Novo Nordisk A/S (NVO) Key Metrics
NVO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Danish kronerNVO returns How much profit the business earns on the capital it uses.
NVO financial health Debt, liquidity and how easily interest is covered.
NVO efficiency & capital use Working capital cycle and where the cash goes.
NVO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NVO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NVO cash returned to shareholders
NVO key metrics in Danish kroner
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 60.7% | 80.8% | 88.1% | 72.0% | 71.2% | 69.7% | 71.2% | 76.0% | 80.2% | 82.2% |
| Return on invested capital (ROIC) | 38.7% | 63.0% | 86.8% | 72.6% | 67.3% | 79.8% | 101.1% | 110.5% | 133.5% | 146.7% |
| Return on assets (ROA) | 20.3% | 25.9% | 30.1% | 25.5% | 28.1% | 31.2% | 33.0% | 36.2% | 38.2% | 40.1% |
| Return on tangible assets | 24.8% | 28.5% | 32.9% | 29.2% | 31.6% | 33.9% | 32.5% | 36.6% | 38.5% | 40.0% |
| Free cash flow margin | 9.4% | 24.0% | 30.1% | 36.2% | 33.8% | 23.5% | 29.1% | 28.8% | 29.1% | 35.8% |
| Income quality (OCF / net income) | 1.16 | 1.20 | 1.30 | 1.42 | 1.15 | 1.23 | 1.20 | 1.16 | 1.08 | 1.27 |
| Financial health | ||||||||||
| 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 |
| 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 |
| Net 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 |
| Debt / equity | 0.67 | 0.72 | 0.25 | 0.31 | 0.38 | 0.16 | 0.08 | 0.01 | 0.03 | 0.01 |
| Debt / assets | 0.24 | 0.22 | 0.09 | 0.11 | 0.14 | 0.07 | 0.04 | 0.00 | 0.02 | 0.00 |
| Net debt / EBITDA | 0.66 | 0.52 | −0.03 | 0.03 | 0.14 | −0.04 | −0.20 | −0.29 | −0.33 | −0.40 |
| Current ratio | 0.80 | 0.74 | 0.82 | 0.89 | 0.86 | 0.94 | 1.06 | 1.09 | 1.28 | 1.26 |
| Quick ratio | 0.57 | 0.55 | 0.64 | 0.69 | 0.66 | 0.67 | 0.76 | 0.79 | 0.95 | 0.96 |
| Interest coverage | 30.3 | 78.3 | 189.3 | 197.9 | 202.9 | 138.8 | 238.6 | 555.9 | 544.1 | 745.1 |
| 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 |
| Invested capital | DKK 298.04B | DKK 219.97B | DKK 103.34B | DKK 85.70B | DKK 79.91B | DKK 60.92B | DKK 46.60B | DKK 36.72B | DKK 32.66B | DKK 24.80B |
| Tangible asset 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 |
| Net current asset value | −DKK 176.40B | −DKK 161.41B | −DKK 68.28B | −DKK 49.58B | −DKK 38.17B | −DKK 15.79B | −DKK 5.56B | DKK 137.0M | DKK 7.54B | DKK 7.50B |
| Capital allocation | ||||||||||
| Dividends paid | DKK 51.76B | DKK 44.14B | DKK 31.77B | DKK 25.30B | DKK 21.52B | DKK 20.12B | DKK 19.41B | DKK 19.05B | DKK 18.84B | DKK 23.83B |
| Share buybacks (net) | DKK 1.39B | DKK 20.18B | DKK 29.92B | DKK 24.09B | DKK 19.45B | DKK 16.86B | DKK 15.33B | DKK 15.57B | DKK 16.84B | DKK 15.06B |
| Dividend payout ratio | 50.5% | 43.7% | 38.0% | 45.6% | 45.1% | 47.8% | 49.8% | 49.3% | 49.4% | 62.8% |
| Dividends + buybacks / free cash flow | 183.3% | 92.3% | 88.1% | 77.0% | 86.0% | 123.8% | 97.7% | 107.5% | 109.7% | 97.1% |
| Capex / revenue | 29.2% | 17.7% | 16.7% | 8.3% | 5.2% | 17.4% | 9.2% | 11.1% | 7.7% | 7.4% |
| Capex / operating cash flow | 75.7% | 42.4% | 35.7% | 18.7% | 13.4% | 42.5% | 24.0% | 27.8% | 21.0% | 17.1% |
| Capex / depreciation | 4.10 | 2.69 | 4.13 | 2.00 | 1.23 | 3.84 | 1.98 | 3.16 | 2.72 | 2.59 |
| Stock-based compensation / revenue | — | 0.8% | 0.9% | 0.9% | 0.7% | 0.6% | 0.3% | 0.4% | 0.3% | 0.3% |
| R&D / revenue | 16.8% | 16.6% | 14.0% | 13.6% | 12.6% | 12.2% | 11.7% | 13.2% | 12.5% | 13.0% |
| SG&A / revenue | 22.7% | 23.2% | 26.5% | 28.6% | 29.2% | 29.1% | 29.4% | 3.5% | 3.4% | 28.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 96.3 | 102.2 | 104.3 | 107.6 | 102.4 | 88.2 | 83.8 | 82.3 | 78.0 | 68.5 |
| Days of inventory on hand | 280.9 | 297.8 | 286.8 | 282.3 | 294.3 | 315.4 | 308.7 | 328.5 | 307.6 | 287.8 |
| Days payables outstanding | 150.9 | 223.2 | 210.2 | 156.9 | 112.5 | 105.3 | 119.1 | 128.1 | 120.3 | 116.2 |
| Cash conversion cycle (days) | 226.3 | 176.9 | 180.9 | 233.0 | 284.2 | 298.3 | 273.4 | 282.7 | 265.3 | 240.1 |
| Receivables turnover | 3.79 | 3.57 | 3.50 | 3.39 | 3.57 | 4.14 | 4.35 | 4.43 | 4.68 | 5.33 |
| Payables turnover | 2.42 | 1.64 | 1.74 | 2.33 | 3.24 | 3.47 | 3.06 | 2.85 | 3.03 | 3.14 |
| Inventory turnover | 1.30 | 1.23 | 1.27 | 1.29 | 1.24 | 1.16 | 1.18 | 1.11 | 1.19 | 1.27 |
| Asset turnover | 0.61 | 0.74 | 0.84 | 0.81 | 0.83 | 0.94 | 1.03 | 1.05 | 1.12 | 1.18 |
| Average receivables | DKK 81.56B | DKK 81.34B | DKK 66.38B | DKK 52.15B | DKK 39.49B | DKK 30.67B | DKK 28.02B | DKK 25.22B | DKK 23.87B | DKK 20.97B |
| Average payables | DKK 24.30B | DKK 27.23B | DKK 20.60B | DKK 12.23B | DKK 7.29B | DKK 6.04B | DKK 6.56B | DKK 6.18B | DKK 5.81B | DKK 5.47B |
| Average inventory | DKK 45.24B | DKK 36.33B | DKK 28.10B | DKK 22.00B | DKK 19.08B | DKK 18.09B | DKK 16.99B | DKK 15.85B | DKK 14.86B | DKK 13.55B |
| Intangibles / total assets | 24.0% | 23.8% | 19.2% | 21.3% | 22.2% | 14.3% | 4.6% | 4.6% | 3.2% | 2.8% |
Computed from NVO's annual financial statements (latest annual report filed February 4, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Danish kroner; data from EODHD. Averages use the opening and closing balance of each year.
NVO valuation and financial ratios
Novo Nordisk A/S earned a return on equity of 60.7% and a return on invested capital of 38.7% in fiscal 2025. It ended the year with DKK 131.0 billion of debt and DKK 27.0 billion in cash and short-term investments, net debt of DKK 104.0 billion. It returned DKK 53.2 billion to shareholders: DKK 51.8 billion in dividends and DKK 1.4 billion in share buybacks, 183% of free cash flow.
See the NVO income statement, the NVO chart for price history, or the NVO stock overview for the latest quote and news.
NVO key metrics FAQ
What is Novo Nordisk A/S's return on equity?
Novo Nordisk A/S's return on equity (ROE) was 60.7% in fiscal 2025: net income of DKK 102.4 billion on average shareholders' equity of DKK 168.8 billion.
What is Novo Nordisk A/S's ROIC?
Novo Nordisk A/S's return on invested capital was 38.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Novo Nordisk A/S have?
Novo Nordisk A/S had total debt of DKK 131.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.67 and DKK 104.0 billion of net debt (0.66 times EBITDA).
Does Novo Nordisk A/S buy back its shares?
Yes. Novo Nordisk A/S spent DKK 1.4 billion on net share repurchases in fiscal 2025.
What is Novo Nordisk A/S's current ratio?
Novo Nordisk A/S's current ratio was 0.80 at the end of fiscal 2025: current assets were 0.80 times current liabilities.