NVO
Novo Nordisk A/S
NVO has the edge over ZLAB overall, supported by stronger fundamentals and lower modeled downside.
ZLAB
Zai Lab Limited
ZLAB 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.
ZLAB Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Weak | |
| Under pressure | |
| Unavailable |
ZLAB's revenue is currently stable, but its profitability and cash flow are under pressure. There isn't enough data to rate its 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.
ZLAB PE Valuation
ZLAB 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.
ZLAB Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect ZLAB's losses to shrink, with revenue holding steady. 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 ZLAB on earnings quality, reporting a profit while its opponent remains loss making.
ZLAB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.19 | +$0.01 |
| Q2 2026 | -$0.18 | +$0.03 |
| Q1 2026 | -$0.17 | +$0.08 |
| Q4 2025 | -$0.16 | +$0.10 |
| Q3 2025 | -$0.20 | +$0.07 |
| Q2 2025 | -$0.21 | +$0.09 |
| Q1 2025 | -$0.25 | +$0.10 |
| Q4 2024 | -$0.26 | +$0.09 |
ZLAB is still losing money, but far less than before: $0.19 per share over the past year, against $0.46 at its worst in late 2022.
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 ZLAB 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 ZLAB on profitability, with a higher operating margin.
ZLAB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $108.2M | -6.8% |
| Q2 2026 | $106.3M | -3.3% |
| Q1 2026 | $99.6M | -6.5% |
| Q4 2025 | $127.6M | +17% |
| Q3 2025 | $116.1M | +14% |
| Q2 2025 | $110M | +9.4% |
| Q1 2025 | $106.5M | +22% |
| Q4 2024 | $109.1M | +66% |
ZLAB's revenue has held roughly level: $108M last quarter, down 6.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -58% | -16 points |
| Q2 2026 | -72% | -22 points |
| Q1 2026 | -70% | -17 points |
| Q4 2025 | -54% | +7.9 points |
| Q3 2025 | -42% | +24 points |
| Q2 2025 | -50% | +26 points |
| Q1 2025 | -53% | +28 points |
| Q4 2024 | -62% | +126 points |
ZLAB's operating margin was −58% last quarter, down 16 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 ZLAB on cash generation, producing positive trailing cash flow while its opponent burns cash.
ZLAB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$58.8M | -$23.8M |
| Q2 2026 | -$64.7M | -$30.8M |
| Q1 2026 | -$13.1M | +$50.1M |
| Q4 2025 | -$26.7M | +$31.7M |
| Q3 2025 | -$35M | -$6.9M |
| Q2 2025 | -$33.9M | +$9M |
| Q1 2025 | -$63.2M | +$27.8M |
| Q4 2024 | -$58.4M | -$43.2M |
ZLAB has burned cash in almost every quarter: −$163M over the past year, against −$191M 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 ZLAB 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.
ZLAB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +6.4M shares |
| 1 year | +1.9% | +21.3M shares |
| 3 years | +16% | +155M shares |
ZLAB has 1.1B diluted shares, up 1.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | — |
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).
ZLAB Net Leverage
ZLAB'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).
ZLAB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.3 | Neutral |
| Stochastic | 60.8 | Neutral |
ZLAB's weekly RSI is 58 (neutral) and its Stochastic is 61 (neutral).
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.
ZLAB PE vs Healthcare Sector
ZLAB 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.
ZLAB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $24.4 | 6.8% above |
| 20 week MA | $23.5 | 11% above |
| 50 week MA | $20.8 | 25% above |
| 100 week MA | $25.9 | 0.5% above |
| 200 week MA | $25.8 | 0.8% above |
ZLAB 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.
ZLAB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $40.3 | $133.8 | +232% |
| 2021 | $133.8 | $65.8 | -51% |
| 2022 | $65.8 | $30.8 | -53% |
| 2023 | $30.8 | $27.3 | -11% |
| 2024 | $27.3 | $26.6 | -2.6% |
| 2025 | $26.6 | $18.3 | -31% |
| 2026 YTD | $18.3 | $26.0 | +42% |
ZLAB has the edge over NVO on returns for 2026, with the stronger performance.