NVO
Novo Nordisk A/S
NVO has a slight edge over XNCR overall, supported by lower modeled downside.
XNCR
Xencor, Inc.
XNCR offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
XNCR Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Weak | |
| Strong |
XNCR's revenue and balance sheet are currently strong, but its profitability and cash flow are weak.
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.
XNCR PE Valuation
XNCR 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.
XNCR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong decline | |
| -- | |
| Limited | |
| Low |
Analysts expect XNCR's losses to grow, 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 XNCR on earnings quality, reporting a profit while its opponent remains loss making.
XNCR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.59 | +$0.13 |
| Q2 2026 | -$2.17 | +$0.19 |
| Q1 2026 | -$2.29 | +$0.75 |
| Q4 2025 | -$1.24 | +$2.34 |
| Q3 2025 | -$1.72 | +$1.70 |
| Q2 2025 | -$2.36 | +$0.74 |
| Q1 2025 | -$3.04 | -$0.66 |
| Q4 2024 | -$3.58 | -$1.38 |
XNCR is still losing money, but far less than before: $1.59 per share over the past year, against $3.58 at its worst in late 2024.
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 XNCR on profitability, with a higher operating margin.
XNCR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $116.5M | +455% |
| Q2 2026 | $51.2M | +17% |
| Q1 2026 | $4.5M | -86% |
| Q4 2025 | $28.2M | -47% |
| Q3 2025 | $21M | +18% |
| Q2 2025 | $43.6M | +82% |
| Q1 2025 | $32.7M | +105% |
| Q4 2024 | $52.8M | +3.6% |
XNCR's revenue is recovering but still below its 2021 peak: $117M last quarter, up 455% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +246 points |
| Q2 2026 | -72% | +3.7 points |
| Q1 2026 | -1724% | -1592 points |
| Q4 2025 | -190% | -165 points |
| Q3 2025 | -226% | +84 points |
| Q2 2025 | -76% | +156 points |
| Q1 2025 | -132% | +210 points |
| Q4 2024 | -25% | +29 points |
XNCR's operating margin was 20% last quarter, up 246 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 XNCR on cash generation, producing positive trailing cash flow while its opponent burns cash.
XNCR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $838K | +$31.8M |
| Q2 2026 | -$56.2M | -$19.4M |
| Q1 2026 | -$68.2M | -$50.6M |
| Q4 2025 | -$52.9M | -$1.4M |
| Q3 2025 | -$31M | -$1.6M |
| Q2 2025 | -$36.8M | +$33.6M |
| Q1 2025 | -$17.7M | +$39.3M |
| Q4 2024 | -$51.5M | -400% |
XNCR has burned cash in most quarters: −$176M over the past year, against −$137M 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 XNCR 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.
XNCR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.3% | +2.5M shares |
| 1 year | +5.3% | +3.9M shares |
| 3 years | +29% | +17.7M shares |
| 5 years | +34% | +20M shares |
| Available history | +34% | +19.9M shares |
XNCR has 78M diluted shares, up 5.3% 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).
XNCR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | -0.9x | Net Cash |
| Q2 2022 | -0.9x | Net Cash |
| Q1 2022 | -0.8x | Net Cash |
| Q4 2021 | -2.8x | Net Cash |
| Q4 2019 | -2.8x | Net Cash |
XNCR 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).
XNCR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 81.4 | Overbought |
| Stochastic | 85.8 | Overbought |
XNCR's weekly RSI is 81 (overbought) and its Stochastic is 86 (overbought).
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.
XNCR PE vs Healthcare Sector
| Metric | XNCR | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
XNCR 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.
XNCR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $28.1 | 36% above |
| 20 week MA | $24.3 | 57% above |
| 50 week MA | $17.5 | 118% above |
| 100 week MA | $15.0 | 154% above |
| 200 week MA | $19.0 | 101% above |
XNCR 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.
XNCR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.4 | $46.1 | +30% |
| 2021 | $46.1 | $40.7 | -12% |
| 2022 | $40.7 | $26.1 | -36% |
| 2023 | $26.1 | $21.2 | -19% |
| 2024 | $21.2 | $24.3 | +14% |
| 2025 | $24.3 | $15.2 | -37% |
| 2026 YTD | $15.2 | $38.1 | +151% |
XNCR has the edge over NVO on returns for 2026, with the stronger performance.