Novo Nordisk A/S (NOVO-B) Fair Value & Analysis
Healthcare · DK · Market cap 1.5T DKK (≈ $227B) · ISIN DK0062498333
What is Novo Nordisk A/S really worth?
A solid business, trading 29% below our fair value of kr 409.46.
Strengths
Risks
For context
Fair value as of: Aug 31, 2026
From 26 valuation models · updated yesterday
Share price −4.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide (kr 206.04 to kr 565.28). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.
How to read this chart
60‑month range kr 216.38 – kr 962.38 · fair‑value band kr 206.04 – kr 565.28 · the kr 292.40 price screens below the kr 409.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 31, 2026.
Analysis
Novo Nordisk A/S (NOVO-B) currently trades at kr 292.40, while our model-based Fair Value estimate is kr 409.46, implying the stock looks roughly 28.6% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Healthcare sector. Bull case: the Growth Earnings group reads highest at a median of kr 425.74 per share, and 10 of the 26 models we run sit above the kr 292.40 price. Bear case: the Growth DCF group reads lowest at kr 133.57, and 16 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Novo Nordisk A/S generated revenue of 328B DKK at a net margin of 37.2%. Revenue grew 24.0% year over year. It earns a return on equity of 71.4%. Net debt stands at 104B DKK. Fundamentals as of Aug 31, 2026
Our scenario range runs from kr 206.04 (bear case) to kr 565.28 (bull case); at kr 292.40, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 43% below its 52-week high and 35% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −18% fair-value upside, at 40%, NOVO-B screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 10.47 per share, which is 2.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings (kr 425.74) versus Asset-Based (kr 29.23). Highest evidence: FCF DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 48
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products. It operates through two segments, Obesity and Diabetes Care, and Rare Disease. The Obesity and Diabetes care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas.
Full company description
Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products. It operates through two segments, Obesity and Diabetes Care, and Rare Disease. The Obesity and Diabetes care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas. The Rare Disease segment offers products in the areas of rare blood disorders, rare endocrine disorders, and hormone replacement therapy. The company also provides NovoPen 6 and NovoPen Echo Plus, smart insulin pens; Dose Check, an insulin dose guidance application; growth hormone pens and injection needles; and Wegovy pill an oral glucagon-like peptide-1 (GLP-1) receptor agonist therapy for weight management. It operates in Europe, Canada, the United States, Japan, Korea, Oceania, Southeast Asia, Mainland China, Hong Kong and Taiwan, Latin America, the Middle East, and Africa. Novo Nordisk A/S was founded in 1923 and is headquartered in Bagsvaerd, Denmark.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Novo Nordisk A/S reported revenue of 309B DKK in FY2025 versus 141B DKK in FY2021, a compound +21.7%/yr. Reported net income was 102B DKK in FY2025, compounding +21.0%/yr from FY2021.
of which total revenue +11.6 % · buybacks/dilution +1.6 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
Watch NOVO-B: get an alert when its fair value changes →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Novo Nordisk AS's Dividend Analysis
- Novo Nordisk (CPSE:NOVO B) Could Be 65% Undervalued Following Its Interim Dividend
- Is Scholar Rock Holding Corporation (SRRK) Better Positioned than Novo Nordisk A/S (NVO) After Recent Setbacks?
- Jim Cramer Reevaluates Novo Nordisk (NVO) as Wegovy Pill Adoption Accelerates
Peer Group
Drug Manufacturers - General · 76 stocks
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.
Valuation Multiples vs Drug Manufacturers - General median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Drug Manufacturers - General stocks, each showing price versus our Fair Value estimate (as of Aug 31, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Eli Lilly and Company LLY | $1,176 | $389.47 | −67% |
| Johnson & Johnson, JNJ | $265.77 | $169.04 | −36% |
| AbbVie Inc ABBV | $258.15 | $67.72 | −74% |
| Roche Holding RO | CHF 374.60 | CHF 306.54 | −18% |
| Merck & Co MRK | €131.98 | €101.38 | −23% |
| Novartis AG NOVN | CHF 123.74 | CHF 114.90 | −7% |
| Amgen Inc AMGN | $436.99 | $252.02 | −42% |
| Gilead Sciences, Inc GILD | $148.86 | $146.50 | −2% |
| Pfizer Inc PFE | $28.02 | $24.87 | −11% |
| Bristol-Myers Squibb Company BMY | $66.58 | $75.98 | +14% |
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