Free Cash Flow for Novo Nordisk (NVO)
Free Cash Flow for Novo Nordisk (NVO): headline value $28.99B · YoY -58.4%. Annual and quarterly series, chart, and tables are below.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
NVO
Currently viewingFree Cash FlowSwitch metric
Latest period
$28.99B
YoY change
-58.4%
5Y CAGR
-0.6%
Peak year (2023)
$70.01B
Latest annual
$28.99B
Free Cash Flow history chart for Novo Nordisk (NVO) from 1990 to 2025
Free Cash Flow history table for Novo Nordisk (NVO) from 1990 to 2025
| Fiscal year | Period ended | Reported | Free Cash Flow | YoY |
|---|---|---|---|---|
| 2025 | $28.99B | -58.4% | ||
| 2024 | $69.66B | -0.5% | ||
| 2023 | $70.01B | +9.2% | ||
| 2022 | $64.13B | +34.7% | ||
| 2021 | $47.62B | +59.4% | ||
| 2020 | $29.87B | -16.0% | ||
| 2019 | $35.55B | +10.4% | ||
| 2018 | $32.21B | -1.0% | ||
| 2017 | $32.52B | -18.8% | ||
| 2016 | $40.05B | +25.6% | ||
| 2015 | $31.88B | +16.5% | ||
| 2014 | $27.36B | +22.7% | ||
| 2013 | $22.30B | +19.9% | ||
| 2012 | $18.59B | +3.0% | ||
| 2011 | $18.04B | +14.3% | ||
| 2010 | $15.78B | +28.2% | ||
| 2009 | $12.31B | +13.4% | ||
| 2008 | $10.85B | +43.4% | ||
| 2007 | $7.57B | +71.1% | ||
| 2006 | $4.42B | -7.9% | ||
| 2005 | $4.80B | +7.1% | ||
| 2004 | $4.48B | +22.3% | ||
| 2003 | $3.67B | +295.4% | ||
| 2002 | $927.18M | +146.6% | ||
| 2001 | $375.93M | -87.0% | ||
| 2000 | $2.90B | +70.3% | ||
| 1999 | $1.70B | +27.2% | ||
| 1998 | $1.34B | +217.0% | ||
| 1997 | $421.78M | -434.0% | ||
| 1996 | -$126.28M | -112.2% | ||
| 1995 | $1.03B | +11.6% | ||
| 1994 | $925.51M | -290.0% | ||
| 1993 | -$487.20M | -21.9% | ||
| 1992 | -$624.11M | +281.0% | ||
| 1991 | -$163.80M | -149.2% | ||
| 1990 | $332.70M | — |
Free Cash Flow values are taken from Novo Nordisk's reported cash flow statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in DKK as filed.
Analysis
Novo Nordisk (NVO) most recent annual free cash flow stands at $28.99B (2025) – plunged 58.4% year-over-year.
Through 2020–2025 (5 years), Novo Nordisk free cash flow delivered a -0.6% annualised rate; with a net decline across the window.
Novo Nordisk free cash flow peaked at $70.01B in 2023; the latest annual figure is $28.99B in 2025 (58.6% below peak).
The highest annual free cash flow of $70.01B was reported in 2023. The lowest in the available history was -$624.11M in 1992.
Among 8 Healthcare peers, Novo Nordisk (NVO) ranks 1st; the peer median for free cash flow is $12.06B.
Novo Nordisk Free Cash Flow by Year
Novo Nordisk Free Cash Flow 2025: $28.99B
Novo Nordisk free cash flow in 2025 was $28.99B, plunged 58.4% below 2024.
Novo Nordisk Free Cash Flow 2024: $69.66B
Novo Nordisk free cash flow in 2024 was $69.66B, edged down 0.5% below 2023.
Novo Nordisk Free Cash Flow 2023: $70.01B
Novo Nordisk free cash flow in 2023 was $70.01B, grew 9.2% from 2022. This figure represents the highest annual value in the available history.
Novo Nordisk Free Cash Flow 2022: $64.13B
Novo Nordisk free cash flow in 2022 was $64.13B, surged 34.7% from 2021.
Novo Nordisk Free Cash Flow 2021: $47.62B
Novo Nordisk free cash flow in 2021 was $47.62B.
See more financial history for Novo Nordisk (NVO).
Sector peers — Free Cash Flow
Companies in the same sector as Novo Nordisk, ranked by their latest free cash flow.
| Company | Free Cash Flow | Sector |
|---|---|---|
| Johnson & Johnson (JNJ) | $19.70B | Healthcare |
| AbbVie Inc. (ABBV) | $17.82B | Healthcare |
| UnitedHealth Group Incorporated (UNH) | $16.07B | Healthcare |
| Merck & Co., Inc. (MRK) | $12.36B | Healthcare |
| AstraZeneca PLC (AZN) | $11.77B | Healthcare |
| Eli Lilly and Company (LLY) | $8.97B | Healthcare |
| Amgen Inc. (AMGN) | $8.10B | Healthcare |
| Thermo Fisher Scientific Inc. (TMO) | $6.29B | Healthcare |
Frequently asked questions
What is Novo Nordisk's free cash flow?
Latest reported free cash flow for Novo Nordisk (NVO) is $28.99B (period ending December 31, 2025).
How has Novo Nordisk free cash flow changed year-over-year?
Novo Nordisk (NVO) free cash flow changed -58.4% year-over-year on the latest annual filing.
What is the long-term growth rate of Novo Nordisk free cash flow?
Novo Nordisk (NVO) free cash flow compound annual growth rate is -0.6% over the most recent 5 years available.
When did Novo Nordisk free cash flow hit its highest annual value?
Novo Nordisk free cash flow reached its highest annual value of $70.01B in 2023.
What was Novo Nordisk free cash flow in 2024?
Novo Nordisk (NVO) free cash flow in 2024 was $69.66B.
What was Novo Nordisk free cash flow in 2025?
Novo Nordisk (NVO) free cash flow in 2025 was $28.99B.
Metrics overview
Pick a metric for charts, filings and peers — each row shows the latest TTM or most-recent-quarter value.
Explore more
NVO Overview
Company profile, financial tools, and key metrics
NVO Revenue Counter
Earns 9,800 DKK every second. See per minute, hour, and day.
NVO Earnings Counter
Earns 3,248 DKK per second net profit. See per minute, hour, and day.
NVO Economic Scale
Exceeds Cambodia's GDP. Compare with world economies.
NVO What If Invested
What if you had invested $1,000? See historical returns from any date.
NVO How It Makes Money
Discover visual breakdown of 309.06B DKK in revenue — where it comes from and where it goes.
NVO Stock Seasonality
Best and worst months to invest. Historical monthly returns heatmap.
NVO Price Target Scenarios
Model bear, base, and bull cases with EPS growth and exit P/E — pre-filled from analysts and history.
NVO Daily Price Character
Balanced · 47.3% historical win rate (green days). Streaks & record days.
NVO Buybacks
0.10% TTM buyback yield. Shareholder yield & SBC comparison.
NVO Stock Split History
5 splits on record. Dates, ratios, and cumulative multiple.
NVO Dividend Profile
Yield: 4.62%. Safety: 5/8. See full history.
NVO Dividend Calculator
How much dividend income would $1,000 have earned? Calculate from any date.
NVO Dividend Forecast
Project future income with DRIP, growth assumptions, and optional monthly contributions.