Novo Nordisk A/S (NVO) Balance Sheet

NYSE: NVOAssets, liabilities, debt and equity over 10 years.

NVO balance sheet, 2025

December 31, 2025 · Danish kroner

DKK 542.90B assets = DKK 348.86B liabilities + DKK 194.05B equity

Both columns are drawn to the same scale: what NVO owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NVO financial health

Current ratio0.80

Tight · current assets cover current liabilities 0.80×

Debt / equity0.67

Moderate leverage · DKK 0.67 of debt for each $1 of equity

Equity / assets35.7%

Balanced · of assets funded by shareholders

Cash / debt20.6%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles24.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

NVO balance sheet trends, 2016–2025

Novo Nordisk A/S balance sheet trends
Metric	Then	Latest	Change
Total assets	DKK 97.54B2016	DKK 542.90B2025	+21.0%/yr
Total liabilities	DKK 52.27B2016	DKK 348.86B2025	+23.5%/yr
Shareholders’ equity	DKK 45.27B2016	DKK 194.05B2025	+17.6%/yr
Cash & short-term investments	DKK 20.70B2016	DKK 26.96B2025	+3.0%/yr
Total debt	DKK 229.0M2016	DKK 130.96B2025	+102.5%/yr
Net cash (debt)	DKK 20.47B2016	−DKK 104.00B2025	DKK 124.5B
Working capital	DKK 12.33B2016	−DKK 43.21B2025	DKK 55.5B
Current ratio	1.262016	0.802025	−0.46
Debt / equity	0.012016	0.672025	+0.67
Shares outstanding	5.07B2016	4.45B2025	−1.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NVO assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NVO liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NVO debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NVO balance sheet in Danish kroner

Novo Nordisk A/S annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	DKK 26.96B	DKK 26.31B	DKK 30.23B	DKK 23.57B	DKK 17.48B	DKK 12.76B	DKK 15.47B	DKK 15.64B	DKK 18.85B	DKK 20.70B
Cash & equivalents	DKK 26.46B	DKK 15.65B	DKK 14.39B	DKK 12.65B	DKK 10.72B	DKK 12.76B	DKK 15.47B	DKK 15.64B	DKK 18.85B	DKK 18.69B
Short-term investments	DKK 498.0M	DKK 10.65B	DKK 15.84B	DKK 10.92B	DKK 6.76B	DKK 0	DKK 0	DKK 0	DKK 2.30B	DKK 2.01B
Receivables	DKK 75.70B	DKK 87.41B	DKK 75.26B	DKK 57.51B	DKK 46.80B	DKK 32.18B	DKK 29.15B	DKK 26.89B	DKK 23.55B	DKK 24.20B
Inventory	DKK 49.62B	DKK 40.85B	DKK 31.81B	DKK 24.39B	DKK 19.62B	DKK 18.54B	DKK 17.64B	DKK 16.34B	DKK 15.37B	DKK 14.34B
Other current assets	DKK 20.17B	DKK 6.33B	DKK 2.34B	DKK 2.73B	DKK 1.69B	DKK 2.33B	DKK 188.0M	DKK 204.0M	DKK 2.30B	DKK 529.0M
Total current assets	DKK 172.45B	DKK 160.90B	DKK 139.65B	DKK 108.19B	DKK 85.59B	DKK 65.81B	DKK 62.46B	DKK 59.07B	DKK 60.08B	DKK 59.77B
Property, plant & equipment (net)	DKK 208.38B	DKK 162.49B	DKK 90.96B	DKK 66.67B	DKK 55.36B	DKK 50.27B	DKK 50.55B	DKK 41.89B	DKK 35.25B	DKK 30.18B
Goodwill & intangible assets	DKK 130.05B	DKK 111.09B	DKK 60.41B	DKK 51.42B	DKK 43.17B	DKK 20.66B	DKK 5.83B	DKK 5.14B	DKK 3.33B	DKK 2.71B
Long-term investments	DKK 2.51B	DKK 2.68B	DKK 1.66B	DKK 1.34B	DKK 1.44B	DKK 1.65B	DKK 1.81B	DKK 1.77B	DKK 1.76B	DKK 2.20B
Other non-current assets	DKK 29.51B	DKK 28.64B	DKK 21.81B	DKK 13.63B	DKK 8.94B	DKK 6.54B	DKK 4.96B	DKK 2.89B	DKK 1.94B	DKK 2.68B
Total assets	DKK 542.90B	DKK 465.80B	DKK 314.49B	DKK 241.26B	DKK 194.51B	DKK 144.92B	DKK 125.61B	DKK 110.77B	DKK 102.36B	DKK 97.54B
Liabilities
Accounts payable	DKK 19.76B	DKK 28.85B	DKK 25.61B	DKK 15.59B	DKK 8.87B	DKK 5.72B	DKK 6.36B	DKK 6.76B	DKK 5.61B	DKK 6.01B
Short-term debt	DKK 12.02B	DKK 13.11B	DKK 6.48B	DKK 1.47B	DKK 13.68B	DKK 7.46B	DKK 1.47B	DKK 515.0M	DKK 1.69B	DKK 229.0M
Deferred revenue	—	—	DKK 107.59B	—	DKK 55.18B	DKK 38.73B	DKK 35.33B	DKK 44.87B	DKK 39.44B	DKK 38.62B
Total current liabilities	DKK 215.66B	DKK 217.53B	DKK 169.66B	DKK 120.94B	DKK 99.52B	DKK 70.27B	DKK 58.98B	DKK 54.16B	DKK 47.06B	DKK 47.44B
Long-term debt	DKK 118.94B	DKK 89.67B	DKK 20.53B	DKK 24.32B	DKK 12.96B	DKK 2.90B	DKK 3.01B	DKK 0	DKK 0	DKK 0
Lease obligations	DKK 8.57B	DKK 6.77B	DKK 5.73B	DKK 4.53B	DKK 4.13B	DKK 3.67B	DKK 3.82B	DKK 0	DKK 0	DKK 0
Other long-term liabilities	DKK 14.25B	DKK 15.11B	DKK 17.74B	DKK 12.51B	DKK 11.29B	DKK 8.43B	DKK 6.03B	DKK 4.77B	DKK 5.48B	DKK 4.83B
Total liabilities	DKK 348.86B	DKK 322.31B	DKK 207.93B	DKK 157.77B	DKK 123.76B	DKK 81.60B	DKK 68.02B	DKK 58.93B	DKK 52.54B	DKK 52.27B
Shareholders' equity
Common stock & paid-in capital	DKK 446.0M	DKK 446.0M	DKK 451.0M	DKK 456.0M	DKK 462.0M	DKK 470.0M	DKK 480.0M	DKK 490.0M	DKK 500.0M	DKK 510.0M
Retained earnings (deficit)	DKK 195.30B	DKK 144.45B	DKK 104.84B	DKK 80.59B	DKK 72.00B	DKK 63.77B	DKK 57.82B	DKK 53.41B	DKK 48.98B	DKK 46.11B
Treasury stock	—	—	—	—	−DKK 6.0M	−DKK 8.0M	−DKK 10.0M	−DKK 11.0M	−DKK 11.0M	−DKK 9.0M
Accumulated other comprehensive income	−DKK 1.70B	−DKK 1.41B	DKK 1.28B	DKK 2.45B	−DKK 1.71B	−DKK 911.0M	−DKK 694.0M	−DKK 2.05B	DKK 349.0M	−DKK 1.34B
Minority interest	—	—	—	—	—	—	DKK 0	DKK 0	DKK 0	DKK 0
Total shareholders' equity	DKK 194.05B	DKK 143.49B	DKK 106.56B	DKK 83.49B	DKK 70.75B	DKK 63.33B	DKK 57.59B	DKK 51.84B	DKK 49.81B	DKK 45.27B
Key figures
Total debt	DKK 130.96B	DKK 102.79B	DKK 27.01B	DKK 25.78B	DKK 26.64B	DKK 10.36B	DKK 4.48B	DKK 515.0M	DKK 1.69B	DKK 229.0M
Net cash (debt)	−DKK 104.00B	−DKK 76.48B	DKK 3.22B	−DKK 2.21B	−DKK 9.16B	DKK 2.40B	DKK 10.99B	DKK 15.12B	DKK 17.16B	DKK 20.47B
Working capital	−DKK 43.21B	−DKK 56.63B	−DKK 30.01B	−DKK 12.75B	−DKK 13.92B	−DKK 4.46B	DKK 3.47B	DKK 4.90B	DKK 13.02B	DKK 12.33B
Tangible book value	DKK 63.99B	DKK 32.40B	DKK 46.16B	DKK 32.07B	DKK 27.57B	DKK 42.67B	DKK 51.76B	DKK 46.69B	DKK 46.49B	DKK 42.55B
Shares outstanding	4.45B	4.46B	4.49B	4.54B	4.61B	4.68B	4.76B	4.85B	4.96B	5.07B
Current ratio	0.80	0.74	0.82	0.89	0.86	0.94	1.06	1.09	1.28	1.26
Quick ratio	0.48	0.52	0.62	0.67	0.65	0.64	0.76	0.79	0.90	0.95
Debt / equity	0.67	0.72	0.25	0.31	0.38	0.16	0.08	0.01	0.03	0.01
Equity / assets	35.7%	30.8%	33.9%	34.6%	36.4%	43.7%	45.8%	46.8%	48.7%	46.4%

Novo Nordisk A/S quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	DKK 44.98B	DKK 21.63B	DKK 26.96B	DKK 32.58B	DKK 18.93B	DKK 41.55B	DKK 26.31B	DKK 74.88B	DKK 9.00B	DKK 9.30B	DKK 30.23B	DKK 6.76B
Cash & equivalents	DKK 44.48B	DKK 21.13B	DKK 26.46B	DKK 32.08B	DKK 18.43B	DKK 38.94B	DKK 15.65B	DKK 57.02B	DKK 7.59B	DKK 6.32B	DKK 14.39B	DKK 4.28B
Short-term investments	DKK 500.0M	DKK 499.0M	DKK 498.0M	DKK 499.0M	DKK 499.0M	DKK 2.61B	DKK 10.65B	DKK 17.86B	DKK 1.41B	DKK 2.98B	DKK 15.84B	DKK 2.48B
Receivables	DKK 108.51B	DKK 100.27B	DKK 75.70B	DKK 92.37B	DKK 85.84B	DKK 86.37B	DKK 87.41B	DKK 69.50B	DKK 9.55B	DKK 71.75B	DKK 75.26B	DKK 7.69B
Inventory	DKK 51.35B	DKK 51.35B	DKK 49.62B	DKK 47.50B	DKK 45.65B	DKK 42.85B	DKK 40.85B	DKK 37.94B	DKK 5.22B	DKK 33.60B	DKK 31.81B	DKK 4.19B
Other current assets	DKK 3.85B	DKK 4.07B	DKK 20.17B	DKK 9.42B	DKK 12.28B	DKK 3.63B	DKK 6.33B	DKK 12.84B	DKK 1.73B	DKK 1.77B	DKK 2.34B	DKK 1.55B
Total current assets	DKK 208.70B	DKK 177.32B	DKK 172.45B	DKK 181.88B	DKK 162.71B	DKK 174.40B	DKK 160.90B	DKK 195.16B	DKK 25.51B	DKK 116.42B	DKK 139.65B	DKK 20.19B
Property, plant & equipment (net)	DKK 231.76B	DKK 219.97B	DKK 208.38B	DKK 193.24B	DKK 180.76B	DKK 172.38B	DKK 162.49B	DKK 119.83B	DKK 15.81B	DKK 98.23B	DKK 90.96B	DKK 11.57B
Goodwill & intangible assets	DKK 122.06B	DKK 129.91B	DKK 130.05B	DKK 106.59B	DKK 107.87B	DKK 109.38B	DKK 111.09B	DKK 54.49B	DKK 7.98B	DKK 59.64B	DKK 60.41B	DKK 7.91B
Long-term investments	DKK 2.33B	DKK 2.24B	DKK 2.51B	DKK 2.73B	DKK 2.64B	DKK 2.70B	DKK 2.68B	DKK 2.05B	DKK 1.66B	DKK 1.65B	DKK 1.66B	DKK 1.47B
Other non-current assets	DKK 30.10B	DKK 29.78B	DKK 29.51B	DKK 27.85B	DKK 28.19B	DKK 30.31B	DKK 28.64B	DKK 25.91B	DKK 2.14B	DKK 22.98B	DKK 21.81B	DKK 1.47B
Total assets	DKK 594.94B	DKK 559.22B	DKK 542.90B	DKK 512.29B	DKK 482.15B	DKK 489.16B	DKK 465.80B	DKK 397.44B	DKK 53.09B	DKK 298.92B	DKK 314.49B	DKK 42.61B
Liabilities
Accounts payable	DKK 154.79B	DKK 134.05B	DKK 19.76B	DKK 23.90B	DKK 28.21B	DKK 19.58B	DKK 28.85B	DKK 24.08B	DKK 4.28B	DKK 13.01B	DKK 25.61B	DKK 2.85B
Short-term debt	DKK 18.33B	DKK 27.21B	DKK 12.02B	DKK 12.03B	DKK 11.96B	DKK 22.41B	DKK 13.11B	DKK 5.52B	DKK 783.5M	DKK 10.16B	DKK 6.48B	DKK 938.9M
Deferred revenue	—	—	—	—	—	—	—	—	DKK 5.91B	DKK 5.96B	DKK 107.59B	DKK 117.14B
Total current liabilities	DKK 239.08B	DKK 225.16B	DKK 215.66B	DKK 234.36B	DKK 207.52B	DKK 236.12B	DKK 217.53B	DKK 208.36B	DKK 27.01B	DKK 165.61B	DKK 169.66B	DKK 24.50B
Long-term debt	DKK 121.79B	DKK 119.17B	DKK 118.94B	DKK 89.18B	DKK 87.31B	DKK 96.31B	DKK 89.67B	DKK 51.45B	DKK 51.61B	DKK 16.76B	DKK 15.98B	DKK 19.92B
Lease obligations	—	—	DKK 8.57B	—	—	—	DKK 6.77B	—	—	—	DKK 5.73B	—
Other long-term liabilities	DKK 12.79B	DKK 11.83B	DKK 14.25B	DKK 18.85B	DKK 19.26B	DKK 18.20B	DKK 15.11B	DKK 17.11B	DKK 0	DKK 17.64B	DKK 22.29B	DKK 0
Total liabilities	DKK 373.66B	DKK 356.16B	DKK 348.86B	DKK 342.39B	DKK 314.09B	DKK 350.62B	DKK 322.31B	DKK 276.92B	DKK 36.91B	DKK 200.01B	DKK 207.93B	DKK 29.41B
Shareholders' equity
Common stock & paid-in capital	DKK 446.0M	DKK 446.0M	DKK 446.0M	DKK 446.0M	DKK 446.0M	DKK 446.0M	DKK 446.0M	DKK 446.0M	DKK 64.1M	DKK 451.0M	DKK 451.0M	DKK 64.0M
Retained earnings (deficit)	DKK 224.16B	DKK 206.42B	DKK 195.30B	DKK 168.53B	DKK 164.45B	DKK 137.32B	DKK 144.45B	DKK 121.67B	DKK 16.12B	DKK 99.05B	DKK 104.84B	DKK 13.02B
Accumulated other comprehensive income	−DKK 3.33B	−DKK 3.80B	−DKK 1.70B	DKK 923.0M	DKK 3.17B	DKK 777.0M	−DKK 1.41B	−DKK 1.59B	−DKK 10.5M	−DKK 585.0M	DKK 1.28B	DKK 115.0M
Total shareholders' equity	DKK 221.28B	DKK 203.06B	DKK 194.05B	DKK 169.90B	DKK 168.07B	DKK 138.54B	DKK 143.49B	DKK 120.52B	DKK 16.17B	DKK 98.91B	DKK 106.56B	DKK 13.20B
Key figures
Total debt	DKK 140.13B	DKK 146.38B	DKK 130.96B	DKK 101.21B	DKK 99.27B	DKK 118.72B	DKK 102.79B	DKK 56.97B	DKK 8.20B	DKK 26.93B	DKK 27.01B	DKK 3.77B
Net cash (debt)	−DKK 95.14B	−DKK 124.76B	−DKK 104.00B	−DKK 68.63B	−DKK 80.33B	−DKK 77.17B	−DKK 76.48B	DKK 17.91B	DKK 803.9M	−DKK 17.62B	DKK 3.22B	DKK 2.99B
Working capital	−DKK 30.39B	−DKK 47.84B	−DKK 43.21B	−DKK 52.48B	−DKK 44.82B	−DKK 61.72B	−DKK 56.63B	−DKK 13.20B	−DKK 1.50B	−DKK 49.19B	−DKK 30.01B	−DKK 4.31B
Tangible book value	DKK 99.22B	DKK 73.16B	DKK 63.99B	DKK 63.31B	DKK 60.20B	DKK 29.16B	DKK 32.40B	DKK 66.03B	DKK 8.19B	DKK 39.27B	DKK 46.16B	DKK 5.29B
Shares outstanding	4.44B	4.45B	4.45B	4.45B	4.45B	4.45B	4.46B	4.46B	4.47B	4.47B	4.48B	4.49B
Current ratio	0.87	0.79	0.80	0.78	0.78	0.74	0.74	0.94	0.94	0.70	0.82	0.82
Quick ratio	0.64	0.54	0.48	0.53	0.50	0.54	0.52	0.69	0.69	0.49	0.62	0.59
Debt / equity	0.63	0.72	0.67	0.60	0.59	0.86	0.72	0.47	0.51	0.27	0.25	0.29
Equity / assets	37.2%	36.3%	35.7%	33.2%	34.9%	28.3%	30.8%	30.3%	30.5%	33.1%	33.9%	31.0%

Quarterly columns are labeled by the month the quarter ended. Figures in Danish kroner as reported (latest annual report filed February 4, 2026); data from EODHD.

NVO financial position

At the end of fiscal 2025 (December 31, 2025), Novo Nordisk A/S had total assets of DKK 542.9 billion (up 16.6% from a year earlier), total liabilities of DKK 348.9 billion and shareholders' equity of DKK 194.0 billion. It held DKK 27.0 billion in cash and short-term investments against DKK 131.0 billion of debt, net debt of DKK 104.0 billion. Its current ratio was 0.80. In the latest quarter (ended June 30, 2026) total assets were DKK 594.9 billion and equity DKK 221.3 billion.

Related: NVO income statement, NVO cash flow statement, NVO key metrics. See the NVO stock overview for the latest quote and news.

NVO balance sheet FAQ

What are Novo Nordisk A/S's total assets?

Novo Nordisk A/S reported total assets of DKK 542.9 billion at the end of fiscal 2025 (December 31, 2025), compared with DKK 465.8 billion a year earlier.

How much debt does Novo Nordisk A/S have?

Novo Nordisk A/S had DKK 131.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.67.

How much cash does Novo Nordisk A/S have?

Novo Nordisk A/S held DKK 27.0 billion in cash and short-term investments at the end of fiscal 2025; with DKK 131.0 billion of debt that is net debt of DKK 104.0 billion.

What is Novo Nordisk A/S's book value?

Novo Nordisk A/S's shareholders' equity (book value) was DKK 194.0 billion at the end of fiscal 2025.

What is Novo Nordisk A/S's current ratio?

Novo Nordisk A/S had current assets of DKK 172.5 billion and current liabilities of DKK 215.7 billion, a current ratio of 0.80 (current liabilities exceed current assets).

How much goodwill does Novo Nordisk A/S have?

Novo Nordisk A/S carried DKK 130.1 billion of goodwill and intangible assets, 24.0% of total assets, at the end of fiscal 2025.