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FCF Margin for Novo Nordisk (NVO)

As of · Reported

Metric

TTM

9.4%

YoY change

−14.61pp

Trough year (1992)

-5.8%

Peak year (2022)

36.2%

FCF Margin history chart for Novo Nordisk (NVO) from 1990 to 2025

Latest: 9.4%

FCF Margin change chart for Novo Nordisk (NVO) from 1990 to 2025

Latest: −14.61pp

FCF Margin history table for Novo Nordisk (NVO) from 1990 to 2025

  • 20259.4%-14.61pp
  • 202424.0%-6.16pp
  • 202330.1%-6.10pp
  • 202236.2%+2.43pp
  • 202133.8%+10.29pp
  • 202023.5%-5.61pp
  • 201929.1%+0.34pp
  • 201828.8%-0.32pp
  • 201729.1%-6.71pp
  • 201635.8%+6.29pp
  • 201529.5%-1.27pp
  • 201430.8%+4.12pp
  • 201326.7%+2.85pp
  • 201223.8%-3.37pp
  • 201127.2%+1.23pp
  • 201026.0%+1.86pp
  • 200924.1%+0.34pp
  • 200823.8%+5.70pp
  • 200718.1%+6.65pp
  • 200611.4%-2.83pp
  • 200514.2%-1.09pp
  • 200415.3%+1.56pp
  • 200313.8%+10.09pp
  • 20023.7%+2.10pp
  • 20011.6%-12.33pp
  • 200013.9%+3.57pp
  • 199910.3%+0.55pp
  • 19989.8%+7.31pp
  • 19972.5%+3.33pp
  • 1996-0.8%-8.38pp
  • 19957.5%+0.68pp
  • 19946.8%+10.55pp
  • 1993-3.7%+2.14pp
  • 1992-5.8%-4.18pp
  • 1991-1.7%-5.66pp
  • 19904.0%—

FCF Margin values are taken from Novo Nordisk's reported income statements (interim 6-K and annual 20-F filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in DKK as filed.

About FCF Margin at Novo Nordisk (NVO)

According to Novo Nordisk's latest reported financial statements, the company's latest reported free cash flow margin is 9.4%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.

Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .

As of the 2025 fiscal year, Novo Nordisk (NVO) reported free cash flow margin of 9.38% – contracted 14.6 percentage points year-over-year.

36.24% stands as the all-time-high annual free cash flow margin, posted in 2022, against a low of -5.85% during 1992.

Novo Nordisk FCF Margin by Year

Novo Nordisk FCF Margin 2025: 9.4%

2025's free cash flow margin for Novo Nordisk came in at 9.38%, contracted 14.6 percentage points from 2024.

Novo Nordisk FCF Margin 2024: 24.0%

Novo Nordisk posted free cash flow margin of 23.99% in 2024, contracted 6.2 percentage points from 2023.

Novo Nordisk FCF Margin 2023: 30.1%

In 2023, Novo Nordisk reported free cash flow margin of 30.14%, contracted 6.1 percentage points from 2022.

Novo Nordisk FCF Margin 2022: 36.2%

Novo Nordisk free cash flow margin in 2022 was 36.24%, expanded 2.4 percentage points from 2021. This figure represents the highest annual value in the available history.

Novo Nordisk FCF Margin 2021: 33.8%

Novo Nordisk free cash flow margin in 2021 was 33.82%.

See more financial history for Novo Nordisk (NVO).

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