NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
ZTS
Zoetis Inc.
ZTS 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.
ZTS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
ZTS's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
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 ZTS in the historical PE scenario, which offers more potential upside but is not a forecast.
ZTS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 13x | $82.96 | — |
| Current | 14x | $82.96 | — |
| Cheap | 25x | $149 | +79% |
| Fair | 37x | $219 | +164% |
| Expensive | 47x | $275 | +232% |
Historical ranges are pointers, not guarantees.
ZTS's PE is in its cheap range at 14x. On analysts' estimates for next year's earnings, today's price would be 13x.
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.
ZTS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect ZTS's earnings, revenue and profitability to hold roughly 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 ZTS on earnings, with more consistent year-over-year improvement.
ZTS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.18 | +5.2% |
| Q3 2026 | $5.88 | -1% |
| Q2 2026 | $6.07 | +4.5% |
| Q1 2026 | $6.03 | +8.3% |
| Q4 2025 | $6.02 | +10% |
| Q3 2025 | $5.94 | +12% |
| Q2 2025 | $5.81 | +14% |
| Q1 2025 | $5.57 | +7.3% |
| Q4 2024 | $5.47 | +7.9% |
ZTS earned $5.88 per share over the past year, down 1% from 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 ZTS on sales, with stronger typical year-over-year growth.
| 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 ZTS on profitability, with a higher operating margin.
ZTS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.4B | -0.4% |
| Q2 2026 | $2.5B | +0.3% |
| Q1 2026 | $2.3B | +1.9% |
| Q4 2025 | $2.4B | +3% |
| Q3 2025 | $2.4B | +0.5% |
| Q2 2025 | $2.5B | +4.2% |
| Q1 2025 | $2.2B | +1.4% |
| Q4 2024 | $2.3B | +4.7% |
ZTS's revenue grew through 2024 and has held roughly level since: $2.4B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -6.5 points |
| Q2 2026 | 35% | -1.6 points |
| Q1 2026 | 34% | -3 points |
| Q4 2025 | 32% | +0.3 points |
| Q3 2025 | 37% | +0.4 points |
| Q2 2025 | 37% | +3.6 points |
| Q1 2025 | 36% | +2.4 points |
| Q4 2024 | 32% | +2.2 points |
ZTS's operating margin was 30% last quarter, down 6.5 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 ZTS on cash flow, with more consistent year-over-year improvement.
ZTS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $717M | -11% |
| Q2 2026 | $538M | +75% |
| Q1 2026 | $291M | -34% |
| Q4 2025 | $732M | +6.2% |
| Q3 2025 | $805M | +2.7% |
| Q2 2025 | $308M | -17% |
| Q1 2025 | $438M | -3.7% |
| Q4 2024 | $689M | -1.4% |
ZTS's free cash flow has been positive every quarter for seven years: $2.3B over the past year, up 1.7% 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.
ZTS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.5% | -6.1M shares |
| 1 year | -7.1% | -31.6M shares |
| 3 years | -11% | -49.8M shares |
| 5 years | -14% | -64.7M shares |
| Available history | -15% | -70.2M shares |
ZTS has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $500M |
| Q2 2026 | $584M |
| Q1 2026 | $606M |
| Q4 2025 | $2.1B |
| Q3 2025 | $394M |
| Q2 2025 | $338M |
| Q1 2025 | $443M |
| Q4 2024 | $553M |
ZTS spent $3.8B buying back its own shares over the past year, up 117% 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 ZTS on leverage, with a lower net debt burden relative to earnings.
ZTS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.0x | Moderate |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.3x | Healthy |
ZTS's net debt is about 2.1 years of its operating earnings (EBITDA), up from 1.3 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).
ZTS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.0 | Neutral |
| Stochastic | 67.3 | Neutral |
ZTS's weekly RSI is 50 (neutral) and its Stochastic is 67 (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 ZTS on valuation relative to its sector.
ZTS PE vs Healthcare Sector
| Metric | ZTS | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 26x | 45% below |
| PE % | 7 | 29 | 22 pts below |
ZTS is trading at 14x earnings, a 45% discount to 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.
ZTS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $77.3 | 7.4% above |
| 20 week MA | $76.0 | 9.2% above |
| 50 week MA | $96.6 | 14% below |
| 100 week MA | $125.5 | 34% below |
| 200 week MA | $151.4 | 45% below |
ZTS 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 the edge over ZTS on returns for 2026, with the stronger performance.
ZTS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $133.3 | $160.7 | +21% |
| 2021 | $160.7 | $242.5 | +51% |
| 2022 | $242.5 | $145.8 | -40% |
| 2023 | $145.8 | $197.4 | +35% |
| 2024 | $197.4 | $164.6 | -17% |
| 2025 | $164.6 | $126.2 | -23% |
| 2026 YTD | $126.2 | $83.0 | -34% |
ZTS has finished lower in three of the last six years. It's down 34% so far in 2026.