NVO
Novo Nordisk A/S
NVO has the edge over XTNT overall, supported by stronger fundamentals and lower modeled downside.
XTNT
Xtant Medical Holdings, Inc.
XTNT offers stronger modeled upside, 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.
XTNT Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Under pressure | |
| Strong |
XTNT'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.
XTNT PE Valuation
XTNT 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.
XTNT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
XTNT 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 has the edge over XTNT on earnings quality, reporting a profit while its opponent remains loss making.
XTNT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.08 | -$0.04 |
| Q1 2026 | $0.01 | +$0.10 |
| Q4 2025 | $0.03 | +$0.15 |
| Q3 2025 | $0.01 | +$0.13 |
| Q2 2025 | -$0.04 | -$0.03 |
| Q1 2025 | -$0.09 | -$0.09 |
| Q4 2024 | -$0.12 | -1300% |
| Q3 2024 | -$0.12 | -700% |
XTNT is still losing money, but far less than before: $0.08 per share over the past year, against $5.15 at its worst in late 2019.
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 XTNT 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 XTNT on profitability, with a higher operating margin.
XTNT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $23M | -35% |
| Q1 2026 | $20.9M | -37% |
| Q4 2025 | $32.4M | +2.7% |
| Q3 2025 | $33.3M | +19% |
| Q2 2025 | $35.4M | +18% |
| Q1 2025 | $32.9M | +18% |
| Q4 2024 | $31.5M | +12% |
| Q3 2024 | $27.9M | +12% |
XTNT's revenue has slid since its 2025 peak: $23M last quarter, down 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -40% | -53 points |
| Q1 2026 | -14% | -17 points |
| Q4 2025 | -2.9% | +3 points |
| Q3 2025 | 7.6% | +21 points |
| Q2 2025 | 13% | +23 points |
| Q1 2025 | 3.2% | +16 points |
| Q4 2024 | -6% | +7.6 points |
| Q3 2024 | -14% | 0 points |
XTNT's operating margin was −40% last quarter, down 53 points from the same quarter a year ago, near the bottom of its range since 2019.
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 XTNT on cash generation, producing positive trailing cash flow while its opponent burns cash.
XTNT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$7.6M | -930% |
| Q1 2026 | -$2.3M | -2753% |
| Q4 2025 | $5M | +$5M |
| Q3 2025 | $4.2M | +$8M |
| Q2 2025 | $910K | +$6.6M |
| Q1 2025 | $87K | +$6.6M |
| Q4 2024 | -$7K | +$1.3M |
| Q3 2024 | -$3.8M | +$235K |
XTNT has burned cash in most quarters: −$696,000 over the past year, against −$3M 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 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.
XTNT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +200K shares |
| 1 year | -5.6% | -8.3M shares |
| 3 years | +29% | +31.4M shares |
| 5 years | +62% | +53.6M shares |
| Available history | +966% | +127M shares |
XTNT has the edge over NVO on shareholder dilution, with a more favorable share count trend.
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).
XTNT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2026 | -0.0x | Net Cash |
| Q4 2025 | -0.2x | Net Cash |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 3.4x | Elevated |
| Q2 2021 | -4.0x | Net Cash |
| Q1 2021 | -0.9x | Net Cash |
| Q4 2020 | 10.9x | High |
| Q3 2020 | 66.6x | High |
XTNT has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
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).
XTNT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.1 | Neutral |
| Stochastic | 5.3 | Oversold |
XTNT's weekly RSI is 34 (neutral) 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.
XTNT PE vs Healthcare Sector
| Metric | XTNT | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
XTNT 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 XTNT on trend strength, trading above more of its moving averages.
XTNT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $0.31 | 9.7% below |
| 20 week MA | $0.35 | 20% below |
| 50 week MA | $0.49 | 43% below |
| 100 week MA | $0.54 | 48% below |
| 200 week MA | $0.69 | 59% below |
XTNT is in a downtrend: it's below all five of its weekly moving averages, and 59% 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 XTNT on returns for 2026, with the stronger performance.
XTNT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1.67 | $1.20 | -28% |
| 2021 | $1.20 | $0.66 | -45% |
| 2022 | $0.66 | $0.66 | 0% |
| 2023 | $0.66 | $1.13 | +71% |
| 2024 | $1.13 | $0.46 | -59% |
| 2025 | $0.46 | $0.78 | +70% |
| 2026 YTD | $0.78 | $0.28 | -64% |
XTNT has finished lower in four of the last six years. It's down 64% so far in 2026.