Question 1

What is Novo Nordisk's P/B ratio?

Accepted Answer

Novo Nordisk (NVO) P/B ratio is 6.1× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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 P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Novo Nordisk?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Novo Nordisk specifically, the relevant sector benchmark is the current sector median of 3.4×.

Question 5

Is Novo Nordisk's P/B ratio high or low?

Accepted Answer

Novo Nordisk's P/B ratio of 6.1× is below its own 5-year average of 93.7× and above the sector median of 3.4×. That places the current reading at the 4th 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 P/B ratio range?

Accepted Answer

In the available daily series, Novo Nordisk (NVO) P/B ratio has ranged from a low of 3.7× in 2004 to a high of 278.5× in 2024. The 5-year average is 93.7× and the 5-year median is 34.7×.

Question 7

What was Novo Nordisk's P/B ratio in 2025?

Accepted Answer

Novo Nordisk (NVO) P/B ratio at the end of 2025 was 7.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Novo Nordisk's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$30.52B	7.4×	-11.8×	Dec 31, 2025
2024	$383.10B	$19.92B	19.2×	-9.7×	Dec 31, 2024
2023	$455.77B	$15.78B	28.9×	+3.5×	Dec 31, 2023
2022	$305.06B	$12.02B	25.4×	+1.7×	Dec 31, 2022
2021	$256.12B	$10.82B	23.7×	-71.2×	Dec 31, 2021
2020	$162.15B	$1.71B	94.9×	-10.4×	Dec 31, 2020
2019	$136.69B	$1.30B	105.3×	+91.3×	Dec 31, 2019
2018	$111.37B	$7.96B	14.0×	-2.7×	Dec 31, 2018
2017	$133.70B	$8.03B	16.7×	+2.6×	Dec 31, 2017
2016	$90.10B	$6.41B	14.1×	-7.7×	Dec 31, 2016
2015	$149.17B	$6.84B	21.8×	+4.9×	Dec 31, 2015
2014	$110.79B	$6.55B	16.9×	+4.4×	Dec 31, 2014
2013	$98.35B	$7.87B	12.5×	+0.1×	Dec 31, 2013
2012	$89.07B	$7.19B	12.4×	+2.4×	Dec 31, 2012
2011	$65.08B	$6.53B	10.0×	+0.2×	Dec 31, 2011
2010	$64.87B	$6.64B	9.8×	+4.3×	Dec 31, 2010
2009	$37.92B	$6.88B	5.5×	+0.4×	Dec 31, 2009
2008	$31.66B	$6.21B	5.1×	-1.4×	Dec 31, 2008
2007	$40.98B	$6.31B	6.5×	+1.5×	Dec 31, 2007
2006	$26.80B	$5.33B	5.0×	+0.8×	Dec 31, 2006
2005	$18.37B	$4.38B	4.2×	+0.5×	Dec 31, 2005
2004	$18.19B	$4.87B	3.7×	—	Dec 31, 2004


Quest Diagnostics (DGX)	2.9×
Moderna (MRNA)	2.7×
Charles River (CRL)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Danaher (DHR)	2.4×
UnitedHealth Group (UNH)	2.4×
Solventum (SOLV)	2.3×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Molina Healthcare (MOH)	1.7×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Elevance Health (ELV)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Revvity (RVTY)	1.4×
Zimmer Biomet Holdings (ZBH)	1.2×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Centene (CNC)	0.8×

P/B Ratio for Novo Nordisk (NVO)

P/B Ratio daily chart for Novo Nordisk (NVO)

Historical P/B Ratio for Novo Nordisk (NVO) from 2004 to 2025

About P/B Ratio at Novo Nordisk (NVO)

Novo Nordisk P/B Ratio by Year

Novo Nordisk P/B Ratio 2025: 7.4×

Novo Nordisk P/B Ratio 2024: 19.2×

Novo Nordisk P/B Ratio 2023: 28.9×

Novo Nordisk P/B Ratio 2022: 25.4×

Novo Nordisk P/B Ratio 2021: 23.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Novo Nordisk (NVO) Key Financials

P/B Ratio daily chart for Novo Nordisk (NVO)

Historical P/B Ratio for Novo Nordisk (NVO) from 2004 to 2025

About P/B Ratio at Novo Nordisk (NVO)

Novo Nordisk P/B Ratio by Year

Novo Nordisk P/B Ratio 2025: 7.4×

Novo Nordisk P/B Ratio 2024: 19.2×

Novo Nordisk P/B Ratio 2023: 28.9×

Novo Nordisk P/B Ratio 2022: 25.4×

Novo Nordisk P/B Ratio 2021: 23.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Novo Nordisk's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Novo Nordisk?

+Is Novo Nordisk's P/B ratio high or low?

+What is Novo Nordisk's historical P/B ratio range?

+What was Novo Nordisk's P/B ratio in 2025?

+Why does Novo Nordisk's P/B ratio change over time?

Novo Nordisk (NVO) Key Financials