NOVO-B.CO · Nasdaq Copenhagen
Novo Nordisk A/S
DKK 251.15Close 8 Oct 2026
Pharmaceuticals · Denmark · Market cap ≈ DKK 1.1T
Novo Nordisk, from Denmark, makes medicines for diabetes and obesity, including Ozempic and Wegovy, and treatments for rare blood and hormone disorders.
Why it's here: A quality business after a deep fall in its share price. The classic value question: is this a bargain or a trap?
NOVO-B.CO vs S&P 500
Price only, DKK. S&P 500 in USD. S&P 500 +69%.
A rare breed. Few companies turn capital into cash this easily.
Return on capital
43.6%Great
Every 100 it keeps earns about 44 a year. That is elite.
Free cash flow
19.1%Great
Real cash left over in 7 of the last 7 years. About 19 of every 100 in sales becomes real cash.
Consistent growth
+20.7%/yrGreat
Sales per share grew 21% a year, rising in 6 of 6 years. A machine.
Margins
41.3%Good
Keeps 41 of every 100 in sales as operating profit, but the trend is slipping. Watch it.
Debt
0.7× profitsGreat
Could clear every debt with less than a year of profits.
Buybacks vs dilution
-1%/yrGreat
Bought back 5% of its own shares in 5 years. Your slice grows while you sleep.
Where the money goes · FY2025
Where the money comes from
- Ozempic41%
- Wegovy26%
- Insulin17%
- Rybelsus7%
- Rare disease6%
- Other diabetes & obesity3%
- RevenueDKK 309.1B
- Cost of salesDKK 58.8B19%
- Gross profitDKK 250.3B81%
- R&DDKK 52.0B17%
- Other operating costsDKK 70.6B23%
- Operating profitDKK 127.7B41%
- TaxDKK 28.1B9%
- Net profitDKK 102.4B33%
Return on capital
Margins
Shares outstanding
What it does with the cash
FY2025: 90% of free cash flow went back to owners.
Balance sheet · 31 Dec 2025
- Buy below
- DKK 403.04
- Fair value
- DKK 575.77
- Price
- DKK 251.15
Today's price assumes earnings shrink ~5% a year for a decade. The past 5 years delivered 21%.
The quick check
It earns 35% on its capital and you pay 11× earnings. Beautiful.
Five ways to value it
Price DKK 251
Marketdaddy fair value
DKK 576
Steady earnings × 25
129% above the price
Scenario range
DKK 333 – DKK 1,332
Bad case to good case
231% above the price
Graham number
DKK 150
Graham's ceiling for careful investors
40% below the price
Lynch fair value
DKK 484
Earnings × 21% growth
93% above the price
No-growth value
DKK 230
If it never grows again
8% below the price
When most lenses sit far below the price, the market is betting on growth the past hasn't shown yet.
Margin: default until you answer question 03.
How the multiple is built
Your scenarios
Your turn. Drag the assumptions.
If it goes as expected
DKK 778
The market does 8 to 10% a year. Ask more and every price gets stricter.
Your weighted fair value
DKK 800
Today DKK 251
A great price: below DKK 560. That is your fair value minus a 30% safety cushion (default until you answer question 03).
Today's price sits in your buy zone.
A boring track record — sales up in 6 of 6 years, margins in a tight band. Boring is easier to predict.
A tight band. Boring — which is good.
Worth knowing
Your call
Only you know what you really understand.
Could you explain how it makes money in one minute?
If you can't, you're guessing.
Do you know this world from your job or daily life?
A doctor reads medical companies better. A builder reads housing better. That is your edge.
Will people still need this in ten years?
Cars will still crash. People will still snore. Will this still be needed?
Do you know what could kill it?
A competitor, a new technology, a law. If you can name the danger, you can watch it.
Answer all four. Your safety margin in question 02 moves with you.
Revenue per share, up or down
Up in 6 of 6 years.
Where the growth came from · 2023–2025
Want this for the stocks you own?
Free, no strings attached.
Only mail about your access. Leave whenever you like. Privacy
Also open
Sources
Figures from the 20-F for FY2025, filed with the SEC on 4 Feb 2026. Open the report
Monthly closing prices to 8 Oct 2026, adjusted for splits.
Marketdaddy owns Novo Nordisk (11.3% of the portfolio on 25 July 2026). This is not investment advice.