Question 1

What is Novo Nordisk's EV/EBITDA ratio?

Accepted Answer

Novo Nordisk (NVO) EV/EBITDA ratio is 7.5× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Novo Nordisk?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Novo Nordisk specifically, the relevant sector benchmark is the current sector median of 15.0×.

Question 5

Is Novo Nordisk's EV/EBITDA ratio high or low?

Accepted Answer

Novo Nordisk's EV/EBITDA ratio of 7.5× is below its own 5-year average of 21.9× and below the sector median of 15.0×. That places the current reading at the 0th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Novo Nordisk's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Novo Nordisk (NVO) EV/EBITDA ratio has ranged from a low of 7.3× in 2026 to a high of 36.3× in 2024. The 5-year average is 21.9× and the 5-year median is 23.2×.

Question 7

What was Novo Nordisk's EV/EBITDA ratio in 2025?

Accepted Answer

Novo Nordisk (NVO) EV/EBITDA ratio at the end of 2025 was 10.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Novo Nordisk's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$226.31B	$23.86B	10.2×	-7.3×	Dec 31, 2025
2024	$383.10B	$22.59B	17.4×	-9.7×	Dec 31, 2024
2023	$455.77B	$16.78B	27.1×	-1.1×	Dec 31, 2023
2022	$305.06B	$10.80B	28.3×	+3.5×	Dec 31, 2022
2021	$256.12B	$10.41B	24.7×	+6.8×	Dec 31, 2021
2020	$162.15B	$9.04B	17.9×	+1.2×	Dec 31, 2020
2019	$136.69B	$8.17B	16.7×	+3.4×	Dec 31, 2019
2018	$111.37B	$8.22B	13.3×	-3.5×	Dec 31, 2018
2017	$133.70B	$7.79B	16.8×	+5.3×	Dec 31, 2017
2016	$90.10B	$7.58B	11.5×	-9.5×	Dec 31, 2016
2015	$149.17B	$6.98B	21.0×	+4.4×	Dec 31, 2015
2014	$110.79B	$6.55B	16.5×	+0.0×	Dec 31, 2014
2013	$98.35B	$5.80B	16.5×	-1.4×	Dec 31, 2013
2012	$89.07B	$4.82B	17.9×	+3.4×	Dec 31, 2012
2011	$65.08B	$4.27B	14.5×	-0.8×	Dec 31, 2011
2010	$64.87B	$4.06B	15.4×	+4.1×	Dec 31, 2010
2009	$37.92B	$3.18B	11.2×	-0.5×	Dec 31, 2009
2008	$31.66B	$2.57B	11.7×	-12.6×	Dec 31, 2008
2007	$40.98B	$1.64B	24.3×	+8.1×	Dec 31, 2007
2006	$26.80B	$1.61B	16.2×	+2.8×	Dec 31, 2006
2005	$18.37B	$1.35B	13.4×	-1.9×	Dec 31, 2005
2004	$18.19B	$1.17B	15.2×	—	Dec 31, 2004


Align Technology (ALGN)	14.0×
Gilead Sciences (GILD)	13.9×
Labcorp Holdings (LH)	13.6×
Amgen (AMGN)	13.6×
Charles River (CRL)	13.2×
Regeneron Pharmaceuticals (REGN)	12.9×
GE HealthCare (GEHC)	12.9×
UnitedHealth Group (UNH)	12.7×
Pfizer (PFE)	12.4×
Henry Schein (HSIC)	12.0×
Medtronic (MDT)	11.7×
AptarGroup (ATR)	11.5×
Bristol-Myers Squibb (BMY)	11.5×
Zimmer Biomet Holdings (ZBH)	11.2×
Biogen (BIIB)	10.5×
HCA Healthcare (HCA)	10.0×
Molina Healthcare (MOH)	8.8×
DaVita (DVA)	8.5×
IQVIA (IQV)	8.2×
Incyte (INCY)	7.9×
Cigna (CI)	7.8×
Elevance Health (ELV)	6.8×
Solventum (SOLV)	5.8×
Universal Health Services (UHS)	5.7×
Humana (HUM)	4.5×

EV/EBITDA for Novo Nordisk (NVO)

EV/EBITDA daily chart for Novo Nordisk (NVO)

Historical EV/EBITDA for Novo Nordisk (NVO) from 2004 to 2025

About EV/EBITDA at Novo Nordisk (NVO)

Novo Nordisk EV/EBITDA by Year

Novo Nordisk EV/EBITDA 2025: 10.2×

Novo Nordisk EV/EBITDA 2024: 17.4×

Novo Nordisk EV/EBITDA 2023: 27.1×

Novo Nordisk EV/EBITDA 2022: 28.3×

Novo Nordisk EV/EBITDA 2021: 24.7×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Novo Nordisk (NVO) Key Financials

EV/EBITDA daily chart for Novo Nordisk (NVO)

Historical EV/EBITDA for Novo Nordisk (NVO) from 2004 to 2025

About EV/EBITDA at Novo Nordisk (NVO)

Novo Nordisk EV/EBITDA by Year

Novo Nordisk EV/EBITDA 2025: 10.2×

Novo Nordisk EV/EBITDA 2024: 17.4×

Novo Nordisk EV/EBITDA 2023: 27.1×

Novo Nordisk EV/EBITDA 2022: 28.3×

Novo Nordisk EV/EBITDA 2021: 24.7×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Novo Nordisk's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Novo Nordisk?

+Is Novo Nordisk's EV/EBITDA ratio high or low?

+What is Novo Nordisk's historical EV/EBITDA ratio range?

+What was Novo Nordisk's EV/EBITDA ratio in 2025?

+Why does Novo Nordisk's EV/EBITDA ratio change over time?

Novo Nordisk (NVO) Key Financials