Novo Nordisk (NVO) valuation
Novo Nordisk P/E ratio history
Novo Nordisk trades at 9.9 times its earnings over the last twelve months. At its last 10 fiscal year ends its P/E ranged from 14.4 (year to Dec 2025) to 39.5 (year to Dec 2022), with a median of 24.3.
| Fiscal year ended | Price | EPS | P/E |
|---|---|---|---|
| Dec 31, 2025 | $50.88 | $3.54 | 14.4 |
| Dec 31, 2024 | $86.02 | $3.25 | 26.4 |
| Dec 31, 2023 | $103.45 | $2.71 | 38.2 |
| Dec 31, 2022 | $67.67 | $1.71 | 39.5 |
| Dec 31, 2021 | $56.00 | $1.62 | 34.5 |
| Dec 31, 2020 | $34.92 | $1.39 | 25.2 |
| Dec 31, 2019 | $28.94 | $1.23 | 23.5 |
| Dec 31, 2018 | $23.04 | $1.28 | 18.0 |
| Dec 31, 2017 | $26.84 | $1.19 | 22.6 |
| Dec 31, 2016 | $17.93 | $1.11 | 16.2 |
n/m: not meaningful (a loss, or earnings close to zero). The daily P/E line is a chart indicator in the app.
Novo Nordisk valuation against its peers
| Company | Market value | P/E | Forward P/E | Price / sales |
|---|---|---|---|---|
| Novo NordiskNVO | $178B | 9.9 | — | 3.5 |
| PfizerPFE | $174B | 40.2 | 10.5 | 2.7 |
| Bristol Myers SquibbBMY | $128B | 13.8 | 9.5 | 2.6 |
| MerckMRK | $369B | 119.6 | 25.0 | 5.6 |
| Johnson & JohnsonJNJ | $658B | 41.5 | 23.8 | 6.6 |
| ZoetisZTS | $33.4B | 13.0 | 12.6 | 3.5 |
| Eli LillyLLY | $1.33T | 46.0 | 31.0 | 15.4 |
| ViatrisVTRS | $22.2B | — | 7.3 | 1.5 |
| Corcept TherapeuticsCORT | $8.71B | 193.1 | 25.7 | 10.5 |
| Peer median | 41.5 | 18.2 | 4.5 |
Reading these multiples
The P/E divides the share price by earnings per share over the last twelve months; the forward P/E divides it by the earnings analysts expect over the next twelve. Price to sales compares the company's market value with its revenue over the last twelve months. A multiple reads differently from one industry to the next, so the peer group above is the fairer comparison.
See also: NVO financials · NVO returns
No forecast, no recommendation. This page describes Novo Nordisk from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.