NVO
Novo Nordisk A/S
NVO has slightly lower modeled downside risk, despite its lower overall score.
ZYME
Zymeworks Inc.
ZYME has the edge over NVO overall, supported by stronger fundamentals.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ZYME Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Weak | |
| Weak |
ZYME's revenue and profitability are currently healthy, but its cash flow and balance sheet 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 has the edge over ZYME in the historical PE scenario, which offers more potential upside but is not a forecast.
ZYME PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.6x | $1.33 | -95% |
| Fair | 3.2x | $1.65 | -94% |
| Expensive | 4.5x | $2.34 | -91% |
| Forward | 49x | $26.47 | — |
| Current | 51x | $26.47 | — |
Historical ranges are pointers, not guarantees.
ZYME's PE is in its expensive range at 51x. On analysts' estimates for next year's earnings, today's price would be 49x.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
NVO has the edge over ZYME on the outlook, with more favorable earnings expectations.
ZYME Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong decline | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect ZYME's revenue to grow, but its earnings and profitability to decline. 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 ZYME on earnings, with more consistent year-over-year improvement.
ZYME Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.54 | +4.1% |
| Q3 2026 | $0.52 | +$1.37 |
| Q2 2026 | -$2.02 | -$1.04 |
| Q1 2026 | -$1.37 | +$0.13 |
| Q4 2025 | -$1.08 | +$0.54 |
| Q3 2025 | -$0.85 | +$0.63 |
| Q2 2025 | -$0.98 | +$0.52 |
| Q1 2025 | -$1.50 | +$0.27 |
| Q4 2024 | -$1.62 | +$0.10 |
ZYME has returned to profit: it earned $0.52 per share over the past year, after losing money 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'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's operating margin was 34% last quarter, down 9 points from the same quarter a year ago, near the bottom of its range since 2019.
ZYME Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $256.5M | +829% |
| Q2 2026 | $4.6M | -91% |
| Q1 2026 | $2.4M | -91% |
| Q4 2025 | $2.5M | -92% |
| Q3 2025 | $27.6M | +73% |
| Q2 2025 | $48.7M | +153% |
| Q1 2025 | $27.1M | +170% |
| Q4 2024 | $31M | +83% |
ZYME's revenue is recovering but still below its 2022 peak: $256M last quarter, up 829% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 69% | +149 points |
| Q2 2026 | -919% | -918 points |
| Q1 2026 | -1957% | -1862 points |
| Q4 2025 | -1756% | -1684 points |
| Q3 2025 | -80% | +134 points |
| Q2 2025 | -1.4% | +222 points |
| Q1 2025 | -94% | +282 points |
| Q4 2024 | -72% | +67 points |
ZYME has the edge over NVO on profitability, with a higher operating margin.
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 ZYME on cash generation, producing positive trailing cash flow while its opponent burns cash.
ZYME Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$24.1M | +$7.7M |
| Q2 2026 | -$31.9M | -376% |
| Q1 2026 | -$45.9M | -$42.5M |
| Q4 2025 | -$10.8M | +$31M |
| Q3 2025 | -$31.8M | -$25M |
| Q2 2025 | $11.6M | +$37.1M |
| Q1 2025 | -$3.4M | +$34.4M |
| Q4 2024 | -$41.8M | -408% |
ZYME has burned cash in almost every quarter: −$113M over the past year, against −$66M 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 ZYME 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.
ZYME Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +4.5% | +3.3M shares |
| 1 year | +0.6% | +477K shares |
| 3 years | +8% | +5.7M shares |
| 5 years | +46% | +24M shares |
| Available history | +101% | +38.2M shares |
ZYME has 76M diluted shares, up 0.6% from a year ago, despite $166M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $12M |
| Q2 2026 | $51.9M |
| Q1 2026 | $76.2M |
| Q4 2025 | $25.5M |
| Q4 2024 | $9.4M |
ZYME spent $166M buying back its own shares over the past year.
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 ZYME on leverage, with a lower net debt burden relative to earnings.
ZYME Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.9x | High |
ZYME's net debt is about 4.8 years of its operating earnings (EBITDA).
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).
ZYME Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.4 | Neutral |
| Stochastic | 63.0 | Neutral |
ZYME's weekly RSI is 51 (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 ZYME on valuation relative to its sector.
ZYME PE vs Healthcare Sector
| Metric | ZYME | Sector median | Relative |
|---|---|---|---|
| PE | 51x | 26x | 97% above |
| PE % | 100 | 29 | 71 pts above |
ZYME is trading at 51x earnings, a 97% premium 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.
ZYME Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $26.9 | 1.7% below |
| 20 week MA | $26.2 | 1% above |
| 50 week MA | $25.3 | 4.8% above |
| 100 week MA | $19.9 | 33% above |
| 200 week MA | $14.8 | 79% above |
ZYME 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.
ZYME Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $44.7 | $50.1 | +12% |
| 2021 | $50.1 | $16.6 | -67% |
| 2022 | $16.6 | $8.04 | -51% |
| 2023 | $8.04 | $10.4 | +29% |
| 2024 | $10.4 | $14.5 | +40% |
| 2025 | $14.5 | $26.9 | +85% |
| 2026 YTD | $26.9 | $26.5 | -1.5% |
ZYME has the edge over NVO on returns for 2026, with the stronger performance.