Novo Nordisk A/S

NONOF

Drug Manufacturers - General · Healthcare

Price

$49.70

+1.08 (+2.22%)

Market Cap

$220.79B

Exchange

Other OTC

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Jul 26, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−3.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 4.61B (2021) → 4.45B (2025)

Novo Nordisk is a Danish pharmaceutical company that makes medicines for people with diabetes and obesity. Its most well-known products are Ozempic and Wegovy, which are injectable drugs based on a molecule called GLP-1. The company also makes insulin and treatments for rare blood disorders like hemophilia.

Novo Nordisk earns money by selling its drugs to patients, hospitals, and healthcare systems around the world. It operates globally, with especially strong sales in the United States, which accounts for the majority of its revenue. The company's deep expertise in GLP-1 drugs and its large manufacturing capacity give it a significant edge over competitors — but its main risk is heavy dependence on a small number of blockbuster drugs, and growing competition from companies like Eli Lilly in the obesity and diabetes market could pressure its pricing and market share over time.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+24.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+67.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$45.1B/ year

↓ Declining (-6% vs prior year)

14.6% of revenue

In line with sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

28.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$23.9B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Novo Nordisk A/S is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

86.0%

Premium pricing power — 86.0% gross margin

Operating Margin

61.6%

Excellent — 61.6% operating margin

ROCE

17.1%

Strong — 17.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+8.1%

Steady sales growth (8.1% YoY)

EPS YoY

+16.7%

Earnings growing fast (16.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

97%

Turns 97% of profit into real cash

FCF Margin

17.8%

Converts sales into free cash efficiently (17.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.72

Moderate — manageable debt (0.72)

Interest Cover

58.68x

Comfortably covers interest (58.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

1.8x

Attractive valuation — P/E 1.8

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-0.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.65%

Moderate income — 3.65% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-2.9%

Dividend cut (-2.9% YoY) — warning sign

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