Question 1

What is Novo Nordisk's P/S ratio?

Accepted Answer

Novo Nordisk (NVO) P/S ratio is 3.8× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

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

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Novo Nordisk specifically, the relevant sector benchmark is the current sector median of 3.5×.

Question 5

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

Accepted Answer

Novo Nordisk's P/S ratio of 3.8× is below its own 5-year average of 10.5× and above the sector median of 3.5×. That places the current reading at the 3th 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/S ratio range?

Accepted Answer

In the available daily series, Novo Nordisk (NVO) P/S ratio has ranged from a low of 2.9× in 2005 to a high of 18.5× in 2024. The 5-year average is 10.5× and the 5-year median is 10.8×.

Question 7

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

Accepted Answer

Novo Nordisk (NVO) P/S ratio at the end of 2025 was 4.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$46.78B	4.8×	-4.3×	Dec 31, 2025
2024	$383.10B	$42.10B	9.1×	-4.4×	Dec 31, 2024
2023	$455.77B	$33.71B	13.5×	+1.3×	Dec 31, 2023
2022	$305.06B	$25.02B	12.2×	+0.7×	Dec 31, 2022
2021	$256.12B	$22.37B	11.4×	+3.1×	Dec 31, 2021
2020	$162.15B	$19.44B	8.3×	+0.9×	Dec 31, 2020
2019	$136.69B	$18.29B	7.5×	+1.2×	Dec 31, 2019
2018	$111.37B	$17.70B	6.3×	-1.6×	Dec 31, 2018
2017	$133.70B	$16.95B	7.9×	+2.5×	Dec 31, 2017
2016	$90.10B	$16.61B	5.4×	-3.9×	Dec 31, 2016
2015	$149.17B	$16.06B	9.3×	+2.3×	Dec 31, 2015
2014	$110.79B	$15.79B	7.0×	+0.4×	Dec 31, 2014
2013	$98.35B	$14.89B	6.6×	-0.0×	Dec 31, 2013
2012	$89.07B	$13.47B	6.6×	+1.4×	Dec 31, 2012
2011	$65.08B	$12.39B	5.3×	-0.7×	Dec 31, 2011
2010	$64.87B	$10.82B	6.0×	+2.0×	Dec 31, 2010
2009	$37.92B	$9.57B	4.0×	+0.4×	Dec 31, 2009
2008	$31.66B	$8.99B	3.5×	-1.8×	Dec 31, 2008
2007	$40.98B	$7.72B	5.3×	+1.2×	Dec 31, 2007
2006	$26.80B	$6.54B	4.1×	+0.8×	Dec 31, 2006
2005	$18.37B	$5.61B	3.3×	-0.5×	Dec 31, 2005
2004	$18.19B	$4.87B	3.7×	—	Dec 31, 2004


Zimmer Biomet Holdings (ZBH)	2.1×
AptarGroup (ATR)	2.1×
Becton, Dickinson and (BDX)	2.1×
Charles River (CRL)	1.9×
Quest Diagnostics (DGX)	1.9×
IQVIA (IQV)	1.7×
GE HealthCare (GEHC)	1.6×
Labcorp Holdings (LH)	1.6×
HCA Healthcare (HCA)	1.4×
Solventum (SOLV)	1.4×
Viatris (VTRS)	1.1×
Baxter International (BAX)	0.8×
DaVita (DVA)	0.7×
Henry Schein (HSIC)	0.6×
Universal Health Services (UHS)	0.6×
UnitedHealth Group (UNH)	0.5×
Elevance Health (ELV)	0.3×
McKesson (MCK)	0.3×
Cigna (CI)	0.3×
CVS Health (CVS)	0.2×
Cardinal Health (CAH)	0.2×
Cencora (COR)	0.2×
Humana (HUM)	0.2×
Molina Healthcare (MOH)	0.2×
Centene (CNC)	0.1×

P/S Ratio for Novo Nordisk (NVO)

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

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

About P/S Ratio at Novo Nordisk (NVO)

Novo Nordisk P/S Ratio by Year

Novo Nordisk P/S Ratio 2025: 4.8×

Novo Nordisk P/S Ratio 2024: 9.1×

Novo Nordisk P/S Ratio 2023: 13.5×

Novo Nordisk P/S Ratio 2022: 12.2×

Novo Nordisk P/S Ratio 2021: 11.4×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Novo Nordisk (NVO) Key Financials

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

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

About P/S Ratio at Novo Nordisk (NVO)

Novo Nordisk P/S Ratio by Year

Novo Nordisk P/S Ratio 2025: 4.8×

Novo Nordisk P/S Ratio 2024: 9.1×

Novo Nordisk P/S Ratio 2023: 13.5×

Novo Nordisk P/S Ratio 2022: 12.2×

Novo Nordisk P/S Ratio 2021: 11.4×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

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

+How is the P/S ratio calculated?

+What is the P/S ratio?

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

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

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

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

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

Novo Nordisk (NVO) Key Financials