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Novo Nordisk A/S (0QIU) fair value: what the stock is really worth
As of Nov 2, 2026: fair value (intrinsic value) of Novo Nordisk A/S stock DKK 404, price DKK 270, upside +50.0%, quality 69 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Thin data
Nov 1, 2026
Thin data
Nov 1, 2026
Novo Nordisk A/S
0QIU · LSEUndervalued, but in a downtrend
The stock costs 33% less than our calculation considers fair.
Fair value kr 404.33 · Undervalued (33%)
Quality 69/100
Highly profitable · 33.4% net margin (TTM)
1.7% dividend yield · Sustainable
Wide moat 91/100
Costs just 0.4 times its yearly profit.
Mixed Growth (revenue 3y +8.0 %/yr in DKK)
Thin data
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range kr 225.35 – kr 956.70 · fair‑value band kr 195.59 – kr 553.77 · the kr 269.63 price screens below the kr 404.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
Company profile
Novo Nordisk A/S, a healthcare company, engages in the research, development, manufacture, and marketing of pharmaceutical products worldwide. It operates in two segments, Diabetes and Obesity care, and Rare Disease.
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The Diabetes and Obesity care segment provides products in the areas of insulins, GLP-1 and related delivery systems, oral antidiabetic products, obesity, glucagon, needles, and other chronic diseases.
The Rare Disease segment offers products in the areas of haemophilia, blood disorders, endocrine disorders, growth disorders, and hormone replacement therapy.
The company has a collaboration agreement with Gilead Sciences, Inc.; and research collaboration with Novo Nordisk to discover cell-specific carriers of nucleic acid therapeutics. The company was founded in 1923 and is headquartered in Bagsvaerd, Denmark.
Stock analysis
Novo Nordisk A/S (0QIU) currently trades at kr 269.63, while our model-based Fair Value estimate is kr 404.33, implying the stock looks roughly 33.3% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 400.39 per share, and 12 of the 26 models we run sit above the kr 269.63 price.
Bear case: the Economic Profit group reads lowest at kr 123.00, and 14 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: kr 195.59 (bear) to kr 553.77 (bull), the price of kr 269.63 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Novo Nordisk A/S reported revenue of 141B DKK in FY2021 versus 112B DKK in FY2017, a compound +6.0%/yr. Reported net income was 47.8B DKK in FY2021, compounding +5.8%/yr from FY2017.
Key figures
Market cap 19.9B DKK (≈ $3.0B) Mid · P/E ratio 0.4 · P/S ratio 0.13 · EPS (TTM) kr 21.50 · Dividend yield 1.7% · Net margin 33.9% · Return on equity 81.5% · Return on assets (EBIT) 40.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 31% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −12% fair-value upside, at 50%, 0QIU screens cheaper than that median.
Fair Value models
Bear kr 195.59
Fair Value kr 404.33
Bull kr 553.77
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF
kr 243.49
kr 390.27
kr 622.34
73
Growth DCF
kr 246.08
kr 373.06
kr 559.78
71
EPV
kr 193.55
kr 224.70
kr 251.95
70
All 26 models by family
DCF Models
FCF DCF
kr 243.49
kr 390.27
kr 622.34
73
Owner Earnings
kr 120.69
kr 191.33
kr 303.01
69
5Y Revenue Exit
kr 165.14
kr 247.63
kr 352.04
66
5Y EBITDA Exit
kr 251.62
kr 413.67
kr 605.80
68
5Y P/E Exit
kr 280.70
kr 469.50
kr 672.34
64
10Y Revenue Exit
kr 186.95
kr 270.37
kr 382.29
61
10Y EBITDA Exit
kr 246.52
kr 387.32
kr 580.79
62
10Y P/E Exit
kr 265.25
kr 426.64
kr 632.84
58
Earnings-Based
Graham-Dodd
kr 134.52
kr 472.35
kr 635.33
62
Lynch FV
kr 110.23
kr 157.47
kr 204.71
58
PEG = 1.0
kr 110.23
kr 157.47
kr 204.71
55
EPV
kr 193.55
kr 224.70
kr 251.95
70
Dividend Discount
Gordon GGM
kr 81.88
kr 170.31
kr 270.32
63
DDM Multi-Stage
kr 81.88
kr 143.34
kr 178.74
64
Multiples
P/E Multiple
kr 326.41
kr 435.22
kr 544.02
63
P/S Multiple
kr 153.10
kr 204.13
kr 255.17
58
P/B Multiple
kr 38.55
kr 51.40
kr 64.25
55
EV/EBIT
kr 316.50
kr 419.75
kr 522.99
63
EV/EBITDA
kr 284.08
kr 376.51
kr 468.94
64
EV/Revenue
kr 129.26
kr 181.75
kr 234.24
51
Asset-Based
NCAV (Graham)
kr 5.71
kr 7.65
kr 11.42
51
Growth DCF
Growth DCF
kr 246.08
kr 373.06
kr 559.78
71
Rev-Margin DCF
kr 165.14
kr 249.14
kr 349.67
67
Economic Profit
Residual Income
kr 94.33
kr 123.00
kr 240.09
69
ROIC Compounder
kr 200.45
kr 240.79
kr 281.59
67
Growth Earnings
Growth-Adj P/E
kr 280.27
kr 400.39
kr 520.51
65
Quality Score breakdown
Overall quality
69/100
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Profitability
90
How much profit the company makes from its sales and capital
Quality Growth
26
Are margins and returns getting better?
Cashflow
78
Do the profits arrive as real cash?
Financial strength
77
Debt, balance sheet and risk of trouble
Investment
44
Does it invest with discipline instead of growing at any price?
Low Volatility
65
How calm the share price moves, does not count
Price momentum
23
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high
22
Distance to the 52-week high, does not count
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+10.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
’17
’18
’19
’20
’21
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
43.8% (2017) → 41.7% (2021)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - General · 74 stocks
Beats the industry median on 9/10 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Drug Manufacturers - General median · lower = cheaper
Context: sector, industry, market
- Is the Health Care sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Price/FCF by industry
- Debt-to-equity by industry
- Piotroski F-Score screener with fair value
- Undervalued stocks: UK Stocks
- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Drug Manufacturers - General stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Bristol-Myers Squibb Company BMY | $62.48 | $75.91 | +21% | vs 0QIU |
| Amgen Inc AMGN | $466.01 | $512.61 | +10% | vs 0QIU |
| Gilead Sciences, Inc GILD | $170.68 | $187.75 | +10% | vs 0QIU |
| Novartis AG NOVN | CHF 131.52 | CHF 120.96 | −8% | vs 0QIU |
| AbbVie Inc ABBV | $294.89 | $259.62 | −12% | vs 0QIU |
| Merck & Co MRK | $149.52 | $129.26 | −14% | vs 0QIU |
| Pfizer Inc PFE | $30.52 | $24.87 | −19% | vs 0QIU |
| Roche Holding RO | CHF 406.60 | CHF 326.56 | −20% | vs 0QIU |
| Johnson & Johnson, JNJ | $273.20 | $168.85 | −38% | vs 0QIU |
| Eli Lilly and Company LLY | $1,418 | $749.92 | −47% | vs 0QIU |
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Frequently asked questions
Is Novo Nordisk A/S (0QIU) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of kr 404.33 versus a price of kr 269.63, about +50% upside (undervalued).
What is the fair value of 0QIU?
Our model-based fair value for Novo Nordisk A/S is kr 404.33 (as of Nov 1, 2026), built from audited fundamentals. The current price: kr 269.63.
What is the quality score of 0QIU?
Novo Nordisk A/S has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Novo Nordisk A/S (0QIU)?
Our model-based price target is the fair value of kr 404.33 (as of Nov 1, 2026) from 26 valuation models. Cautious scenario kr 195.59, optimistic scenario kr 553.77. It is a calculation from audited fundamentals, not an analyst target.
What is the Novo Nordisk A/S stock forecast for 2026?
Our models put fair value at kr 404.33, about +50% upside versus a price of kr 269.63 (undervalued). Cautious scenario kr 195.59, optimistic scenario kr 553.77. The calculation is refreshed regularly with new filings.
What is the revenue of Novo Nordisk A/S (0QIU)?
Novo Nordisk A/S reported trailing-twelve-month revenue of about 201B DKK (latest available figure, as of Nov 1, 2026).
Does Novo Nordisk A/S pay a dividend?
Novo Nordisk A/S currently shows a dividend yield of 1.69% relative to its recent price (as of Nov 1, 2026).
What is the intrinsic value of Novo Nordisk A/S (0QIU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Novo Nordisk A/S it is kr 404.33 per share (as of Nov 1, 2026), against a price of kr 269.63. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Novo Nordisk A/S stock overvalued or undervalued in 2026?
As of Nov 1, 2026, 0QIU trades below its calculated fair value: price kr 269.63, fair value kr 404.33, a gap of about +50% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0QIU?
No. The price is what the market pays today (kr 269.63); the fair value is what the company's own numbers justify (kr 404.33). For Novo Nordisk A/S the two are kr 134.70 per share apart. That gap is exactly why we show both numbers side by side.
How much is Novo Nordisk A/S worth?
The market values Novo Nordisk A/S at about 19.9B DKK (market capitalisation, as of Nov 1, 2026). Per share that is kr 269.63; our models calculate a fair value of kr 404.33 per share.
What do the bullish and bearish scenarios say about 0QIU?
Our models span a range for Novo Nordisk A/S: cautious scenario kr 195.59, base kr 404.33, optimistic kr 553.77 per share (as of Nov 1, 2026, price kr 269.63). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0QIU?
Novo Nordisk A/S trades at a price-to-earnings ratio of 0.4 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 404.33 is built from several models across several years. Other multiples: P/B 0.3, P/S 0.1.
How solid is the balance sheet of Novo Nordisk A/S (0QIU)?
Balance-sheet figures for Novo Nordisk A/S (as of Nov 1, 2026): return on equity 81.5%. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is 0QIU from its 52-week high?
Novo Nordisk A/S trades at kr 269.63, about 31% below its 52-week high of kr 392.13 and 20% above the low of kr 225.35 (as of Nov 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 404.33 is for.
Which stocks are comparable to Novo Nordisk A/S?
From the same area (Healthcare) we also value Eli Lilly and Company, Johnson & Johnson,, AbbVie Inc, Roche Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Novo Nordisk A/S stock attractive at the current price?
The data as of Nov 1, 2026: price kr 269.63, calculated fair value kr 404.33 (+50%), Quality Score 69/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0QIU calculated?
We run Novo Nordisk A/S through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 404.33, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Novo Nordisk A/S currently trades 33 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Novo Nordisk A/S (0QIU)?
The closing price on Nov 2, 2026 was kr 269.63. Our model-based fair value is kr 404.33, about +50% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Novo Nordisk A/S right now?
The model range is unusually wide (kr 195.59 to kr 553.77). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Novo Nordisk A/S
How large is the market capitalisation of Novo Nordisk A/S (0QIU)?
The market capitalisation of Novo Nordisk A/S is 19.9B DKK (≈ $3.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Novo Nordisk A/S (0QIU)?
The price-to-sales ratio of Novo Nordisk A/S is 0.13 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Novo Nordisk A/S (0QIU)?
Earnings per share at Novo Nordisk A/S are kr 21.50 (price ÷ EPS = P/E 0.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Novo Nordisk A/S (0QIU)?
The dividend yield of Novo Nordisk A/S is 1.7% (payout 21.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Novo Nordisk A/S (0QIU)?
The net margin of Novo Nordisk A/S is 33.9% (fiscal year 2021). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Novo Nordisk A/S (0QIU)?
The return on equity (ROE) of Novo Nordisk A/S is 81.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Novo Nordisk A/S (0QIU)?
On an EBIT basis the return on assets of Novo Nordisk A/S is 40.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Novo Nordisk A/S (0QIU)?
The operating margin of Novo Nordisk A/S is 43.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Novo Nordisk A/S (0QIU)?
Revenue at Novo Nordisk A/S is growing +31.6% versus a year earlier (3y avg +8.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Novo Nordisk A/S (0QIU)?
Earnings per share at Novo Nordisk A/S are growing +47.3% versus a year earlier. How much earnings per share grew versus a year earlier.
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