NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
ZBH
Zimmer Biomet Holdings, Inc.
ZBH has the edge over NVO overall, supported by stronger valuation 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.
ZBH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Under pressure |
ZBH's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet 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 ZBH in the historical PE scenario, which offers more potential upside but is not a forecast.
ZBH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $105 | — |
| Cheap | 22x | $87.95 | -16% |
| Current | 26x | $105 | — |
| Fair | 31x | $123 | +18% |
| Expensive | 94x | $371 | +255% |
Historical ranges are pointers, not guarantees.
ZBH's PE is in its fair range at 26x. If earnings grow as analysts expect, today's price would be 12x 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.
ZBH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Moderate | |
| High |
Analysts expect ZBH's earnings to grow and its profitability to improve, with its revenue 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 ZBH on earnings, with more consistent year-over-year improvement.
ZBH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.82 | +123% |
| Q3 2026 | $3.96 | -1.5% |
| Q2 2026 | $4.12 | +0.7% |
| Q1 2026 | $3.86 | -14% |
| Q4 2025 | $3.55 | -20% |
| Q3 2025 | $4.02 | -23% |
| Q2 2025 | $4.09 | -15% |
| Q1 2025 | $4.50 | -2.4% |
| Q4 2024 | $4.43 | -9.2% |
ZBH's earnings per share have fallen from their peak: $3.96 over the past year, against $5.31 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'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 ZBH on profitability, with a higher operating margin.
ZBH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.1B | +3.1% |
| Q2 2026 | $2.2B | +4.8% |
| Q1 2026 | $2.1B | +9.3% |
| Q4 2025 | $2.2B | +11% |
| Q3 2025 | $2B | +9.7% |
| Q2 2025 | $2.1B | +7% |
| Q1 2025 | $1.9B | +1.1% |
| Q4 2024 | $2B | +4.3% |
ZBH's revenue has grown year over year for 15 quarters in a row: $2.1B last quarter, up 3.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -2.6 points |
| Q2 2026 | 15% | +0.5 points |
| Q1 2026 | 18% | +2.6 points |
| Q4 2025 | 6.9% | -12 points |
| Q3 2025 | 18% | +2.2 points |
| Q2 2025 | 14% | -3.7 points |
| Q1 2025 | 15% | +1.2 points |
| Q4 2024 | 19% | +1 points |
ZBH's operating margin was 15% last quarter, down 2.6 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 still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
ZBH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $484.2M | +33% |
| Q2 2026 | $393.6M | +20% |
| Q1 2026 | $323.1M | -4.5% |
| Q4 2025 | $442.6M | -2.7% |
| Q3 2025 | $363.7M | +3.6% |
| Q2 2025 | $328.1M | +3.6% |
| Q1 2025 | $338.2M | +96% |
| Q4 2024 | $454.8M | -13% |
ZBH generated $1.6B in free cash flow over the past year, up 11% from 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.
ZBH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -1.4M shares |
| 1 year | -3.7% | -7.4M shares |
| 3 years | -8.9% | -18.6M shares |
| 5 years | -12% | -25.5M shares |
| Available history | -10% | -21.5M shares |
ZBH has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $78.5M |
| Q2 2026 | $250.7M |
| Q1 2026 | $250.1M |
| Q4 2025 | $250M |
| Q3 2025 | — |
| Q2 2025 | $7.2M |
| Q1 2025 | $229.8M |
| Q4 2024 | $72.2M |
ZBH spent $829M buying back its own shares over the past year, up 168% from the year before.
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 ZBH on leverage, with a lower net debt burden relative to earnings.
ZBH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.1x | Elevated |
| Q2 2026 | 3.1x | Elevated |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 3.2x | Elevated |
| Q3 2025 | 2.8x | Moderate |
| Q2 2025 | 3.1x | Elevated |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.5x | Moderate |
ZBH's net debt is about 3.1 years of its operating earnings (EBITDA), up from 2.8 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).
ZBH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 61.1 | Neutral |
| Stochastic | 62.8 | Neutral |
ZBH's weekly RSI is 61 (neutral) and its Stochastic is 63 (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 ZBH on valuation relative to its sector.
ZBH PE vs Healthcare Sector
| Metric | ZBH | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 26x | 2.1% above |
| PE % | 45 | 29 | 16 pts above |
ZBH is trading at 26x earnings, in line with 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.
ZBH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $95.8 | 9.1% above |
| 20 week MA | $95.4 | 9.6% above |
| 50 week MA | $92.2 | 13% above |
| 100 week MA | $96.3 | 8.6% above |
| 200 week MA | $108.2 | 3.4% below |
ZBH 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.
ZBH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $145.5 | $144.8 | -0.5% |
| 2021 | $144.8 | $123.2 | -15% |
| 2022 | $123.2 | $126.7 | +2.8% |
| 2023 | $126.7 | $121.7 | -3.9% |
| 2024 | $121.7 | $106.9 | -12% |
| 2025 | $106.9 | $90.8 | -15% |
| 2026 YTD | $90.8 | $104.6 | +15% |
ZBH has the edge over NVO on returns for 2026, with the stronger performance.