15.3 | $30.5 | +100% |
| 2022 | $30.5 | $38.1 | +25% |
| 2023 | $38.1 | $46.1 | +21% |
| 2024 | $46.1 | $38.8 | -16% |
| 2025 | $38.8 | $44.8 | +15% |
| 2026 YTD | $44.8 | $41.0 | -8.6% |
XENE has the edge over NVO on returns for 2026, with the stronger performance.