Question 1

What is Novo Nordisk's P/E ratio?

Accepted Answer

Novo Nordisk (NVO) P/E ratio is 10.1× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Novo Nordisk specifically, the relevant sector benchmark is the current sector median of 25.0×.

Question 5

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

Accepted Answer

Novo Nordisk's P/E ratio of 10.1× is below its own 5-year average of 30.8× and below the sector median of 25.0×. 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 P/E ratio range?

Accepted Answer

In the available daily series, Novo Nordisk (NVO) P/E ratio has ranged from a low of 9.9× in 2026 to a high of 50.6× in 2024. The 5-year average is 30.8× and the 5-year median is 33.0×.

Question 7

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

Accepted Answer

Novo Nordisk (NVO) P/E ratio at the end of 2025 was 14.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$15.45B	14.6×	-11.5×	Dec 31, 2025
2024	$383.10B	$14.65B	26.1×	-11.4×	Dec 31, 2024
2023	$455.77B	$12.15B	37.5×	-1.3×	Dec 31, 2023
2022	$305.06B	$7.87B	38.8×	+5.1×	Dec 31, 2022
2021	$256.12B	$7.60B	33.7×	+8.5×	Dec 31, 2021
2020	$162.15B	$6.44B	25.2×	+1.8×	Dec 31, 2020
2019	$136.69B	$5.84B	23.4×	+5.2×	Dec 31, 2019
2018	$111.37B	$6.14B	18.1×	-5.0×	Dec 31, 2018
2017	$133.70B	$5.78B	23.1×	+7.2×	Dec 31, 2017
2016	$90.10B	$5.64B	16.0×	-12.8×	Dec 31, 2016
2015	$149.17B	$5.19B	28.7×	+5.3×	Dec 31, 2015
2014	$110.79B	$4.72B	23.5×	+1.5×	Dec 31, 2014
2013	$98.35B	$4.48B	21.9×	-2.1×	Dec 31, 2013
2012	$89.07B	$3.70B	24.1×	+3.7×	Dec 31, 2012
2011	$65.08B	$3.19B	20.4×	-4.9×	Dec 31, 2011
2010	$64.87B	$2.57B	25.3×	+6.4×	Dec 31, 2010
2009	$37.92B	$2.01B	18.9×	+2.3×	Dec 31, 2009
2008	$31.66B	$1.91B	16.6×	-9.8×	Dec 31, 2008
2007	$40.98B	$1.56B	26.3×	+1.8×	Dec 31, 2007
2006	$26.80B	$1.09B	24.6×	+5.7×	Dec 31, 2006
2005	$18.37B	$976.81M	18.8×	-2.9×	Dec 31, 2005
2004	$18.19B	$839.16M	21.7×	—	Dec 31, 2004


Agilent Technologies (A)	23.1×
Medtronic (MDT)	22.2×
McKesson (MCK)	22.2×
Illumina (ILMN)	21.7×
ResMed (RMD)	21.6×
GE HealthCare (GEHC)	21.6×
Pfizer (PFE)	21.1×
Quest Diagnostics (DGX)	21.1×
Henry Schein (HSIC)	21.0×
AptarGroup (ATR)	20.9×
IQVIA (IQV)	20.7×
UnitedHealth Group (UNH)	20.4×
Biogen (BIIB)	19.7×
Zoetis (ZTS)	18.9×
Gilead Sciences (GILD)	18.8×
Humana (HUM)	18.5×
Regeneron Pharmaceuticals (REGN)	18.2×
Bristol-Myers Squibb (BMY)	17.0×
HCA Healthcare (HCA)	15.8×
DaVita (DVA)	13.3×
Incyte (INCY)	13.1×
Elevance Health (ELV)	12.3×
Cigna (CI)	11.1×
Solventum (SOLV)	7.9×
Universal Health Services (UHS)	7.2×

P/E Ratio for Novo Nordisk (NVO)

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

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

About P/E Ratio at Novo Nordisk (NVO)

Novo Nordisk P/E Ratio by Year

Novo Nordisk P/E Ratio 2025: 14.6×

Novo Nordisk P/E Ratio 2024: 26.1×

Novo Nordisk P/E Ratio 2023: 37.5×

Novo Nordisk P/E Ratio 2022: 38.8×

Novo Nordisk P/E Ratio 2021: 33.7×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Novo Nordisk (NVO) Key Financials

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

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

About P/E Ratio at Novo Nordisk (NVO)

Novo Nordisk P/E Ratio by Year

Novo Nordisk P/E Ratio 2025: 14.6×

Novo Nordisk P/E Ratio 2024: 26.1×

Novo Nordisk P/E Ratio 2023: 37.5×

Novo Nordisk P/E Ratio 2022: 38.8×

Novo Nordisk P/E Ratio 2021: 33.7×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

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

+How is the P/E ratio calculated?

+What is the P/E ratio?

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

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

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

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

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

Novo Nordisk (NVO) Key Financials